Qualified Birth or Adoption Distributions. If you have taken a qualified birth or adoption distribution, you may generally pay all or a portion of the aggregate amount of such distribution to a Xxxx XXX at any time during the three-year period beginning on the day after the date on which such distributions was received. In the case of a qualified birth or adoption distribution made on or before December 29, 2022, the deadline to repay the distribution is December 31, 2025.
Qualified Birth or Adoption Distributions. If you have taken a qualified birth or adoption distribution, you may generally pay all or a portion of the aggregate amount of such distribution to an IRA at any time during the three-year period beginning on the day after the date on which such distribution was received. In the case of a qualified birth or adoption distribution made on or before December 29, 2022, the deadline to repay the distribution is December 31, 2025.
Qualified Birth or Adoption Distributions. If you receive a qualified birth or adoption distribution (as defined in Code section 72(t)(2)(H)), you may contribute all or part of the distribution to this XXX. Federally-Declared Disaster Distributions. The Depositor may make additional contributions specifically authorized by statute such as repayments of certain plan or XXX distributions made on account of a federally declared disaster. For example, if you receive a distribution under the Consolidated Appropriations Act of 2021, provided for FEMA declared disasters (other than COVID-19) from January 1, 2020 through 60 days after enactment of the Act (i.e., Feb. 25, 2021) and applicable to distributions made through 180 days after enactment, you may contribute all or part of the distribution to this XXX. You must make the contribution within three years from the date the distribution was received. The amount is treated as a rollover contribution and you will not owe federal income tax on the distribution.
Qualified Birth or Adoption Distributions. (a) A Participant’s Account may be distributed on or after January 1, 2020 as a qualified birth or adoption distribution. A qualified birth or adoption distribution is any distribution of up to $5,000 (or such other amount as may be announced by the Internal Revenue Service in generally applicable guidance) from the Plan to a Participant if made during the one-year period beginning on the date the child of the Participant is born or the legal adoption by the Participant of an eligible adoptee is finalized. A distribution of up to $5,000 (or such other amount as may be announced by the Internal Revenue Service in generally applicable guidance) for each child can be made with respect to multiple births and adoptions if the distribution is made within the one-year period following the date on which the children are born, or the adoptions are finalized. An eligible adoptee is defined as any individual who either: (1) has not attained age 18, or (2) is physically or mentally incapable of self-support. An individual is physically or mentally incapable of self- support if they are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to be of long continued and indefinite duration, as supported by medical evidence. Absent actual knowledge to the contrary, the Board may accept the Participant’s certification that any requested distribution under this Section satisfies the above-described criteria.
(b) A Participant who receives one or more qualified birth or adoption distributions under the Plan is entitled to recontribute the distributions (not to exceed the amount of the distributions) if the Participant is eligible to make a rollover contribution to the Plan at the time of recontribution. A Participant who makes a recontribution to the Plan will be treated as having received the distributions in an eligible rollover distribution and as having transferred the amount to the Plan in a direct trustee-to-trustee transfer within 60 days of the distribution.
Qualified Birth or Adoption Distributions. If elected in the Adoption Agreement Addendum, effective for distributions made after 01/01/2020, the Plan permits Qualified Birth or Adoption Distributions (“QBADs”) as a distributable event. A Participant may receive a QBAD distribution up to $5,000 during the 1-year period beginning on the date on which the Participant's child is born or on which the legal adoption by the Participant of an eligible adoptee is finalized. An eligible adoptee is any individual (other than a child of the Participant's spouse) who has not attained age 18 or is physically or mentally incapable of self-support as described in IRC Section 72(t)(2)(H)(iii)(II). The $5,000 maximum is an aggregate amount of such distributions from all plans maintained by the Employer. If the Plan accepts Rollovers into the Plan, then the Participant may repay the distribution, subject to the repayment provisions under the law. If the Plan does not accept Rollover Contributions then such repayment may be made to an IRA Plan. A distribution of up to $5,000 for each child can be made with respect to multiple births and adoptions if the distribution is made within the 1-year period following the date on which the children are born, or the adoptions are finalized.
