Laserfiche WebLink
<br />Section 3. Direct Rollovers of Plan Distributions <br /> <br />A, Effective date, This Section shall apply to distributions made aftet December 31,2001, <br /> <br />B, Modification of definition of eligible tetirement plan, Fot purposes of the direct rollover provisions in <br />Section 9,03 of the Plan, an eligible tetitement plan shall also mean an annuity contract described in <br />section 403(b) of the eode and an eligible plan undet section 457(b) of the eode which is maintained by <br />a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision <br />of a state and which agrees to separately account for amountS transferred into such plan from this Plan. <br />The definition of eligible retirement plan shall also apply in the case of a distribution ro a surviving <br />spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation <br />order, as defined in section 414(p) of the Code, <br /> <br />C. Modification of definition of eligible rollover distribution ro include after-tax employee contributions. <br />For purposes of the direct rollover provisions in Section 9.03 of the Plan, a portion of a distribution shall <br />not fail ro be an eligible rollover distribution merely because the portion consists of after-tax employee <br />contributions which are nor includible in gross income. However, such portion may be ttansferted only <br />to an individual retirement account or annuity described in section 408(a) or (b) of the eode, or ro a <br />qualified defined contribution plan described in section 401(a) Ot 403(a) of the eode that agrees to <br />separately account for amounts so transferred, including separately accounting for the portion of such <br />distribution which is includible in gross income and the portion of such distribution which is not so <br />includible. <br /> <br />Section 4. Rollovers From Other Plans <br /> <br />Effective Januaty I, 2002, unless orherwise elected by the Employer in the Adoption Agreement, the Plan will accept <br />Participant rollover contributions and/or direct rollovers of distributions (including after-tax contributions) made after <br />December 31,2001 that are eligible for rollover in accordance with Section 402(c), 403(a)(4), 403(b)(8), <br />408(d)(3)(A)(ii), or 457(e)(16) of the eode, from all of the following types of plans: (1) a qualified plan described in <br />Section 401 (a) or 403(a) of the eode; (2) an annuity contract described in Section 403(b) of the Code; (3) an eligible <br />plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or <br />instrumentality of a state or political subdivision of a state; and (4) an individual retirement account or annuity <br />described in Section 408(a) or 408(b) of the eode (including SEPs, and SIMPLE IRAs after 2 years of participaring in <br />the SIMPLE IRA), <br /> <br />The amount distributed from such plan must be rolled over ro this Plan no later than the sixtieth (60th) day after <br />distribution was made from the plan, unless otherwise waived by the IRS pursuant ro Section 402(c)(3) of the eode, <br /> <br />Section 5. Voluntary Participant Contributions <br /> <br />The ten percent (10%) limit on Voluntaty Participant eontriburions under Section 4,05 of the Plan shall be increased <br />ro rwenty-five percent (25%), <br /> <br />MPP 10/25/00 <br /> <br />3 <br />