Common use of Transfer of Account Clause in Contracts

Transfer of Account. At the written direction of the Employee and as certified by the Employer, the Custodian will redeem a portion or all of the shares of one or more Funds in the Employee’s Account and will transfer the redemption proceeds, less any charges, to the custodian or insurer of another custodial account or annuity contract established for the benefit of the Employee under Code Section 403(b), as specified by the Employee. Neither the Custodian, Fund Distributor nor any Fund hereunder (or any entity or person affiliated with the Custodian, Fund Distributor or a Fund) will have any responsibility to determine whether such other custodial account or annuity contract meets the requirements of Code Section 403(b) or whether the transfer will constitute a tax-free transaction. The Employee shall provide such information to the Fund Distributor as it requires to insure that the such transfer (whether to another Section 403(b) contract of the same Employer or to another 403(b) plan) meets the requirements of Treasury Regulation Section 1.403(b)-10(b) or such other Internal Revenue Service rule as applicable to the Custodian.

Transfer of Account. At the written direction of the Employee and as certified by the Employer, the Custodian will redeem a portion or all of the shares of one or more Funds in the Employee’s Account and will transfer the redemption proceeds, less any charges, to the custodian or insurer of another custodial account or annuity contract established for the benefit of the Employee under Code Section 403(b), as specified by the Employee. Neither the Custodian, Fund Distributor nor any Fund hereunder (or any entity or person affiliated with the Custodian, Fund Distributor or a Fund) will have any responsibility to determine whether such other custodial account or annuity contract meets the requirements of Code Section 403(b) or whether the transfer will constitute a tax-free transaction. The Employee shall provide such information to the Fund Distributor as it requires to insure that the such transfer (whether to another Code Section 403(b) contract of the same Employer or to another Code Section 403(b) plan) meets the requirements of Treasury Regulation Section 1.403(b)-10(b) or such other Internal Revenue Service rule as applicable to the Custodian.