Common use of Plan-to-Plan Transfers Clause in Contracts

Plan-to-Plan Transfers. (1) The term "Plan-to-Plan Transfer" means a transfer of assets between this Plan and another qualified plan. Unless specifically prohibited in the Adoption Agreement, the Trustee may accept Plan-to-Plan Transfers from another qualified plan under Code section 401(a) if the funds so transferred were held for the benefit of a person who is an Employee, whether or not a Participant, at the time of such transfer, provided, however, that the Plan Administrator must first certify to the Trustee (a) that such other employee benefit plan is qualified under Code section 401(a), and (b) what portion, if any of the funds to be received in a Plan-to-Plan Transfer were subject to restrictions on distributions similar to those set forth in Code section 401(k)(2)(B) or 401(a)(11)(B)(iii)(III) while in the other qualified plan. However, if the Plan-to-Plan Transfer is the result of a merger or partial merger of another profit sharing plan qualified under Code section 401(a), the Employer may amend the Plan to designate the accounts to which the monies will be applied, within the applicable limits of the law. Notwithstanding anything herein to the contrary, a transfer directly to this Plan from another qualified plan (or a transaction having the effect of such a transfer) shall only be permitted if it will not result in the elimination or reduction of a Protected Benefit. (2) The Plan will accept deferrals and match contributions that are legally and timely transferred from a nonqualified "Top-Hat" plan of the Employer with respect to Employees who are Participants in this Plan and Participants in the nonqualified plan.

Plan-to-Plan Transfers. (1) The term "“Plan-to-Plan Transfer" ” means a transfer of assets between this Plan and another qualified plan. Unless specifically prohibited in the Adoption Agreement, the Trustee may accept Plan-to-Plan Transfers from another qualified plan under Code section 401(a) if the funds so transferred were held for the benefit of a person who is an Employee, whether or not a Participant, at the time of such transfer, provided, however, that the Plan Administrator must first certify to the Trustee (a) that such other employee benefit plan is qualified under Code section 401(a), and (b) what portion, if any of the funds to be received in a Plan-to-Plan Transfer were subject to restrictions on distributions similar to those set forth in Code section 401(k)(2)(B) or 401(a)(11)(B)(iii)(III) while in the other qualified plan. However, if the Plan-to-Plan Transfer is the result of a merger or partial merger of another profit sharing plan qualified under Code section 401(a), the Employer may amend the Plan to designate the accounts to which the monies will be applied, within the applicable limits of the law. Notwithstanding anything herein to the contrary, a transfer directly to this Plan from another qualified plan (or a transaction having the effect of such a transfer) shall only be permitted if it will not result in the elimination or reduction of a Protected Benefit. (2) The Plan will accept deferrals and match contributions that are legally and timely transferred from a nonqualified "Top-Hat" plan of the Employer with respect to Employees who are Participants in this Plan and Participants in the nonqualified plan.

Plan-to-Plan Transfers. (1) The term "Plan-to-Plan Transfer" means a transfer of assets between this Plan and another qualified plan. Unless specifically prohibited If elected by the Employer in the Adoption Agreement, the Trustee may shall accept Plan-to-Plan Transfers from another qualified plan under Code section 401(a) if the funds so transferred were held for the benefit of a person who is an Employee, whether or not a Participant, at the time of such transfer, provided, however, that the Plan Administrator must first certify to the Trustee (a) that such other employee benefit plan is qualified under Code section 401(a), and (b) what portion, if any of the funds to be received in a Plan-to-Plan Transfer were subject to restrictions on distributions similar to those set forth in Code section 401(k)(2)(B) or 401(a)(11)(B)(iii)(III) while in the other qualified plan. However, if the Plan-to-Plan Transfer is the result of a merger or partial merger of another profit sharing plan qualified under Code section 401(a), the Employer may amend the Plan to designate the accounts to which the monies will be applied, within the applicable limits of the law. Notwithstanding anything herein to the contrary, a transfer directly to this Plan from another qualified plan (or a transaction having the effect of such a transfer) shall only be permitted if it will not result in the elimination or reduction of a Protected Benefit. (2) The Plan will accept deferrals and match contributions that are legally and timely transferred from a nonqualified "“Top-Hat" ” plan of the Employer with respect to Employees who are Participants in this Plan and Participants in the nonqualified plan.