Common use of Direct Rollover of Eligible Rollover Distributions Clause in Contracts

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.