Unclaimed Benefits. If elected on the Adoption Agreement, the default form of payment will be a direct rollover into an individual retirement account or annuity for any cash out distribution of amounts greater than $1,000 but less than or equal to $5,000 made pursuant to Code Sections 411(a)(7), 411(a)(11) and 417(e)(1). If an individual retirement account or annuity is established, no amounts contributed to these accounts may be forfeited under the Plan.
Appears in 7 contracts
Samples: Defined Contribution Plan (Georgetown Bancorp, Inc.), Defined Contribution Plan (FNB United Corp.), Defined Contribution Plan (Chicopee Bancorp, Inc.)
