Common use of Qualified Reservist Distribution Clause in Contracts

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 qualified reservist distribution” may be made from a qualified 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 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.