Repayment of a Distribution for Terminal Illness Sample Clauses

Repayment of a Distribution for Terminal Illness. You may take a distribution if you have been certified by a physician as having a terminal illness. Such a distribution may be repaid any time during the 3-year period beginning on the day after the date on which the distribution was received. Movement of Assets Between SIMPLE and Xxxx IRAs. SIMPLE IRA to Xxxx XXX Conversions. You may convert all or a portion of your SIMPLE IRA assets to a Xxxx XXX, including XXX Xxxx and SIMPLE Xxxx IRAs. Your conversion assets are subject to federal income tax. Your conversion must be reported to the IRS. You may not convert SIMPLE IRA assets to a Xxxx XXX until the two-year holding period has expired. The 10 percent early-distribution penalty tax does not apply to conversions. If you elect to convert your assets using a rollover transaction, the 60-day rule applies. The one per 1-year limitation does not apply to conversions.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Repayment of a Distribution for Terminal Illness. You may take a which are not eligible for rollover include RMDs, defaulted distribution if you have been certified by a physician as having a loans, substantially equal periodic payments defined in IRC terminal illness. Such a distribution may be repaid any time during the Section 402(c)(4)(A), and hardship distributions. Your employer 3-year period beginning on the day after the date on which the determines which assets may not be rolled over and must provide distribution was received. you with an IRC Section 402(f) notice of taxation which explains Movement of Assets Between Traditional and Xxxx IRAs. the tax issues and rollover eligibility concerning the distribution. 1. Traditional IRA to Xxxx XXX Conversions. You may convert all d. Direct Rollover. A direct rollover moves eligible distribution or a portion of your traditional IRA assets to a Xxxx XXX. Your assets from your eligible retirement plan to your Xxxx XXX in a conversion assets (excluding prorated nondeductible contributions) manner that prevents you from cashing or liquidating the plan are subject to federal income tax. Your conversion must be reported assets, or even depositing the assets anywhere except in the to the IRS. The 10 percent early-distribution penalty tax does not receiving IRA. A direct rollover is reported to the IRS. apply to conversions. If you elect to convert your assets using a There are no IRS limitations, such as the 60-day period or one rollover transaction, the 60-day rule applies. The one per 1-year per 1-year limitation, on direct rollovers.
Sample 1Sample 2Sample 3See All (8)
Repayment of a Distribution for Terminal Illness. You may take a distribution if you have been certified by a physician as having a terminal illness. Such a distribution may be repaid any time during the 3-year period beginning on the day after the date on which the distribution was received. Movement of Assets Between SIMPLE and Xxxx IRAs. SIMPLE IRA to Xxxx XXX Conversions. You may convert all or a portion of your SIMPLE IRA assets to a Xxxx XXX, including XXX Xxxx and SIMPLE Xxxx IRAs. Your conversion assets are subject to federal income tax. Your conversion must be reported to the IRS. You may not convert SIMPLE IRA assets to a Xxxx XXX until the two-year holding period has expired. The 10 percent early-distribution penalty tax does not apply to conversions. If you elect to convert your assets using a rollover transaction, the 60-day rule applies. The one per 1-year limitation does not apply to conversions. SIMPLE IRA Distributions. You, or after your death your beneficiary, may take a SIMPLE IRA distribution, in cash or in kind based on our 4. Transfers Due to Divorce. Your former spouse, pursuant to a policies, at any time. However, depending on the timing and amount of divorce decree or legal separation order, may transfer assets from your distribution you may be subject to income taxes or penalty taxes. your SIMPLE IRA to his/her SIMPLE or traditional IRA. 1. SIMPLE IRA Excess Contributions. Excess contributions to your 5. Rollovers and Transfers to Traditional IRAs. You may not roll SIMPLE IRA may include the result of your elective (including over or transfer assets from a SIMPLE IRA to a traditional IRA catch-up) deferrals exceeding the calendar year dollar amount limits, until the two-year holding period has expired. The one per 1-year your employer making matching or nonelective contributions which limitation applies to rollovers to traditional IRAs after the two-year exceed the limits for these contributions, or your employer making holding period has expired. contributions to your SIMPLE IRA after the date your employer 6. Eligible Retirement Plan. Eligible retirement plans include determines it was not eligible to maintain the SIMPLE plan. qualified trusts under IRC Section 401(a), annuity plans under IRC In order for you to avoid a 6 percent excess contribution penalty, Section 403(a), annuity contracts under IRC Section 403(b), and excess contributions may generally be removed with earnings by certain governmental IRC Section 457(b) plans. Common names for your federal income tax-filing ...
Sample 1

Related to Repayment of a Distribution for Terminal Illness

  • Are There Penalties for Early Distribution from a Xxxx XXX As indicated above, earnings on your contributions, as well as amounts contributed to a Xxxx XXX as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about Xxxx XXX rules and restrictions.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • CFR PART 200 Termination Termination for cause and for convenience by the grantee or subgrantee including the manner by which it will be effected and the basis for settlement. (All contracts in excess of $10,000) Pursuant to the above, when federal funds are expended by ESC Region 8 and TIPS Members, ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for cause after giving the vendor an appropriate opportunity and up to 30 days, to cure the causal breach of terms and conditions. ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for convenience with 30 days notice in writing to the awarded vendor. The vendor would be compensated for work performed and goods procured as of the termination date if for convenience of the ESC Region 8 and TIPS Members. Any award under this procurement process is not exclusive and the ESC Region 8 and TIPS reserves the right to purchase goods and services from other vendors when it is in the best interest of the ESC Region 8 and TIPS. Does vendor agree? Yes

  • Consequences of a Servicer Termination Event If a Servicer Termination Event shall occur and be continuing, the Trust Collateral Agent may, or at the direction of the Majority Noteholders shall, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Noteholders) terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the Other Conveyed Property or otherwise, shall pass to, be vested in and become obligations and responsibilities of the successor Servicer appointed by the Majority Noteholders; provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense.

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • Termination Apart from a Change of Control If the Employee's employment with the Company terminates other than as a result of an Involuntary Termination within the twelve (12) months following a Change of Control, then the Employee shall not be entitled to receive severance or other benefits hereunder, but may be eligible for those benefits (if any) as may then be established under the Company's then existing severance and benefits plans and policies at the time of such termination.

  • Transfer to Avoid Termination Event If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!