Common use of Transfer from Other Plans Clause in Contracts

Transfer from Other Plans. The Employer may cause all or any of the assets held in connection with any other plan or trust which is maintained by the Employer for the benefit of its employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts to be transferred to the Trustee, whether such transfer is made pursuant to a merger or consolidation of this Plan with such other plan or trust or for any other allowable purpose. In addition, the Employer, by appropriate election in the Adoption Agreement, may permit rollover to the Trustee of assets held for the benefit of an Employee in a conduit Individual Retirement Account, a terminated plan of the Employer, or any other plan or trust which is maintained by some other employer for the benefit of its employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts. Any such assets so transferred to the Trustee shall be accompanied by written instructions from the employer, or the trustee, custodian or individual holding such assets, setting forth the name of each Employee for whose benefit such assets have been transferred and showing separately the respective contributions by the employer and by the Employee and the current value of the assets attributable thereto. Upon receipt by the Trustee of such assets, the Trustee shall place such assets in a Segregated Fund for the Participant and the Employee shall be deemed to be one hundred percent (100%) vested and have a nonforfeitable interest in any such assets. Notwithstanding any provisions herein to the contrary, unless the Plan provides a life annuity distribution option, the Plan shall not be a direct or indirect transferee of a defined benefit pension plan, money purchase pension plan, target benefit pension plan, stock bonus or profit sharing plan which is subject to the survivor annuity requirements of Section 401(a)(11) and Section 417 of the Code.

Transfer from Other Plans. The Employer may cause all or any of the assets held in connection with any other plan or trust which is maintained by the Employer for the benefit of its employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts to be transferred to the Trustee, whether such transfer is made pursuant to a merger or consolidation of this Plan with such other plan or trust or for any other allowable purpose. In addition, the Employer, by appropriate election in the Adoption Agreement, may permit rollover to the Trustee of assets held for the benefit of an Employee in a conduit Individual Retirement Account, a terminated plan of the Employer, or any other plan or trust which is maintained by some other employer for the benefit of its employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts. Any such assets so transferred to the Trustee shall be accompanied by written instructions from the employer, or the trustee, custodian or individual holding such assets, setting forth the name of each Employee for whose benefit such assets have been transferred and showing separately the respective contributions by the employer and by the Employee and the current value of the assets attributable thereto. Upon receipt by the Trustee of such assets, the Trustee shall place such assets in a Segregated Fund for the Participant Employee and the Employee shall be deemed to be one hundred percent (100%) vested and have a nonforfeitable non-forfeitable interest in any such assets. Notwithstanding any provisions herein to the contrary, unless the Plan provides a life annuity distribution option, the Plan shall not be a direct or indirect transferee of a defined benefit pension plan, money purchase pension plan, target benefit pension plan, stock bonus or profit sharing plan which is subject to the survivor annuity requirements of Section 401(a)(11) and Section 417 of the Code.

Transfer from Other Plans. (a) The Employer may cause all or any of the assets held in connection with any other plan or trust which is maintained by the Employer for the benefit of its employees Employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts to be transferred to the Trustee, whether such transfer is made pursuant to a merger or consolidation of this Plan with such other plan or trust or for any other allowable purpose. In addition, the Employer, by appropriate election in the Adoption Agreement, may permit rollover to the Trustee of assets held for the benefit of an Employee in a conduit Individual Retirement Account, a terminated plan of the Employer, or any other plan or trust which is maintained by some other employer for the benefit of its employees Employees and satisfies the applicable requirements of the Code relating to qualified plans and trusts. Any such assets so transferred to the Trustee shall be accompanied by written instructions from the employer, or the trustee, custodian or individual holding such assets, setting forth the name of each Employee for whose benefit such assets have been transferred and showing separately the respective contributions by the employer and by the Employee and the current value of the assets attributable thereto. Upon receipt by the Trustee of such assets, the Trustee shall place such assets in a Segregated Fund for the Participant and Participant. In the Employee event the plan transferring the assets maintains a vesting schedule that differs from the schedule maintained under this Plan, not withstanding Section 3.8.3(c) & (d), the vesting schedule of the transferor plan shall be deemed to be one hundred percent (100%) vested and have a nonforfeitable interest in any such maintained for the transferred assets. Notwithstanding any provisions herein to the contrary, unless regardless of whether the Plan provides a life annuity distribution option, if the Plan shall not be is a direct or indirect transferee of a defined benefit pension plan, money purchase pension plan, target benefit pension plan, stock bonus or profit sharing plan which is subject to the survivor annuity requirements of Section section 401(a)(11) and Section section 417 of the Code, such transferred balances shall remain subject to the survivor annuity requirements of section 401(a)(11) and section 417 of the Code and shall provide a life annuity distribution option for such balances as provided for under the transferor plan. (b) On and after the transfer of the account balances of a Participant that are attributable to Participation in a Money Purchase Pension Plan of the Employer or predecessor employer, the account balances including the post-transfer earnings thereon will be distributable only on or after events that are permissible under qualified pension plans. Furthermore, in order to implement the restrictions on distributions this section imposes the pension plan distribution restrictions on transferred account balances there must be a separate accounting between the accrued benefits attributable to the transferred account balances and all other Account balances of each Participant with account balances attributable to transfers described in the preceding paragraph. A separate accounting under the preceding paragraph would be acceptable if gains, losses, withdrawals, contributions, forfeitures, and other credits or charges are allocated on a reasonable and consistent basis between the account balances subject to the survivor annuity requirements and other account balances. If there is an acceptable separate accounting between transferred account balances and any other Account balances under the Plan, only the transferred account balances shall be subject to the survivor annuity requirements and restrictions on distributions. (c) The Trustee of this Plan, at the direction of the sponsoring Employer, shall accept the transfer of account balances of Employees that have become Employees of the sponsoring Employer on account of the spin-off of the business unit to which they belong. (d) The Trustee of this Plan at the direction of the Employer, shall spin-off a portion of the Plan assets to the Plan of the buyer of a portion of the assets of the Employer. The amount of the spin-off shall be the portion of the assets representing the Account balances of Participants that are terminated on account of the sale. In order to be a part of the spin-off, a Participant must become employed by the buyer within on year of the date of sale.