TRANSFERS INVOLVING A SIMILAR CONTRACT OF ANOTHER EMPLOYER Sample Clauses

TRANSFERS INVOLVING A SIMILAR CONTRACT OF ANOTHER EMPLOYER. A Participant may cease to be employed by an employer who pays contributions under this contract. He may become employed by an employer to whom Prudential has issued a contract similar to this contract. If so, that Participant may request a transfer to that similar contract from this contract but only under the conditions permitted by the Plan, if any. The transfer will normally be made within seven days of receipt of the request. The dollar value of the Participant's Account will be the amount transferred. The Account will be cancelled. Also, this contract will accept a transfer from a contract similar to this contract for a person covered thereunder who becomes employed by an employer who pays contributions under this contract. The transferred amount will be treated as a contribution paid for that person. However, in determining any withdrawal charge, any part of the transferred amount which is investment income will not be considered a contribution. This section may be changed as provided in section 5.1. GVA-120-87 (10/11) Serial 330 3.5
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TRANSFERS INVOLVING A SIMILAR CONTRACT OF ANOTHER EMPLOYER. A Participant may cease to be employed by an employer who pays contributions under this contract. He may become employed by an employer to whom Prudential has issued a contract similar to this contract. If so, that Participant may request a transfer to that similar contract from this contract. The transfer will normally be made within seven days of receipt of the request. The dollar value of the Participant's Account will be the amount transferred. The Account will be cancelled. Also, this contract will accept a transfer from a contract similar to this contract for a person covered thereunder who becomes employed by an employer who pays contributions under this contract. The transferred amount will be treated as a contribution paid for that person. However, in determining any withdrawal charge, any part of the transferred amount which is investment income will not be considered a contribution. This section may be changed as provided in section 5.1. GVA-120-82 Serial 320 3.5
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TRANSFERS INVOLVING A SIMILAR CONTRACT OF ANOTHER EMPLOYER. A Participant may cease to be employed by an employer who pays contributions under this contract. He may become employed by an employer to whom Prudential has issued a contract similar to this contract. If so, that Participant may, subject to written authorization from the Contract-Xxxxxx, request a transfer to that similar contract from this contract. The transfer will normally be made within seven days of both receipt of the request and authorization. The dollar value of the non-forfeitable part of the of the Participant's Account will be the amount transferred. The Account will be cancelled. Also, this contract will accept a transfer from a contract similar to this contract for a person covered thereunder who becomes employed by an employer who pays contributions under this contract. The transferred amount will be treated as a contribution paid for that person. However, (a) in determining any withdrawal charge, any part of the transferred amount which is investment income will not be considered a contribution, and (b) the transfer is subject to written authorization from the Contract-Holder. This section may be changed as provided in section 5.1. GVA-7454 Serial 320 3.5
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Related to TRANSFERS INVOLVING A SIMILAR CONTRACT OF ANOTHER EMPLOYER

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