Change of Account Owner Sample Clauses

Change of Account Owner. (a) The Account Owner of an Account may be changed by submitting a Request. (b) To effectuate a change in Account ownership after the death of the Account Owner, the Survivor will be required to submit to the Board a copy of the death certificate, or other legally recognized proof of death, and a Request. (c) To effectuate a change in Account ownership after the death of the Account Owner where: (1) the Beneficiary has the right of survivorship and (2) either no Survivor was designated or the Survivor is also deceased the Beneficiary, or a Parent acting in a custodial capacity, must submit a copy of the death certificate(s), or other legally recognized proof of death, with a notarized authorization to become the Account Owner. (d) To effectuate a change in ownership of the Account after the death of the Account Owner where no rights of survivorship exist, the Board will accept: (1) a court order; (2) a notarized authorization from the personal representative of the Account Owner’s estate with a copy of the death certificate and letters of administration; or other legally recognized documentation thereof.

Change of Account Owner. (a) The Account Owner of an Account may be changed by submitting a Request. (b) To effectuate a change in Account ownership after the death of the Account Owner, the Survivor will be required to submit to the Board a copy of the death certificate, or other legally recognized proof of death, and a Request. (c) To effectuate a change in Account ownership after the death of the Account Owner where: (1) the Beneficiary has the right of survivorship and (2) either no Survivor was designated or the Survivor is also deceased the Beneficiary, or a Parent acting in a custodial capacity, must submit a copy of the death certificate(s), or other legally recognized proof of death, with a notarized authorization to become the Account Owner.

Change of Account Owner. A change in the Account Owner of an Account is treated as an Outgoing Rollover, not a Non-Qualified Withdrawal, if the new Account Owner is a Sibling of the former Account Owner and an Eligible Individual. However, if the new Account Owner is not an Eligible Individual and a Sibling of the former Account Owner, the change is treated as a Non-Qualified Withdrawal by the former Account Owner. A change in the Account Owner or a transfer to an Account for the new Account Owner may have federal gift tax or Generation-Skipping Transfer (GST) tax consequences. Gift Tax and GST Tax. For federal gift and Generation-Skipping Transfer tax purposes, contributions to an Account by an Account Owner are not considered to be completed gifts because an individual cannot make a transfer of property to himself or herself, and a transfer of property is a fundamental requirement for a completed gift. However, contributions to an Account by persons other than the Account Owner are considered a completed gift from the contributor to the Account Owner and are eligible for the annual gift tax exclusion. Contributions that qualify for the gift tax annual exclusion are generally also excludible for purposes of the federal Generation-Skipping Transfer tax. A donor’s total contributions to an Account for an Account Owner in any given year (together with any other gifts made by the donor to that Account Owner in the year) will not be considered taxable gifts and will generally be excludible for purposes of the Generation- Skipping Transfer tax if the gifts do not in total exceed the annual exclusion for the year.

Change of Account Owner. Except as discussed below, you may transfer control of your Account assets to a new Account Owner. All transfers to a new Account Owner must be requested in writing and include any information that may be required by us. However, your right of control may not be sold, transferred, used as collateral, or pledged or exchanged for money or anything of value. Your right of control may also be transferred under an appropriate court order as part of divorce proceedings or other legal proceedings. If you transfer control of an Account to a new Account Owner, the new Account Owner must agree to be bound by the terms and conditions of the Program Description and Participation Agreement, and Enrollment Form. Transferring an Account to a new Account Owner may have significant tax consequences. Before doing so, you should check with your tax advisor regarding your particular situation. You may choose to open your Account with the assistance of a financial professional, who would generally charge a fee for this service. You must consent and agree to authorize your financial advisor to access your Account and perform certain transactions on your behalf when you enroll or separately on the appropriate form. The Plan Officials, at their discretion, may terminate your financial professional’s authority to access your Account. If you invest through a financial institution, such as an online investment advisor (often referred to a “robo-advisor”), or other financial intermediary that has direct access to the Plan’s recordkeeping platform, you will be able to perform certain transactions directly through that financial institution’s portal by linking your Plan Account with your Account held at the financial institution. To do so, you must consent and agree to authorize the Plan to allow the financial institution to access to your Account, to share Account information with the financial institution, and to accept instructions from the financial institution to open an Account and/or perform transactions on your behalf. Your Plan Account will always be held on the Plan’s recordkeeping system and you will always be able to access and transact in your Account through the Plan’s website at any time. The Associated Persons, at their discretion, may terminate the financial institution’s direct access to the Plan’s recordkeeping system. When accessing and transacting in your Account through your financial institution, there may be features, guidelines, conditions, services, and restri...

Change of Account Owner. A change in the Account Owner of an account is not treated as a distribution if the new Account Owner is an Eligible Individual and a Member of the Family of the former Account Owner. However, if the new Account Owner is not an Eligible Individual and a Member of the Family of the former Account Owner, the change is treated as a Non-Qualified Withdrawal by the former Account Owner. A change in the Account Owner of an account or a transfer to an account for the new Account Owner may have federal gift tax or GST tax consequences.

Change of Account Owner. (a) The Account Owner of an Account may be changed by submitting a Notarized Request. (b) To effectuate a change in Account ownership after the death of the Account Owner, the Survivor will be required to submit to the Board a copy of the death certificate or other proof of death that is acceptable to (c) If the rights of the Beneficiary allow and either no Survivor was designated or the Survivor predeceased the Account Owner, then the Beneficiary may effectuate a change in ownership of the Account after the (d) To effectuate a change in ownership of the Account after the death of the Account Owner where no rights of survivorship exist, the Board will accept: (1) a court order; (2) a notarized, written request from the personal representative of the Account Owner’s estate, a copy of the death certificate of the Account Owner and letters of administration issued to the personal representative; or (3) other documentation acceptable to the Board to effectuate the requested change.

Change of Account Owner. You can transfer ownership of the Account to another Eligible Individual who is also a Sibling of the Account Owner, subject to the rules and risks stated herein. You may transfer ownership during the Account Owner’s lifetime, or you can designate a Successor Account Owner to take over the Account balance upon the Account Owner’s death. This section addresses the general rules surrounding changes of Account Owner. Because transfer of ownership is limited to an Eligible Individual who is a Sibling, the Sibling may move assets from one Investment Option to another up to two times per year, regardless of whether the prior Account Owner had already done so that same year. The Sibling may also contribute up to the full Annual Contribution Limit, regardless of whether any contributions were made by the prior Account Owner.