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Common use of Distribution of Benefits Clause in Contracts

Distribution of Benefits. Notwithstanding any provision of this contract to the contrary, the distribution of an individual's interest shall be made in accordance with the minimum distribution requirements of Section 408(a)(6) or Section 408(b)(3) of the Code and the regulations thereunder, including the incidental death benefit provisions of Section 1.401(a)(9)-2 of the proposed regulations, all of which are herein incorporated by reference. Your entire interest in the account must be distributed, or begin to be distributed, by your required beginning date, which is the April 1 following the calendar year in which you reach age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date you may elect to have the balance in the account distributed in one of the following forms: 1. a single sum payment;

Appears in 3 contracts

Samples: Variable Annuity Contract (Travelers Fund Bd Iv for Variable Annuities), Variable Annuity Contract (Travelers Separate Account Pf for Variable Annuities), Variable Annuity Contract (Travelers Separate Account Pf Ii for Variable Annuities)

Distribution of Benefits. Notwithstanding any provision of this contract to the contrary, the distribution of an individual's interest shall be made in accordance with the minimum distribution requirements of Section 408(a)(6) or Section 408(b)(3) of the Code and the regulations thereunder, including the incidental death benefit provisions of Section 1.401(a)(9)-2 of the proposed regulations, all of which are herein incorporated by reference. Your entire interest in the account must be distributed, or begin to be distributed, by your required beginning date, which is the April 1 following the calendar year in which you reach age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date you may elect to have the balance in the account distributed in one of the following forms: 1. a single sum payment;

Appears in 1 contract

Samples: Variable Annuity Contract (Travelers Fund Bd Iv for Variable Annuities)