Common use of Can I Rollover or Transfer Amounts from Other IRAs or Employer Plans Clause in Contracts

Can I Rollover or Transfer Amounts from Other IRAs or Employer Plans. You are allowed to “roll over” a distribution, i.e., transfer your assets from one Traditional XXX to another, without any tax liability. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax- free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional XXX from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional XXX. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an XXX you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional XXX. In the event of your death, the designated beneficiary of your 401K Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary XXX account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional XXX or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional XXX from the plan administrator prior to receiving your distribution.

Can I Rollover or Transfer Amounts from Other IRAs or Employer Plans. You are allowed to “roll over” a distribution, i.e., transfer your assets from one Traditional XXX IRA to another, without any tax liability. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax- free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional XXX IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional XXXIRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an XXX IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional XXXIRA. In the event of your death, the designated beneficiary of your 401K Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary XXX IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional XXX IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional XXX IRA from the plan administrator prior to receiving your distribution.

Can I Rollover or Transfer Amounts from Other IRAs or Employer Plans. You are allowed to “roll over” a distribution, i.e., transfer your assets from one Traditional XXX IRA to another, without any tax liability. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax- tax-free) all or a portion of a distribution received from a qualified plan or tax-tax- sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional XXX IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional XXXIRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an XXX IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional XXXIRA. In the event of your death, the designated beneficiary of your 401K Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary XXX IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional XXX IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional XXX IRA from the plan administrator prior to receiving your distribution.

Can I Rollover or Transfer Amounts from Other IRAs or Employer Plans. You are allowed to “roll over” a distribution, i.e., transfer your assets from one Traditional XXX to another, without any tax liability. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax- tax-free) all or a portion of a distribution received from a qualified plan or tax-tax- sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional XXX from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional XXX. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an XXX you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional XXX. In the event of your death, the designated beneficiary of your 401K Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary XXX account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional XXX or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional XXX from the plan administrator prior to receiving your distribution.