Common use of Incoming Transfers Clause in Contracts

Incoming Transfers. A transfer may be accepted from an eligible deferred compensation plan maintained by another employer and credited to a Participant’s or Beneficiary’s Account under the Plan if: (1) In the case of a transfer for a Participant, the Participant has had a Severance Event with that employer and become an Employee of the Employer; (2) The other employer’s plan provides that such transfer will be made; and (3) The Participant or Beneficiary whose deferred amounts are being transferred will have an amount immediately after the transfer at least equal to the deferred amount immediately before the transfer. The Employer may require such documentation from the predecessor plan as it deems necessary to effectuate the transfer in accordance with Section 457(e)(10) of the Code, to confirm that such plan is an eligible deferred compensation plan within the meaning of Section 457(b) of the Code, and to assure that transfers are provided for under such plan. The Employer may refuse to accept a transfer in the form of assets other than cash, unless the Employer and the Administrator agree to hold such other assets under the Plan.

Incoming Transfers. A transfer may be accepted from an eligible deferred compensation plan maintained by another employer and credited to a Participant’s or Beneficiary’s Account under the Plan if: (1) In the case of a transfer for a Participant, the Participant has had a Severance Event with that employer ployer and become an Employee of the Employer; (2) The other employer’s plan provides that such transfer will be made; and (3) The Participant or Beneficiary whose deferred amounts are being transferred will have an amount immediately after the transfer at least equal to the deferred amount immediately before the transfer. The Employer may require such documentation from the predecessor plan as it deems necessary to effectuate the transfer in accordance with Section 457(e)(10) of the Code, to confirm that such plan is an eligible deferred compensation plan within the meaning of Section 457(b) of the Code, and to assure that transfers are provided for under such plan. The Employer may refuse to accept a transfer in the form of assets other than cash, unless the Employer and the Administrator agree to hold such other assets under the Plan.