If the intended recipient of any “eligible rollover distribution,” as the term is defined in Section 402(c)(4) of the Internal Revenue Code of 1986, as amended, elects and directs to have such distribution paid directly to an “eligible retirement plan” as defined in the Internal Revenue Code, and specifies the particular “eligible retirement plan” to which the distribution is to be paid (in such form and at such time as the plan administrator or board of trustees to trustee may prescribe), then the distribution will be made in the form of a direct trustee transfer to the specified “eligible retirement plan” and shall not be subject to withholding tax as provided for in Section 402 of the Internal Revenue Code of 1986, as amended.
(Ord. No. 93-10, § 2, 5-18-93)
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