Application of 2001 Proposed Regulations Sample Clauses

Application of 2001 Proposed Regulations. With respect to distributions under the Custodial Agreement made on or after January 1, 2001 (or if later the date on which the Custodial Agreement began operating in accordance with the 2001 Proposed Regulations) for calendar years beginning on or after January 1, 2001, the Custodial Agreement will apply the minimum distribution requirements of Section 401(a)(9) of the Internal Revenue Code in accordance with the regulations under Section 401(a)(9) that were proposed on January 17, 2001 (the 2001 Proposed Regulations), notwithstanding any provision of the Custodial Agreement to the contrary. If the total amount of required minimum distributions made to a participant for 2001 prior to the date on which the Custodial Agreement began operating in accordance with the 2001 proposed regulations, are equal to or greater than the amount of required minimum distributions determined under the 2001 Proposed Regulations, then no additional distributions are required for such Participant for 2001 on or after such date. If the total amount of required minimum distributions made to a Participant for 2001 prior to the date on which the Custodial Agreement began operating in accordance with the 2001 proposed regulations, are less than the amount determined under 2001 Proposed Regulations, then the amount of required minimum distributions for 2001 on or after such date will be determined so that the total amount of required minimum distributions for 2001 is the amount determined under the 2001 Proposed Regulations. This amendment shall continue in effect until the last calendar year beginning before the effective date of the final regulations under Section 401(a)(9) or such other date as may be published by the Internal Revenue Service.
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Related to Application of 2001 Proposed Regulations

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