TRANSFERS TO ANOTHER FINANCIAL INSTITUTION Sample Clauses
The "Transfers to Another Financial Institution" clause defines the terms and conditions under which funds or assets can be moved from one financial institution to another. Typically, this clause outlines the procedures for initiating a transfer, any required notifications or authorizations, and potential fees or restrictions that may apply. For example, it may specify how a customer can transfer their account balance to a different bank or how securities can be re-registered with a new custodian. The core function of this clause is to provide a clear and standardized process for transferring assets, thereby minimizing confusion and ensuring compliance with regulatory and contractual requirements.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. 320 3.5 Transfers Involving a Similar Contract of Another Employer . . . . . . . . . . . . . . . 330 IV. ANNUITIES 4.1 Annuity Elections . . . . . . . . . . . . . . . . . 400 4.2 Annuity - Single Sum Payment Combination. . . . . . 400 4.3 Small Annuities and Accounts. . . . . . . . . . . . 400 4.4 Terms of Payment of Annuities . . . . . . . . . . . 400 4.5 Payees. . . . . . . . . . . . . . . . . . . . . . . 420 V. CHANGES 5.1 Changes by Prudential . . . . . . . . . . . . . . . 500 5.2 Changes by Agreement. . . . . . . . . . . . . . . . 500 5.3 Changes to Conform to Law . . . . . . . . . . . . . 500 5.4 Persons Empowered to Act for Prudential . . . . . . 500
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) Total transfers at the Request of a Participant: The Withdrawal Value of a Participant's Accounts may be transferred to another financial institution but only under the conditions permitted by the Plan, if any. The transfer may be made directly to that institution or by a payment (or payments) to the Participant who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. GVA-120-87 (10/11) (as modified by Group Annuity Amendment Form GAA-7764) Serial 330 3.2-3.4 The transfer will be a full settlement of Prudential's liability for the Participant's Account.
(b) Partial Transfers at the Request of Participants: A Participant may elect to have a portion of his Account transferred to another financial institution if permitted by the terms of the Plan, if any. The minimum withdrawal to provide a transfer is $500, or the dollar value of the Participant's Account, if smaller. The transfer will normally be made within seven days of Prudential's receipt of a duly completed request for it. Prudential may, upon notice to the Contract-Holder and Participants limit the frequency of transfers. This action will take effect on the date of the notice. Any transfer amount will be subject to the provisions of section 3.1. relating to withdrawal charges.
(c) At the Contract-Holder's Request: The Contract-Holder may request Prudential to make transfer payments to another financial institution named in the request. The transfer payment will be made on the Transfer Date. The Transfer Date is the later of the day specified in the request and the 9Oth day after its receipt by Prudential. Prudential will promptly notify each Participant, and each Beneficiary of a deceased Participant whose Account has not been cancelled, that the request has been received. Each notified person may elect, within 30 days following his receipt of the notice from Prudential, to have his Account cancelled and included in the transfer payment to be made but only under the conditions permitted by the Plan, if any. Each person who does not make this election will have his Account retained under this contract pursuant to its terms. All Accounts of Participants and Beneficiaries who make the election will be cancelled as of the Transfer Date and an amount equal to the sum of the Withdrawal Values, expressed in Units of the cancelled Accounts, times the Unit Value for the day of withdrawal will be transfer...
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. 330 3.5 Transfers Involving a Similar Contract of Another Employer. . . . . . . . . . . . . . . . . . 350
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) At the Request of a Participant: The Withdrawal Value of a Participant's Accounts may be transferred to another financial institution but only under the conditions permitted by the Plan, if any. The transfer may be made directly to that institution or by a payment (or payments) to the Participant who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account.
(b) At the Contract-Holder's Request: The Contract-Holder may request Prudential to make transfer payments to another financial institution named in the request. The transfer payment will be made on the Transfer Date. The Transfer Date is the later of the day specified in the request and the 90th day after its receipt by Prudential.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. Effective January 1, 1987, the Contract-Holder may transfer, pursuant to the request of a Participant, a portion of such Participant's Account(s) to another financial institution, if such transfer is permitted by the terms of the Plan. Such transfer will be permitted on the same basis as partial transfers are permitted between Related Contracts (i.e., companion contracts) under the Contracts, except that any charges otherwise applicable to withdrawals under the Contracts will apply to the amount elected for transfer.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) At the Request of a Participant: The Contract-Holder may transfer, pursuant to the request of a Participant, the Withdrawal Value of any of the Participant's Accounts to another financial institution. The transfer may be made directly to that institution or by a payment (or payments) to the Contract-Holder who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account from which the transfer is made. GVA-1010-87 (24) Serial 310 3.3-3.4
(b) At the Contract-▇▇▇▇▇▇'s Request: The Contract-Holder may request Prudential to make transfer payments on behalf of all Participants to another financial institution named in the request. The Transfer Date is the later of the day specified in the request and the 90th day after its receipt by Prudential. All Participants' Accounts will be cancelled as of the Transfer Date and an amount equal to the sum of the Withdrawal Values, expressed in Units of the cancelled Accounts, times the appropriate Subaccount Unit Value for the day of withdrawal will be transferred within seven days thereafter.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) At the Request of a Participant: The Withdrawal Value of any of the Participant's Accounts may be transferred to another financial institution. The transfer may be made directly to that institution or by a payment (or payments) to the Participant who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account from which the transfer is made. GVA-1000-87(24) Serial 310 3.3-3.4
(b) At the Contract-▇▇▇▇▇▇'s Request: The Contract-Holder may request Prudential to make transfer payments on behalf of all Participants to a financial institution named in the request. The transfer payment will be made on the Transfer Date. The Transfer Date is the later of the day specified in the request and the 90th day after its receipt by Prudential. Prudential will promptly notify each Participant, and each Beneficiary of a deceased Participant whose Accounts have not been cancelled, that the request has been received. Each notified person may elect, within 30 days following his receipt of the notice from Prudential, to have one or more of his Accounts cancelled and included in the transfer payment to be made. Each person who does not make this election will have his Account or Accounts retained under this contract pursuant to its terms. The Account or Accounts of Participants and Beneficiaries who make the election will be cancelled as of the Transfer Date and an amount equal to the sum of the Withdrawal Values, expressed in Units of the cancelled Accounts, times the appropriate Subaccount Unit Value for the day of withdrawal will be transferred within seven days thereafter. The Contract-Holder may notify Prudential that this section 3.4(b) is to be inoperative. This section may be changed as provided in section 5.1.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) At the Request of a Participant: The Withdrawal Value of any of the Participant's Accounts may be transferred to another financial institution. The transfer may be made directly to that institution or by a payment (or payments) to the Participant who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of the transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account from which the transfer is made.
TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) Total Transfers at the Request of a Participant: The Contract-Holder may transfer, pursuant to the request of a Participant, the Withdrawal Value of any of the Participant's Accounts to another financial institution. The transfer may be made directly to that institution or by a payment (or payments) to the Contract-Holder who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account from which the transfer is made.