Defined Contribution Plan Document
ARTICLE IX
GENERAL PROVISIONS
Section 17: Directed Rollovers.
Effective January 1, 1993, notwithstanding any
provision of this Plan to the contrary that would otherwise limit a Distributee's election
under this Plan, a Distributee may elect, at the time and in the manner prescribed by the Trustees, to have any portion of an Eligible Rollover Distribution paid directly to an
Eligible Retirement Plan specified by the Distributee in a Direct Rollover. For these
purposes, the following definitions apply:
- An Eligible Rollover Distribution is any distribution of all or any portion
of the balance to the credit of the Distributee, except that an Eligible
Rollover Distribution does not include: any distribution that is one of a
series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the Distributee or the
joint lives (or joint life expectancies) of the Distributee and the
Distributee's designated beneficiary, or for a specified period of 10 years
or more; any distribution to the extent that distribution is required under
Section 401(a)(9) of the Code; and the portion of any distribution that is
not includible in gross income. For Distributions made on or after July 1,
2008, an Eligible Retirement Plan shall also include a Roth IRA as
defined in section 408A of the Code.
- An Eligible Retirement Plan is an individual retirement account described
in code Section 408(a), an individual retirement annuity described in
Code Section 408(b), an annuity plan described in Code Section 403(a),
or a qualified trust described in Code Section 401(a), that accepts the
Distributee's Eligible Rollover Distribution. However, in the case of an
Eligible Rollover Distribution to the surviving spouse, an Eligible
Retirement Plan is an individual retirement account or individual
retirement annuity. An "eligible retirement plan" shall also include an
annuity contract described in IRC section 403(b) and an eligible plan
under IRC section 457(b) which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. This definition of "eligible retirement plan" also shall apply in the case of a distribution to a
surviving spouse, or to a spouse or former spouse who is the alternate
payee under a qualified domestic relation order, as defined in IRC section
414(p).
- A Distributee includes an Employee or former Employee. In addition, the
Employee's or former Employee's surviving spouse and the Employee's
or former Employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section
414(p), are Distributees with regard to the interest of the spouse or former
spouse.
- A Direct Rollover is a payment by the Plan to the Eligible Retirement
Plan specified by the Distributee.
- Effective January 1, 2007, a non-spouse beneficiary may receive a
distribution in the form of a direct transfer to a Section 408(a) individual
retirement account or a Section 408(b) individual retirement annuity but
only to the extent permitted by all applicable provisions of the Code and
all related regulations.