Common use of Rollovers and Transfers from SIMPLE IRAs Clause in Contracts

Rollovers and Transfers from SIMPLE IRAs. You may not roll over or transfer assets from a SIMPLE XXX to a traditional XXX or other eligible retirement plan until two years have passed since the date on which you first participated in an employer's SIMPLE, which is the initial contribution date. If you participated in SIMPLEs of different employers, the initial contribution date and two-year period are determined separately for SIMPLE XXX assets from each employer.

Rollovers and Transfers from SIMPLE IRAs. You may not roll over or transfer assets from a SIMPLE XXX IRA to a traditional XXX IRA or other eligible retirement plan until two years have passed since the date on which you first participated in an employer's SIMPLE, which is the initial contribution date. If you participated in SIMPLEs of different employers, the initial contribution date and two-year period are determined separately for SIMPLE XXX IRA assets from each employer.