Retirement Savings Plan Summary Plan Description

8.7 Rollovers of Plan Distributions

Generally, Plan distributions paid in a single sum, or in a stream of payments over a period of less than ten years, generally qualify for tax-free rollover treatment. But, distributions on account of hardship, or minimum distributions made after age 70 ½, are not eligible for rollover.

If an eligible rollover distribution is paid directly to the receiving tax-exempt plan or IRA (which is referred to as a "direct rollover"), the payment will not be taxed in the current year and no income tax will be withheld from the distribution. If the distribution is made payable to you personally, then the payment will be reduced by federal withholding taxes and you will be required to pay income tax on the full distribution (computed before reduction for withholding taxes) except to the extent that you contribute cash to an eligible tax-exempt retirement plan within 60 days of the distribution. A surviving spouse generally may roll over distributions made after the Participant's death under the same general rules that apply to a living Participant. Distributions made to a nonspouse beneficiary of a deceased Participant may be rolled over to an IRA, but the distribution is subject to special "inherited IRA" rules. All of these rollover rules are discussed in more detail in a tax notice that will be provided to any Participant or beneficiary of a Plan distribution well in advance of the distribution. You may also want to discuss the rollover rules with your tax advisor.