Beneficiary Distributions. Upon your death, your beneficiaries are required to take distributions according to IRC Sec. 401(a)(9) and Treasury Regulation 1.408-8. These requirements are described below.
Beneficiary Distributions. A Participant may designate a Beneficiary or Beneficiaries of the Account at any time and any such designation may be changed or revoked at any time, by written designation executed by the Participant in a form and manner prescribed by or acceptable to, and filed with, the Custodian. Such designation, change, or revocation shall be effective only upon receipt and acceptance by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such accepted designation, change, or revocation shall control. A Beneficiary designation will NOT automatically be revoked or modified due to the Participant’s divorce, legal separation, annulment or other dissolution of marriage. Following the death of the Participant, the balance of the Participant’s Account shall be distributed to the Participant’s designated Beneficiary or Beneficiaries, if any, in accordance with the provisions of Article IV of the Agreement and in accordance with the Custodian’s administrative or operational requirements and regular business practices, which may change from time to time. The Participant may request additional information concerning the Beneficiary policies and procedures from the Financial Institution. If there is no primary Beneficiary living at the time of the Participant’s death, the balance of the Participant’s Account will be payable to the surviving contingent Beneficiary or Beneficiaries designated by the Participant. If there is no Beneficiary designation on file with the Custodian, or if no primary or contingent Beneficiaries survive the Participant, the Custodian shall distribute the Account in the following order of preference:
(i) The Participant’s surviving spouse, if any
(ii) The Participant’s children, if any, in equal shares per stirpes
(iii) The Participant’s estate If the Participant designates more than one primary or contingent Beneficiary but does not specify the percentages to which such Beneficiary or Beneficiaries are entitled, payment will be made to the surviving Beneficiary or Beneficiaries in equal shares. Unless otherwise designated by the Participant in a form and manner acceptable to the Custodian, if a primary or contingent Beneficiary designated by the Participant predeceases the Participant, the deceased Beneficiary’s percentage allocation will be divided among the surviving Beneficiaries in accordance with the ratio of each surviving Beneficiary’s percentage allocation relative to the percentage allocation of all oth...
Beneficiary Distributions. Upon your death, your beneficiaries are required to take distributions according to Code Section 401(a)(9) and Regulation 1.408-8. These requirements are described below. XXXX XXX DISTRIBUTION DUE TO DEATH OF AN IRA OWNER WHEN THE DATE OF DEATH IS ON OR PRIOR TO DECEMBER 31 , 2019 – If you have properly designated a beneficiary(ies), the entire value of your Xxxx XXX must be distributed to your beneficiaries within five years after your death, unless the designated beneficiary elects in writing, no later than September 30 of the year following the year in which you die, to take distributions over their life expectancy. These distributions must commence no later than December 31 of the calendar year following the calendar year of your death. Your designated beneficiary may name a subsequent beneficiary. Any subsequent beneficiaries must take distributions at least as frequently as the original designated beneficiary, provided the original beneficiary’s date of death is on or prior to December 31, 2019. If you do not properly designate a beneficiary, or all designated beneficiaries have predeceased you, your spouse shall become the beneficiary or, if no surviving spouse or you are unmarried, your beneficiary(ies) shall be determined by the following sequence:
Beneficiary Distributions. Upon your death, your beneficiaries are required to take distributions according to IRC Sec. 401(a)(9) and Treasury Regulation 1.408-8. These requirements are described below.
1. Death of IRA Owner Before January 1, 2020—Your designated beneficiary is determined based on the beneficiaries designated as of the date of your death, who remain your beneficiaries as of September 30 of the year following the year of your death. If you die on or after your required beginning date, distributions must be made to your beneficiaries over the longer of the single life expectancy of your designated beneficiaries, or your remaining life expectancy. If a beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary of your IRA for purposes of determining the distribution period. If there is no designated beneficiary of your IRA, distributions will commence using your single life expectancy, reduced by one in each subsequent year. If you die before your required beginning date, the entire amount remaining in your account will, at the election of your designated beneficiaries, either
(a) be distributed by December 31 of the year containing the fifth anniversary of your death, or
(b) be distributed over the remaining life expectancy of your designated beneficiaries. If your spouse is your sole designated beneficiary, he or she must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. Your designated beneficiaries, other than a spouse who is the sole designated beneficiary, must elect either option (a) or (b) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of your death. Generally, if your spouse is the designated beneficiary, distributions need not commence until December 31 of the year you would have attained age 72 (age 70½ if you would have attained age 70½ before 2020), if later. If a beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary of your IRA for purposes of determining the distribution period. If there is no...
Beneficiary Distributions. Upon your death, your beneficiaries of your IRA Account are required to take distributions pursuant to Sections 401(a)(9) of the IRC and Treasury Regulation 1.408-8. These requirements are summarized as follows:
Beneficiary Distributions. Upon your death, your beneficiaries of your Xxxx XXX Account are required to take distributions pursuant to Sections 401(a)(9) of the IRC and Treasury Regulation 1.408-8. These requirements are summarized as follows:
Beneficiary Distributions. Any amounts remaining in your IRA at your death will be paid to your Beneficiar(ies). The rules that determine the distribution of the IRA balance after your death largely depend on whether the Beneficiary is considered an “eligible designated beneficiary.”
Beneficiary Distributions. DEATH OF IRA OWNER ON OR AFTER JANUARY 1, 2020
