Distributions Before Death Sample Clauses

Distributions Before Death. (i) Notwithstanding any provision of this contract to the contrary, the distribution of the Owner’s interest in the contract shall be made in accordance with the requirements of section 401(a)(9) of the Internal Revenue Code and the regulations thereunder, the provisions of which are incorporated herein by reference. The required minimum distributions calculated for this contract can be withdrawn from another former pension annuity of the Owner. (ii) The entire interest in the contract will commence to be distributed no later than the first day of April following the later of the calendar year in which the Owner attains age 70 1/2 or the calendar year in which the Owner retires from employment with the employer maintaining the plan (the “required beginning date”) over the life of the Owner or the lives of the Owner and his or her designated beneficiary. (iii) The amount to be distributed each year, beginning with the first distribution calendar year and continuing through the year of death, shall not be less than the quotient obtained by dividing the interest in the contract (as determined under paragraph(b)(iii)) as of the end of the preceding year by the distribution period in the Uniform Lifetime Table in Q&A-2 of section 1.401(a)(9)-9 of the Income Tax Regulations, using the Owner’s age as of his or her birthday in the year. However, if the Owner’s sole designated beneficiary is his or her surviving spouse and such spouse is more than 10 years younger than the Owner, the distribution period is determined under the Joint and Last Survivor Table in Q&A-3 of section 1.401 (a) (9)-9, using the ages as of the Owner’s and spouse’s birthdays in the year. (iv) The required minimum distribution for the first distribution calendar year can be made as late as April 1 of the following year. The required minimum distribution for any other year must be made by the end of such year. (v) If distributions are made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution is determined as follows: (A) The entire interest of the Owner will commence to be distributed no later than the required beginning date over: (1) the life of such Owner or the lives of such Owner and his or her designated beneficiary or (2) a period certain not extending beyond the life expectancy of such Owner and his or her designated beneficiary. Payments must be made in periodic payments at intervals of no longer than 1 year and must be either nonincreasing or ...
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Distributions Before Death. The Owner's entire interest in the policy must be distributed, or begin to be distributed, by the Owner's required beginning date, which is the April 1 following the calendar year in which the Owner reaches age 70. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date, the Owner may elect to have the balance in the policy distributed in one of the following forms: (a) a single sum payment; (b) equal or substantially equal payments over the life of the Owner; (c) equal or substantially equal payments over the lives of the Owner and his or her designated beneficiary; (d) equal or substantially equal payments over a specified period that may not be longer than the Owner's life expectancy; (e) equal or substantially equal payments over a specified period that may not be longer than the joint life and last survivor expectancy of the Owner and his or her designated beneficiary. All distributions made hereunder shall be made in accordance with section 408(a)(6) or section 408(b)(3) of the Code and the regulations thereunder, including the incidental death benefit requirements of section 401(a)(9) of the Code, the minimum distribution incidental benefit requirement of Prop. Treas. Reg. ss.1.401(a)(9)-2, and the regulations thereunder. Payments must be either non-increasing or may increase only in accordance with Prop. Treas. Reg. ss.1.401(a)(9)-1, Q&A F-3. Life expectancy is computed by use of the expected return multiples in Tables V and VI of section 1.72-9 of the Income Tax Regulations. Unless otherwise elected by the Owner by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the individual and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such Beneficiary during the calendar year in which the Beneficiary attains age 70 1/2, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated.
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Distributions Before Death. (a) Notwithstanding any provision of the contract to the contrary, the distribution of the Contractholder's interest in the contract shall be made in accordance with the requirements of Code Section 408(b)(3) and the regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of the interest in the contract (as determined under section 4.7(d)) must satisfy the requirements of Code Section 408(a)(6) and the regulations thereunder, rather than paragraphs (b), (c) and (d) below and section 4.7. (b) The Contractholder's entire interest shall commence to be distributed no later than the first day of April following the calendar year in which the Contractholder attains age 70 1/2 over (1) the life of the Contractholder or the lives of the Contractholder and his designated beneficiary or (2) a period certain not extending beyond the life expectancy of the Contractholder or the joint and last survivor expectancy of the Contractholder and his designated beneficiary. Payments shall be made in periodic payments at intervals of no longer than 1 year and must be either nonincreasing or they may increase only as provided in Q&As- 1 and -4 of Section 1.401(a)(9)-6T of the Temporary Income Tax Regulations. In addition, any distribution must satisfy the incidental benefit requirements specified in Q&A-2 of Section 1.401(a)(9)-6T. (c) The distribution periods described in (b) above cannot exceed the periods specified in Section 1.401(a)(9)-6T of the Temporary Income Tax Regulations. (d) The first required payment can be made as late as April 1 of the year following the year the Contractholder attains age 70 1/2 and must be the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval.
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Distributions Before Death. No amount is required to be distributed prior to the death of the person for whose benefit the contract was originally established. VM-YR-XXXXX XXX (07) Contract Number: [C1234567 ]
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Distributions Before Death. Notwithstanding any provision of this contract to the contrary, the distribution of the Participant's interest in the contract will be made in accordance with the requirements of Code Section 408(b)(3) and the regulations issued thereunder. If distributions are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of the Participant's interest in the contract (as determined above under Subsection (a)(3) of "Death Benefits") must satisfy the requirements of Code Section 408(a)(6) and the regulations issued thereunder, rather than the requirements of Subsections (b), (c), and (d) below and "Death Benefits" above.
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Distributions Before Death. (a) Notwithstanding any provision of this contract to the contrary, the distribution of the Owner’s interest in the contract shall be made in accordance with the requirements of Code section 408(b)(3) and the regulations thereunder, the provisions of which are incorporated herein by reference. The required minimum distributions calculated for this contract can be withdrawn from another individual retirement arrangement of the Owner in accordance with Q&A-9 of section 1.408-8 of the Income Tax Regulations.
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Distributions Before Death. (a) Notwithstanding any provision of this contract to the contrary, the distribution of the Participant's interest in the contract will be made in accordance with the requirements of Code Section 408(b)(3) and the regulations issued thereunder. If distributions are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of the Participant's interest in the contract (as determined above under Section 5.2(b)(3)) must satisfy the requirements of Code Section 408(a)(6) and the regulations issued thereunder, rather than the requirements of Subsections (b), (c), and (d) below and Section 5.2 above. (b) The Participant's entire interest will begin to be distributed no later than the first day of April following the calendar year in which the Participant attains age 70 1/2 (the "required beginning date") over (1) the life of the Participant or the lives of the Participant and his designated beneficiary or (2) a period certain not extending beyond the life expectancy of the Participant or the joint and last survivor expectancy of the Participant and his designated beneficiary. Payments will be made in periodic payments at intervals of no longer than 1 year, and must be either nonincreasing or they may increase only as provided in Q&As-1 and -4 of Section 1.401(a)(9)-6T of the Temporary Income Tax Regulations. In addition, any distribution must satisfy the incidental benefit requirements specified in Q&A-2 of Section 1.401(a)(9)-6T. (c) The distribution periods described in Subsection (b) above cannot exceed the periods specified in Section 1.401(a)(9)-6T of the Temporary Income Tax Regulations. (d) The first required payment can be made as late as April 1 of the year following the year the Participant attains age 70 1/2, and must be the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval.]
Sample 1
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Distributions Before Death. (a) Notwithstanding anything in the Contract to the contrary, the Owner shall begin receiving required minimum distributions (“RMDs”) as of his or her required beginning date, which is April 1 of the calendar year following attainment of age 70 1⁄2; RMDs made under this Contract will only be made in a manner consistent with Code section 401(a)(9), as modified by Code section 408(d)(3). If distributions are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of the interest in the XXX must satisfy the requirements of Code § 408(a)(6) and the regulations thereunder, rather than paragraphs (b), (c) and (d) below and section 11.
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Distributions Before Death 
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Related to Distributions Before Death

  • Discussions Before Termination (a) Where an employer has made a definite decision that the employer no longer wishes the job the employee has been doing done by anyone and this is not due to the ordinary and customary turnover of labour and that decision may lead to termination of employment, the employer shall hold discussions with the employees directly affected and with his/her union, where applicable. (b) The discussion shall take place as soon as is practicable after the employer has made a definite decision which will invoke the provisions of paragraph (a) of this subclause and shall cover among other things, any reasons for the proposed terminations, measures to avoid or minimise the terminations and measures to minimise any adverse affect of any terminations on the employees concerned. The employer will confirm the content of these discussions in writing.

  • Distribution at Death If the Executive dies prior to the payment of his or her Distributable Balance, the Executive’s Distributable Balance immediately shall become payable in full to the Executive’s Designated Beneficiary (as determined under paragraph 4) (irrespective of the payment date elected by the Executive in paragraph 3(b)). Payment shall be made at the time determined by the Company within sixty (60) days following the Executive’s death.

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • DEDUCTIONS FROM SALARY A. The Board agrees to deduct from teachers' salaries unified membership dues for Xxxxxxxxx County Teachers Association, the Maryland State Education Association and the National Education Association as said teachers individually and voluntarily authorize to deduct through an appropriate written authorization form prepared by the Association and approved by the Human Resources Division. The Board agrees to transmit such monies promptly to the Association. 1. Deductions shall be made in twenty (20) equal installments beginning in August and ending in June of each year. For new enrollees, deductions shall be made in sixteen (16) equal installments beginning in October. The Board will not be required to honor any authorizations that are delivered to it later than fifteen (15) working days prior to the distribution of the November payroll, except for authorized deductions for first-year teachers, delivered after the distribution of the November payroll whose deductions will be made in equal installments computed in accordance with the number of pay periods remaining in that school year. 2. The Association will certify to the Board in writing the current rate of membership dues. The Association will give the Board thirty (30) days written notice prior to the effective date of any change in the rate of dues. 3. No later than October 1 of each year, the Board will provide the Association with a list of those teachers from whom dues were deducted on the first payroll. The Board will provide a similar list from the November 15 payroll not later than December 1. 4. In the event that a teacher terminates employment, the Board shall deduct the balance of the unpaid dues for the current membership year from the teacher's final pay check and transmit these dues promptly to the Association. B. Payroll deductions will be available at the request of the teacher for the plans listed below and XXXXX. Except in case of an emergency, the Board shall distribute all monies from payroll deduction accounts to the proper recipients within ten (10) workdays of its deduction following the pay date. 1. 403(b) and 457(b) Programs A list of companies authorized to offer 403(b) and 457(b) products to the employees of the Board will be made available to all employees by September 1 of each fiscal year beginning July 1. The number of authorized companies for which payroll deductions will be made will be determined by the insurance council. The insurance council will recommend a number of providers deemed sufficient to provide an adequate array of eligible investment products for the benefit of all employees. In order to be eligible for inclusion on this authorized list, the companies must meet the following criteria: a. A company must submit a written explanation of their company background, administrative capabilities, products and services for consideration by the insurance council. b. The insurance council will recommend to both the Board and the Association companies that should be on the authorized list. c. When a new company is added to the list before payroll begins, the company must initially sign up a minimum of ten (10) employees. Once the minimum number of employees is signed up, payroll deductions will begin as soon as practical. Approved service-fee based providers must sign up additional employees following the minimum participants schedule listed below for the first three (3) years: Year 1 – minimum of 15 employees Year 2 – minimum of 30 employees Year 3 – minimum of 50 employees After year three (3), if at any time an approved service-fee based provider drops below fifty (50) employees participating in its program for six (6) consecutive months during the school year, it will be dropped from the authorized list of companies at the end of the particular fiscal year in which such event occurs. No- load based providers will not be required to maintain a minimum number of participants due to the lack of on-site marketing. d. At any time the service-fee based company fails to meet this requirement by decision of the insurance council, it can be dropped from the list of authorized companies. At any time, a company fails to comply with IRS regulations, by decision of the insurance council, it can be dropped from the list of authorized companies. 2. Insurance plans approved by the Association and the Board. 3. Teachers desiring payroll deductions for XXXXX shall notify the Board in writing with fifteen

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

  • Distributions Upon Income Inclusion Under Section 409A of the Code Upon the inclusion of any portion of the benefits payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

  • Education Leave Without Pay The Employer recognizes the usefulness of education leave. Upon written application by the employee and with the approval of the Employer, an employee may be granted education leave without pay for varying periods of up to one (1) year, which can be renewed by mutual agreement, to attend a recognized institution for studies in some field of education in which preparation is needed to fill the employee’s present role more adequately or to undertake studies in some field in order to provide a service which the Employer requires or is planning to provide.

  • INCOME FROM EMPLOYMENT 1. Subject to the provisions of Articles 16, 18 and 19, salaries, wages and other similar remuneration derived by a resident of a Contracting State in respect of an employment shall be taxable only in that State unless the employment is exercised in the other Contracting State. If the employment is so exercised, such remuneration as is derived therefrom may be taxed in that other State. 2. Notwithstanding the provisions of paragraph 1, remuneration derived by a resident of a Contracting State in respect of an employment exercised in the other Contracting State shall be taxable only in the first-mentioned State if: a) the recipient is present in the other State for a period or periods not exceeding in the aggregate 183 days in any twelve month period commencing or ending in the fiscal year concerned, and b) the remuneration is paid by, or on behalf of, an employer who is not a resident of the other State, and c) the remuneration is not borne by a permanent establishment or a fixed base which the employer has in the other State. 3. Notwithstanding the preceding provisions of this Article, remuneration derived in respect of an employment exercised aboard a ship or aircraft operated in international traffic by an enterprise of a Contracting State may be taxed in that State.

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