Examples of Five-Taxable-Year Period in a sentence
The Committee shall, before agreeing to accept any such transfer, seek and obtain reasonable representations from the plan administrator or other responsible party of the distributing plan (i) of the first year of the Five-Taxable-Year Period for the Participant and the portion of such distribution that is attributable to investment in the contract; or (ii) that the distribution is a Qualified Roth Distribution.
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.
The Plan Administrator shall, within a reasonable time after the distirbutee’s request, provide to the distributee a statement indicating the beginning date of the Five-Taxable-Year Period and the portion of such distribution that is non-taxable.
Qualified Roth Distribution means any distribution from a Participant’s Roth Accounts that is made after the end of the Participant’s Five-Taxable-Year Period and that either (i) is made on or after the date the Participant turns age 59.5; (ii) is made on account of such Participant’s death; or (iii) is made on account of such Participant’s Total and Permanent Disability.
If a direct rollover is made to the Plan by a Participant form 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 Participant’s 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 Participant’s Roth Accounts that is made after the end of the Participant’s 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 Participant’s death; or (iii) is made on account of such Participant’s Total and Permanent Disability.
Within a reasonable time after the occurrence of a direct rollover of a distribution from a Participant’s Roth Accounts under the Plan to a designated Roth account, the Committee shall provide to the distributee a statement indicating the first year of the Five-Taxable-Year Period for the distributee and the portion of such distribution that is non-taxable.
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 Participant’s first taxable year for which the Participant had designated Roth contributions under the other applicable retirement plan, if earlier.
The Plan Administrator shall, within a reasonable time after the Distributee’s request, provide to the Distributee a statement indicating the beginning date of the Five-Taxable-Year Period and the portion of such distribution that is non-taxable.
With regard to Designated Xxxx Deferrals, the Administrator will maintain a record of the Participant’s investment in the contract in accordance with Code Section 72 and the date the Participant first made Designated Xxxx Deferrals for purposes of determining when the Five-Taxable-Year Period begins.