Qualified Reservist Distribution Clause Samples

Qualified Reservist Distribution. Effective August 17, 2006, a Participant who is ordered or called to active duty after September 11, 2001 may take a Qualified Reservist Distribution if the following are satisfied:

Qualified Reservist Distribution. 10.1 401(k)

Qualified Reservist Distribution. A Qualified Reservist Distribution is a distribution (1) from an IRA or attributable to elective deferrals under a 401(k) plan, 403(b) annuity, or certain similar arrangements, (2) made to an individual who (by reason of being a member of a reserve component as defined in section 101 of title 37 of the U.S. Code) was ordered or called to active duty for a period in excess of 179 days or for an indefinite period, and (3) that is made during the period beginning on the date of such order or call to duty and ending at the close of the active duty period. A 401(k) plan or 403(b) annuity does not violate the distribution restrictions applicable to such plans by reason of making a Qualified Reservist Distribution.

Qualified Reservist Distribution. A “qualified reservist distribution” may be made from a qualified plan or an IRA by an individual ordered or called into active duty for a period of more than 179 days of active duty or for an indefinite period of time after September 11, 2001. The amount distributed may be recontributed to an IRA at any time during a two-year period after the end of active duty. The distribution is not subject to the 10% early withdrawal penalty if taken prior to age 59½.

Qualified Reservist Distribution. A Qualified Reservist Distribution shall be allowed in accordance with Section 10.09 of the Basic Plan Document.

Qualified Reservist Distribution. Effective August 17, 2006, a Participant who is ordered or called to active duty after September 11, 2001 may take a Qualified Reservist Distribution if the following are satisfied: (a) the distribution consists solely of Elective Deferrals in a Code Section 401(k) Plan; (b) the Participant was ordered or called to active duty for a period in excess of one hundred and seventy nine (179) days or for an indefinite period; and (c) the distribution from the Plan is made during the period which begins on the date of such order or call and ends at the close of the active duty period. The 10% early withdrawal penalty tax will not apply to a Qualified Reservist Distribution, which meets requirements stated above. An Employee who receives a qualified reservist distribution may repay to an individual retirement plan (in one or more contributions) the amount of the distribution at any time during the two (2) year period beginning after the end of the active duty period. The dollar limitations that would otherwise apply to IRA contributions will not apply to repayment contributions during such two (2) year period and no deduction is allowed for any contribution made under this provision. Unless elected otherwise on the Adoption Agreement, the Plan Administrator may implement on a uniform and nondiscriminatory basis an ordering rule for in-service withdrawals from a Participant’s account attributable to pre-tax Elective Deferrals or ▇▇▇▇ Elective Deferrals.

Qualified Reservist Distribution. A Qualified Reservist Distribution may be made from a qualified plan or an IRA by an individual ordered or called into active duty for a period of more than 179 days of active duty or for an indefinite period of time after September 11, 2001. The amount distributed may be repaid to an eligible retirement plan at any time during a two-year period after the end of active duty. The distribution is not subject to the 10% early withdrawal penalty if taken prior to age 59½. Under SECURE 2.0, an individual may take one penalty-free withdrawal of up to $1,000 every year for an unforeseeable or immediate financial need, which may be repaid to an eligible retirement plan during the three-year period beginning on the day after the date on which the distribution was received. A QCD may be made from an IRA (other than an active SEP or SIMPLE IRA) and be excluded from income after the IRA owner has reached age 70½, if directly transferred to a qualifying charitable organization for up to a maximum of $105,000 per taxpayer. Under SECURE 2.0, a one-time distribution in the amount of $53,000 can be made to a charitable remainder annuity trust, unitrust, or charitable gift annuity. Both limits will be indexed each year. The amount excluded from income will be reduced by an amount equal to the aggregate amount, if any, of deductible IRA contributions made to the IRA since age 70½. The entire amount must otherwise be includable in income and otherwise tax deductible as a charitable contribution. The distribution may be used to satisfy the IRA’s required minimum distribution and is not subject to withholding.

Qualified Reservist Distribution. Notwithstanding anything herein to the contrary, effective September 11, 2001, a Participant ordered or

Qualified Reservist Distribution. See Section 6.01(C)(4)(b)(iii). (may only be selected with 401(k) plans) N/A [ ] N/A N/A N/A N/A N/A (8) [ ] Deemed Severance Distribution. See Section 6.11. [ ] [ ] [ ] [ ] [ ] [ ] [ ] [Note for Money Purchase Pension Plans: Elections (4) through (8) do not apply.]