Common use of Is There Anything Else Clause in Contracts

Is There Anything Else. I Should Know? Article I Except in the case of a rollover contribution described in Section 408A(e) or 402A(c)(3)(A)(ii), a recharacterized contribution described in Section 408A(d)(6), or an XXX Conversion Contribution, the Custodian will accept only cash contributions up to $4,000 for tax years 2005 through 2007, $5,000 for 2008 through 2012 and $5,500 for 2013 and thereafter. For individuals who have reached the age of 50 before the close of the tax year, the contribution limit is increased to $4,500 for tax year 2005, $5,000 for 2006 and 2007, $6,000 for tax years 2008 through 2012 and $6,500 for tax years 2013 and thereafter. For tax years after 2013, the above limits will be increased to reflect a cost-of-living adjustment, if any. 1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a single depositor in 2017, the annual contribution is phased out between modified adjusted gross income (AGI) of $118,000 and $133,000; for a married depositor filing jointly, between AGI of $186,000 to $196,000 and for a married depositor filing separately, between AGI of $0 and $10,000. Adjusted gross income is defined in Section 408A(c)(3) and does not include XXX Conversion Contributions. 2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the depositor and his or her spouse. Article III The depositor’s interest in the balance in the custodial account is non-forfeitable. 1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund (within the meaning of Section 408(a)(5)). 2. No part of the custodial account funds may be invested in collectibles (within the meaning of Section 408(m)) except as otherwise permitted by Section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion. 1. If the depositor dies before his or her entire interest is distributed to him or her and the depositor’s surviving spouse is not the designated beneficiary, the remaining interest will be distributed in accordance with (a) below or, if elected or there is no designated beneficiary, in accordance with (b) below: a. The remaining interest will be distributed, starting by the end of the calendar year following the year of the depositor’s death, over the designated beneficiary’s remaining life expectancy as determined in the year following the death of the depositor; b. The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s death. 2. The minimum amount that must be distributed each year under paragraph 1(a) above is the account value at the close of business on December 31 of the preceding year divided by the life expectancy (in the single life table in Regulations Section 1.401(a)(9)-9) of the designated beneficiary using the attained age of the beneficiary in the year following the year of the depositor’s death and subtracting 1.0 from the divisor for each subsequent year. 3. If the depositor’s surviving spouse is the designated beneficiary, such spouse will then be treated as the depositor. 1. The depositor agrees to provide the Custodian with all information necessary to prepare any reports required by Sections 408(i) and 408A(d)(3)(E), Regulations Sections 1.408-5 and 1.408-6, or other guidance published by the Internal Revenue Service (IRS). 2. The Custodian agrees to submit to the IRS and depositor the reports prescribed by the IRS. Article VII Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through IV and this sentence will be controlling. Any additional articles inconsistent with Section 408A, the related regulations, and other published guidance will be invalid. Article VIII This agreement will be amended as necessary to comply with the provisions of the Code, the related regulations, and other published guidance. Other amendments may be made with the consent of the persons whose signatures appear below.