Death Distributions. If you die and you have a designated beneficiary, the balance in your Xxxx XXX will be distributed to your beneficiary over the beneficiary's single life expectancy. These distributions must commence no later than December 31st of the calendar year following the calendar year of your death. However, if your spouse is your sole beneficiary, these distributions are not required to commence until the December 31st of the calendar year you would have attained the age of 70½, if that date is later than the required commencement date in the previous sentence. If you die and you do not have a designated beneficiary, the balance in your Xxxx XXX must be distributed no later than the December 31st of the calendar year that contains the fifth anniversary of your death.
Death Distributions. If you die on or after your required beginning date distributions must be made to your beneficiary(ies) over the longer of the single life expectancy of your designated beneficiary(ies) or your remaining life expectancy, fixed in the year of death, and nonrecalculating in subsequent years. If a beneficiary other than an individual or qualified trust as defined in the Regulations is named, you will be treated as having no designated beneficiary of your IRA for the purpose of determining the distribution period. If your IRA does not have a designated beneficiary, distributions will begin utilizing your single life expectancy, reduced by one each year thereafter. If you die before your required beginning date the entire amount remaining in your Account will, at the election of your designated beneficiary(ies), either be distributed by the December 31st of the year containing the fifth anniversary of your death or be distributed over the remaining life expectancy of your designated beneficiary(ies). If a beneficiary other than an individual or qualified trust as defined in the Regulations is named, you will be treated as having no designated beneficiary of your IRA for purposes of determining the distribution period. If there is no designated beneficiary of your IRA, the entire IRA must be distributed by the December 31st of the year containing the fifth anniversary of your death. Your designated beneficiary(ies) must make an election by the December 31st of the year following the year of your death. If no election is made the entire balance of your Account will be distributed over the remaining life expectancy of your designated beneficiary(ies). In such case distributions must commence by the December 31st of the year following the year of your death. If your spouse is the sole beneficiary of your Account, he or she will generally have the following three choices:
Death Distributions. If you die, the entire balance in your Xxxx XXX must be distributed no later than December 31st of the year containing the 5th anniversary of your death except to the extent that an election is made to receive distributions in accordance with (i) or
Death Distributions. If you die before your required beginning date and you have a designated beneficiary, the balance in your SIMPLE IRA will be distributed to your beneficiary over the beneficiary’s single life expectan- cy. These distributions must commence no later than December 31st of the calendar year following the calendar year of your death. However, if your spouse is your sole beneficiary, these distributions are not required to commence until the December 31st of the calendar year you would have attained the age of 70 1/2, if that date is later than the required com- mencement date in the previous sentence. If you die before your required beginning date and you do not have a designated beneficiary, the balance in your SIMPLE IRA must be distributed no later than the December 31st of the calendar year that contains the fifth anniversary of your death.
Death Distributions. If you die,
Death Distributions. If you die and you have a designated beneficiary, the balance in your Xxxx XXX will be distributed to your beneficiary over the beneficiary’s single life expectancy. These distributions must commence no later than December 31st of the calendar year following the calendar year of your death. However, if your spouse is your sole beneficiary, these distributions are not required to commence until the December 31st of the
Death Distributions. Custodian will rely on a certified copy of the death certificate or other evidence deemed appropriate by the Custodian that certifies the Account Owner’s death. The Custodian has no responsibility to search for beneficiaries if Account Owner does not provide beneficiary information for the IRA account. By entering into this Agreement, you authorize Custodian to rely on any representation of facts made by the legal representative of your estate, any beneficiary, or any other person or source deemed appropriate by us, in determining the identity of unnamed beneficiaries. Your estate, and any unnamed beneficiaries further understand and agree that any information or instructions provided by such persons may be reviewed with counsel and Custodian may require further documentation to determine the beneficiaries. Prior to a distribution of assets to a beneficiary or the estate of the Account Owner, Custodian reserves the right to request from the beneficiary or the estate of the Account Owner, indemnification and discharge from any liability.
Death Distributions. In the event of death prior to the commencement of benefits under this Plan, payments shall be made to the designated beneficiary of the participant, or, if none, to his or her surviving spouse, or, if no surviving spouse, to his or her estate. Such beneficiary may elect, within 60 days from the date of death whether benefits shall be paid in a lump sum or in installments over 5 to 15 years. If no such selection is made within 60 days from the date of death, benefits shall be paid in installments over 15 years. The timing of such payments shall be as in section 7 above, as if the participant severed from employment on the date of death. In the event of death subsequent to the commencement of benefits under this Plan, payment shall continue to be made, according to the schedule previously selected, and paid to the designated beneficiary of the participant, or, if none, to his or her surviving spouse, or, if none, - to his or her estate. However, such beneficiary may select, within 60 days from the date of death, to have the remaining amount paid in a lump sum. If such an election is made, such lump sum payment shall be made within 60 days after the end of the calendar year in which the participant died. Any installment payments due prior to that time shall be paid to such beneficiary in the amount otherwise expected, but shall, of course, reduce the final lump sum payment. The Employer shall maintain record of the participant’s beneficiary designation statement. Notwithstanding any provision of the Plan to the contrary, payments to a beneficiary shall be made in compliance with the requirements of Code sections 401(a)(9) and 457(d) and applicable regulations thereunder.
Death Distributions. If you die after your required beginning date, the balance in your IRA will be distributed in a manner which is at least as rapid as the method of distribution being used on the date of your death. If you die before your required beginning date, the balance in your IRA must generally be distributed within 5 years from the date of your death. However your beneficiary(ies) may elect to receive the balance in your account over the single life expectancy of your designated beneficiary if distributions begin no later than the end of the year containing the one year anniversary of your death. In addition, if your only beneficiary is your surviving spouse, distributions need not commence until December 31st of the year you would have attained age 70 1/2.
Death Distributions. If you die, the balance in your Xxxx XXX must generally be distributed no later than December 31st of the year containing the 5th anniversary of your death. However your beneficiary(ies) may elect to receive the balance in your account over the non-recalculated single life expectancy of your designated beneficiary if distributions begin no later than the end of the year containing the one year anniversary of your death. If your spouse is your sole beneficiary, your spouse is automatically deemed to assume your Xxxx XXX as their own Xxxx XXX.
