Transfers to Income Subaccount Sample Clauses

Transfers to Income Subaccount. Upon receipt by a Locality of the Rebate Report from VPSA, if the amount on deposit in the Locality's Income Subaccount (including the Income Subaccount Set Aside) is less than the sum of the Locality Rebate Requirement and Yield Reduction Payment of such Locality, the Investment Manager shall promptly charge the Principal Subaccount of such Locality an amount equal to the deficiency and credit its Income Subaccount such amount. To the extent that the amount on deposit in the Principal Subaccount is insufficient to remedy the deficiency, the Investment Manager shall advise VPSA and such Locality of the amount of the remaining deficiency, and, to the extent permitted by law, the Locality agrees to transfer promptly to the Depository, from any funds that are or may be made legally available for such purpose, the amount equal to the remaining deficiency. To the extent that the amount on deposit in the Income Subaccount exceeds the sum of the Locality Rebate Requirement and Yield Reduction Payment for the Locality, such excess shall be transferred to the Principal Subaccount of the Locality.
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Related to Transfers to Income Subaccount

  • Transfers From Other Plans We can receive amounts transferred to this Xxxx XXX from the trustee or custodian of another Xxxx XXX as permitted by the Code. In addition, we can accept rollovers of eligible rollover distributions from employer-sponsored retirement plans as permitted by the Code. We reserve the right not to accept any transfer.

  • Qualified Charitable Distributions If you are age 70½ or older, you may take tax-free Xxxx XXX distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. For further detailed information and effective dates you may obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Qualified Distributions Qualified distributions from your Xxxx XXX (both the contributions and earnings) are not included in your income. A qualified distribution is a distribution which is made after the expiration of the five-year period beginning January 1 of the first year for which you made a contribution to any Xxxx XXX (including a conversion from a Traditional IRA), and is made on account of one of the following events. • Attainment of age 59½ • Disability • First-time homebuyer purchase • Death For example, if you made a contribution to your Xxxx XXX for 2007, the five-year period for determining whether a distribution is a qualified distribution is satisfied as of January 1, 2012.

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