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Common use of Death Benefit Default Provisions Clause in Contracts

Death Benefit Default Provisions. (a) If the Applicant/Plan Participant dies before his or her required beginning date and the beneficiary does not select a method of distribution described in Article IV, Section 4.03(b)(i) or (ii) by the December 31st following the year of the Applicant/Plan Participant's death, then distributions will be made pursuant to the single life expectancy of the designated beneficiary determined in accordance with IRS regulations. However, no payment will be made until the beneficiary provides Custodian with a proper distribution request in form and substance acceptable to Custodian and other documentation that may be required by Custodian. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial account. Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the account. (b) If the Applicant/Plan Participant dies on or after his or her required beginning date, distribution shall be made in accordance with Article IV, Section 4.03 (a). However, no payment will be made until the beneficiary provides custodian with a proper distribution request in form and substance acceptable to Custodian and other documentation that may be required by Custodian. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial account. Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the account.

Appears in 4 contracts

Samples: Custodial Agreement, Traditional Individual Retirement Custodial Agreement, Custodial Agreement

Death Benefit Default Provisions. (a) If the Applicant/Plan Participant Depositor dies before his or her the Depositor’s required beginning date Beginning Date, and the beneficiary does not select a method of distribution described in Article IV, Section 4.03(b)(i) or (ii) by the December 31st following the year of the Applicant/Plan ParticipantDepositor's death, then distributions will be made pursuant to the single life expectancy of the designated beneficiary Designated Beneficiary determined in accordance with IRS regulations. However, no payment will be made until the beneficiary provides the Custodian with a proper distribution request in form and substance acceptable to the Custodian and other documentation that may be required by the Custodian. A beneficiary may at any time request a complete distribution of his or her the Depositor’s remaining interest in the custodial accountCustodial Account. The Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the accountCustodial Account. (b) If the Applicant/Plan Participant Depositor dies on or after his or her the Depositor’s required beginning dateBeginning Date, as required by the Code, a distribution shall be made in accordance with Article IV, Section 4.03 (a4.03(a). However, no payment will be made until the beneficiary provides custodian the Custodian with a proper distribution request in form and substance acceptable to the Custodian and other documentation that may be required by the Custodian. A beneficiary may at any time request a complete distribution of his or her the Depositor’s remaining interest in the custodial accountCustodial Account. The Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the accountCustodial Account.

Appears in 3 contracts

Samples: Simplified Employee Pension Plan Agreement, Coverdell Education Savings Account Custodial Agreement, Custodial Agreement

Death Benefit Default Provisions. (a) If the Applicant/Plan Participant Depositor dies before his or her required beginning date and the beneficiary does not select a method of distribution described in Article IV, Section 4.03(b)(i) or (ii) by the December 31st following the year of the Applicant/Plan ParticipantDepositor's death, then distributions will be made pursuant to the single life expectancy of the designated beneficiary Designated Beneficiary determined in accordance with IRS regulations. However, no payment will be made until the beneficiary provides the Custodian or Administrator with a proper distribution request in form and substance acceptable to the Custodian or Administrator and other documentation that may be required by Custodianthe Custodian or Administrator. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial accountCustodial Account. The Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the accountCustodial Account. (b) If the Applicant/Plan Participant Depositor dies on or after his or her required beginning date, distribution shall be made in accordance with Article IV, Section 4.03 (a4.03(a). However, no payment will be made until the beneficiary provides custodian the Custodian or Administrator with a proper distribution request in form and substance acceptable to the Custodian or Administrator and other documentation that may be required by Custodianthe Custodian or Administrator. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial accountCustodial Account. The Custodian reserves the right to require a minimum balance in the account in order to make periodic payments from the accountCustodial Account.

Appears in 1 contract

Samples: Traditional Individual Retirement Custodial Account Agreement