Common use of Rollover Contributions Clause in Contracts

Rollover Contributions. In addition to any annual contributions referred to in Paragraph (i) above, but subject to this Paragraph (ii), the Depositor may contribute to the account, at any time, a rollover contribution of such cash or other property as shall constitute a rollover amount or contribution under section 402(a)(5), 402(a)(7), 403(a)(4), 403(b)(8) or 408(d)(3) of the Code. The Custodian will accept for the account all rollover contributions which consist of cash, and it may, but shall be under no obligation to, accept any other rollover contribution. In the case of rollover contributions composed of assets other than cash, the prospective Depositor shall provide the Custodian with a description of such assets and such other information as the Custodian may reasonably require. The Custodian may accept all or any part of such a rollover contribution if it determines that the assets of which such contribution consists are either in a medium proper for investment hereunder or that the assets can be promptly liquidated for cash. The Depositor warrants that any rollover contribution to the account consists of cash, the same property received in the distribution or, in the case of amounts distributed to the Depositor from a qualified employer's plan or annuity, the proceeds from the sale of the same property received in the distribution. The Depositor also warrants that in the case of a rollover into the account of amounts distributed to the Depositor from a qualified employer's plan or annuity, only amounts in excess of the amounts considered to be the Depositor's employee contributions included in such distribution constitute the contribution to this account. Additionally, the Depositor affirms that the contribution to the account does not consist of amounts received from an inherited individual retirement account or annuity. An individual retirement account or annuity shall be treated as inherited if it was acquired by reason of the death of an individual other than the Depositor's spouse. The Depositor also affirms that in the case of a rollover into the account of amounts distributed from an individual retirement account or annuity or retirement bond, he has not during the one year period ending on the date of the distribution received any other distribution from an individual retirement account or annuity or retirement bond which constituted a rollover contribution (as described in section 408(d)(3) of the Code). 3. THE DEPOSITOR SHALL BE FULLY AND SOLELY RESPONSIBLE for all taxes, interest and penalties which might accrue or be assessed by reason of any excess deposit, and interest, if any, earned thereon. Any contributions made by or on behalf of the Depositor in respect of a taxable year of the Depositor shall be made by or on behalf of the Depositor to the Custodian for deposit in the custodial account within the time period for claiming any income tax deduction for such taxable year. It shall be the sole responsibility of the Depositor to determine the amount of the contributions made hereunder. The Depositor shall execute such forms as the Custodian may require in connection with any contribution hereunder.

Rollover Contributions. In addition to any annual contributions referred to If permitted by the Employer under Section 15 of the Adoption Agreement, an Employee who has received a qualified total distribution (as defined in Paragraph (i) above, but subject to this Paragraph (ii), the Depositor may contribute to the account, at any time, a rollover contribution of such cash or other property as shall constitute a rollover amount or contribution under section 402(a)(5), 402(a)(7), 403(a)(4), 403(b)(8) or 408(d)(3Section 402(a)(5)(E)(i) of the Code. The Custodian will accept for ) from an Employee's trust described in Section 401(a) of the account all rollover contributions Code which consist is exempt from tax under Section 501(a) of cash, and it may, but shall be under no obligation to, accept any other rollover contribution. In the case of rollover contributions composed of assets Code (other than cash, a distribution to a 5% Owner or a person who was a 5% Owner at any time during the prospective Depositor shall provide five (5) Plan Years before the Custodian with a description of such assets and such other information as the Custodian distribution was made) may reasonably require. The Custodian may accept transfer all or any part portion of such a rollover contribution if it determines that the assets of which such contribution consists are either in a medium proper for investment hereunder or that the assets can be promptly liquidated for cash. The Depositor warrants that any rollover contribution distribution to the account consists of cashTrust; provided, the same property received in the distribution or, in the case of amounts distributed transfer is made to the Depositor from a qualified employer's plan or annuity, Trust not later than the proceeds from sixtieth (60th) day following the sale of day on which the same property Employee received in the such distribution. The Depositor also warrants that in the case of In addition, an Employee who receives a rollover into the account of amounts distributed to the Depositor from a qualified employer's plan or annuity, only amounts in excess of the amounts considered to be the Depositor's employee contributions included in such distribution constitute the contribution to this account. Additionally, the Depositor affirms that the contribution to the account does not consist of amounts received from an inherited individual retirement account or annuity. An individual retirement account or annuity shall be treated as inherited if it was acquired by reason of the death of an individual other than the Depositor's spouse. The Depositor also affirms that in the case of a rollover into the account of amounts distributed from an individual retirement account or annuity or retirement bond, he has not during the one year period ending on the date of the distribution received any other total distribution from an individual retirement account or annuity or retirement bond which constituted a rollover contribution (as described in section 408(d)(3within the meaning of Section 408(a) of the Code)) which is attributable solely to a rollover of a qualified total distribution (as hereinbefore defined) from an Employee's trust described in Section 401(a) of the Code which is exempt from tax under Section 501(a) of the Code (other than a trust forming part of a plan under which the Employee was an employee within the meaning of Section 401(c) of the Code at the time contributions were made on his or her behalf under the trust) may transfer the entire amount distributed to the Trust; provided, the transfer is made to the Trust not later than the sixtieth (60th) day following the day on which the Employee received such distribution. 3. THE DEPOSITOR SHALL BE FULLY AND SOLELY RESPONSIBLE for all taxes, interest and penalties which might accrue or A rollover contribution shall be assessed by reason of any excess deposit, and interest, if any, earned thereon. Any contributions made by or credited to a rollover account on behalf of the Depositor contributing Employee and such Employee shall have a fully vested and nonforfeitable interest in respect his or her rollover account. The rollover account of any Employee who is not a participant shall be administered, invested and distributed as if such amount constituted an Elective Contributions Account. The rollover account of a taxable year of the Depositor Participant shall be made by or on behalf of the Depositor to the Custodian for deposit administered, invested and distributed in the custodial account within same manner and at the same time period for claiming any income tax deduction for such taxable year. It shall be the sole responsibility of the Depositor to determine the amount of the contributions made hereunder. The Depositor shall execute such forms as the Custodian may require in connection with any contribution hereunderhis or her Elective Contributions Account.