Common use of Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule to Elect Life Expectancy Distributions Clause in Contracts

Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule to Elect Life Expectancy Distributions. A designated Beneficiary who is receiving payments under the 5-year rule may make a new election to receive payments under the Life Expectancy rule until December 31, 2003, provided that all amounts that would have been required to be distributed under the Life Expectancy rule for all Distribution Calendar Years before 2004 are distributed by the earlier of December 31, 2003 or the end of the 5-year period.

Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule to Elect Life Expectancy Distributions. o A designated Beneficiary beneficiary who is receiving payments under the 5-year rule may make a new election to receive payments under the Life Expectancy life expectancy rule until December 31, 2003, provided that all amounts that would have been required to be distributed under the Life Expectancy life expectancy rule for all Distribution Calendar Years distribution calendar years before 2004 are distributed by the earlier of December 31, 2003 or the end of the 5-year period.