7
(section 72(t)), 5-year averaging (section 402(e)), and rollovers
(section 402(a)(5)).4 In addition, PERS expressly confines its
terms and provisions to the limitations established by section
415 of the Internal Revenue Code which prescribes limitations on
benefits and contributions under qualified plans, not deferred
compensation plans. Sec. 145.01, Ohio Rev. Code (Baldwin 1996).
Finally, the State of Ohio maintains an eligible deferred
compensation plan in accordance with the requirements, and
subject to the limitations of section 457. The deferred
compensation plan is found in section 145.73 of the Ohio Revised
Code, and is separate and distinct from PERS. Therefore, we
conclude that PERS is not an eligible deferred compensation plan
within the meaning of section 457.
Petitioner further argues that participation in PERS should
not preclude a deduction of his IRA contribution in that PERS is
a substitute for Social Security in Ohio, and taxpayers that have
amounts withheld from their wages for Social Security are not
precluded from deducting IRA contributions. However, the Form W-
2 that petitioner received from the Morrow County Prosecuting
Attorney for 1990 reflects that $22.85 was withheld from his
wages as Social Security tax. As such, we find that petitioner's
argument is without merit.
4 See Rheal v. Commissioner, T.C. Memo. 1989-525 (5-year
averaging provision not available for distributions from deferred
compensation plans).
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