Common use of Beneficiary Distribution Requirements Clause in Contracts

Beneficiary Distribution Requirements. If you die on or after January 1, 2020, how quickly the assets must be withdrawn from the Xxxx XXX by your beneficiary depends on the beneficiary type (i.e., an eligible designated beneficiary, an individual that is not an eligible designated beneficiary, a nonperson beneficiary such as a charity or other entity, or a trust beneficiary) which are defined in the chart below.