Common use of Distributions After Death Clause in Contracts

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s entire interest shall be completed by December 31 of the calendar year containing the fifth (5th) anniversary of the Individual’s death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2. (b) If the Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount to be distributed under paragraph (a)(i) or (a)(ii) is the quotient obtained by dividing the value of the IRA as of the end of the preceding year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Xxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent year. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s entire interest shall be completed by December 31 of the calendar year containing the fifth (5th5) anniversary of the Individual’s death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2701/2. (b) If the Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx Rxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount required to be distributed each calendar year under paragraph (a)(i) or (a)(ii) is above shall not be less than the quotient obtained by dividing the value of balance in the IRA account as of the end of the preceding calendar year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Xxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent yearapplicable life expectancy [as determined under 20.17 above]. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s 's entire interest shall be completed by December 31 of the calendar year containing the fifth (5th) anniversary of the Individual’s 's death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s 's surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2.70½. (b) If the Beneficiary is the Individual’s 's surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount to be distributed under paragraph (a)(i) or (a)(ii) is the quotient obtained by dividing the value of the IRA as of the end of the preceding year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Xxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent year. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s 's entire interest shall be completed by December 31 of the calendar year containing the fifth (5th) anniversary of the Individual’s 's death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s 's surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2.70½. (b) If the Beneficiary is the Individual’s 's surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx Rxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount to be distributed under paragraph (a)(i) or (a)(ii) is the quotient obtained by dividing the value of the IRA as of the end of the preceding year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such XxxxxxSxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent year. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s entire interest shall be completed by December 31 of the calendar year containing the fifth (5th5) anniversary of the Individual’s death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2. (b) If the Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount required to be distributed each calendar year under paragraph (a)(i) or (a)(ii) is above shall not be less than the quotient obtained by dividing the value of balance in the IRA account as of the end of the preceding calendar year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Xxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent yearapplicable life expectancy [as determined under 20.17 above]. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.

Distributions After Death. Benefits payable to a Beneficiary must be distributed or commence to be distributed from the Individual’s account in accordance with one of the following provisions: (a) Upon the death of the Individual, distribution of the Individual’s entire interest shall be completed by December 31 of the calendar year containing the fifth (5th) anniversary of the Individual’s death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below. (i) If the Individual’s interest is payable to a Beneficiary, then the entire interest of the Individual may be distributed over the life or over a period certain not greater than the life expectancy of the Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Individual died. (ii) If the Beneficiary is the Individual’s surviving Spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year in which the Individual died or (B) December 31 of the calendar year in which the Individual would have attained age 70 1/2701/2. (b) If the Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the account as his or her own Xxxx XXX. This election will be deemed to have been made if such surviving Spouse makes a regular contribution to the account, makes a rollover to or from such account, or fails to take distributions under (a) above. (c) The amount to be distributed under paragraph (a)(i) or (a)(ii) is the quotient obtained by dividing the value of the IRA as of the end of the preceding year by the remaining Life Expectancy specified in such paragraph. Life Expectancy is determined using the Single Life Table in Q&A-1 of §1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Xxxxxx’s remaining Life Expectancy for a year is the number in the Single Life Table corresponding to such Spouse’s age in the year. In all other cases, remaining Life Expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in paragraph (a)(i) or (ii) reduced by one (1) for each subsequent year. (d) the “value” of the IRA includes the amounts of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Regulations Section 1.408-9. (e) If the sole Designated Beneficiary is the Participant’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiary.