Common use of Transfer Contribution Clause in Contracts

Transfer Contribution. Unless provided otherwise in the Adoption Agreement, a Participant and an Employee in an eligible class of Employees who has not met the eligibility requirements for participation in the Plan, may, subject to the provisions of paragraph 4.5, also arrange for the direct transfer of his or her benefit from a Qualified Deferred Compensation Plan to this Plan. For accounting and record keeping purposes, Transfer Contributions shall be identical to Rollover Contributions. In the event the Employer accepts a Transfer Contribution from a Plan in which the Employee was directing the investments of his or her account, the Employer may continue to permit the Employee to direct his or her investments in accordance with paragraph 13.7 with respect only to such Transfer Contribution. Notwithstanding the above, the Employer may refuse to accept such Transfer Contributions. Notwithstanding anything to the contrary, if a Participant changes classification of employment between eligible and ineligible classes, then the Employer may transfer said Participant's account balance between the appropriate plans maintained by the Employer, so long as such transfer will not result in an illegal cut back in benefits in violation of Code Section 411(d)(6).

Transfer Contribution. Unless provided otherwise in the Adoption Agreement, a Participant and an Employee in an eligible class of Employees who has not met the eligibility requirements for participation in the Plan, may, subject to the provisions of paragraph 4.5, also arrange for the direct transfer of his or her benefit from a Qualified Deferred Compensation Plan to this Plan. For accounting and record keeping purposes, Transfer Contributions shall be identical to Rollover Contributions. In the event the Employer accepts a Transfer Contribution from a Plan in which the Employee was directing the investments of his or her account, the Employer may continue to permit the Employee to direct his or her investments in accordance with paragraph 13.7 with respect only to such Transfer Contribution. Notwithstanding the above, the Employer may refuse to accept such Transfer Contributions. Notwithstanding anything to the contrary, if a Participant changes classification of employment between eligible and ineligible classes, then the Employer may transfer said Participant's account balance between the appropriate plans maintained by the Employer, so long as such transfer will not result in an illegal cut back in benefits in violation of Code Section 411(d)(641 l(d)(6).