Common use of Elective Transfer Clause in Contracts

Elective Transfer. A plan-to-plan transfer of a Participant’s benefits from another qualified plans is a Qualified Transfer if such transfer satisfies the following requirements. (i) The Participant must have the right to receive an immediate distribution of his/her benefits under the transferor plan at the time of the Qualified Transfer. For transfers that occur on or after January 1, 2002, the Participant must not be eligible at the time of the Qualified Transfer to take an immediate distribution of his/her entire benefit in a form that would be entirely eligible for a Direct Rollover. (ii) The Participant on whose behalf benefits are being transferred must make a voluntary, fully informed election to transfer his/her benefits to this Plan. (iii) The Participant must be provided an opportunity to retain the Protected Benefits under the transferor plan. This requirement is satisfied if the Participant is given the option to receive an annuity that protects all Protected Benefits under the transferor plan or the option of leaving his/her benefits in the transferor plan. (iv) The Participant’s spouse must consent to the Qualified Transfer if the transferor plan is subject to the Joint and Survivor Annuity requirements under Article 9. The spouse’s consent must satisfy the requirements for a Qualified Election under Section 9.4(d). (v) The amount transferred (along with any contemporaneous Direct Rollover) must not be less than the value of the Participant’s vested benefit under the transferor plan. (vi) The Participant must be fully vested in the transferred benefit.

Elective Transfer. A plan-to-plan transfer of a Participant’s 's benefits from another qualified plans is a Qualified Transfer if such transfer satisfies the following requirements. (iA) The Participant must have the right to receive an immediate distribution of his/her benefits under the transferor plan at the time of the Qualified Transfer. For transfers that occur on or after January 1, 2002, the Participant must not be eligible at the time of the Qualified Transfer to take an immediate distribution of his/her entire benefit in a form that would be entirely eligible for a Direct Rollover. (iiB) The Participant on whose behalf benefits are being transferred must make a voluntary, fully informed election to transfer his/her benefits to this Plan. (iiiC) The Participant must be provided an opportunity to retain the Protected Benefits under the transferor plan. This requirement is satisfied if the Participant is given the option to receive an annuity that protects all Protected Benefits under the transferor plan or the option of leaving his/her benefits in the transferor plan. (ivD) The Participant’s 's spouse must consent to the Qualified Transfer if the transferor plan is subject to the Joint and Survivor Annuity requirements under Article 9. The spouse’s 's consent must satisfy the requirements for a Qualified Election under Section 9.4(d). (vE) The amount transferred (along with any contemporaneous Direct Rollover) must not be less than the value of the Participant’s 's vested benefit under the transferor plan. (viF) The Participant must be fully vested in the transferred benefit.