Death After Required Beginning Date. If the Participant dies on or after his or her Required Beginning Date and the Participant has a designated beneficiary, the balance in the Participant’s Account will be distributed to his or her beneficiary over a period not longer than the beneficiary's single life expectancy. These distributions must commence no later than December 31st of the calendar year following the calendar year of the Participant’s death. If the Participant dies on or after his or her Required Beginning Date and the Participant does not have a designated beneficiary, the balance in the Participant’s Account must be distributed over a period that does not exceed his or her remaining single life expectancy determined in the year of the Participant’s death. However, the Required Minimum Distribution for the calendar year that contains the date of the Participant’s death is still required to be distributed. Such amount is determined as if the Participant were still alive throughout that year. If the Participant’s spouse is his or her sole beneficiary, the spouse may elect to treat the Participant’s Account as his or her own Account, whether the Participant dies before or after his or her Required Beginning Date. If the Participant dies after his or her Required Beginning Date and his or her spouse elects to treat the Participant’s Account as his or her own Account, any Required Minimum Distribution that has not been distributed for the year of the Participant’s death must still be distributed to his or her surviving spouse and then the remaining balance can be treated as the spouse's own Account. After the Participant’s death, his or her 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 the Participant does not properly designate a beneficiary, or all designated beneficiaries have predeceased the Participant, his or her spouse shall become the beneficiary or, if no surviving spouse or unmarried, the distribution will be made to the Participant’s estate.
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Samples: Custodial Agreement, Pacific Funds, Custodial Agreement