Agmt97 Public Employees Retirement System

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the Fund, the portion of the Participant ' s Account balance allocable to that form of distribution shall be distributed from the Fund and used to purchase a commercial annuity contract under which that form of annuity is provided. The amount of the annuity payments to the Participant or Beneficiary shall equal the amounts payable under such annuity contract . An annuity contract acquired in connection with an annuity form of distri- bution shall be held by the Employer for the exclusive benefit of the Participant or Beneficiary. The Employer shall have no beneficial ownership interest in such annuity contract . However, the Employer shall be solely responsible to assure that all benefit payments are made in accordance with the terms of the Plan, and that all tax withholding and reporting requirements are satisfied. ARTICLE 7 - TRANSFERS 7 . 1 Acceptance of Transfers : A Transfer will be accepted and credited to a Participant ' s Account under the Plan if such Transfer is made from another Eligible Deferred Compensation Plan maintained by the Employer or another employer and is made in cash or other property that the Board accepts for investment in the Fund. Any Transfer so credited to a Partici- pant ' s Account shall be invested in the Fund, and the portion of the Participant ' s Account balance attributable to such Transfer shall be distributed in accordance with the terms of the Plan. 7 . 2 Transfers to other Plans : At the election of a Participant, all or a portion of the Participant ' s Account balance may be transferred to another Eligible Deferred Compensation Plan maintained by the Employer or another employer of the Participant, provided that such other plan accepts transfers .