Common use of Modification of Definition of Eligible Rollover Distribution to Include After-Tax Employee Contributions Clause in Contracts

Modification of Definition of Eligible Rollover Distribution to Include After-Tax Employee Contributions. For purposes of the Direct Rollover provisions in this section of the Agreement, 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. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, 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.

Modification of Definition of Eligible Rollover Distribution to Include After-Tax Employee Contributions. For purposes of the Direct Rollover provisions in this section 3.7 of the Custodial Agreement, a portion of a distribution shall not fail to be an Eligible Rollover distribution merely because the portion consists of After-Tax Employee contributions Contributions which are not includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, 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.

Modification of Definition of Eligible Rollover Distribution to Include After-Tax Employee Contributions. For purposes of the Direct Rollover provisions in this section of the Custodial Agreement, 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. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account Account for amounts so transferred, 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.