In-Plan Xxxx Conversions. The Plan does not permit a Participant to make an In-Plan Xxxx Conversion under the Plan. To override this provision to allow Participants to make an In-Plan Xxxx Conversion, subsection (a) and this subsection (c) must be checked.
In-Plan Xxxx Conversions. In accordance with Article 5 of the Basic Plan Document and as may be limited in (2) below, any Participant who is still employed by the Employer may elect to have any part of the below-listed portions of his Account, which is fully vested, not part of an outstanding loan balance pursuant to Article 9 of the Basic Plan Document, not currently distributable and not “designated Xxxx contributions” under the Plan, be considered “designated Xxxx contributions” for purposes of the Plan. This subsection (a) shall be effective to permit such conversions on and after the following effective date: (can be no earlier than January 1, 2013).
In-Plan Xxxx Conversions. The following shall be added to Article 5 effective for Xxxx conversions within the Plan after December 31, 2012: In-Plan Xxxx Conversions. If elected by the Employer in Section (a) of the corresponding Adoption Agreement Addendum, and effective for in-plan Xxxx conversions on and after the date elected by the Employer in such Section (a), any Participant meeting the requirements set forth in Section (a) of the corresponding Adoption Agreement Addendum may elect to have any part of the portions of his Account as may be described and limited therein, which are not “designated Xxxx contributions” under the Plan, be considered “designated Xxxx contributions” for purposes of the Plan. Any assets converted in such a way shall be separately accounted for, be maintained in such records as are necessary for the proper reporting thereof, and have any distribution constraints, such as those found in Article 14, applicable to them prior to the conversion continue to apply to them.
In-Plan Xxxx Conversions. The Board may, but shall not be required to, permit in-plan Xxxx conversions in accordance with this section 7.6. If the Board permits in-plan Xxxx conversions, then a Participant, a survivingspouse Beneficiary, or a Participant's former spouse who is the alternate payee under a domestic relations order, as defined in Section 414(p) of the Code may elect to irrevocably transfer any portion of the Participant’s Account (other than the Xxxx Elective Deferral sub-account) to the Participant’s Xxxx Elective Deferral sub-account, in accordance with Code Section 402A(c)(4) and applicable guidance thereunder. Any such transfer shall be direct, unless the transferred amount is otherwise distributable. The Plan will maintain such records as are necessary for the proper reporting of in-plan Xxxx conversions. Within the Xxxx Elective Deferral sub-account, the Plan will separately account for amounts converted pursuant to this Section 7.6 that were distributable at the time of conversion, amounts converted pursuant to this Section 7.6 that were not distributable at the time of conversion, and rollovers from other plans of Xxxx elective deferrals or Xxxx in-plan conversion amounts, as well as any gains or losses attributable thereto. Such amounts shall be subject to the rules that apply to Xxxx Elective Deferrals under Section 3.8, except that the converted amount shall not be considered in determining the maximum Deferral amounts under Article IV. Provided further, to the extent such amounts were distributable at the time of conversion, they shall be subject to the distribution rules that apply to eligible rollover distributions that are paid to the Plan, and to the extent such amounts were not distributable at the time of conversion, they shall continue to be subject to any distribution constraints that applied to the amounts prior to conversion.
In-Plan Xxxx Conversions. If the Employer so elects in the Adoption Agreement, Participants may elect to convert certain pre-tax Elective Deferral Contributions, Employer Contributions or rollover contributions to after-tax Xxxx contributions in an in-plan (taxable) conversation. Such conversion shall be accomplished through a direct rollover from the Participant’s applicable pre-tax account to his Xxxx conversion account (such that there is no actual distribution from the Plan). In-plan Xxxx conversions are expressly limited to amounts that are currently distributable to the Participant under both Code Section 457(d)(1)(A) and the terms of the Plan. Rollover contributions made on or after January 1, 2006 may be converted at any time. Amounts attributable to Elective Deferral Contributions or Employer Contributions generally cannot be converted before the Participant has attained age 70½ or has had a Severance from Employment. If the Employer elects in the Adoption Agreement to allow in-service distribution of small, inactive accounts, such amounts shall also be eligible for conversion under this section. All in-plan Xxxx conversions shall be taxable to the Participant in the year of the conversion.
In-Plan Xxxx Conversions. Unless elected under this subsection, the Plan does not permit a Participant to make an In- Plan Xxxx Conversion under the Plan.
In-Plan Xxxx Conversions. The Employer may elect under the Adoption Agreement to permit In-Plan Xxxx Conversions under the Plan. For this purpose, an In-Plan Xxxx Conversion is a conversion of amounts held in a Participant’s Plan Account, other than a Xxxx Deferral Account or Xxxx Rollover Account, into the Participant’s In-Plan Xxxx Conversion Account under the Plan, pursuant to Code §402A(c)(4). Any election to make an In-Plan Xxxx Conversion during a taxable year may not be changed after the In-Plan Xxxx Conversion is completed. An In-Plan Xxxx Conversion may be elected by a Participant, a Spousal beneficiary, or an Alternate Payee who is a Spouse or former Spouse. To the extent the term “Participant” is used for purposes of determining eligibility to make an In-Plan Xxxx Conversion, such term will also include a Spousal beneficiary and an Alternate Payee who is a Spouse or former Spouse. To permit In-Plan Xxxx Conversions §6A-5(c) of the Adoption Agreement must be completed. In addition, the Plan must provide for Xxxx Deferrals under AA §6A-5(a) as of the date the In-Plan Xxxx Conversion is permitted under the Plan. If In-Plan Xxxx Conversions are not specifically authorized under AA §6A-5(c) of the Adoption Agreement, Participants may not make an In-Plan Xxxx Conversion.
In-Plan Xxxx Conversions. Subject to the remainder of this Section, a Participant (whether or not he or she is an Employee) may elect to roll over all or a portion of the Accounts specified below to his or her Xxxx Conversion Account, provided the distribution of such amount would otherwise be an Eligible Rollover Distribution. For purposes of this Section 4.5, the term “Participant” shall include a deceased Participant’s surviving Spouse and an alternate payee under a QDRO who is a Participant’s Spouse or former Spouse.
In-Plan Xxxx Conversions. Unless otherwise elected by the Employer, as of the effective date of this Article the Plan shall allow for In-Plan Xxxx Conversions.
In-Plan Xxxx Conversions. Effective on or after January 1, 2013, the Employer may elect under AA §6A-5(c) of the Profit Sharing/401(k) Plan Adoption Agreement to permit In-Plan Xxxx Conversions under the Plan. For this purpose, an In-Plan Xxxx Conversion is a conversion of amounts held in a Participant’s Plan Account, other than a Xxxx Deferral Account or Xxxx Rollover Account, into the Participant’s In-Plan Xxxx Conversion Account under the Plan, pursuant to Code §402A(c)(4). Any election to make an In-Plan Xxxx Conversion during a taxable year may not be changed after the In-Plan Xxxx Conversion is completed. (For In-Plan Xxxx Conversions completed prior to January 1. 2013, a Participant had to be eligible to receive a distribution of the converted amounts at the time of the In-Plan Xxxx Conversion. The provisions of this Section 3.03(c)(vi) do not affect an In-Plan Xxxx Conversion completed prior to January 1, 2013.) An In-Plan Xxxx Conversion may be elected by a Participant, a Spousal beneficiary, or an Alternate Payee who is a Spouse or former Spouse. To the extent the term “Participant” is used for purposes of determining eligibility to make an In-Plan Xxxx Conversion, such term will also include a Spousal beneficiary and an Alternate Payee who is a Spouse or former Spouse.
