Common use of Rollovers from Eligible Retirement Plans Without Xxxx Elective Deferrals to an Inherited Xxxx XXX Clause in Contracts

Rollovers from Eligible Retirement Plans Without Xxxx Elective Deferrals to an Inherited Xxxx XXX. If you are a nonspouse or qualified trust beneficiary of a deceased employer-sponsored retirement plan participant, you may directly roll over any inherited assets eligible for rollover from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited Xxxx XXX. As a spouse beneficiary, you may either directly or indirectly roll over assets from an eligible inherited employer-sponsored retirement plan to an inherited Xxxx XXX. The amount of the rollover from the retirement plan will be treated as a distribution for income tax purposes, and is includible in your gross income (except for any after-tax contributions). Although the rollover amount generally is included in income, the 10 percent early distribution penalty tax will not apply to rollovers from an eligible retirement plan to an inherited Xxxx XXX.

Rollovers from Eligible Retirement Plans Without Xxxx Elective Deferrals to an Inherited Xxxx XXX. If you are a nonspouse or qualified trust beneficiary of a deceased employer-sponsored retirement plan participant, you may directly di- rectly roll over any inherited assets eligible for rollover from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited Xxxx XXX. As a spouse beneficiary, you may either directly or indirectly roll over assets from an eligible inherited employer-sponsored retirement plan to an inherited Xxxx XXX. The amount of the rollover from the retirement plan will be treated as a distribution for income tax purposes, and is includible in your gross income (except for any after-after- tax contributions). Although the rollover amount generally is included in income, the 10 percent early distribution penalty tax will not apply to rollovers from an eligible retirement plan to an inherited Xxxx XXX.