DIRECT ROLLOVER OPTION Sample Clauses

DIRECT ROLLOVER OPTION. To the extent required under Regulations, a Distributee has the right to direct that any portion of his Eligible Rollover Distribution will be directly paid to an Eligible Retirement Plan specified by him that will accept the Eligible Rollover Distribution.

DIRECT ROLLOVER OPTION. Beginning January 1, 1993, a Participant or Beneficiary may elect this option for any distribution that qualifies as an Eligible Rollover Distribution as defined by Section 402(c) of the Internal Revenue Code and that meets all the following requirements: (1) The distribution must be paid directly to either a single Individual Retirement Account or to a single Tax Deferred Annuity. The check, wire, or other form of remittance shall be made payable to the trustee, custodian, or financial institution sponsoring the Individual Retirement Account or Tax Deferred Annuity. The form of remittance will not be an instrument that can be negotiated by the Participant. (2) The Participant must provide, in a form acceptable to UNUM, all information necessary to make the payment to an Individual Retirement Account or Tax Deferred Annuity. (3) The Participant or Beneficiary may not revoke a request for payment under this option for any payment after UNUM has received a written request for a direct rollover.

DIRECT ROLLOVER OPTION. Beginning January 1, 1993, a Participant or Beneficiary may elect this option for any distribution that qualifies as an Eligible Rollover Distribution as defined by Section 402(c) of the Internal Revenue Code and that meets all the following requirements: (1) The distribution must be paid directly to either a single Individual Retirement Account or to a single Tax Deferred Annuity. The check, wire, or other form of remittance shall be made payable to the trustee, custodian, or financial institution sponsoring the Individual Retirement Account or Tax Deferred Annuity. The form of remittance will not be an instrument that can be negotiated by the Participant. (2) The Participant must provide, in a form acceptable to Lincoln Life, all information necessary to make the payment to an Individual Retirement Account or Tax Deferred Annuity. (3) The Participant or Beneficiary may not revoke a request for payment under this option for any payment after Lincoln Life has received a written request for a direct rollover.

DIRECT ROLLOVER OPTION. To the extent required under Code Section 401(a)(31) and regulations issued thereunder, any person receiving an “eligible rollover distribution” (as defined therein) pursuant to Section 10 or this Section 11 may direct the Committee to transfer such amount, or a portion thereof, to an “eligible retirement plan” (as defined therein), in accordance with uniform rules established by the Committee. An eligible retirement plan shall also include an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from the Plan. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving Spouse or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p). Effective January 1, 2008, an eligible retirement plan shall also include a Xxxx XXX. For purposes of this direct rollover provision: (i) any amount that is distributed on account of hardship shall not be an eligible rollover distribution and the distributee may not elect to have any portion of such a distribution paid directly to an eligible retirement plan; and (ii) a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions which are not includible in gross income; provided, however, that any such portion may be transferred only to (A) an individual retirement account or annuity described in Code Section 408(a) or (b); or (B) a qualified defined contribution plan described in Code Section 401(a) or 403(a) or, in the case of a distribution after December 31, 2006, a qualified defined benefit plan described in Code Section 401(a) or annuity contract described in Code Section 403(b) that, in either case, agrees to separately account for the amount so transferred (and the earnings thereon), including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. Effective for distributions made after December 31, 2006 with respect to a deceased Participant’s Beneficiary who is not a spouse but who is a designated beneficiary within the meaning of Code Sec...

DIRECT ROLLOVER OPTION. Beginning January 1, 1993, a Participant or Beneficiary may elect this option for any distribution that qualifies as an Eligible Rollover Distribution as defined by Section 402(c) of the Code and that meets all the following requirements: (1) The distribution must be paid directly to either a single Individual Retirement Account or to a single Tax Deferred Annuity. The check, wire, or other form of remittance shall be made payable to the trustee, custodian, or financial institution sponsoring the Individual Retirement Account or Tax Deferred Annuity. The form of remittance will not be an instrument that can be negotiated by the Participant. Form No.: GAC 96-101 (NY) 21 (2) The Participant must provide, in a form acceptable to LL&A, all information necessary to make the payment to an Individual Retirement Account or Tax Deferred Annuity. (3) The Participant or Beneficiary may not revoke a request for payment under this option for any payment after LL&A has received a written request for a direct rollover. Form No.: GAC 96-101 (NY) 22 ARTICLE VIII - DEATH BENEFITS

DIRECT ROLLOVER OPTION. In accordance with procedures established by the Committee, a Distributee has the right to direct that any portion of his Eligible Rollover Distribution will be directly paid to an. Eligible Retirement Plan specified by him that will accept the Eligible Rollover Distribution. Any such election shall be made at the time and in the manner prescribed by the Committee and shall be subject to any uniform restrictions or limitations (permissible under section 401(a)(31) and other applicable Code provisions) that the Committee may impose under rules adopted by it.

DIRECT ROLLOVER OPTION. Beginning January 1, 1993, a Participant or Beneficiary may elect this option for any distribution that qualifies as an Eligible Rollover Distribution as defined by Section 402(c) of the Code and is subject to the withdrawal limitations stated in Section 7.4 and that meets all the following requirements: (1) The distribution must be paid directly to either a single Individual Retirement Account or to a qualified pension plan The check, wire, or other form of remittance shall be made payable to the trustee, custodian, or financial institution sponsoring the Individual Retirement Account or qualified pension plan. The form of remittance will not be an instrument that can be negotiated by the Participant. (2) The Participant must provide, in a form acceptable to LL&A, all information necessary to make the payment to an Individual Retirement Account or qualified pension plan. (3) The Participant or Beneficiary may not revoke a request for payment under this option for any payment after LL&A has received a written request for a direct rollover.

DIRECT ROLLOVER OPTION. (a) Direct Rollover by Distributee. To the extent required under Regulations, a Distributee has the right to direct that any portion of his Eligible Rollover Distribution will be directly paid to an Eligible Retirement Plan specified by him that will accept the Eligible Rollover Distribution. (b) Direct Rollover by Non-Spouse Distributee. Pursuant to Code section 402(c)(11), a Beneficiary that is an individual or a qualifying trust that qualifies as a “designated beneficiary” under Code section 401(a)(9)(E) and that is not the surviving Spouse of the Member or former Member and is entitled to receive a distribution from the Plan of a Plan death benefit may direct the Plan to make a direct trustee-to-trustee transfer of all or any portion of the distribution to an individual retirement plan described in Code section 402(c)(8)(B)(i) or (ii) established for purposes of receiving the distribution on behalf of such Beneficiary, provided that such distribution satisfies all of the requirements to be an Eligible Rollover Distribution, other than the requirement that the distribution be made to the Member’s or former Member’s Spouse, and such distribution satisfies the requirements of Code section 402(c)(11) and the regulations and guidance issued thereunder.

DIRECT ROLLOVER OPTION. To the extent required under the applicable provisions of section 401(a)(31) of the Code and regulations issued thereunder, any person receiving an “eligible rollover distribution” (as defined in such Code section) may direct the Benefits Committee to transfer such distributable amount, or a portion thereof, to an “eligible retirement plan” (as defined in such Code section), in accordance with uniform rules established by the Benefits Committee. Effective as of January 1, 1999, the term “eligible rollover distribution” excludes hardship distributions as described in section 401(k)(2)(B)(i)(IV) of the Code.

DIRECT ROLLOVER OPTION. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section 12.10, a distributee may elect, at the time and in the manner prescribed by the Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (a) As used in this Section 12.10, an “eligible rollover distribution” means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of 10 years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); and any other distribution(s) that is reasonably expected to total less than $200 during a year. (b) As used in this Section 12.10, an “eligible retirement plan” means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the distributee’s eligible rollover distribution. In the case of an eligible rollover distribution to the surviving spouse, however, an eligible retirement plan is an individual retirement account or individual retirement annuity.