Beneficiary Designated Sample Clauses

Beneficiary Designated. (a) If the Participant dies on or after his/her Required Beginning Date and if distribution of his/her interest had previously commenced in accordance with Option B in paragraph 4.1, any remaining portion of such interest, at the election of the Beneficiary in accordance with procedures established by the Custodian, may be distributed either -- (i) in an immediate single sum payment, or (ii) in installments paid at least as rapidly as under the method of distribution being used as of the date of the Participant's death. (b) If the Participant dies before reaching his/her Required Beginning Date and any portion of the Participant's interest is payable to or for the benefit of a Beneficiary, such portion, at the election of the Beneficiary in accordance with procedures established by the Custodian, may be distributed either -- (i) in a single sum payment, made not later than December 31 of the year containing the fifth anniversary of the Participant's death, (ii) in installments commencing not later than December 31 of the year following the year of the Participant's death, and paid over a period not extending beyond the life expectancy of such Beneficiary; provided, the Beneficiary may accelerate such payments at any time, or (iii) if the Beneficiary is the Participant's surviving spouse, in a single sum or installments, commencing by the later of 1) December 31 of the year following the year of the Participant's death, and 2) December 31 of the calendar year in which the Participant would have attained age 70 1/2, and paid over a period not exceeding the life expectancy of such spouse Beneficiary. The surviving spouse may change the frequency or amount of such payments, subject to the limit of the preceding sentence. (c) If the Beneficiary is the Participant's surviving spouse, the spouse may, in lieu of the above distribution options in (a) and (b), elect to treat the Participant's account as his/her own individual retirement arrangement (IRA). This election will be deemed to have been made if such surviving spouse makes a regular IRA contribution to the account, makes a rollover contribution to the account, or fails to elect any of the above distribution options. For purposes of the above, payments will be calculated by use of the return multiples specified in Tables V and VI of section 1.72-9 of the Income Tax Regulations. Life expectancy of a surviving spouse shall be recalculated annually. In the case of any other designated beneficiary, life expectan...
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Related to Beneficiary Designated

  • Beneficiary Designation The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Director of Human Resources of the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

  • Beneficiary Designations The Executive shall designate a beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Company during the Executive's lifetime. The Executive's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive's estate.

  • BENEFICIARY DESIGNATION RIGHTS The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

  • Beneficiary Designation: Change The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator before the Executive’s death.

  • No Beneficiary Designation If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

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