Direct Rollover
Definition of "Direct rollover"
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained by the employer that accepts rollovers. Under such a rollover, the employee is not taxed on any part of the distribution until it is withdrawn from the IRA or the employer-maintained plan. The employee can open an IRA to receive the distribution. If an employee is employed by a new employer who maintains an employee benefit insurance plan that accepts rollovers, the distribution can be placed directly into that plan. If the new employer does not accept rollovers, the employee can place the distribution into an IRA.
Popular Insurance Terms
Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
Same as term Export-Import Bank: partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and ...
Regulations of the national association of insurance commissioners (naic) that dictate provisions that all individual health insurance policies must contain. All states now require these ...
Indemnification of a school for the loss of tuition, and room and board fees when it is forced to suspend classes because of the occurrence of a peril. ...
Department in an insurance company that prepares policies to be sent to the policyholder, sends the policies, and keeps records of the policies that were sent. ...
Person who has the responsibility for examining the risk to determine whether or not to insure it. ...
Particular type of inland marine insurance. ...
Same as term Binder: temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance ...
Have a question or comment?
We're here to help.