New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

• Category: Corporations - Public - Agreements - Transfers
• State: Multi-State
• Control #: US-EG-9312
• Format: Word; Rich Text

Description

Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan between Semiconductor Components Industries, LLC and Motorola, Inc. regarding benefit pension plan meeting requirements of the Internal Revenue Service dated May 10, 1999. 6 pages. The New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a legally binding document that outlines the terms and procedures for transferring retirement funds from the Motorola, Inc. Pension Plan to a retirement plan in New Mexico. This agreement is designed to ensure a smooth transition and seamless transfer of pension benefits for employees who are moving to New Mexico after their retirement. The agreement includes various provisions that protect the interests of both the retiree and the pension plan administrators. It specifies the exact terms and conditions under which the transfer will occur, ensuring compliance with state and federal laws governing retirement plans. One type of New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is the Direct Rollover Agreement. This agreement allows retirees to transfer their pension funds directly from the Motorola, Inc. Pension Plan to a qualified retirement plan in New Mexico without incurring any tax penalties. A direct rollover allows individuals to maintain the tax-deferred status of their retirement savings while ensuring a smooth transfer of funds. Another type of agreement is the Indirect Rollover or 60-Day Rollover Agreement. With this agreement, retirees receive a distribution of their pension funds from the Motorola, Inc. Pension Plan. They then have 60 days to deposit those funds into a qualified retirement plan in New Mexico to avoid taxation and penalties. This type of transfer agreement provides retirees with the flexibility to choose the retirement plan that best suits their needs. Furthermore, the New Mexico Retirement Plan Transfer Agreement may also include provisions for survivorship options, such as transferring pension benefits to a spouse or beneficiary upon the retiree's death. Overall, the New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a crucial document that facilitates the transfer of retirement funds from the corporate pension plan to a retirement plan in New Mexico. Its purpose is to ensure compliance with relevant laws and regulations while protecting the retiree's interests and providing flexibility in choosing the appropriate retirement plan.

The New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a legally binding document that outlines the terms and procedures for transferring retirement funds from the Motorola, Inc. Pension Plan to a retirement plan in New Mexico. This agreement is designed to ensure a smooth transition and seamless transfer of pension benefits for employees who are moving to New Mexico after their retirement. The agreement includes various provisions that protect the interests of both the retiree and the pension plan administrators. It specifies the exact terms and conditions under which the transfer will occur, ensuring compliance with state and federal laws governing retirement plans. One type of New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is the Direct Rollover Agreement. This agreement allows retirees to transfer their pension funds directly from the Motorola, Inc. Pension Plan to a qualified retirement plan in New Mexico without incurring any tax penalties. A direct rollover allows individuals to maintain the tax-deferred status of their retirement savings while ensuring a smooth transfer of funds. Another type of agreement is the Indirect Rollover or 60-Day Rollover Agreement. With this agreement, retirees receive a distribution of their pension funds from the Motorola, Inc. Pension Plan. They then have 60 days to deposit those funds into a qualified retirement plan in New Mexico to avoid taxation and penalties. This type of transfer agreement provides retirees with the flexibility to choose the retirement plan that best suits their needs. Furthermore, the New Mexico Retirement Plan Transfer Agreement may also include provisions for survivorship options, such as transferring pension benefits to a spouse or beneficiary upon the retiree's death. Overall, the New Mexico Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a crucial document that facilitates the transfer of retirement funds from the corporate pension plan to a retirement plan in New Mexico. Its purpose is to ensure compliance with relevant laws and regulations while protecting the retiree's interests and providing flexibility in choosing the appropriate retirement plan.