Common use of Beneficiary of a Xxxx XXX Clause in Contracts

Beneficiary of a Xxxx XXX. If you are a beneficiary of a Xxxx XXX, your required minimum distribution options are described in Article V of this agreement. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you are a surviving spouse beneficiary of a Xxxx XXX, you also will be entitled to such additional beneficiary payment options as are granted under the Code or applicable regulations. If you have previously made a distribution election with the prior inherited retirement plan or Xxxx XXX, you may not extend the distribution period for that election by moving it to an inherited Xxxx XXX. An exception applies if you have inherited an eligible employer-sponsored retirement plan and previously elected or defaulted to the five-year rule. The five-year rule payment election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited Xxxx XXX. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited Xxxx XXX to you in a single sum payment • Determine your required minimum distribution from your inherited Xxxx XXX each year based on your life expectancy, calculated using the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Beneficiary of a Xxxx XXX. If you are a beneficiary of a Xxxx XXX, your required minimum distribution options are described in Article V of this agreement. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you are a surviving surviv- ing spouse beneficiary of a Xxxx XXX, you also will be entitled to such additional beneficiary payment options as are granted under the Code or applicable regulations. If you have previously made a distribution election with the prior inherited retirement plan or Xxxx XXX, you may not extend the distribution period for that election by moving it to an inherited Xxxx XXX. An exception applies if you have inherited an eligible employer-sponsored retirement plan and previously elected or defaulted to the five-year rule. The five-year rule payment election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited Xxxx XXX. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. : • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited Xxxx XXX to you in a single sum payment • Determine your required minimum distribution from your inherited in- herited Xxxx XXX each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.