Special rule for frozen deposits
(A) In general The 60-day period described in paragraph (3) shall not— (i) include any period during which the amount transferred to the employee is a frozen deposit, or (ii) end earlier than 10 days after such amount ceases to be a frozen deposit.
(B) Frozen deposits For purposes of this subparagraph, the term “frozen deposit” means any deposit which may not be withdrawn because of— (i) the bankruptcy or insolvency of any financial institution, or (ii) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State. A deposit shall not be treated as a frozen deposit unless on at least 1 day during the 60-day period described in paragraph (3) (without regard to this paragraph) such deposit is described in the preceding sentence.
(A)In general#
The 60-day period described in paragraph (3) shall not—
(i) include any period during which the amount transferred to the employee is a frozen deposit, or
(ii) end earlier than 10 days after such amount ceases to be a frozen deposit.
(A)(i)#
include any period during which the amount transferred to the employee is a frozen deposit, or
(A)(ii)#
end earlier than 10 days after such amount ceases to be a frozen deposit.
(B)Frozen deposits#
For purposes of this subparagraph, the term “frozen deposit” means any deposit which may not be withdrawn because of—
(i) the bankruptcy or insolvency of any financial institution, or
(ii) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State.
A deposit shall not be treated as a frozen deposit unless on at least 1 day during the 60-day period described in paragraph (3) (without regard to this paragraph) such deposit is described in the preceding sentence.
(B)(i)#
the bankruptcy or insolvency of any financial institution, or
(B)(ii)#
any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State.