Employer-Sponsored Retirement Plan to Traditional XXX Rollovers. You may roll over, directly or indirectly, any eligible rollover distribution from an eligible employer-sponsored retirement plan. An eligible rollover distribution is defined generally as any distribution from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, 457(b) eligible governmental deferred compensation plan (other than distributions to non-spouse beneficiaries), or federal Thrift Savings Plan unless it is part of a certain series of substantially equal periodic payments, a required minimum distribution, a hardship distribution, or a distribution of Xxxx elective deferrals from a 401(k), 403(b), governmental 457(b), or federal Thrift Savings Plan. If you elect to receive your rollover distribution prior to placing it in an XXX, thereby conducting an indirect rollover, your plan administrator generally will be required to withhold 20 percent of your distribution as a payment of income taxes. When completing the rollover, you may make up out of pocket the amount withheld, and roll over the full amount distributed from your employer-sponsored retirement plan. To qualify as a rollover, your eligible rollover distribution generally must be rolled over to your XXX not later than 60 days after you receive the distribution. In the case of a plan loan offset due to plan termination or severance from employment, the deadline for completing the rollover is your tax return due date (including extensions) for the year in which the offset occurs. Alternatively, you may claim the withheld amount as income, and pay the applicable income tax, and if you are under age 59½, the 10 percent early distribution penalty tax (unless an exception to the penalty applies). As an alternative to the indirect rollover, your employer generally must give you the option to directly roll over your employer-sponsored retirement plan balance to an XXX. If you elect the direct rollover option, your eligible rollover distribution will be paid directly to the XXX (or other eligible employer- sponsored retirement plan) that you designate. The 20 percent withholding requirements do not apply to direct rollovers.
Employer-Sponsored Retirement Plan to Traditional XXX Rollovers. You may roll over, directly or indirectly, any eligible rollover distribution from an eligible employer-‐sponsored retirement plan. An eligible rollover distribution is defined generally as any distribution from a qualified retirement plan, 403(a) annuity, 403(b) tax-‐sheltered annuity, or 457(b) eligible governmental deferred compensation plan (other than distributions to nonspouse beneficiaries), unless it is part of a certain series of substantially equal periodic payments, a required minimum distribution, a hardship distribution, or a distribution of Xxxx 401(k) or Xxxx 403(b) elective deferrals. If you elect to receive your rollover distribution prior to placing it in an XXX, thereby conducting an indirect rollover, your plan administrator will generally be required to withhold 20 percent of your distribution as a payment of income taxes. When completing the rollover, you may make up the amount withheld, out of pocket, and roll over the full amount distributed from your employer-‐ sponsored retirement plan. To qualify as a rollover, your eligible rollover distribution must be rolled over to your XXX not later than 60 days after you receive it. Alternatively, you may claim the withheld amount as income, and pay the applicable income tax and, if you are under age 59½, the 10 percent early distribution penalty (unless an exception to the penalty applies). As an alternative to the indirect rollover, your employer generally must give you the option to directly roll over your employer-‐sponsored retirement plan balance to an XXX. If you elect the direct rollover option, your eligible rollover distribution will be paid directly to the XXX (or other eligible employer-‐ sponsored retirement plan) that you designate. The 20 percent withholding requirements do not apply to direct rollovers.
