Common use of Transfers of Eligible Rollover Distributions Clause in Contracts

Transfers of Eligible Rollover Distributions. If an Employee, his or her spouse, his or her former spouse who is an alternate payee, or effective January 1, 2007 a beneficiary who is a designated beneficiary within the meaning of section 401(a)(9) of the Code (each of which are hereinafter referred to as the "distributee") is eligible to receive a distribution from the Plan that constitutes an "eligible rollover distribution" (as defined below) and the distributee elects to have all or a portion of such distribution paid directly to an "eligible retirement plan" (as defined in section below) and specifies the eligible retirement plan to which the distribution is to be paid, such distribution (or portion thereof) shall be made in the form of a direct rollover to the eligible retirement plan so specified. A distributee may not elect a direct rollover of a portion of an eligible rollover distribution unless the amount to be rolled over is at least $500. A direct rollover is a payment made to the eligible retirement plan so specified for the benefit of the distributee. Notwithstanding the preceding provisions of this Section, a direct rollover of an eligible rollover distribution shall not be made if distributee's eligible rollover distributions for a fiscal year of the Plan are reasonably expected to total less than $200. For purposes of this Paragraph, an "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of the distributee, except that an "eligible rollover distribution" does not include: (A) any distribution that is one of a series of substantially equal periodic payments (paid not less frequently than annually) over the life (or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee and the distributee's designated beneficiary or for a specified period of ten years or more; (B) any distribution to the extent required under section 401(a)(9) of the Code; (C) the portion of any distribution that is not includible in gross income; (D) any distribution which is made upon the hardship of the Employee; and (E) such other amounts specified in Treasury regulations and rulings, notices or announcements issued under section 402(c) of the Code. For purposes of this Paragraph, the term "eligible retirement plan" means an individual retirement account or annuity described in section 408 of the Code, a defined contribution plan that meets the requirements of section 401(a) of the Code and accepts rollovers, an annuity plan described in section 403(a) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. An "eligible retirement plan" shall also mean an annuity contract described in section 403(b) of the Code, an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan and, effective November 1, 2008, a Xxxx XXX described in section 408A(b) of the Code. The preceding definition of "eligible retirement plan" shall apply in the case of a distribution to a spouse after an Employee's death, or to a spouse or former spouse who is an alternate payee. However, in the case of a distributee other than the Employee, spouse or former spouse who is an alternate payee, the term "eligible retirement plan" shall mean only an individual retirement account or annuity described in section 408 of the Code. The Pension Board shall prescribe reasonable procedures for elections to be made pursuant to this Paragraph. Effective March 28, 2005, in the case of an eligible rollover distribution that exceeds $1,000 but does not exceed $5,000 and that is payable to an Employee prior to his or her Normal Retirement Date without the Employee's consent, if the Employee does not make an election under this Paragraph with respect to the distribution or does not elect to receive the distribution directly, the Pension Board shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Pension Board.

Transfers of Eligible Rollover Distributions. (1) If an Employeea Member, his Spouse or her spouse, his or her former spouse who is an alternate payee, or effective January 1, 2007 a beneficiary Beneficiary who is a designated beneficiary within the meaning of section 401(a)(9) of the Code (each of which are hereinafter referred to as the "“distributee"”) is eligible to receive a distribution from the Plan that constitutes an "eligible rollover distribution" (as defined below) Eligible Rollover Distribution and the distributee elects to have all or a portion of such distribution paid directly to an "“eligible retirement plan" ” (as defined in section belowSubsection (3) of this Section) and specifies the eligible retirement plan to which the distribution is to be paid, such distribution (or portion thereof) shall be made in the form of a direct rollover to the eligible retirement plan so specified. A distributee may not elect a direct rollover of a portion of an eligible rollover distribution Eligible Rollover Distribution unless the amount to be rolled over is at least $500. A direct rollover is a payment made by the Plan to the eligible retirement plan so specified for the benefit of the distributee. Notwithstanding the preceding provisions of this Section, a direct rollover of an eligible rollover distribution Eligible Rollover Distribution shall not be made if a distributee's eligible rollover distributions ’s Eligible Rollover Distributions for a fiscal year of the Plan Year are reasonably expected to total less than $200. (2) The Company shall prescribe reasonable procedures for elections to be made pursuant to this Section. For purposes Within a reasonable period of this Paragraphtime (as prescribed by Treasury regulations or rulings) before the payment of an Eligible Rollover Distribution, an "eligible rollover distribution" is any distribution of all or any portion of the balance Company shall provide a written notice to the credit of the distributee, except that an "eligible rollover distribution" does not include: (A) any distribution that is one of a series of substantially equal periodic payments (paid not less frequently than annually) over the life (distributee describing his or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee her rights under this Section and the distributee's designated beneficiary or for a specified period of ten years or more; (B) any distribution such other information required to the extent required be provided under section 401(a)(9) of the Code; (C) the portion of any distribution that is not includible in gross income; (D) any distribution which is made upon the hardship of the Employee; and (E) such other amounts specified in Treasury regulations and rulings, notices or announcements issued under section 402(c402(f) of the Code. Unless otherwise specifically provided herein, for purposes of this Section, the term “Spouse” shall include a former spouse who is an alternate payee under a qualified domestic relations order, as defined in section 414(p) of the Code. (3) For purposes of this ParagraphSection, the term "“eligible retirement plan" ” means an individual retirement account or annuity described in section 408 of the Code, a defined contribution plan that meets the requirements of section 401(a) of the Code and accepts rollovers, an annuity plan described in section 403(a) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. An "eligible retirement plan" shall also mean an annuity contract described in section 403(b) of the Code, an eligible plan under described in section 457(b) of the Code which that is maintained by a state, political subdivision of a state, or any an agency or instrumentality of a state or a political subdivision of a state and which that agrees to separately account for amounts transferred into such plan from this Plan and, effective November 1, 2008Plan, a Xxxx XXX described in section 408A(b) of the Code, or any other type of plan that is included within the definition of “eligible retirement plan” under section 401(a)(31)(E) of the Code. The preceding definition of "“eligible retirement plan" ” shall apply in the case of a distribution to a spouse Spouse after an Employee's a Member’s death, or to a spouse Spouse or former spouse who is an alternate payee. However, in the case of a distributee other than the EmployeeMember, spouse Spouse or former spouse Spouse who is an alternate payee, the term "‘eligible retirement plan" ’ shall mean only an individual retirement account or annuity described in section 408 of the Code. The Pension Board shall prescribe reasonable procedures for elections to be made pursuant to this Paragraph. Effective March 28, 2005, in the case of an eligible rollover distribution that exceeds $1,000 but does not exceed $5,000 and that is payable to an Employee prior to his or her Normal Retirement Date without the Employee's consent, if the Employee does not make an election under this Paragraph with respect to the distribution or does not elect to receive the distribution directly, the Pension Board shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Pension Board.

Transfers of Eligible Rollover Distributions. If an Employee, his or her spouse, his or her former spouse who is an alternate payee, or effective January 1, 2007 a beneficiary Beneficiary who is a designated beneficiary within the meaning of section 401(a)(9) of the Code (each of which are hereinafter referred to as the "“distributee"”) is eligible to receive a distribution from the Plan that constitutes an "“eligible rollover distribution" ” (as defined below) and the distributee elects to have all or a portion of such distribution paid directly to an "“eligible retirement plan" ” (as defined in section below) and specifies the eligible retirement plan to which the distribution is to be paid, such distribution (or portion thereof) shall be made in the form of a direct rollover to the eligible retirement plan so specified. A distributee may not elect a direct rollover of a portion of an eligible rollover distribution unless the amount to be rolled over is at least $500. A direct rollover is a payment made to the eligible retirement plan so specified for the benefit of the distributee. Notwithstanding the preceding provisions of this Section, a direct rollover of an eligible rollover distribution shall not be made if a distributee's ’s eligible rollover distributions for a fiscal year of the Plan are reasonably expected to total less than $200. For purposes of this ParagraphSection, an "“eligible rollover distribution" ” is any distribution of all or any portion of the balance to the credit of the distributee, except that an "“eligible rollover distribution" ” does not include: (A) any distribution that is one of a series of substantially equal periodic payments (paid not less frequently than annually) over the life (or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee and the distributee's ’s designated beneficiary or for a specified period of ten years or more; (B) any distribution to the extent required under section 401(a)(9) of the Code; (C) the portion of any distribution that is not includible in gross income; (D) any distribution which is made upon the hardship of the Employee; and (E) such other amounts specified in Treasury regulations and rulings, notices or announcements issued under section 402(c) of the Code. For purposes of this Paragraph, the term "eligible retirement plan" means an individual retirement account or annuity described in section 408 of the Code, a defined contribution plan that meets the requirements of section 401(a) of the Code and accepts rollovers, an annuity plan described in section 403(a) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. An "eligible retirement plan" shall also mean an annuity contract described in section 403(b) of the Code, an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan and, effective November 1, 2008, a Xxxx XXX described in section 408A(b) of the Code. The preceding definition of "eligible retirement plan" shall apply in the case of a distribution to a spouse after an Employee's death, or to a spouse or former spouse who is an alternate payee. However, in the case of a distributee other than the Employee, spouse or former spouse who is an alternate payee, the term "eligible retirement plan" shall mean only an individual retirement account or annuity described in section 408 of the Code. The Pension Board shall prescribe reasonable procedures for elections to be made pursuant to this Paragraph. Effective March 28, 2005, in the case of an eligible rollover distribution that exceeds $1,000 but does not exceed $5,000 and that is payable to an Employee prior to his or her Normal Retirement Date without the Employee's consent, if the Employee does not make an election under this Paragraph with respect to the distribution or does not elect to receive the distribution directly, the Pension Board shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Pension Board.,

Transfers of Eligible Rollover Distributions. (1) If an Employeea Participant, his or her spouse, his or her former spouse who is an alternate payee, Spouse or effective January 1, 2007 a beneficiary Beneficiary who is a designated beneficiary within the meaning of section 401(a)(9401(a)(9)(E) of the Code (each of which are hereinafter referred to as the "distributee") is eligible to receive a distribution from the Plan that constitutes an "eligible rollover distribution" (as defined belowin Subsection (3) of this Section) and the distributee elects to have all or a portion of such distribution paid directly to an "eligible retirement plan" (as defined in section belowSubsection (3) of this Section) and specifies the eligible retirement plan to which the distribution is to be paid, such distribution (or portion thereof) shall be made in the form of a direct rollover to the eligible retirement plan so specified. A distributee may not elect a direct rollover of a portion of an eligible rollover distribution unless the amount to be rolled over is at least $500. A direct rollover is a payment made by the Plan to the eligible retirement plan so specified for the benefit of the distributee. Notwithstanding the preceding provisions of this Section, a direct rollover of an eligible rollover distribution shall not be made if a distributee's eligible rollover distributions for a fiscal year of the Plan Year are reasonably expected to total less than $200. Unless otherwise specifically provided herein, for purposes of this Section, the term "Spouse" shall include a former spouse who is an alternate payee under a qualified domestic relations order, as defined in section 414(p) of the Code. (2) The Company shall prescribe reasonable procedures for elections to be made pursuant to this Section. Not earlier than 180 days (effective January 1, 2008) or later than 30 days before the payment of an eligible rollover distribution (or such other time as is prescribed by Treasury regulations or rulings), the Company shall provide a written notice to the distributee describing his or her rights under this Section and such other information required to be provided under section 402(f) of the Code. If an eligible rollover distribution in excess of $1,000 but not in excess of $5,000 is payable to a Participant without his consent pursuant to Section 6.1(2)(a) prior to the Participant's attainment of age 65 and the Participant does not make an election under Subsection (1) with respect to the distribution or does not elect to receive the distribution directly, the Company shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Company. (3) For purposes of this ParagraphSection, an "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of the distributeedistributee from the Plan, except that an "eligible rollover distribution" does not include: (Aa) any distribution that is one of a series of substantially equal periodic payments (paid not less frequently than annually) over made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary beneficiary, or for a specified period of ten years or more; , (Bb) any distribution to the extent the distribution is required under section 401(a)(9) of the Code; , (Cc) the portion of any distribution that is not includible in gross income; income (Dother than a distribution from a designated Xxxx account, as defined in section 402A of the Code), (d) any distribution which is made upon the hardship of the Employee; distributee, and (Ee) such other amounts specified in Treasury regulations and regulations, rulings, notices or announcements issued under section 402(c) of the Code. For purposes of this ParagraphSection, a portion of a distribution shall not fail to be an "eligible rollover distribution" merely because the portion consists of after-tax contributions which are not includible in gross income, including any amounts distributed from a designated Xxxx account (as defined in section 402A of the Code). However, such portion may be transferred only to an individual retirement account or annuity described in section 408(a) or (b) of the Code, or to a qualified trust (within the meaning of section 402(c) of the Code) or an annuity contract described in section 403(b) of the Code that agrees to separately account for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. For purposes of this Section, the term "eligible retirement plan" means an individual retirement account or annuity described in section 408 of the Code, a defined contribution plan that meets the requirements of section 401(a) of the Code and accepts rollovers, an annuity plan described in section 403(a) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. An "eligible retirement plan" shall also mean an annuity contract described in section 403(b) of the Code, an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan andPlan, effective November January 1, 2008, a Xxxx XXX described in section 408A(b) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. The preceding definition of "eligible retirement plan" shall apply in the case of a distribution to a spouse Spouse after an Employeea Participant's death, or to a spouse Spouse or former spouse Spouse who is an alternate payee. However, in the case of a distributee other than the EmployeeParticipant, spouse Spouse or former spouse Spouse who is an alternate payee, the term "eligible retirement plan" shall mean only an individual retirement account or annuity described in section 408 of the Code. The Pension Board shall prescribe reasonable procedures for elections to . (4) Notwithstanding the foregoing Subsections of this Section, a direct rollover of a distribution from a Xxxx Contributions Account will only be made pursuant to another designated Xxxx account (as defined in section 402A of the Code) under an applicable retirement plan described in section 402A(e)(1) of the Code or to a Xxxx XXX described in section 408A of the Code, and only to the extent the rollover is permitted under the rules of section 402(c) of the Code. (5) The provisions of Subsection (1) of this Paragraph. Effective March 28, 2005, in the case Section that allow a Member to elect a direct rollover of only a portion of an eligible rollover distribution that exceeds $1,000 but does not exceed $5,000 and that is payable to an Employee prior to his or her Normal Retirement Date without shall be applied by treating any amount distributed from the EmployeeMember's consentXxxx Contributions Account as a separate distribution from any amount distributed from the rest of the Member's Account, even if the Employee does not make an election under this Paragraph with respect to amounts are distributed at the distribution or does not elect to receive the distribution directly, the Pension Board shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Pension Boardsame time.

Transfers of Eligible Rollover Distributions. (1) If an Employeea Member, his Spouse or her spouse, his or her former spouse who is an alternate payee, or effective January 1, 2007 a beneficiary Beneficiary who is a designated beneficiary within the meaning of section 401(a)(9) of the Code (each of which are hereinafter referred to as the "“distributee"”) is eligible to receive a distribution from the Plan that constitutes an "eligible rollover distribution" (as defined below) Eligible Rollover Distribution and the distributee elects to have all or a portion of such distribution paid directly to an "“eligible retirement plan" ” (as defined in section belowSubsection (3) of this Section) and specifies the eligible retirement plan to which the distribution is to be paid, such distribution (or portion thereof) shall be made in the form of a direct rollover to the eligible retirement plan so specified. A distributee may not elect a direct rollover of a portion of an eligible rollover distribution Eligible Rollover Distribution unless the amount to be rolled over is at least $500. A direct rollover is a payment made by the Plan to the eligible retirement plan so specified for the benefit of the distributee. Notwithstanding the preceding provisions of this Section, a direct rollover of an eligible rollover distribution Eligible Rollover Distribution shall not be made if a distributee's eligible rollover distributions ’s Eligible Rollover Distributions for a fiscal year of the Plan Year are reasonably expected to total less than $200. (2) The Company shall prescribe reasonable procedures for elections to be made pursuant to this Section. For purposes Within a reasonable period of this Paragraphtime (as prescribed by Treasury regulations or rulings) before the payment of an Eligible Rollover Distribution, an "eligible rollover distribution" is any distribution of all or any portion of the balance Company shall provide a written notice to the credit of the distributee, except that an "eligible rollover distribution" does not include: (A) any distribution that is one of a series of substantially equal periodic payments (paid not less frequently than annually) over the life (distributee describing his or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee her rights under this Section and the distributee's designated beneficiary or for a specified period of ten years or more; (B) any distribution such other information required to the extent required be provided under section 401(a)(9) of the Code; (C) the portion of any distribution that is not includible in gross income; (D) any distribution which is made upon the hardship of the Employee; and (E) such other amounts specified in Treasury regulations and rulings, notices or announcements issued under section 402(c402(f) of the Code. Unless otherwise specifically provided herein, for purposes of this Section, the term “Spouse” shall include a former spouse who is an alternate payee under a qualified domestic relations order, as defined in section 414(p) of the Code. (3) For purposes of this ParagraphSection, the term "“eligible retirement plan" ” means an individual retirement account or annuity described in section 408 of the Code, a defined contribution plan that meets the requirements of section 401(a) of the Code and accepts rollovers, an annuity plan described in section 403(a) of the Code, or any other type of plan that is included within the definition of "eligible retirement plan" under section 401(a)(31)(E) of the Code. An "eligible retirement plan" shall also mean an annuity contract described in section 403(b) of the Code, an eligible plan under described in section 457(b) of the Code which that is maintained by a state, political subdivision of a state, or any an agency or instrumentality of a state or a political subdivision of a state and which that agrees to separately account for amounts transferred into such plan from this Plan andPlan, effective November January 1, 2008, 2008 a Xxxx XXX described in section 408A(b) of the Code, or any other type of plan that is included within the definition of “eligible retirement plan” under section 401(a)(31)(E) of the Code. The preceding definition of "“eligible retirement plan" ” shall apply in the case of a distribution to a spouse Spouse after an Employee's a Member’s death, or to a spouse Spouse or former spouse who is an alternate payee. However, in the case of a distributee other than the EmployeeMember, spouse Spouse or former spouse Spouse who is an alternate payee, the term "‘eligible retirement plan" ’ shall mean only an individual retirement account or annuity described in section 408 of the Code. The Pension Board shall prescribe reasonable procedures for elections to be made pursuant to this Paragraph. Effective March 28, 2005, in the case of an eligible rollover distribution that exceeds $1,000 but does not exceed $5,000 and that is payable to an Employee prior to his or her Normal Retirement Date without the Employee's consent, if the Employee does not make an election under this Paragraph with respect to the distribution or does not elect to receive the distribution directly, the Pension Board shall (in accordance with applicable regulations prescribed pursuant to section 401(a)(31)(B) of the Code) cause such distribution to be paid in a direct rollover to an individual retirement account or annuity designated by the Pension Board.