Death of Xxxx XXX. Owner Before January 1, 2020 – 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 (a) be distributed by December 31 of the year containing the fifth anniversary of your death, or (b) be distributed over the remaining life expectancy of your Designated Beneficiaries. If your spouse is your sole Designated Beneficiary, he or she must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. Your Designated Beneficiaries, other than a spouse who is the sole Designated Beneficiary, must elect either option (a) or (b) 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 (b). In the case of distributions under option (b), 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 72 (70½ if you would have attained 70½ before 2020), if later. If a Beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no Designated Beneficiary of your Xxxx XXX for purposes of determining the distribution period. If there is no Designated Beneficiary of your Xxxx XXX, the entire Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of your death.
Appears in 42 contracts
Samples: Ira Prototype Plan Agreement, Ira Prototype Plan Agreement, Ira Prototype Plan Agreement
