Common use of Transfers to State Defined Benefit Plan Clause in Contracts

Transfers to State Defined Benefit Plan. (a) A Participant may, if the conditions outlined in section 5.10(b) are satisfied and if permitted under the Employer’s 403(b) Plan, transfer amounts from this Custodial Account to an eligible governmental defined benefit plan of a state. A transfer under this section is not treated as a distribution and therefore may be made prior to severance from employment or any other distributable event. (b) A transfer may be made under this Plan if: (1) the defined benefit plan of the state provides for the acceptance of such transferred amounts; and (2) the transferred amount is for either: (i) the purchase of permissive past service credit (as defined in section 415(n)(3)(A) of the Code) under the receiving defined benefit governmental plan; or (ii) a repayment to which section 415 of the Code does not apply by reason of section 415(k)(3) of the Code. (c) Under Section 821 of PPA, the term permissive service credit may include service credit for periods for which there is no performance of service, and may include service credited in order to provide an increased benefit for service credit which a Participant is receiving under the defined benefit plans.

Transfers to State Defined Benefit Plan. (a) A Participant may, if the conditions outlined in section 5.10(b) are satisfied and if permitted under the Employer’s 403(b) Plan, may transfer amounts from this Custodial Account to an eligible governmental defined benefit plan of a state. A transfer under this section is not treated as a distribution and therefore may be made prior to severance from employment or any other distributable event. (b) A transfer may be made under this Plan Custodial Account if: (1i) the defined benefit plan of the state provides for the acceptance of such transferred amounts; and. (2ii) the transferred amount is for either: (i) either the purchase of permissive past service credit (as defined in section 415(n)(3)(A) of the Code) under the receiving defined benefit governmental plan; or (ii) or a repayment to which section 415 of the Code does not apply by reason of section 415(k)(3) of the Code. (c) Under Section 821 of PPAPension Protection Act of 2006, the term permissive service credit may include service credit for periods for which there is no performance of service, and may include service credited in order to provide an increased benefit for service credit which a Participant is receiving under the defined benefit plansplan.