Common use of DIRECT ROLLOVER OPTION Clause in Contracts

DIRECT ROLLOVER OPTION. Beginning January 1, 1993, a Participant or Beneficiary may elect this option for any distribution that qualifies as an Eligible Rollover Distribution as defined by Section 402(c) of the Internal Revenue Code and that meets all the following requirements: (1) The distribution must be paid directly to either a single Individual Retirement Account or to a single Tax Deferred Annuity. The check, wire, or other form of remittance shall be made payable to the trustee, custodian, or financial institution sponsoring the Individual Retirement Account or Tax Deferred Annuity. The form of remittance will not be an instrument that can be negotiated by the Participant. (2) The Participant must provide, in a form acceptable to UNUM, all information necessary to make the payment to an Individual Retirement Account or Tax Deferred Annuity. (3) The Participant or Beneficiary may not revoke a request for payment under this option for any payment after UNUM has received a written request for a direct rollover.