Contract Exchanges Clause Samples

Contract Exchanges. The Custodian, upon the direction of the Recordkeeper, shall accept contract exchanges from other Vendors made in accordance with Treasury Regulation §1.403(b)-10(b)(2) to the extent that the Plan provides for the receipt of such contract exchanges.

Contract Exchanges. The Custodian, upon the direction of the Recordkeeper, shall accept instructions to exchange all or a portion of the Account for another 403(b) contract or custodial account under the Plan provided that (i) the Plan provides for the exchange, (ii) the Participant or Beneficiary has an accumulated benefit immediately after the exchange that is at least equal to the accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that Participant or Beneficiary under both § 403(b) contracts or custodial accounts immediately before the exchange), (iii) the assets being exchanged will remain subject to distribution restrictions that are not less stringent than those imposed on such assets prior to the exchange, and (iv) the Employer enters into an agreement with the issuer of the other contract as described in Treasury Regulation §1.403(b)-10(b)(2)(i)(C).

Contract Exchanges. A Plan Contract or Prior Contract may contain provisions that will allow a Plan Participant to elect to exchange or transfer all or a portion of his or her interest in that contract to either (i) another Plan Contract, or (ii) a Prior Contract that has a Provider that has entered into an Information Sharing Agreement. Prior to the time an Employee has a severance from employment, no exchange or transfer is permitted to be made to a contract that is not a Plan Contract or Prior Contract that has an Information Sharing Agreement. Contract exchanges may be made by Participants at any time. However, a Plan Contract or Prior Contract may only permit such a transfer or exchange if all of the following requirements are met: (a) The distribution rights under the transferee Plan Contract or Prior Contract are no less stringent than the distribution rights that existed under the transferor Plan Contract or Prior Contract. Accordingly, for example, if the transfer is being made from a Custodial Account Contract to an Annuity Contract, all of the amounts transferred from the Custodial Account Contract must remain subject to the distribution restrictions that apply with respect to the Custodial Account Contract under Code Section 403(b) and Treasury Regulation Section 1.403(b)-6. (b) The Participant’s “accumulated benefit” under the transferee Plan Contract or Prior Contract may not be less than the Participant’s “accumulated benefit” under the transferor Plan Contract or Prior Contract. For this purpose, the term accumulated benefit shall have the meaning ascribed thereto under Treasury Regulations Section 1.403(b)-2. After an Employee has a severance from employment, the employee may arrange with the Plan Provider for an exchange or transfer from a Plan Contract or Prior Contract to another Section 403(b) contract that is not a Plan Contract or Prior Contract if the requirements of Treasury Regulations Section 1.403(b)-10(b)(3) are satisfied. The Employee and Plan Provider shall be solely responsible for determining that the foregoing requirements of the law have been met in regard to any such transfer or exchange. To the extent that the Plan Administrator has established policies or procedures that require the notification of the Plan Administrator (or its designee) of a Participant’s desire to make a contract transfer or exchange, the Participant shall provide the required notice. Such policies and procedures may specify that the Participant complete an application...

Contract Exchanges. Through September 24, 2007, Participants may exchange contracts/transfer assets out of Plan accounts on a tax-free basis to an outside Vendor under Revenue Ruling 90-24. After September 24, 2007, Participants may only exchange contracts/transfer assets to those Vendors who have entered into a written agreement with the District. Such Vendors are listed in Appendix A, as District-Approved Vendors or otherwise so designated by the District.

Contract Exchanges. If a Wespath Plan receives a contract exchange (within the meaning of Treasury Regulation §1.403(b)-10(b)) after September 24, 2007, it will apply any distribution restrictions required under Treasury Regulation §1.403(b)-10(b)(2)(C) [restrictions required under Code §403(b)(1), (7), or (9)].

Contract Exchanges. A. Upon termination of this Contract, Service Provider may be required to transfer the Member’s Accumulated Balance to other service provider’s participating in the SUSORP or the SMSOAP at the sole discretion of the Department. The Accumulated Balance of a Member’s account to be transferred shall be determined without regard to surrender charges. B. Service Provider may apply contractual limitations and surrender charges to contract exchanges of a Member’s account and to partial or lump sum transfers not arising from the death of a Member or termination of the Service Provider’s contract.