Direct Rollover of Eligible Rollover Distributions Clause Samples

The "Direct Rollover of Eligible Rollover Distributions" clause allows participants in a retirement plan to transfer eligible distributions directly from one qualified plan to another, such as from a 401(k) to an IRA, without taking possession of the funds. In practice, this means that when an employee leaves a job or retires, they can instruct the plan administrator to send their distribution directly to another retirement account, avoiding mandatory tax withholding and potential early withdrawal penalties. This clause is designed to facilitate the smooth transfer of retirement savings, preserve tax-deferred status, and help individuals maintain their retirement savings without interruption or unintended tax consequences.
Direct Rollover of Eligible Rollover Distributions. For distributions made after December 31, 1992, a participant may elect to have any portion of such participant’s eligible rollover distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover designation. For purposes of this Section 3.3, a participant includes a participant’s surviving spouse and the participant’s spouse or former spouse who is an alternate payee under a qualified domestic relations order.
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Direct Rollover of Eligible Rollover Distributions. (a) Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Member’s election under Section 3.03, a Member may elect, at the time and in the manner prescribed by the City, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Member in a Direct Rollover. (b) A “Direct Rollover” is an eligible rollover distribution, except hardship distributions as provided in Section 401(k)(2)(B)(i)(IV) of the Code, that is paid directly to: (i) an individual retirement account described in Section 408(a) of the Code; (ii) an individual retirement annuity described in Section 408(b) of the Code; (iii) an annuity plan described in Section 403(b) of the Code; (iv) an eligible plan under Section 457(b) of the Code maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; (v) a qualified plan described Sections 401(a) and 403(a) of the Code that accepts the eligible rollover distribution; or (vi) a ▇▇▇▇ individual retirement account described in Section 408A of the Code (subject to certain income restrictions for Direct Rollovers made before January 1, 2010). (c) A Member may elect to have a portion of an eligible rollover distribution distributed to him and a portion distributed as a Direct Rollover. A Direct Rollover of a Member’s Member Contributions plus Credited Interest or a portion thereof may only be made to a single recipient plan. A Member may not elect a Direct Rollover of a distribution that does not exceed $200 ($500 if the Participant is electing a Direct Rollover of only a portion of his Member Contributions plus Credited Interest). A Member electing a Direct Rollover shall be required to furnish the City with adequate information with respect to the recipient plan, including, but not limited to, the name of the recipient plan and a representation that the recipient plan is an eligible individual retirement plan or qualified defined contribution plan and that it will accept the Member’s Direct Rollover. If a Member fails to elect a Direct Rollover or provide the City with adequate information in order to make a Direct Rollover prior to the date distribution is to be made to such Member, such Member shall be deemed not to have elected a Direct Rollover. (d) The foregoing requirements of this Section shall apply to distributions made to a surviving Spouse.
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Direct Rollover of Eligible Rollover Distributions. Notwithstanding any provisions of this Plan that would otherwise limit a Distributee’s election under this Section 8.15, a Distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an Eligible Rollover Distribution paid in a Direct Rollover directly to an Eligible Retirement Plan specified by the Distributee.
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Direct Rollover of Eligible Rollover Distributions. A Participant may elect, at the time and in the manner prescribed by the Committee, to have any portion of his eligible rollover distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover designation. For purposes of this Section 6.06, a Participant includes a Participant's surviving spouse and the Participant's spouse or former spouse who is an alternate payee under a qualified domestic relations order. The following definitions apply to this Section 6.06: (A) Eligible rollover distribution. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the Participant, except an eligible rollover distribution does not include: any distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Participant or the joint lives (or joint life expectancies) of the Participant and the Participant's designated beneficiary, or for a specified period of ten years or more; any distribution to the extent required under Code ss.401(a)(9); and the portion of any distribution which is not includible in gross income (determined without regard to the exclusion of net unrealized appreciation with respect to employer securities). (B) Eligible retirement plan. An eligible retirement plan is an individual retirement account described in Code ss.408(a), an individual retirement annuity described in Code ss.408(b), an annuity plan described in Code ss.401(a), which accepts the Participant's eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity.
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Direct Rollover of Eligible Rollover Distributions. This Section applies to distributions from the Plan made on or after January 1, 1993. Notwithstanding any provisions of this Plan that would otherwise limit a Distributee’s election under this Section 8.15, a Distributee may elect, at the time and in the manner prescribed by the Administrator, to have any portion of an Eligible Rollover Distribution paid in a Direct Rollover directly to an Eligible Retirement Plan specified by the Distributee.
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Direct Rollover of Eligible Rollover Distributions. For distributions made after December 31, 1992, a Participant may elect, at the time and in the manner prescribed by the Committee, to have any portion of his eligible rollover distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover designation. For purposes of this
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Direct Rollover of Eligible Rollover Distributions 
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Related to Direct Rollover of Eligible Rollover Distributions

  • Direct Rollover A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

  • Direct Rollovers (a) This section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this part, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution, that is equal to at least $500, paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Rollover □ Rollover of a withdrawal from another Traditional IRA or of an eligible rollover distribution from an employer qualified plan, 403(b) arrangement or eligible 457 plan. Check enclosed in the amount of $ . [If this rollover contribution constitutes all or part of either a withdrawal from another Traditional IRA or an eligible rollover distribution from an employer qualified plan or 403(b) arrangement, and if it includes any after-tax (or nondeductible) contributions to such other Traditional IRA or employer qualified plan or 403(b) arrangement, indicate the amount of after-tax contributions included in this rollover contribution: $ .]