Five-Taxable-Year Period means the period beginning on the first day of the first taxable year in which the Participant makes a Roth Contribution to his or her Roth Contribution subaccount under this Plan or, if a Rollover Contribution was made to the Participants Roth Contribution subaccount in this Plan from Roth contributions from another qualified plan not sponsored by the Sponsor, the first day of the first taxable year for which the Participant made a Roth contribution to such other qualified plan.
Examples of Five-Taxable-Year Period in a sentence
Five-Taxable-Year Period means the period beginning on the first day of the first Plan Year for which a Participant has elected to make Roth Contributions or Roth Catch-up Contributions to the Plan and ends on the last day of the fifth consecutive Plan Year after such date.
If a direct rollover is made to the Plan by a Participant from a designated Roth account under an applicable retirement plan (as defined in Code Section 402A(e)(1)) other than the Plan, the Five-Taxable-Year Period for the Participant under the Plan begins on the first day of the Participants first taxable year for which the Participant had designated Roth contributions under the other applicable retirement plan, if earlier.
Qualified Roth Distribution means any distribution from a Participants Roth Accounts that is made after the end of the Participants Five-Taxable-Year Period and that either (i) is made on or after the date the Participant turns age 59 1/2; (ii) is made on account of such Participants death; or (iii) is made on account of such Participants Total and Permanent Disability.
With respect to the Participants Roth Contribution subaccounts, the Administrator will maintain a record of the Participants investment in the contract with Code Section 72 and the date the Participant first contributed to his or her Roth subaccount for purposes of determining when the Five-Taxable-Year Period begins.
Prior to accepting a Rollover Contribution from a designated Roth account from another plan qualified under Code Section 401(a), the Administrator will require the transferring plan to provide a statement indicating the first year of the Five-Taxable-Year Period and the portion of the distribution that is attributable to investment in the contract under Code Section 72, or alternatively, that the distribution is a Qualified Distribution.