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, qualify for tax-free rollover treatment. However, distributions on account of hardship, or minimum distributions made after age 72, 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 rollover vehicle 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. The rollover rules are discussed in more detail in a tax notice that will be provided to any Plan distributee in advance of the distribution. You may also want to discuss the rollover rules with your tax advisor.