Excess Accumulations Sample Clauses
The Excess Accumulations clause defines how amounts that exceed a specified limit or threshold are handled under an agreement. Typically, this clause applies to situations where funds, benefits, or other entitlements accumulate beyond what is permitted, such as in retirement plans or insurance policies. It may require the removal, redistribution, or forfeiture of the excess, or impose penalties or corrective actions. The core function of this clause is to ensure compliance with legal or contractual limits and to prevent unintended or unauthorized build-up of assets or benefits.
Excess Accumulations. After you die, a 50% penalty tax will be imposed on any amount which is required to be distributed to your beneficiary under the minimum IRS distribution rules but which your beneficiary fails to withdraw. If you have more than one ▇▇▇▇ ▇▇▇ account, the withdrawal must be based upon the aggregate balance. WHAT FORMS DO I HAVE TO FILE WITH THE IRS FOR MY ▇▇▇▇ ▇▇▇? You should consult with your tax adviser for detailed information concerning reporting requirements as they apply to your ▇▇▇▇ ▇▇▇. You may also obtain a copy of IRS Publication 590, "Individual Retirement Arrangements," and other information about IRAs from your local district Internal Revenue Service office. You must file Form 5329 as part of your federal income tax return for any year in which you incur a penalty tax due to excess contributions, premature distributions, or excess accumulations, and calculate the penalty tax due. There are penalties for failing to file, or late filing of, Form 5329 for any year it is required. A rollover contribution must also be reported on Form 1040. CAN I REVOKE MY ACCOUNT? You will be permitted to revoke your ▇▇▇▇ ▇▇▇ within seven (7) days after the date on which you are given this ▇▇▇▇ ▇▇▇ Disclosure Statement. If you have not received this Disclosure Statement at least seven (7) calendar days before your ▇▇▇▇ ▇▇▇ has been established, you have the right to revoke your ▇▇▇▇ ▇▇▇ during the seven (7) calendar days after your ▇▇▇▇ ▇▇▇ was established. To revoke your ▇▇▇▇ ▇▇▇ under this seven-day provision, you must request the revocation by giving written notice to First Omaha Funds. If mailed, your revocation notice will be deemed mailed on the date of the postmark (or, if sent by certified or registered mail, the date of certification or registration) if it is deposited in the mail in the United States in an envelope or other appropriate wrapper, first-class postage prepaid, properly addressed. Upon such revocation, you will be entitled to a return of the entire amount of the consideration paid to the ▇▇▇▇ ▇▇▇, without adjustment for sales commissions, administrative expenses or fluctuation in the market value of the ▇▇▇▇ ▇▇▇. WHAT ARE GIFT TAX CONSEQUENCES OF ▇▇▇▇ ▇▇▇ CONTRIBUTIONS AND DISTRIBUTIONS? For federal gift tax purposes, irrevocable beneficiary designations will not be treated as gifts. Again, you should consult your tax adviser to determine the tax consequences of an irrevocable beneficiary designation under the state gift tax laws. HAS THE INTER...
Excess Accumulations. After you reach age 70 1/2, a 50% penalty tax will be imposed on any amount which is required to be distributed to you under the minimum IRS distribution rules but which you fail to withdraw. If you have more than one Regular IRA account, the withdrawal must be based upon the aggregate balance.
Excess Accumulations. If distributions from the Account do not satisfy the minimum required distribution requirements, a tax equal to 50% of the difference between the amount distributed and the minimum amount required to be distributed will be imposed pursuant to Section 4974 of the Internal Revenue Code.
Excess Accumulations. (a) If the Trustee determines that the fair market value of an Account or Subaccount exceeds 125 percent of the benefit obligations accrued through the date of the determination chargeable to the Account or Subaccount, at the direction of the Committee, the Trustee will distribute to the Company or Subsidiary all or any portion of the excess.
(b) If the Trustee determines that the fair market value of an Account or Subaccount exceeds 125 percent of the benefit obligations accrued through the date of the determination chargeable to the Account or Subaccount, at the direction of the Committee or pursuant to Section 3.3(d)(2), the Trustee will transfer all or any portion of the excess to another Account or another Subaccount maintained for the same entity.
(c) For purposes of this section the value of benefit obligations as of a given date is,
(1) in the case of a Plan which is a defined contribution plan, the aggregate balance the accounts of all Participants and Beneficiaries as of the most recent Plan valuation date, and
(2) in the case of a Plan which is a defined benefit plan, the present value (based on actuarial assumptions determined by the Trustee to be reasonable) of Plan benefits based on service, compensation and other appropriate factors as of the determination date and applying the provisions of the Plan then in effect.
Excess Accumulations. If distributions from the Account are not made in the minimum amounts required by law by April 1 of the year following the year in which you reach age 70-1/2, a tax equal to 50% of the difference between the amount distributed and the minimum amount required to be distributed under Section 401(a)(9) of the Internal Revenue Code will be imposed.