Common use of Rollover and Transfer Contributions Clause in Contracts

Rollover and Transfer Contributions. All or a portion of certain distributions from qualified employer plans, tax-sheltered annuities, governmental deferred compensation plans under Code Section 457(b), and distributions from certain other ▇▇▇ plans may be rolled-over (distributed to you and then contributed to the ▇▇▇) or transferred (moved directly from the plan to the ▇▇▇) tax-free to an ▇▇▇, although a rollover must be made within 60 days after receipt of the distribution. Rollover transactions from any single ▇▇▇ may occur no more than once in any 365- day period (beginning on the date you receive the distribution eligible to be rolled over, not the date the rollover contribution is made). No limit applies to the number of transfers that can be made in any year. No transfer or rollover of funds from a Participant’s SIMPLE ▇▇▇ may be made to the State Farm Mutual Funds Traditional ▇▇▇ prior to the expiration of the 2-year period beginning on the first date on which contributions made by the Participant’s employer are deposited into the Participant’s SIMPLE ▇▇▇. Rollovers from qualified employer plans, tax-sheltered annuities, and governmental deferred compensation plans under Code Section 457(b) may be retained in an ▇▇▇ and under certain conditions may subsequently be rolled-over or transferred tax-free to another such plan or annuity. A surviving spouse who is the beneficiary of an ▇▇▇ or qualified retirement plan is permitted to roll over a distribution from the ▇▇▇ or plan into an ▇▇▇. The spouse may elect to treat the ▇▇▇ as his or her own ▇▇▇. A beneficiary who is not a participant’s spouse is permitted to make a tax-free direct trustee-to-trustee transfer of a deceased participant’s interest in a qualified retirement plan to an ▇▇▇ for the benefit of the beneficiary. The ▇▇▇ is treated as an “inherited ▇▇▇” which means that it is issued in the name of the deceased participant for the benefit of the beneficiary, and the required minimum distribution rules applicable upon death apply to the ▇▇▇. Unlike a surviving spouse, the non-spouse beneficiary may not treat the ▇▇▇ as his or her own ▇▇▇ and may not make additional contributions to the ▇▇▇. Strict limitations set forth in Code Section 408(d)(3) apply to rollovers and transfers. You should seek competent tax advice in order to ensure compliance with the rules governing tax-free rollovers and transfers.