DESCRIPTION OF REQUIRED MINIMUM DISTRIBUTIONS Sample Clauses

DESCRIPTION OF REQUIRED MINIMUM DISTRIBUTIONS. RMD payments will be calculated using the uniform joint lifetime table except as follows: 1) Single life table applies for non- IRA Successor Owners, and 2) Joint life table applies for requests where your spouse’s actual age is to be used. Subject to age limits and restrictions set out below, and the additional terms and conditions stated in Section III, the owner of a 403(b) TSA, IRA, 401 Pension/Profit Sharing/401(k) plan, 457 plan, SEP-IRA, or Simple IRA qualified annuity contract may elect one of the following Required Minimum Distributions: RECALCULATION OPTION • Age Limits. You must be 70½ or older in the calendar year that you enroll. • Amount of Payments. The amount to be paid for any given year will be determined by dividing the Fair Market Value as of the end of the prior year by the life expectancy factor for the distribution year, and then subtracting any distributions already made during the current calendar year. In the case of monthly, quarterly or semi-annual payments, the amount to be paid in any given period will be equal to the remaining amount for the year divided by the number of remaining modal payments in the current calendar year. MINIMUM RECALCULATION OPTION [for 403(b) TSAs only] • Age Limits and Record Requirements. You must be the original 403(b) TSA owner and must be 70½ or older, but not more than 74, in the calendar year that you enroll. The appropriate GAIG Company must have sufficient written information to determine the 12/31/86 balance remaining in the 403(b) TSA contract. • Amount of Payments. For years ending before you reach age 75, the amount to be paid for any given year will be determined by reducing the prior year-end Fair Market Value by the 12/31/86 balance remaining in the annuity contract, then dividing by the life expectancy factor for the distribution year, and then subtracting any distributions already made during the current calendar year. In the case of monthly, quarterly or semi-annual payments, the amount to be paid in any given period will be equal to the remaining amount for the year divided by the number of remaining modal payments in the current calendar year. For years in which you will be age 75 or older, or for any year following the original owner’s death, payment amounts will be determined as outlined under the Recalculation Option above.
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Related to DESCRIPTION OF REQUIRED MINIMUM DISTRIBUTIONS

  • Required Minimum Distributions Your required minimum distribution is calculated using the uniform lifetime table in Regulations section 1.401(a)(9)-9. However, if your spouse is your sole designated beneficiary and is more than 10 years younger than you, your required minimum distribution is calculated each year using the joint and last survivor table in Regulations section 1.401(a)(9)-9. If you fail to request your required minimum distribution by your required beginning date, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire IRA to you in a single sum payment • Determine your required minimum distribution from your IRA each year based on your life expectancy, calculated using the uniform lifetime table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution.

  • How are Required Minimum Distributions Computed A required minimum distribution (“RMD”) is determined by dividing the account balance (as of the prior calendar year end) by the distribution period. For lifetime RMDs, there is a uniform distribution period for almost all IRA owners of the same age. The uniform distribution period table is based on the joint life and last survivor expectancy of an individual and a hypothetical beneficiary 10 years younger. However, if the IRA owner’s sole beneficiary is his/her spouse and the spouse is more than 10 years younger than the account owner, then a longer distribution period based upon the joint life and last survivor life expectancy of the IRA owner and spouse will apply. An IRA owner may, however, elect to take more than his/her RMD at any time.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • Qualified Reservist Distributions If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax. 10) Qualified birth or adoption. Payments from your IRA for the birth of your child or the adoption of an eligible adoptee will not be subject to the 10 percent early distribution penalty tax if the distribution is taken during the one-year period beginning on the date of birth of your child or the date on which your legal adoption of an eligible adoptee is finalized. An eligible adoptee means any individual (other than your spouse’s child) who has not attained age 18 or is physically or mentally incapable of self-support. The aggregate amount you may take for this reason may not exceed $5,000 for each birth or adoption. You must file IRS Form 5329 along with your income tax return to the IRS to report and remit any additional taxes or to claim a penalty tax exception.

  • Payroll Deduction of Fair Share Fee The Board shall deduct from the pay of all employees in the bargaining unit who elect not to become or to remain members of the Association, a Fair Share Fee for the Association’s representation of such non-members during the term of this Agreement. No non-member filing a timely demand shall be required to subsidize partisan political or ideological causes not germane to the Association’s work in the realm of collective bargaining.

  • First Year Wage Adjustment Effective July 1, 2017, all salary ranges and rates shall be increased by two percent (2.0%), rounded to the nearest cent. The compensation grids for classes covered by this Agreement are contained in Appendix E-1. Employees shall convert to the new compensation grid as provided in Section 2.

  • Are There Penalties for Early Distribution from a Xxxx XXX As indicated above, earnings on your contributions, as well as amounts contributed to a Xxxx XXX as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about Xxxx XXX rules and restrictions.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

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