Common use of Beneficiary Distribution Requirements Clause in Contracts

Beneficiary Distribution Requirements. If you die before January 1, 2020, the rules determining the distribution of your IRA balance depend on several factors including whether you had a designated beneficiary, your relationship to the beneficiary (spouse or nonspouse) and whether you died before or after required minimum distributions (RMDs) were required to begin. Designated Beneficiary. A designated beneficiary is an individual who is designated by you in writing as a beneficiary of this Traditional IRA in a manner acceptable to the Custodian or designated as a beneficiary under the terms of the plan agreement. With the exception of certain qualified see-through trust beneficiaries, only individuals may be treated as designated beneficiaries for purposes of determining required distributions under Code Section 401(a)(9) following your death. Except as provided otherwise in applicable Treasury Regulations, for purposes of determining the applicable distribution period following your death, your designated beneficiary will be determined based on the beneficiaries designated as of your date of death who remain beneficiaries as of September 30 of the calendar year following the calendar year of your death. If You Die Before April 1 Following the Year you Reach Age 70½. Generally, if you die before April 1 following the year you reach age 70½ and your designated beneficiary(ies) is an individual, they may elect a distribution method. Your beneficiary(ies) may elect to deplete the IRA by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must begin by December 31 of the first calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may delay the first distribution until December 31 of the year you would have attained age 70½ (if your date of birth is before July 1, 1949), age 72 (if your date of birth is after June 30, 1949 and before January 1, 1951), age 73 (if your date of birth is after December 31, 1950 and before January 1, 1960), or age 75 (if your date of birth is after December 31, 1959), if later. If your designated beneficiary is not an individual or a qualified trust, your IRA must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of their portion of the IRA. Elections must generally be made by December 31 of the year following your death. If timely elections are not made, your beneficiary is required to take distributions according to the applicable default provision. The default distribution option for designated beneficiaries who are individuals is the life expectancy option and the default distribution option for designated beneficiaries that are not individuals is the 5-year rule If your surviving spouse is the sole designated beneficiary of your IRA, they may treat your IRA as their own IRA by redesignating your IRA as their own IRA, failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is the sole designated beneficiary, they may roll distributions from your IRA into their own IRA generally within 60 days of receipt. Additional restrictions may apply. Pursuant to the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), certain beneficiaries taking distributions in accordance with the 5-year rule are afforded an extra year to complete distribution from the Inherited IRA.

Beneficiary Distribution Requirements. If you die before January 1, 2020, the rules determining the distribution period of time over which your IRA Xxxx XXX balance depend may be distributed to your beneficiary(ies) depends on several factors including whether you had a designated beneficiary, and your relationship to the beneficiary (spouse or nonspouse) and whether you died before or after required minimum distributions (RMDs) were required to begin. Designated Beneficiary). A designated beneficiary is an individual who is designated by you in writing as a beneficiary of this Traditional IRA Xxxx XXX in a manner acceptable to the Custodian or designated as a beneficiary under the terms of the plan agreement. With the exception of certain qualified see-through trust beneficiaries, only individuals may be treated as designated beneficiaries for purposes of determining required distributions under Code Section 401(a)(9) following your death. Except as provided otherwise in applicable Treasury Regulations, for purposes of determining the applicable distribution period following your death, your designated beneficiary will be determined based on the beneficiaries designated as of your date of death who remain beneficiaries as of September 30 of the calendar year following the calendar year of your death. If You Die Before April 1 Following the Year you Reach Age 70½. Generally, if when you die before April 1 following the year you reach age 70½ and your die, designated beneficiary(ies) is an individual, they may elect a distribution method. Your beneficiary(ies) who are individuals may elect to deplete the IRA Xxxx XXX by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must generally begin by December 31 of the first calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may delay the first distribution until December 31 of the year you would have attained age 70½ (if your date of birth is before July 1, 1949), age 72 (if your date of birth is after June 30, 1949 and before January 1, 1951), age 73 (if your date of birth is after December 31, 1950 and before January 1, 1960), or age 75 (if your date of birth is after December 31, 1959), if later. If your designated beneficiary is not an individual or a qualified trust, your IRA Xxxx XXX must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of their portion of the IRAXxxx XXX. Elections must generally be made by December 31 of the year following your death. If timely elections are not made, your beneficiary is required to take distributions according to the applicable default provision. The default distribution option for designated beneficiaries who are individuals is the life expectancy option and the default distribution option for designated beneficiaries that are not individuals is the 5-year rule rule. If your surviving spouse is the sole designated beneficiary of your IRAXxxx XXX, they may treat your IRA Xxxx XXX as their own IRA Xxxx XXX by redesignating your IRA Xxxx XXX as their own IRAXxxx XXX, failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is the sole designated beneficiary, they may roll distributions from your IRA Xxxx XXX into their own IRA Xxxx XXX generally within 60 days of receipt. Additional restrictions may apply. Pursuant to the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), certain beneficiaries taking distributions in accordance with the 5-year rule are afforded an extra year to complete distribution from the Inherited IRA.

Beneficiary Distribution Requirements. If you die before January 1, 2020, the rules determining the distribution of your IRA balance depend on several factors including whether you had a designated beneficiary, your relationship to the beneficiary (spouse or nonspouse) and whether you died before or after required minimum distributions (RMDs) were required to begin. Designated Beneficiary. A designated beneficiary is an individual who is designated by you in writing as a beneficiary of this Traditional IRA in a manner acceptable to the Custodian or designated as a beneficiary under the terms of the plan agreement. With the exception of certain qualified see-through see‐through trust beneficiaries, only individuals may be treated as designated beneficiaries for purposes of determining required distributions under Code Section 401(a)(9) following your death. Except as provided otherwise in applicable Treasury Regulations, for purposes of determining the applicable distribution period following your death, your designated beneficiary will be determined based on the beneficiaries designated as of your date of death who remain beneficiaries as of September 30 of the calendar year following the calendar year of your death. If You Die Before April 1 Following the Year you Reach Age 70½. Generally, if you die before April 1 following the year you reach age 70½ and your designated beneficiary(ies) is an individual, they may elect a distribution method. Your beneficiary(ies) may elect to deplete the IRA by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must begin by December 31 of the first calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may delay the first distribution until December 31 of the year you would have attained age 70½ (if your date of birth is before July 1, 1949), age 72 (if your date of birth is after June 30, 1949 and before January 1, 1951), age 73 (if your date of birth is after December 31, 1950 and before January 1, 1960), or age 75 (if your date of birth is after December 31, 1959), if later. If your designated beneficiary is not an individual or a qualified trust, your IRA must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of their portion of the IRA. Elections must generally be made by December 31 of the year following your death. If timely elections are not made, your beneficiary is required to take distributions according to the applicable default provision. The default distribution option for designated beneficiaries who are individuals is the life expectancy option and the default distribution option for designated beneficiaries that are not individuals is the 5-year 5‐year rule If your surviving spouse is the sole designated beneficiary of your IRA, they may treat your IRA as their own IRA by redesignating your IRA as their own IRA, failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is the sole designated beneficiary, they may roll distributions from your IRA into their own IRA generally within 60 days of receipt. Additional restrictions may apply. Pursuant to the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), certain beneficiaries taking distributions in accordance with the 5-year 5‐year rule are afforded an extra year to complete distribution from the Inherited IRA.

Beneficiary Distribution Requirements. If you die before January 1, 2020, the rules determining the distribution period of time over which your IRA Xxxx XXX balance depend may be distributed to your beneficiary(ies) depends on several factors including whether you had a designated beneficiary, and your relationship to the beneficiary (spouse or nonspouse) and whether you died before or after required minimum distributions (RMDs) were required to begin. Designated Beneficiary). A designated beneficiary is an individual who is designated by you in writing as a beneficiary of this Traditional IRA Xxxx XXX in a manner acceptable to the Custodian or designated as a beneficiary under the terms of the plan agreement. With the exception of certain qualified see-through see‐through trust beneficiaries, only individuals may be treated as designated beneficiaries for purposes of determining required distributions under Code Section 401(a)(9) following your death. Except as provided otherwise in applicable Treasury Regulations, for purposes of determining the applicable distribution period following your death, your designated beneficiary will be determined based on the beneficiaries designated as of your date of death who remain beneficiaries as of September 30 of the calendar year following the calendar year of your death. If You Die Before April 1 Following the Year you Reach Age 70½. Generally, if when you die before April 1 following the year you reach age 70½ and your die, designated beneficiary(ies) is an individual, they may elect a distribution method. Your beneficiary(ies) who are individuals may elect to deplete the IRA Xxxx XXX by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must generally begin by December 31 of the first calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may delay the first distribution until December 31 of the year you would have attained age 70½ (if your date of birth is before July 1, 1949), age 72 (if your date of birth is after June 30, 1949 and before January 1, 1951), age 73 (if your date of birth is after December 31, 1950 and before January 1, 1960), or age 75 (if your date of birth is after December 31, 1959), if later. If your designated beneficiary is not an individual or a qualified trust, your IRA Xxxx XXX must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of their portion of the IRAXxxx XXX. Elections must generally be made by December 31 of the year following your death. If timely elections are not made, your beneficiary is required to take distributions according to the applicable default provision. The default distribution option for designated beneficiaries who are individuals is the life expectancy option and the default distribution option for designated beneficiaries that are not individuals is the 5-year rule 5‐year rule. If your surviving spouse is the sole designated beneficiary of your IRAXxxx XXX, they may treat your IRA Xxxx XXX as their own IRA Xxxx XXX by redesignating your IRA Xxxx XXX as their own IRAXxxx XXX, failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is the sole designated beneficiary, they may roll distributions from your IRA Xxxx XXX into their own IRA Xxxx XXX generally within 60 days of receipt. Additional restrictions may apply. Pursuant to the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), certain beneficiaries taking distributions in accordance with the 5-year 5‐year rule are afforded an extra year to complete distribution from the Inherited IRA.