Common use of Distributions Upon Death Clause in Contracts

Distributions Upon Death. Upon the death of the Individual, his or her entire interest will be distributed at least as rapidly as follows: (a) If the Designated Beneficiary is someone other than the Individual’s surviving Spouse, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the Designated Beneficiary’s age as of his or her birthday in the year following the year of the Individual’s death, or, if the distributions are being made over the period described in (c) below if longer. (b) If the Individual’s sole Designated Beneficiary is the Individual’s surviving Spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death (or by the end of the calendar year in which the Individual would have attained age 70 1/2, if later), over such Xxxxxx’s life or if elected in accordance with paragraph (c) below. If the surviving Spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Spouse’s death, over the Spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the Spouse, or if elected will be distributed in accordance with paragraph (c) below. If the surviving Spouse dies after the distributions are required to begin, any remaining interest will be distributed over the Spouse’s remaining life expectancy determined using the Spouse’s age as of his or her birthday in the year of the Spouse’s death. (c) If there is no Designated Beneficiary, or if applicable by operation of paragraph (a) or (b) above, the remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the Individual’s death [or of the Spouse’s death in the case of the surviving Spouse’s death before distributions are required to begin under paragraph (b) above] over the Individual’s remaining life expectancy determined in the year of the Individual’s death. (d) The amount to be distributed each year under paragraph (a), (b) or (c), beginning with the calendar year following the calendar year of the Individual’s death, 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 Regulations Section 1.401(a)(9)-9. (e) If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Spouse’s remaining life expectancy for a year is the number in the Single Life Table corresponding to the 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 (a) or (b) and reduced by one (1) for each subsequent year. (f) The value of the IRA includes the amount of any outstanding rollover, transfer, and recharacterization under Q&As-7 and –8 of Regulations Section 1.408-8. (g) If the sole Designated Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. The 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 Upon Death. Upon Generally, by December 31 follow- ing the death year in which the Participant dies, distributions to the designated Beneficiary (if an individual) must have begun. Generally, the required minimum distribution amount for a Beneficiary will be determined by dividing the Beneficiary’s interest in the Xxxx XXX as of the Individualend of the preceding year by the appropriate number in the Single Life Table found in the IRS Treasury Regulations corresponding to the Beneficiary’s age in the year after the year of the Grantor’s death and reduced by one for each subsequent calendar year. If distribu- tions to an individual Beneficiary have not begun by December 31 following the year in which the Grantor died, his or her the entire interest will account must then be distributed at least as rapidly as follows: (a) If by December 31 of the Designated year containing the fifth anniversary of the Grantor’s death. However, if the Grantor’s sole designated Beneficiary is someone other than the IndividualGrantor’s surviving Spousespouse, distributions to the remaining interest will be distributed, starting surviving spouse must begin by the end of the calendar year following the calendar calen- dar year of the Individual’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the Designated Beneficiary’s age as of his or her birthday in the year following the year of the Individual’s death, or, if the distributions are being made over the period described in (c) below if longer. (b) If the Individual’s sole Designated Beneficiary is the Individual’s surviving Spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the IndividualGrantor’s death (or by the end of the calendar year in which the Individual Grantor would have attained age 70 1/2701⁄2, if later), . Distributions will be made over such Xxxxxxspouse’s life or if elected in accordance with paragraph (c) below. If the surviving Spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Spouse’s death, over the Spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the Spouse, or if elected will be distributed in accordance with paragraph (c) below. If the surviving Spouse dies after the distributions are required to begin, any remaining interest will be distributed over the Spouse’s remaining life expectancy determined using the Spouse’s age as of his or her birthday in the year of the Spouse’s death. (c) If there is no Designated Beneficiary, or if applicable by operation of paragraph (a) or (b) above, the remaining entire interest will be distributed by the end of the calendar year containing con- taining the fifth anniversary of the IndividualGrantor’s death [(or of the Spousespouse’s death in the case of the surviving Spousespouse’s death before distributions are required to begin under paragraph (b) above] over begin). A special transition rule permits a Beneficiary who did not start receiving distributions as required above to switch to using the IndividualBeneficiary’s remaining life expectancy determined in the year of the Individual’s death. (d) The amount to be distributed each year under paragraph (a), (b) or (c), beginning with the calendar year following the calendar year of the Individual’s death, 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 Regulations Section 1.401(a)(9)-9. (e) If distributions are being made to a surviving Spouse as the sole Designated distribution period if the amounts that would have been distributed to the Beneficiary based on the Beneficiary, such Spouse’s remaining life expectancy for a year is all years after the number in the Single Life Table corresponding Grantor’s death are distributed to the Spouse’s age Beneficiary no later than December 31, 2003, or, if earlier, the expiration of the five-year period. If your Beneficiary does not start taking distributions in accor- dance with the above, your Beneficiary may be subject to a penalty tax of 50% on the difference between the minimum required distribution for the taxable year and the amount actu- ally received during such year. In all other casesNote that the 5-taxable-year-period in force for determining a qualified distribution from the Grantor’s Xxxx XXX, remaining life expectancy also applies to beneficiary distributions; this 5-taxable-year-period does not restart or change upon death of the Grantor. However, the 5- taxable-year-period for a year Xxxx XXX held by an individual as a Beneficiary of a deceased Xxxx XXX Xxxxxxx is the number in the Single Life Table corresponding to the Beneficiary’s age in the year specified in (a) or (b) and reduced by one (1) for each subsequent year. (f) The value determined independently of the IRA includes 5-taxable-year-period for the amount of any outstanding rolloverbeneficia- ry’s own Xxxx XXX(s). Under this Plan, transfer, and recharacterization under Q&As-7 and –8 of Regulations Section 1.408-8. (g) If the sole Designated Beneficiary is the Individual’s a surviving Spouse, the Spouse spouse may elect to treat the IRA account as his or her own IRAXxxx XXX only if that election is made in writing to the Trustee. The election If the surviving spouse does not elect to treat the account as his or her own, such surviving spouse may not make regular or rollover contributions to the account, and there will be no deemed election to have been made if such Surviving Spouse makes a contribution to treat the IRA account as his or fails her own by the failure of the spouse to take any required minimum distributions as from the account. Alternatively, a Beneficiarysurviving spouse Beneficiary may take distri- bution of the Xxxx XXX account and, if eligible, roll it over into his or her own Xxxx XXX.

Distributions Upon Death. Upon the death of the Individual, his or her entire interest will be distributed at least as rapidly as follows: (a) If the Designated Beneficiary is someone other than the Individual’s 's surviving Spouse, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the Designated Beneficiary’s 's age as of his or her birthday in the year following the year of the Individual’s 's death, or, if the distributions are being made over the period described in (c) below if longer. (b) If the Individual’s sole Designated Beneficiary is the Individual’s 's surviving Spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death (or by the end of the calendar year in which the Individual would have attained age 70 1/270½, if later), over such Xxxxxx’s life or if elected in accordance with paragraph (c) below. If the surviving Spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Spouse’s death, over the Spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the Spouse, or if elected will be distributed in accordance with paragraph (c) below. If the surviving Spouse dies after the distributions are required to begin, any remaining interest will be distributed over the Spouse’s remaining life expectancy determined using the Spouse’s age as of his or her birthday in the year of the Spouse’s death. (c) If there is no Designated Beneficiary, or if applicable by operation of paragraph (a) or (b) above, the remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the Individual’s death [or of the Spouse’s death in the case of the surviving Spouse’s death before distributions are required to begin under paragraph (b) above] over the Individual’s remaining life expectancy determined in the year of the Individual’s death. (d) The amount to be distributed each year under paragraph (a), (b) or (c), beginning with the calendar year following the calendar year of the Individual’s death, 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 Regulations Section 1.401(a)(9)-9. (e) If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Spouse’s remaining life expectancy for a year is the number in the Single Life Table corresponding to the 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 (a) or (b) and reduced by one (1) for each subsequent year. (f) The value of the IRA includes the amount of any outstanding rollover, transfer, and recharacterization under Q&As-7 and –8 of Regulations Section 1.408-8. (g) If the sole Designated Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. The 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 Upon Death. Upon the death of the Individual, his or her entire interest will be distributed at least as rapidly as follows: (a) If the Designated Beneficiary is someone other than the Individual’s surviving Spouse, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the Designated Beneficiary’s age as of his or her birthday in the year following the year of the Individual’s death, or, if the distributions are being made over the period described in (c) below if longer. (b) If the Individual’s sole Designated Beneficiary is the Individual’s surviving Spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death (or by the end of the calendar year in which the Individual would have attained age 70 1/2701/2, if later), over such Xxxxxx’s life or if elected in accordance with paragraph (c) below. If the surviving Spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Spouse’s death, over the Spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the Spouse, or if elected will be distributed in accordance with paragraph (c) below. If the surviving Spouse dies after the distributions are required to begin, any remaining interest will be distributed over the Spouse’s remaining life expectancy determined using the Spouse’s age as of his or her birthday in the year of the Spouse’s death. (c) If there is no Designated Beneficiary, or if applicable by operation of paragraph (a) or (b) above, the remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the Individual’s death [or of the Spouse’s death in the case of the surviving Spouse’s death before distributions are required to begin under paragraph (b) above] over the Individual’s remaining life expectancy determined in the year of the Individual’s death. (d) The amount to be distributed each year under paragraph (a), (b) or (c), beginning with the calendar year following the calendar year of the Individual’s death, 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 Regulations Section 1.401(a)(9)-9. (e) If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Spouse’s remaining life expectancy for a year is the number in the Single Life Table corresponding to the 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 (a) or (b) and reduced by one (1) for each subsequent year. (f) The value of the IRA includes the amount of any outstanding rollover, transfer, and recharacterization under Q&As-7 and –8 -8 of Regulations Section 1.408-8. (g) If the sole Designated Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. The 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 Upon Death. Upon the death of the Individual, his or her entire interest will be distributed at least as rapidly as follows: (a) If the Designated Beneficiary is someone other than the Individual’s 's surviving Spouse, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the Designated Beneficiary’s 's age as of his or her birthday in the year following the year of the Individual’s 's death, or, if the distributions are being made over the period described in (c) below if longer. (b) If the Individual’s sole Designated Beneficiary is the Individual’s 's surviving Spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Individual’s death (or by the end of the calendar year in which the Individual would have attained age 70 1/270½, if later), over such XxxxxxSxxxxx’s life or if elected in accordance with paragraph (c) below. If the surviving Spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the Spouse’s death, over the Spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the Spouse, or if elected will be distributed in accordance with paragraph (c) below. If the surviving Spouse dies after the distributions are required to begin, any remaining interest will be distributed over the Spouse’s remaining life expectancy determined using the Spouse’s age as of his or her birthday in the year of the Spouse’s death. (c) If there is no Designated Beneficiary, or if applicable by operation of paragraph (a) or (b) above, the remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the Individual’s death [or of the Spouse’s death in the case of the surviving Spouse’s death before distributions are required to begin under paragraph (b) above] over the Individual’s 's remaining life expectancy determined in the year of the Individual’s 's death. (d) The amount to be distributed each year under paragraph (a), (b) or (c), beginning with the calendar year following the calendar year of the Individual’s 's death, 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 Regulations Section 1.401(a)(9)-9. (e) If distributions are being made to a surviving Spouse as the sole Designated Beneficiary, such Spouse’s Sxxxxx's remaining life expectancy for a year is the number in the Single Life Table corresponding to the 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 (a) or (b) and reduced by one (1) for each subsequent year. (f) The value of the IRA includes the amount of any outstanding rollover, transfer, and recharacterization under Q&As-7 and –8 of Regulations Section 1.408-8. (g) If the sole Designated Beneficiary is the Individual’s surviving Spouse, the Spouse may elect to treat the IRA as his or her own IRA. The 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.