Distributee. A distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse and the employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order as defined in §414(p) of the Code, are distributes with regard to the interest of the spouse or former spouse. A distributee includes the employee’s or former employee’s nonspouse designated beneficiary, in which case, the distribution can only be transferred to a traditional or ▇▇▇▇ ▇▇▇ established on behalf of the nonspouse designated beneficiary for the purpose of receiving the distribution.
Appears in 3 contracts
Sources: Individual 401(k) Plan Purchase Agreement, Employer Sponsored Plan Account Agreement, Employer Sponsored Plan Account Agreement