Common use of Commencement of Death Benefits Clause in Contracts

Commencement of Death Benefits. Upon the death of the Participant, the following distribution provisions shall take effect: (i) If the Participant dies after distribution of his or her interest has commenced, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to the Participant's death. Upon the death of the Participant's Beneficiary, any undistributed interest shall be paid to the legal representatives of such Beneficiary's estate. (ii) If the Participant dies before distribution of his or her interest commences, the Participant's entire interest will be distributed by December 31 of the calendar year in which falls the fifth anniversary of the Participant's death except to the extent that an election is made to receive distributions in accordance with (1) or (2) below: (1) If any portion of the Participant's interest is payable to a Designated Beneficiary, distributions may be made in substantially equal installments over the life or over a period certain not greater than the life expectancy of the Designated Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Participant died. (2) If the Designated Beneficiary is the Participant's surviving spouse, the date distributions are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Participant died and (B) December 31 of the calendar year in which the Participant would have attained age seventy and one-half (70-1/2). If the Participant has not made an election pursuant to this Section 8.5(d)(ii) by the time of his or her death, the Participant's Designated Beneficiary must elect the method of distribution no later than the earlier of (1) December 31 of the calendar year in which distributions would be required to begin under this Section, or (2) December 31 of the calendar year which contains the fifth anniversary of the date of death of the Participant. If the Participant has no Designated Beneficiary, or if the Designated Beneficiary does not elect a method of distribution, distribution of the Participant's entire interest must be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death. (iii) For purposes of Section 8.5(d)(ii) above, if the surviving spouse dies after the Participant, but before payments to such spouse begin, the provisions of Section 8.5(d)(ii), with the exception of subparagraph (2) thereof, shall be applied as if the surviving spouse were the Participant. (iv) For purposes of this Section 8.5(d), any amount paid to a child of the Participant will be treated as if it had been paid to the Surviving Spouse if the amount becomes payable to the Surviving Spouse when the child reaches the age of majority. (v) For purposes of this Section 8.5(d), distribution of a Participant's interest is considered to begin on the Participant's Required Beginning Date (or, if Section 8.5(d)(iii) above is applicable, the date distribution is required to begin to the surviving spouse pursuant to Section 8.5(d)(ii) above). If distribution in the form of an annuity irrevocably commences to the Participant before the Required Beginning Date, the date distribution is considered to begin is the date distribution actually commences.

Commencement of Death Benefits. Upon the death of the Participant, the following distribution provisions shall take effect: (i) If the Participant dies after distribution of his or her interest has commenced, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to the Participant's death. Upon the death of the Participant's Beneficiary, any undistributed interest shall be paid to the legal representatives of such Beneficiary's estate. (ii) If the Participant dies before distribution of his or her interest commences, the Participant's entire interest will be distributed by December 31 of the calendar year in which falls the fifth anniversary of the Participant's death except to the extent that an election is made to receive distributions in accordance with (1) or (2) below: (1) If any portion of the Participant's interest is payable to a Designated Beneficiary, distributions may be made in substantially equal installments over the life or over a period certain not greater than the life expectancy of the Designated Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Participant died. (2) If the Designated Beneficiary is the Participant's surviving spouse, the date distributions are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Participant died and (B) December 31 of the calendar year in which the Participant would have attained age seventy and one-half (70-70 1/2). If the Participant has not made an election pursuant to this Section 8.5(d)(ii) by the time of his or her death, the Participant's Designated Beneficiary must elect the method of distribution no later than the earlier of (1) December 31 of the calendar year in which distributions would be required to begin under this Section, or (2) December 31 of the calendar year which contains the fifth anniversary of the date of death of the Participant. If the Participant has no Designated Beneficiary, or if the Designated Beneficiary does not elect a method of distribution, distribution of the Participant's entire interest must be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death. (iii) For purposes of Section 8.5(d)(ii) above, if the surviving spouse dies after the Participant, but before payments to such spouse begin, the provisions of Section 8.5(d)(ii), with the exception of subparagraph (2) thereof, shall be applied as if the surviving spouse were the Participant. (iv) For purposes of this Section 8.5(d), any amount paid to a child of the Participant will be treated as if it had been paid to the Surviving Spouse if the amount becomes payable to the Surviving Spouse when the child reaches the age of majority. (v) For purposes of this Section 8.5(d), distribution of a Participant's interest is considered to begin on the Participant's Required Beginning Date (or, if Section 8.5(d)(iii) above is applicable, the date distribution is required to begin to the surviving spouse pursuant to Section 8.5(d)(ii) above). If distribution in the form of an annuity irrevocably commences to the Participant before the Required Beginning Date, the date distribution is considered to begin is the date distribution actually commences.