Beneficiary Determination Sample Clauses

Beneficiary Determination. Named beneficiaries who completely If your spouse beneficiary elects or otherwise has to take the distribute their interests in your IRA, or completely disclaim their single life expectancy option, he/she will use a life expectancy interests in your IRA under IRC Section 2518, will not be divisor for calculating that year's RMD. If you die before your considered when designated beneficiaries are determined. Named RBD, your surviving spouse can postpone commencement of beneficiaries who die after your death but before the determination his/her RMDs until the end of the year in which you would have date (September 30 of the year following the year of your death) will attained age 73. If you die on or after your RBD, your surviving still be considered for the sake of determining the distribution spouse will use the longer of his/her single life expectancy, period. If any named beneficiary that is not an individual, such as an determined each year after the year of death using his/her estate or charity, has an interest in your IRA on the determination attained age, or your remaining single life expectancy determined date, and separate accounting does not apply, your IRA will be in your year of death and reduced by one each subsequent year. treated as having no designated beneficiary (i.e., not a designated If your spouse beneficiary chooses the ten-year rule, he/she is beneficiary). required to remove all assets from the IRA by December 31 of 6. Qualifying Trusts. If you name a qualifying trust, which is defined the tenth year following the year of your death. in Treasury Regulations, as your IRA beneficiary, the beneficiaries Your spouse beneficiary can treat your IRA as his/her own IRA of the qualifying trust are treated as the beneficiaries of your IRA if your spouse is the only designated beneficiary, or if there are for purposes of determining the appropriate distribution period. A multiple designated beneficiaries and separate accounting applies. qualifying trust provides documentation of its beneficiaries to the He/she has this option even if he/she had chosen one of the other trustee. options above. This generally happens after any of your 7. Successor Beneficiaries. Our policy may allow your beneficiaries remaining RMD amount for the year of your death has been to name their own successor beneficiaries to your IRA. A successor distributed. beneficiary would receive any of your IRA assets that remain after your death and the subsequent death of your be...
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Beneficiary Determination. Named beneficiaries who completely If your beneficiary is a designated beneficiary who is not an eligible distribute their interests in your Xxxx XXX, or completely disclaim designated beneficiary, such beneficiary will have to follow the their interests in your Xxxx XXX under IRC Section 2518, will not be ten-year rule and is required to remove all assets from the Xxxx XXX considered when designated beneficiaries are determined. Named by December 31 of the tenth year following the year of your death. beneficiaries who die after your death but before the determination
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Beneficiary Determination. Named beneficiaries who completely included in your gross estate for estate tax purposes, regardless of distribute their interests in your SIMPLE IRA, or completely the named beneficiary or manner of distribution. There is no disclaim their interests in your SIMPLE IRA under IRC Section specific estate tax exclusion for assets held within a SIMPLE IRA. 2518, will not be considered when designated beneficiaries are After your death, beneficiaries should pay careful attention to the determined. Named beneficiaries who die after your death but rules for the disclaiming any portion of your SIMPLE IRA under before the determination date (September 30 of the year following IRC Section 2518.
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Beneficiary Determination. Named beneficiaries who completely distribute their interests in your IRA, or completely disclaim their interests in your IRA under IRC Section 2518, will not be considered when designated beneficiaries are determined. Named beneficiaries who die after your death but before the determination date (September 30 of the year following the year of your death) will still be considered for the sake of determining the distribution period. If any named beneficiary that is not an individual, such as an estate or charity, has an interest in your IRA on the determination date, and separate accounting does not apply, your IRA will be treated as having no designated beneficiary (i.e., not a designated beneficiary).
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Beneficiary Determination. Named beneficiaries who completely distributions for the year.
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Beneficiary Determination. Named beneficiaries who completely IRC Section 2518. distribute their interests in your SIMPLE XXX, or completely 5. Federal Income Tax Withholding. SIMPLE XXX distributions are disclaim their interests in your SIMPLE XXX under IRC Section subject to federal income tax withholding unless you or, upon your 2518, will not be considered when designated beneficiaries are death, your beneficiary affirmatively elect not to have withholding determined. Named beneficiaries who die after your death but apply. The required federal income tax withholding rate is 10 before the determination date (September 30 of the year following percent of the distribution. Upon your request for a distribution we the year of your death) will still be considered for the sake of will notify you, by providing IRS Form W-4P or an appropriate determining the distribution period. If any named beneficiary that is substitute, of your right to waive withholding or elect to have not an individual, such as an estate or charity, has an interest in greater than 10 percent withheld. your SIMPLE XXX on the determination date, and separate Annual Statements. Each year we will furnish you and the IRS with accounting does not apply, your SIMPLE XXX will be treated as statements reflecting the activity in your SIMPLE XXX. You and the IRS having no designated beneficiary (i.e., not a designated beneficiary). will receive IRS Forms 5498, XXX Contribution Information, and 1099-R,
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Beneficiary Determination. Named beneficiaries who completely distribute their interests in the IRA by the determination date, or who completely disclaim their interests in the Xxxx XXX under IRC Section 2518, will not be considered when
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Beneficiary Determination. Named beneficiaries who completely specific estate tax exclusion for assets held within a SIMPLE IRA. distribute their interests in your SIMPLE IRA, or completely After your death, beneficiaries should pay careful attention to the disclaim their interests in your SIMPLE IRA under IRC Section rules for the disclaiming any portion of your SIMPLE IRA under 2518, will not be considered when designated beneficiaries are IRC Section 2518.
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Related to Beneficiary Determination

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • CHANGE OF BENEFICIARY 18.1 The policyholder has the authority to appoint another beneficiary during the life of the insured person.. However, if the beneficiary has declared, with the written consent of the policyholder, that he accepts the benefit of the contract, the policyholder can exercise his rights under the contract only with the cooperation of the beneficiary, who has so accepted. The change will take effect from the moment that the insurer has noted this on the policy.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Order of Benefit Determination Rules When a Member is covered by two or more plans, the rules for determining the order of benefit payments are as follows:

  • 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.

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