Distribution of Death Benefit. Generally, if the Plan beneficiary is the Participant's surviving spouse, distribution of the death benefit must begin no later than the year the Participant would have attained age 70 1/2 or any other date allowed under federal law or regulations. If the Plan beneficiary is not the Participant's surviving spouse, generally, the death benefit must be used to purchase Annuity payments within one year of the year of the Participant's death or otherwise paid within five years of the year of the Participant's death. Annuity payments to a Plan beneficiary may not extend beyond the period specified in the Code.
Appears in 8 contracts
Samples: Retirement Plan Services Agreement, VARIABLE ANNUITY ACCT C OF VOYA RETIREMENT INSURANCE & ANNUITY Co, Aetna Logo (Aetna Life Insurance & Annuity Co /Ct)
Distribution of Death Benefit. Generally, if the Plan beneficiary is the Participant's surviving spouse, distribution of the death benefit must begin no later than the year the Participant would have attained age 70 1/2 or any other date allowed under federal law or regulations. If the Plan beneficiary is not the Participant's surviving spouse, generally, the death benefit must be used to purchase Annuity payments within one year of the year of the Participant's death or otherwise paid within five years of the year of the Participant's death. Annuity payments to a Plan beneficiary may not extend beyond the period specified in the Code.. G-CDA-10 14 Part II. Annuity Phase
Appears in 2 contracts
Samples: Variable Annuity Acct C of Ing Life Insurance & Annuity Co, Variable Annuity Acct C of Ing Life Insurance & Annuity Co
