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 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. Form No.: GAC 96-101 (NY) 21 (2) The Participant must provide, in a form acceptable to LL&A, 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 LL&A has received a written request for a direct rollover. Form No.: GAC 96-101 (NY) 22 ARTICLE VIII - DEATH BENEFITS
Appears in 2 contracts
Sources: Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii), Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii)
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 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. Form No.: GAC 96-101 (NY) 21
(2) The Participant must provide, in a form acceptable to LL&A, 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 LL&A has received a written request for a direct rollover. Form No.: GAC 96-101 (NY) 22 ARTICLE VIII - DEATH BENEFITS
Appears in 1 contract
Sources: Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii)