Transferred Amounts Sample Clauses
Transferred Amounts. If so permitted under the terms of the Plan, AUL shall accept amounts transferred from other contracts which are attributable to contributions made pursuant to Code Section 403(b). Such transferred amounts shall be credited as directed by the Contractholder to a separate rollover subaccount established under the appropriate Participant Accounts. P-12621(BR).11
Transferred Amounts. Section 11.2 of the Agreement is hereby amended by inserting the following at the end of such Section 11.2:
Transferred Amounts. 21 O. DISTRIBUTION NOTICE AND ELECTION PERIOD.................................................................24 P DIRECT ROLLOVER OF ELIGIBLE ROLLOVER DISTRIBUTIONS......................................................24 ARTICLE IV VESTING........................................................................................25 A. VESTING PERCENTAGE......................................................................................25 B. RULES FOR CREDITING YEARS OF SERVICE....................................................................26 ARTICLE V CONTRIBUTIONS..................................................................................28
Transferred Amounts. 1. Notwithstanding anything herein to the contrary, but subject to the provision of Article III, Section D, paragraph 1 above, if a Participant's account includes any amount which was transferred to the Plan (including income, gains, losses, withdrawals, contributions, forfeitures and other credits or charges thereon) (the "Transferred Amount"), pursuant to a merger of the Plan and another plan or a transfer of benefits to the Plan from another plan (other than elective transfers, and rollover contributions), the following rules shall apply: (a) pursuant to IRC ss. 411(d)(6) protected forms of benefit under the other plan shall be provided to Participant's Transferred Amounts, and (b) if such other plan had as its standard method of distribution for a married participant a qualified joint and survivor annuity, or a qualified pre-retirement survivor annuity, then with respect to the Transferred Amount in a married Participant's Account the standard method of distribution shall be a qualified joint and survivor annuity, or a qualified pre-retirement survivor annuity.
2. Such qualified joint and survivor annuity, or a qualified pre-retirement survivor annuity, shall be provided by a nontransferable annuity contract purchased by the Trustee with the entire value of the Participant's Transferred Amount. The qualified joint and survivor annuity shall be an immediate annuity providing for payment of a level monthly amount for the Participant's lifetime and for continuing level monthly payments after his death equal to fifty percent (50%) of such monthly amount for the remaining lifetime of such spouse. The qualified pre-retirement survivor annuity shall be a survivor annuity purchased with one hundred percent (100%) of the Participant's Transferred Amount payable for the life of the surviving spouse. A qualified pre-retirement survivor annuity shall be distributed to such surviving spouse, unless the Participant and his spouse were not married throughout the one-year period ending on the date of his death.
3. If the Participant has in effect a valid waiver election regarding the qualified joint and survivor annuity or the qualified pre-retirement survivor annuity, the Trustee shall distribute the Participant's Transferred Amount in accordance with the preceding provisions of this Article III.
4. Not earlier than 90 days but not later than 30 days, before the Participant's annuity starting date, the Administrative Committee must provide the Participant a written e...