Common use of Direct Rollover Clause in Contracts

Direct Rollover. In the event a distributee is entitled to receive a distribution under this Plan, such distributee may elect (subject to the restrictions listed below) to have the Trustee pay all or any portion of such distribution, which would otherwise be includable in gross income, directly to one or more eligible retirement plans specified by the distributee in a direct rollover. This provision shall not apply to (a) any distribution during a year in which such distributions to the distributee from this Plan are reasonably expected to total less than $200, (b) any distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made over a specified period of ten years or more, (c) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code and Article XIII of this Plan, (d) the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to Employer stock) and (e) any hardship distribution made under the provisions of Section 11.06 of this Plan. In the event the distributee elects to have only a portion of the distribution paid directly to an eligible retirement plan, such portion must be equal to at least $500. An election for a direct rollover with respect to one payment in a series of periodic payments will apply to all subsequent payments in the series, unless the distributee changes the election with respect to subsequent payments. The term “eligible retirement plan” for distributions to Participants, surviving Spouses and Alternate Payees (who are the Spouse or former Spouse of a Participant) means (a) an individual retirement account described in Section 408(a) of the Code, (b) an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract), (c) a qualified plan described in Section 401(a) of the Code, the terms of which permit the acceptance of rollover distributions, (d) an annuity plan described in Section 403(a) of the Code, (e) an eligible plan under Section 457(b) of the Code 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 this Plan, (f) an annuity contract described in Section 403(b) of the Code, and (g) a Xxxx individual retirement account described in Section 408A(b) of the Code, subject to the restrictions that apply to rollovers from a traditional individual retirement account into a Xxxx individual retirement account. However, if the distributee is a designated Beneficiary (as defined by Section 401(a)(9)(E) of the Code and amended by Section 402(c)(11)(B) of the Code) of a deceased Employee, other than the Employee’s surviving Spouse or an Alternate Payee, eligible retirement plan shall mean only an individual retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract) established for the purpose of receiving a distribution on behalf of such designated Beneficiary. A distributee electing a direct rollover must provide the Plan Administrator with the name of the eligible retirement plan and any other information required by the Plan Administrator or the Trustee to make the direct rollover. In the event of a mandatory distribution under the provisions of Section 11.02 hereof, a distribution to a Beneficiary or a distribution to an Alternate Payee under a Qualified Domestic Relations Order, if the distributee does not notify the Plan Administrator of his election to have such distribution either (a) paid directly to an eligible retirement plan specified by the distributee in a direct rollover or (b) paid directly to the distributee within 30 days of being provided with notice of such right, such distribution shall be paid directly to the distributee subject to applicable tax withholding requirements.

Direct Rollover. In the event With respect to distributions made on or after January 1, 1993, a distributee is entitled to receive a distribution under this Plan, such distributee Participant may elect (subject to the restrictions listed below) to have the Trustee pay all or any portion of such distribution, which would otherwise be includable a distribution paid in gross income, directly to one or more eligible retirement plans specified by the distributee in form of a direct rolloverrollover to an individual retirement account or annuity described in section 408(a) or (b) of the Code, an annuity plan described in section 403(a) of the Code, or a plan and trust qualified under section 401(a) of the Code, if such plan accepts direct rollover distributions. This provision Notwithstanding the foregoing, this Section shall not apply to any distribution that is (a) any distribution during a year in which such distributions to the distributee from this Plan are reasonably expected to total less than $200, (b) any distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made installments over the life or life expectancy of the Participant or the lives or joint life expectancies of the Participant and his or her beneficiary, or over a specified fixed period of ten years or more, (cb) any a required minimum distribution to the extent such distribution is required under Section section 401(a)(9) of the Code and Article XIII of this Plan, (d) the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to Employer stock) and (e) any hardship distribution made under the provisions of Section 11.06 of this Plan. In the event the distributee elects to have only a portion of the distribution paid directly to an eligible retirement plan, such portion must be equal to at least $500. An election for a direct rollover with respect to one payment in a series of periodic payments will apply to all subsequent payments in the series, unless the distributee changes the election with respect to subsequent payments. The term “eligible retirement plan” for distributions to Participants, surviving Spouses and Alternate Payees (who are the Spouse or former Spouse of a Participant) means (a) an individual retirement account described in Section 408(a) of the Code, (bc) a distribution (or portion of a distribution) of amounts not otherwise includable in income, (d) a distribution in an individual retirement annuity described in Section 408(bamount less than $200, or (e) a distribution that is otherwise not an eligible rollover distribution, within the meaning of section 402(f)(2)(A) of the Code (other and applicable Treasury Regulations thereunder. Any election pursuant to this Section 7.13 shall be made in such form and manner as the Administrator may prescribe and shall specify the retirement plan to which the distribution is to be made. Any such election may be revoked by the Participant at any time prior to the time distribution is made. If no election is made by the Participant under this Section, the distribution shall be paid to the Participant. If any distribution is payable to the spouse or former spouse of a Participant, this Section shall apply as if such spouse or former spouse were the Participant, except that any such distribution may be directly rolled over only to an individual retirement account or annuity. The Administrator shall provide Participants with notice with respect to the direct rollover of eligible rollover distributions no less than an endowment contract)30 days and no more than 90 days prior to the Participant's Annuity Starting Date; PROVIDED, (cHOWEVER, that if the distribution is not subject to sections 401(a)(11) a qualified plan described in Section 401(a) and 417 of the Code, the terms of which permit Participant may affirmatively elect, in accordance with such procedures as the acceptance of rollover distributionsAdministrator may prescribe, (d) an annuity plan described in Section 403(a) of the Code, (e) an eligible plan under Section 457(b) of the Code 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 this Plan, (f) an annuity contract described in Section 403(b) of the Code, and (g) a Xxxx individual retirement account described in Section 408A(b) of the Code, subject to the restrictions that apply to rollovers from a traditional individual retirement account into a Xxxx individual retirement account. However, if the distributee is a designated Beneficiary (as defined by Section 401(a)(9)(E) of the Code and amended by Section 402(c)(11)(B) of the Code) of a deceased Employee, other than the Employee’s surviving Spouse or an Alternate Payee, eligible retirement plan shall mean only an individual retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract) established for the purpose of receiving a distribution on behalf of such designated Beneficiary. A distributee electing a direct rollover must provide the Plan Administrator with the name of the eligible retirement plan and any other information required by the Plan Administrator or the Trustee to make the direct rollover. In the event of a mandatory distribution under the provisions of Section 11.02 hereof, a distribution to a Beneficiary or a distribution to an Alternate Payee under a Qualified Domestic Relations Order, if the distributee does not notify the Plan Administrator of his election to have such distribution either (a) paid directly to an eligible retirement plan specified by the distributee in a direct rollover or (b) paid directly to the distributee within benefits commence sooner than 30 days of being provided with notice of after such right, such distribution shall be paid directly to the distributee subject to applicable tax withholding requirementsnotice.

Direct Rollover. In (a) Notwithstanding any provision of the event Plan to the contrary that would otherwise limit a distributee “distributee’s” election under this Section, a “distributee” may elect, at the time and in the manner prescribed by the Administrator, to have any portion of an “eligible rollover distribution” that is entitled equal to receive at least $500 paid directly to an “eligible retirement plan” specified by the “distributee” in a “direct rollover.” For purposes of the $500 limitation in the immediately preceding sentence, any amount distributed from the Participant’s Xxxx Elective Deferral Account shall be treated as a separate distribution from any amount distributed from the Participant’s other Accounts in the Plan, even if the amounts are distributed at the same time. Furthermore, “direct rollover” of a distribution from a Xxxx Elective Deferral Account under this Planthe Plan will only be made to another Xxxx Elective Deferral Account under a qualified retirement plan described in Code Section 402A (e)(1) or to a Xxxx XXX described in Code Section 408A, such distributee may elect (subject and only to the restrictions listed belowextent the “direct rollover” is permitted under the rules of Code Section 402(c) to have and that the Trustee pay recipient plan accepts such rollovers. (b) For purposes of this Section the following definitions shall apply: (1) An “eligible rollover distribution” is any distribution of all or any portion of such the balance to the credit of the “distributee,” except that an “eligible rollover distribution, which would otherwise be includable in gross income, directly to one or more eligible retirement plans specified by the distributee in a direct rollover. This provision shall ” does not apply to (a) include: any distribution during a year in which such distributions to the distributee from this Plan are reasonably expected to total less than $200, (b) any distribution which that is one of a series of substantially equal periodic payments (not less frequently than annually) made over 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 ten years or more, (c) ; any distribution to the extent such distribution is required under Code Section 401(a)(9) of the Code and Article XIII of this Plan, (d) ); the portion of any other distribution that is not includable includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to Employer stock) and (e) employer securities); any hardship distribution made under the provisions of described in Code Section 11.06 of this Plan. In the event the distributee elects 401(k)(2)(B)(i)(IV); and any other distribution that is reasonably expected to have only total less than 5200 during a portion of the distribution paid directly to an eligible retirement plan, such portion must be equal to at least $500. year. (2) An election for a direct rollover with respect to one payment in a series of periodic payments will apply to all subsequent payments in the series, unless the distributee changes the election with respect to subsequent payments. The term “eligible retirement plan” for distributions to Participants, surviving Spouses and Alternate Payees (who are the Spouse or former Spouse of a Participant) means (a) is an individual retirement account described in Code Section 408(a) of the Code), (b) an individual retirement annuity described in Code Section 408(b) of the Code ), (other than an endowment contract), (c) a qualified plan trust (an employees’ trust) described in Code Section 401(a) of the Codewhich is exempt from tax under Code Section 501(a), the terms of which permit the acceptance of rollover distributions, (d) an annuity plan described in Code Section 403(a) of the Code), (e) an eligible deferred compensation plan under described in Code Section 457(b) of the Code which is maintained by a statean eligible employer described in Code Section 457(e)(1)(A), 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 this Plan, (f) an annuity contract described in Code Section 403(b) ), that accepts the “distributee’s” “eligible rollover distribution.” However, in the case of the Code, and (g) a Xxxx individual retirement account described in Section 408A(b) of the Code, subject an “eligible rollover distribution” to the restrictions that apply to rollovers from a traditional individual retirement account into a Xxxx individual retirement account. Howeversurviving spouse, if the distributee is a designated Beneficiary (as defined by Section 401(a)(9)(E) of the Code and amended by Section 402(c)(11)(B) of the Code) of a deceased Employee, other than the Employee’s surviving Spouse or an Alternate Payee, “eligible retirement plan shall mean only plan” is an individual retirement account described or individual retirement annuity. (3) A “distributee” includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 408(a) 414(p), are “distributees” with regard to the interest of the Code spouse or an individual retirement annuity described in Section 408(bformer spouse. (4) of the Code (other than an endowment contract) established for the purpose of receiving A “direct rollover” is a distribution on behalf of such designated Beneficiary. A distributee electing a direct rollover must provide the Plan Administrator with the name of the eligible retirement plan and any other information required payment by the Plan Administrator or to the Trustee to make the direct rollover. In the event of a mandatory distribution under the provisions of Section 11.02 hereof, a distribution to a Beneficiary or a distribution to an Alternate Payee under a Qualified Domestic Relations Order, if the distributee does not notify the Plan Administrator of his election to have such distribution either (a) paid directly to an “eligible retirement plan plan” specified by the distributee in a direct rollover or (b) paid directly to the distributee within 30 days of being provided with notice of such right, such distribution shall be paid directly to the distributee subject to applicable tax withholding requirements“distributee.”

Direct Rollover. In Notwithstanding any provision of the event Plan to the contrary that would otherwise limit a distributee is entitled to receive a distribution Distributee’s or Nonspouse Beneficiary’s election under this PlanArticle, such distributee a Distributee or Nonspouse Beneficiary may elect (subject to elect, at the restrictions listed below) time and in the manner prescribed by the Committee, to have the Trustee pay all or any portion of such distribution, which would otherwise be includable in gross income, an Eligible Rollover Distribution paid directly to one or more eligible retirement plans an Eligible Retirement Plan specified by the distributee Distributee or Nonspouse Beneficiary in a direct rolloverDirect Rollover. This provision For purposes of this Section 7.3(e)(3), the following definitions shall not apply to apply: (aA) An “Eligible Rollover Distribution” is any distribution from the Plan, excluding (1) any distribution during a year in which such distributions to the distributee from this Plan are reasonably expected to total less than $200, (b) any distribution which that is one of a series of substantially equal periodic payments (not less frequently than annually) made over the life (or life expectancy) of the individual, the joint lives (or joint life expectancies) of the individual and the individual’s designated beneficiary, or a specified period of ten years (10) or moremore years, (c2) any distribution to the extent such distribution is required under Section section 401(a)(9) of the Code and Article XIII (provided that the rules under section 401(a)(9) of this Plan, (d) the portion of Code shall be applied in accordance with IRS Notice 2007-7 or any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation subsequent applicable Internal Revenue Service guidance with respect to Employer stock) and distributions to Nonspouse Beneficiaries), or (e3) any hardship distribution made under the provisions of Section 11.06 of this distribution. (B) An “Eligible Retirement Plan. In the event the distributee elects to have only a portion of the distribution paid directly to an eligible retirement plan, such portion must be equal to at least $500. An election for a direct rollover with respect to one payment in a series of periodic payments will apply to all subsequent payments in the series, unless the distributee changes the election with respect to subsequent payments. The term “eligible retirement plan” for distributions to Participants, surviving Spouses and Alternate Payees is (who are the Spouse or former Spouse of a Participant) means (a1) an individual retirement account described in Section section 408(a) of the Code, (b2) an individual retirement annuity described in Section section 408(b) of the Code (other than an endowment contract), (c3) an annuity plan described in section 403(a) of the Code, (4) a qualified plan described in Section 401(a) of the Code, the terms of which permit the acceptance of rollover distributions, (d5) an annuity eligible deferred compensation plan described in Section 403(a) of the Code, (e) an eligible plan under Section section 457(b) of the Code which that is maintained by a state, political subdivision an eligible employer described in section 457(e)(i)(A) of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to the Code that shall separately account for amounts transferred into such plan from this Planthe distribution, (f6) an annuity contract described in Section section 403(b) of the Code, and or (g7) a Xxxx individual retirement account XXX described in Section section 408A(b) of the Code, subject . Notwithstanding the foregoing: (1) with respect to the restrictions that apply to rollovers from a traditional individual retirement account into a Xxxx individual retirement account. However, if the distributee is a designated Beneficiary distribution (as defined by Section 401(a)(9)(E) of the Code and amended by Section 402(c)(11)(B) of the Code) or portion of a deceased Employeedistribution) consisting of after-tax employee contributions, other than the Employee’s surviving Spouse or an Alternate Payee, eligible retirement plan “Eligible Retirement Plan” shall mean only a plan described in clause (3), (4), or (6) that separately accounts for such amounts (and earnings thereon), including separately accounting for the portion that is includible in gross income and the portion that is not so includible, or a plan described in clause (1) or (2), and (2) with respect to a distribution made on behalf of a Nonspouse Beneficiary, “Eligible Retirement Plan” shall mean an individual retirement account described in Section section 408(a) of the Code or Code, an individual retirement annuity described in Section section 408(b) of the Code, or a Xxxx XXX described in section 408A(b) of the Code (other than that is established to receive such distribution and will be treated as an endowment contract) established “inherited IRA” for the purpose of receiving a distribution on behalf of such designated Beneficiary. A distributee electing a direct rollover must provide the Plan Administrator with the name Nonspouse Xxxxxxxxxxx under section 402(c)(11) of the eligible retirement plan and any other information required by the Plan Administrator or the Trustee to make the direct rollover. In the event of a mandatory distribution under the provisions of Section 11.02 hereof, a distribution to a Beneficiary or a distribution to an Alternate Payee under a Qualified Domestic Relations Order, if the distributee does not notify the Plan Administrator of his election to have such distribution either (a) paid directly to an eligible retirement plan specified by the distributee in a direct rollover or (b) paid directly to the distributee within 30 days of being provided with notice of such right, such distribution shall be paid directly to the distributee subject to applicable tax withholding requirementsCode.

Direct Rollover. In (a) Notwithstanding any provision of the event Plan to the contrary that would otherwise limit a distributee’s election under this Section, a distributee is entitled to receive a distribution under this Planmay elect, such distributee may elect (subject to at the restrictions listed below) time and in the manner prescribed by the Administrator, to have the Trustee pay all or any portion of such distribution, which would otherwise be includable in gross income, an eligible rollover distribution paid directly to one or more an eligible retirement plans plan specified by the distributee in a direct rollover. This provision shall not apply to (a) any distribution during a year in which such distributions to the distributee from this Plan are reasonably expected to total less than $200, . (b) An eligible rollover distribution is any distribution which 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 over 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 ten (10) years or more, (c) ; any distribution to the extent such distribution that is required under Section 401(a)(9) of the Code and Article XIII Code; or any distribution which is made on account of this Planhardship. However, (d) the portion of any eligible rollover distribution that is consists of after-tax employee contributions which are not includable includible in gross income may be transferred only to an individual retirement account or annuity described in Section 408(a) or (determined without regard b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the exclusion Code that agrees to separately account for net unrealized appreciation with respect to Employer stock) and (e) any hardship distribution made under amounts so transferred, including separately accounting for the provisions of Section 11.06 of this Plan. In the event the distributee elects to have only a portion of such distribution which is includible in gross income and the portion of such distribution paid directly to an which is not so includible. (c) An eligible retirement plan, such portion must be equal to at least $500. An election for a direct rollover with respect to one payment in a series of periodic payments will apply to all subsequent payments in the series, unless the distributee changes the election with respect to subsequent payments. The term “eligible retirement plan” for distributions to Participants, surviving Spouses and Alternate Payees (who are the Spouse or former Spouse of a Participant) means (a) plan is an individual retirement account described in Section 408(a) of the Code, (b) an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract), (c) a qualified plan described in Section 401(a) of the Code, the terms of which permit the acceptance of rollover distributions, (d) an annuity plan described in Section 403(a) of the Code or a qualified trust described in Section 401(a) of the Code, (eor an annuity contract described in Section 403(b) of the Code that accepts the distributee’s eligible rollover distribution. An eligible retirement plan shall also mean an eligible plan under Section 457(b) of the Code 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 this Plan, (f) an annuity contract described in Section 403(b) plan. This definition of the Code, and (g) a Xxxx individual retirement account described in Section 408A(b) of the Code, subject to the restrictions that apply to rollovers from a traditional individual retirement account into a Xxxx individual retirement account. However, if the distributee is a designated Beneficiary (as defined by Section 401(a)(9)(E) of the Code and amended by Section 402(c)(11)(B) of the Code) of a deceased Employee, other than the Employee’s surviving Spouse or an Alternate Payee, eligible retirement plan shall mean only an individual retirement account described also apply in Section 408(a) the case of the Code or an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract) established for the purpose of receiving a distribution on behalf of such designated Beneficiary. A distributee electing a direct rollover must provide the Plan Administrator with the name of the eligible retirement plan and any other information required by the Plan Administrator or the Trustee to make the direct rollover. In the event of a mandatory distribution under the provisions of Section 11.02 hereof, a distribution to a Beneficiary surviving spouse, or to a distribution to an Alternate Payee spouse or former spouse who is the alternative payee under a Qualified Domestic Relations Orderdomestic relations order. (d) A distributee includes a Participant or Former Participant. In addition, if the distributee does not notify Participant’s or Former Participant’s surviving spouse and the Participant’s or Former Participant’s spouse or former spouse who is the alternate payee under a domestic relations order, as defined in Code Section 414(p), are distributees with regard to the interest of the spouse or former spouse. (e) A direct rollover is a payment by the Plan Administrator of his election to have such distribution either (a) paid directly to an the eligible retirement plan specified by the distributee in distributee. (f) For taxable years beginning after December 31, 2006, a Participant may elect to transfer employee (after-tax) or Xxxx elective deferral contributions by means of a direct rollover to a qualified plan or to a 403(b) plan that agrees to account separately for amounts so transferred, including accounting separately for the portion of such distribution which is includible in gross income and the portion of such distribution which is not includible in gross income. (bg) paid For distributions after December 31, 2009, and unless otherwise elected in the Adoption Agreement, for distributions between January 1, 2007 and December 31, 2009, a non-spouse Beneficiary who is a “designated beneficiary” under Code Section401(a)(9)(E) and the regulations thereunder, by a direct trustee-to-trustee transfer (“direct rollover”), may roll over all or any portion of his or her distribution to an individual retirement account the Beneficiary establishes for purposes of receiving the distribution. In order to be able to roll over the distribution, the distribution otherwise must satisfy the definition of an eligible rollover distribution. For purposes of this paragraph, the following additional provisions shall apply: (1) Although a non-spouse Beneficiary may roll over directly a distribution as provided in this subsection (g), any distribution made prior to January 1, 2010 is not subject to the distributee direct rollover requirements of Code Section 401(a)(31) (including Code Section 401(a)(31)(B), the notice requirements of Code Section 402(f) or the mandatory withholding requirements of Code Section 3405(c)). If a non-spouse Beneficiary receives a distribution from the Plan, the distribution is not eligible for a “60-day” rollover. (2) If the Participant’s named Beneficiary is a trust, the Plan may make a direct rollover to an individual retirement account on behalf of the trust, provided the trust satisfies the requirements to be a designated beneficiary within 30 days the meaning of being provided with notice of such rightCode Section 401(a)(9)(E). (3) A non-spouse Beneficiary may not roll over an amount which is a required minimum distribution, such as determined under applicable Treasury regulations and other Revenue Service guidance. If the Participant dies before his or her required beginning date and the non- spouse Beneficiary rolls over to an IRA the maximum amount for rollover, the beneficiary may elect to use either the 5-year rule or the life expectancy rule, pursuant to Treas. Reg. Section 1.401(a)(9)-3, A-4(c), in determining the required minimum distributions from the IRA that receives the non-spouse beneficiary’s distribution. (h) For distributions made after December 31, 2007, a Participant may elect to roll over directly an eligible rollover distribution shall be paid directly to the distributee subject to applicable tax withholding requirementsa Xxxx XXX described in Code Section 408A(b).