No Rollover or Distribution Treatment. Notwithstanding any other Plan provision, an In-Plan Rxxx Rollover Contribution is not a Rollover Contribution for purposes of the Plan. Accordingly: (a) if the Employer in its Adoption Agreement has elected $5,000 as the Plan limit on Mandatory Distributions, the Plan Administrator will take into account amounts attributable to an In-Plan Rxxx Rollover Contribution, in determining if the $5,000 limit is exceeded, regardless of the Employer's election as to whether to count Rollover Contributions for this purpose; (b) no spousal consent is required for a Participant to elect to make an In-Plan Rxxx Rollover Contribution; (c) Protected Benefits with respect to the amounts subject to the In-Plan Rxxx Rollover are preserved; and (d) mandatory 20% federal income tax withholding does not apply to the In-Plan Rxxx Rollover Contribution. IRTs will remain subject to any and all distribution restrictions and provisions which applied to the amounts prior to rollover.
No Rollover or Distribution Treatment. Notwithstanding any other Plan provision, a direct In-Plan Xxxx Rollover Contribution is not a rollover contribution for purposes of the Plan. Accordingly, the Plan will take into account the amounts attributable to an "in-Plan Xxxx rollover contribution" in determining whether a Participant's Vested Account balance exceeds $5,000 for purposes of Code §411(a)(11). In addition, an "in-Plan Xxxx rollover contribution" is not a distribution for purposes of Code §§401(a)(11) (relating to spousal consent) and 3405(c) (relating to mandatory income tax withholding). Furthermore, it is not a distribution for purposes of applying any limitations that a Plan may impose with respect to the number of in-service distributions permitted by the Plan.
No Rollover or Distribution Treatment. Notwithstanding any other Plan provision, an In-Plan Xxxx Rollover Contribution is not a Rollover Contribution for purposes of the Plan. Accordingly: (a) if the Employer in its Adoption Agreement has elected $5,000 as the Plan limit on Mandatory Distributions, the Plan Administrator will take into account amounts attributable to an In-Plan Xxxx Rollover Contribution, in determining if the $5,000 limit is exceeded, regardless of the Employer's election as to whether to count Rollover Contributions for this purpose; (b) no spousal consent is required for a Participant to elect to make an In-Plan Xxxx Rollover Contribution; (c) protected benefits with respect to the amounts subject to the In-Plan Xxxx Rollover are preserved; and
No Rollover or Distribution Treatment. Notwithstanding any other Plan provision, an In-Plan Xxxx Rollover Contribution is not a Rollover Contribution for purposes of the Plan. Accordingly: (a) if the Employer in its Adoption Agreement has elected $5,000 as the Plan limit on Mandatory Distributions, the Plan Administrator will take into account amounts attributable to an In-Plan Xxxx Rollover Contribution, in determining if the $5,000 limit is exceeded, regardless of the Employer’s election as to whether to count Rollover Contributions for this purpose; (b) no spousal consent is required for a Participant to elect to make an In-Plan Xxxx Rollover Contribution; (c) Protected Benefits with respect to the amounts subject to the In-Plan Xxxx Rollover are preserved; and (d) mandatory 20% federal income tax withholding does not apply to the In-Plan Xxxx Rollover Contribution. Coordination with Vendor. In-Plan Xxxx Rollovers are not permitted from a source or under circumstances not permitted by the Vendor’s rules. For example, if a Vendor’s rules do not permit in-Plan Xxxx Rollovers from otherwise nondistributable amounts, then the Participant cannot make such rollovers from Investment Arrangements that Vendor provides.
No Rollover or Distribution Treatment. Notwithstanding any other Plan provision, an In‑Plan Xxxx Rollover Contribution is not a Rollover Contribution for purposes of the Plan. Accordingly: (a) if the Employer in its Adoption Agreement has elected $5,000 as the Plan limit on Mandatory Distributions, the Plan Administrator will take into account amounts attributable to an In‑Plan Xxxx Rollover Contribution, in determining if the $5,000 limit is exceeded, regardless of the Employer's election as to whether to count Rollover Contributions for this purpose; (b) no spousal consent is required for a Participant to elect to make an In‑Plan Xxxx Rollover Contribution; (c) Protected Benefits with respect to the amounts subject to the In‑Plan Xxxx Rollover are preserved; and (d) mandatory 20% federal income tax withholding does not apply to the In‑Plan Xxxx Rollover Contribution.
