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, 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 (d) mandatory 20% federal income tax withholding does not apply to the In‑Plan Xxxx Rollover Contribution.
