Automatic Rollover Of Distributions. If a Plan Participant does not elect to take a distribution and include it in income or have the distribution rolled over to either a qualified retirement plan or an Individual Retirement Account (“IRA”), the Plan is required to make a Direct Rollover of the distribution to an IRA. The Employer as Plan Sponsor has the authority to execute the documents necessary to establish the IRA account, and once established, the Trustee/Issuer of the IRA will provide the Participant with a Disclosure Statement detailing the terms and conditions as well as any fees imposed on the IRA, including the procedures regarding the seven (7) day revocation period. The Plan has selected the following IRA Trustee/Issuer:
Appears in 6 contracts
Samples: Defined Contribution Plan (Savannah Bancorp Inc), Defined Contribution Plan (ASB Bancorp Inc), Adoption Agreement (Connecticut Water Service Inc / Ct)
