Exception for Distributions Over Life Expectancy Sample Clauses

Exception for Distributions Over Life Expectancy. Notwithstanding subsection (b) above, the assets of the Account may be distributed to the Beneficiary in installment payments over a period certain not exceeding the Beneficiary's life expectancy, provided such distribution commences by December 31 of the calendar year immediately following the year of the Employee's death or, if the Beneficiary is the surviving spouse of the Employee, by December 31 of the later of (1) the calendar year immediately following the calendar year in which the Employee died or (2) the calendar year in which the Employee would have attained age 70- 1/2. In determining the minimum amounts required to be distributed under Section 5.4 or this Section 5.5, life expectancies of the Employee and/or the Employee's spouse may be recalculated annually in accordance with applicable regulations, but only if the Employee and/or the Employee's spouse specifically so provide in writing; life expectancies of any person other than the Employee or the Employee's spouse will not be recalculated. Notwithstanding any provision of this Agreement to the contrary, to the extent permitted under regulation, ruling procedures or notice of the Internal Revenue Service, the minimum distribution calculated in accordance with Code sections 403(b)(10) and 401(a)(9) may be taken from any 403(b) annuity or account of the Employee. The Custodian will have no responsibility for determining the required time or amount of any distribution required under such Code sections, but will make distributions only in accordance with the proper directions by the Account Holder; the Custodian will have no liability for not making a distribution in the absence of such directions and may assume that the Account Holder is satisfying any applicable minimum distribution requirement from another 403(b) annuity or custodial account. If the Beneficiary dies while receiving payments from the Account, all remaining assets in the Account shall be distributed as soon as practicable to the estate of the Beneficiary.
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Exception for Distributions Over Life Expectancy. Notwithstanding subsection (b) above, the assets of the Account may be distributed to the Beneficiary in installment payments over a period certain not exceeding the Beneficiary's life expectancy, provided such distribution commences by December 31 of the calendar year immediately following the year of the Employee's death or, if the Beneficiary is the surviving spouse of the Employee, by December 31 of the later of (1) the calendar year immediately following the calendar year in which the Employee died or (2) the calendar year in which the Employee would have attained age 70- 1/2. Notwithstanding any provision of this Agreement to the contrary, to the extent permitted under regulation, ruling procedures or notice of the Internal Revenue Service, the minimum distribution calculated in accordance with Code sections 403(b)(10) and 401(a)(9) may be taken from any 403(b) annuity or account of the Employee. If the Beneficiary dies while receiving payments from the Account, all remaining assets in the Account shall be distributed as soon as practicable to the estate of the Beneficiary.
Sample 1

Related to Exception for Distributions Over Life Expectancy

  • Life Expectancy Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Interim Distributions At such times as may be determined by it in its sole discretion, the Trustee shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Trust Units held by each Beneficiary relating to the Trust, such cash or other property comprising a portion of the Trust Assets as the Trustee may in its sole discretion determine may be distributed without detriment to the conservation and protection of the Trust Assets in the Trust.

  • Contract Distribution The Employer will provide all current and new employees with a link to the new Agreement. Each department or unit will maintain a paper copy of the contract accessible to all employees.

  • Required Minimum Distributions You are required to take minimum distributions from your IRA at certain times in accordance with Treasury Regulation 1.408-8. Below is a summary of the IRA distribution rules. 1. If you were born before July 1, 1949, you are required to take a minimum distribution from your IRA for the year in which you reach age 70½ and for each year thereafter. You must take your first distribution by your required beginning date, which is April 1 of the year following the year you attain age 70½. If you were born on or after July 1, 1949, you are required to take a minimum distribution from your IRA for the year in which you reach age 72 and for each year thereafter. You must take your first distribution by your required beginning date, which is April 1 of the year following the year you attain age 72. The minimum distribution for any taxable year is equal to the amount obtained by dividing the account balance at the end of the prior year by the applicable divisor. 2. The applicable divisor generally is determined using the Uniform Lifetime Table provided by the IRS. If your spouse is your sole designated beneficiary for the entire calendar year, and is more than 10 years younger than you, the required minimum distribution is determined each year using the actual joint life expectancy of you and your spouse obtained from the Joint Life Expectancy Table provided by the IRS, rather than the life expectancy divisor from the Uniform Lifetime Table. We reserve the right to do any one of the following by your required beginning date. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire IRA to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Uniform Lifetime Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken but was not. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

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