Common use of EXCESS ACCUMULATION PENALTY Clause in Contracts

EXCESS ACCUMULATION PENALTY. As previously described, you must take a required minimum distribution by your required beginning date for the year you attain age 70½ and by the end of each year thereafter. Your beneficiary(ies) is required to take certain minimum distributions after your death. An additional tax of 50 percent is imposed on the amount of the required minimum distribution which should have been taken but was not.

EXCESS ACCUMULATION PENALTY. As previously described, you must take a required minimum distribution by your required beginning date for the year you attain age 70½ 701⁄2 and by the end of each year thereafter. Your beneficiary(ies) is required to take certain minimum distributions after your death. An additional tax of 50 percent is imposed on the amount of the required minimum distribution which should have been taken but was not.

EXCESS ACCUMULATION PENALTY. As previously described, you must take a required minimum distribution by your required beginning date for the year you attain age 70½ 701/2 and by the end of each year thereafter. Your beneficiary(ies) is required to take certain minimum distributions after your death. An additional tax of 50 percent is imposed on the amount of the required minimum distribution which should have been taken but was not.