Examples of Rollover Distribution in a sentence
For purposes of the Direct Rollover provisions in this section of the Custodial Agreement, a portion of a distribution shall not fail to be an Eligible Rollover distribution merely because the portion consists of After-Tax Employee contributions which are not includible in gross income.
Rollover distribution - means a distribution or transfer from an account for a current designated beneficiary that is transferred or deposited within sixty (60) days of the distribution into an account for another designated beneficiary who is a member of the family of the current designated beneficiary.
Effective as of January 1, 2010, in the case of an Eligible Rollover distribution to a Beneficiary other than the Participant’s surviving spouse, “Eligible Retirement Plan” shall mean (i) an individual retirement account described in Code Section 408(a), (ii) an individual retirement annuity described in Code Section 408(b), or (iii) as of January 1, 2008, a Roth IRA established under Code Section 408A, which shall be treated as an inherited IRA.
Notwithstanding any provision of the Plan to the contrary, a Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any potion of an Eligible Rollover distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a direct rollover.
If the Account Owner does not direct a withdrawal or Rollover distribution of the excess contribution within 30 days of such notice, the Program Manager shall process a withdrawal of the excess contribution adjusted for any gain or loss attributable to the period it has been held in the Account.