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Annuity Plan

Eligible Rollover Distributions

Special Provisions for Eligible Rollover Distributions

This Section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section, a distributee may elect, at the time and in the manner prescribed by the Plan administrator, to have any portion of any Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the distributee in a direct rollover.

As used in this Section 5.11, the following terms shall have the following meanings:

  1. 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:
    1. 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 ten years or more; or
    2. Any distribution to the extent such distribution is required under §401(a)(9) of the Internal Revenue Code; or
    3. The portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities).
  2. An “Eligible Retirement Plan” is an individual retirement account described in §408(a) of the Internal Revenue Code, an individual retirement annuity described in §408(b) of the Internal Revenue Code, or a qualified trust described in §403(a) of the Internal Revenue Code, or a qualified trust described in §401(a) of the Internal Revenue Code 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.
  3. 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 are Distributees with regard to the interest of the Spouse or former Spouse.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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