Beneficiary Payouts Sample Clauses

Beneficiary Payouts. Your designated beneficiary is determined based on the beneficiary(ies) designated as of the date of your death who remains your beneficiary(ies) as of September 30 of the year following the year of your death. The entire amount remaining in your account will, at the election of your beneficiary(ies), either 1. Be distributed by December 31 of the year containing the fifth anniversary of your death, or 2. Be distributed over the remaining life expectancy of your designated beneficiary(ies). If your spouse is your sole designated beneficiary, he or she must elect either option (1) or (2) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year you would have attained age 70½. Your designated beneficiary(ies), other than a spouse who is the sole designated beneficiary, must elect either option (1) or (2) 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 (2). In the case of distributions under option (2), 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 70½, if later. If a beneficiary(ies) other than an individual or qualified trust as defined in the Regulations is named, you will be treated as having no designated beneficiary(ies) of your ▇▇▇▇ ▇▇▇ for purposes of determining the distribution period. If there is no designated beneficiary of your ▇▇▇▇ ▇▇▇, the entire ▇▇▇▇ ▇▇▇ must be distributed by December 31 of the year containing the fifth anniversary of yourdeath. A spouse who is the sole designated beneficiary of your entire ▇▇▇▇ ▇▇▇ will be deemed to elect to treat your ▇▇▇▇ ▇▇▇ as his or her own by either (1) making contributions to your ▇▇▇▇ ▇▇▇ or (2) failing to timely remove a required minimum distribution from your ▇▇▇▇ ▇▇▇. Regardless of whether or not the spouse is the sole designated beneficiary of your ▇▇▇▇ ▇▇▇, a spouse beneficiary may roll over his or her share of the assets to his or her own ▇▇▇▇ ▇▇▇. If we so choose, for any reason (e.g., due to limitations of our charter or bylaws), we may require that a beneficiary of a deceased ▇▇▇▇ ▇▇▇ owner take total distribution of all ▇▇▇▇ ▇▇▇ assets by December 31 of the year following the year of death. If your beneficiary fails to remove a required minimum distribu...
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Beneficiary Payouts. 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. The entire amount remaining in your account will, at the election of your designated beneficiaries, either 1. be distributed by December 31 of the year containing the fifth anniversary of your death, or 2. be distributed over the remaining life expectancy of your designated
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Related to Beneficiary Payouts

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • 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.

  • 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.

  • 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.