Rollover Distribution Clause Samples

Rollover Distribution. To qualify as a Rollover Distribution, you must reinvest the amount distributed from your Account into another Qualified Tuition Program within sixty (60) days of the distribution date. Rollover Distributions may be subject to certain state taxes, but are generally exempt from federal income taxes and the Distribution Tax. ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ 20 Withdrawal for federal tax purposes). Account Owners who are New Mexico taxpayers should consult their own tax advisors before transferring funds from a New Mexico 529 Plan to a Qualified ABLE Program.
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Rollover Distribution. A Rollover Distribution from an Account includes: (1) a direct transfer from your Account to a qualifying account in another qualified tuition program or (2) a withdrawal of funds from your Account followed within 60 days of that withdrawal by a contribution of those funds to a qualifying account in another qualified tuition program. An Account in the Program or account in another qualified tuition program will constitute a qualifying account for this purpose if the Account or account is established for the same Beneficiary (provided that the Participant has not made a similar transfer to any qualified tuition program for the benefit of that same Beneficiary within the previous 12 months) or for a new Beneficiary who is a Member of the Family of the Beneficiary of the Account from which the withdrawal is made.
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Rollover Distribution. With respect to any Transferred Employee who (i) as a result of the sale of Gibraltar, becomes eligible to receive an "eligible rollover distribution" (as such term is defined under Code Section 402(f)(2)(A) and Code Section 402(c)(4)) from any defined contribution plan sponsored by the Seller or an ERISA Affiliate of the Seller, and (ii) elects to transfer such eligible rollover contribution from such plans in accordance with the provisions of Code Section 401(a)(31), Purchaser agrees to take all necessary and appropriate action to permit the transfer of such amounts to an "eligible retirement plan" (as such term is used under Code Section 401(a)(31)) sponsored by the Purchaser or any ERISA Affiliate of the Purchaser on or after the Closing Date; provided, however, that nothing in this paragraph (c) shall require any plan of the Purchaser or any ERISA Affiliate of the Purchaser to accept a rollover contribution consisting of assets other than cash and promissory notes or other evidence of outstanding loans.
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Rollover Distribution. (a) A Request for a Rollover Distribution may be made at any time. (b) If the recipient of the Rollover Distribution is the same Beneficiary, then the Rollover Distribution will be for the Account Balance and the Program will provide the following information to the selected Qualified ABLE Program: (1) a verification that the Account was closed;
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Related to Rollover Distribution

  • Direct Rollover A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Direct Rollovers (a) This section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this part, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution, that is equal to at least $500, paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

  • Rollover □ Rollover of a withdrawal from another Traditional IRA or of an eligible rollover distribution from an employer qualified plan, 403(b) arrangement or eligible 457 plan. Check enclosed in the amount of $ . [If this rollover contribution constitutes all or part of either a withdrawal from another Traditional IRA or an eligible rollover distribution from an employer qualified plan or 403(b) arrangement, and if it includes any after-tax (or nondeductible) contributions to such other Traditional IRA or employer qualified plan or 403(b) arrangement, indicate the amount of after-tax contributions included in this rollover contribution: $ .]