Common use of Rollover Contribution Clause in Contracts

Rollover Contribution. A contribution to the Plan of (a) an "eligible rollover distribution" (as defined below), or (b) the entire amount of a distribution that is attributable solely to a rollover contribution from a qualified plan and otherwise satisfies the requirements of section 408(d)(3)(A)(ii) of the Code (relating to individual retirement rollover accounts). An "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of the distributee from a plan that meets the requirements for qualification under section 401(a) of the Code, except (a) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more, (b) any distribution to the extent the distribution is required under section 401(a)(9) of the Code, (c) the portion of any distribution that is not includible in gross income (other than a distribution from a designated ▇▇▇▇ account, as defined in section 402A of the Code), (d) any distribution which is made upon the hardship of the distributee, and (e) such other amounts specified in Treasury regulations, rulings, notices or announcements issued under section 402(c) of the Code. For purposes of this Subsection, a portion of a distribution shall not fail to be an "eligible rollover distribution" merely because the portion consists of after-tax contributions which are not includible in gross income, including any amounts distributed from a ▇▇▇▇ account (as defined in section 402A of the Code). However, such portion may be transferred only to an individual retirement account or annuity described in section 408(a) or (b) of the Code, or to a qualified trust (within the meaning of section 402(c) of the Code) or an annuity contract described in section 403(b) of the Code that agrees to separately account for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible.