Common use of Rollover Contributions and Transfers Clause in Contracts

Rollover Contributions and Transfers. (a) The Employee shall be permitted to make a rollover contribution to the Account of an amount received by the Employee that is attributable to participation in another annuity contract or custodial account described in Section 403(b) of the Code, provided such rollover contribution complies with all requirements of Section 403(b)(8) or Section 408(d)(3)(A)(iii) of the Code, whichever is applicable. (b) The Custodian may accept a direct transfer of assets to the Account on behalf of the Employee from another annuity contract or custodial account described in Section 403(b) of the Code to the extent permitted by the Code and the regulations and rulings thereunder. The Employee shall not request or initiate a transfer (or a rollover) from a contract or account containing distribution restrictions that are more restrictive than those provided in Article V. The Employee shall not request or initiate a transfer from a contract or account covered by ERISA, unless the transferee Account is part of an employee benefit plan which provides distribution restrictions which meet the requirements of Section 205 of ERISA and the regulations thereunder with respect to any amount transferred. (c) Neither the Custodian nor the Company shall have any duty or responsibility for determining whether any rollover contribution or transfer of assets by or on behalf of the Employee pursuant to this Article 3.8 is a proper rollover contribution or transfer of assets under the Code, or for the tax treatment to the Employee of any transfer or rollover.