Nonqualified Distributions. A distribution will not be considered qualified if such distribution is made within the five (5) year period beginning with the first Taxable Year for which a contribution or rollover is made to this Xxxx XXX. If a nonqualified distribution is made from this Xxxx XXX, the amount so distributed shall be subject to tax and applicable penalties to the extent the distribution, when added to previous nonqualified distributions, exceeds the aggregate contributions made by the Individual pursuant to this Xxxx XXX. For purposes of this determination, contributions shall be deemed to be distributed on a first-in first-out basis.
Appears in 8 contracts
Samples: Defined Contribution Plan (1st Constitution Bancorp), Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (ASB Bancorp Inc)
Nonqualified Distributions. A distribution will not be considered qualified if such distribution is made within the five (5) year period beginning with the first Taxable Year for which a contribution or rollover is made to this Xxxx Rxxx XXX. If a nonqualified distribution is made from this Xxxx Rxxx XXX, the amount so distributed shall be subject to tax and applicable penalties to the extent the distribution, when added to previous nonqualified distributions, exceeds the aggregate contributions made by the Individual pursuant to this Xxxx Rxxx XXX. For purposes of this determination, contributions shall be deemed to be distributed on a first-in first-out basis.
Appears in 2 contracts
Samples: Defined Contribution Plan (Savannah Bancorp Inc), Defined Contribution Plan (Century Bancorp Inc)
