Common use of Minimum Amounts to be Distributed Clause in Contracts

Minimum Amounts to be Distributed. If the Participant's entire interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the Required Beginning Date: (i) If a Participant's benefit is to be distributed over (1) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's Designated Beneficiary or (2) a period not extending beyond the life expectancy of the Designated Beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the applicable life expectancy. (ii) For calendar years beginning before January 1, 1989, if the Participant's spouse is not the designated Beneficiary, the method of distribution selected must assure that at least fifty percent (50%) of the present value of the amount available for distribution is paid within the life expectancy of the Participant. (iii) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Participant's benefit by the lesser of (1) the applicable life expectancy or (2) if the Participant's spouse is not the Designated Beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of section 1.401 (a)(9)-2 of the Income Tax Regulations. Distributions after the death of the Participant shall be distributed using the applicable life expectancy in paragraph (c)(i) above as the relevant divisor without regard to section 1.401 (a)(9)-2 of the regulations. (iv) The minimum distribution required for the Participant's first distribution calendar year must be made on or before the Participant's Required Beginning Date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the Employee's Required Beginning Date occurs, must be made on or before December 31 of that distribution calendar year.

Minimum Amounts to be Distributed. If the ParticipantDepositor's entire interest is to be distributed in other than a single lump sum, then the following minimum distribution rules shall apply on or after the Required Beginning Date: (i) If a Participant's benefit is amount to be distributed over each year (1commencing with the required beginning date and each year thereafter) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's Designated Beneficiary or (2) a period not extending beyond the life expectancy of the Designated Beneficiary, the amount required to must be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal to the quotient obtained by dividing the ParticipantDepositor's benefit by the applicable life expectancy. (ii) . For calendar years beginning before January 1, 1989, if the ParticipantDepositor's spouse is not the designated Beneficiarybeneficiary, the method of distribution selected must assure that at least fifty percent (50%) % of the present value of the amount available for distribution is paid within the life expectancy of the Participant. (iii) Depositor. For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution year for which distributions are required and then for each succeeding calendar year year, shall not be less than the quotient obtained by dividing the ParticipantDepositor's benefit by the lesser of (1) the applicable life expectancy or (2) if the ParticipantDepositor's spouse is not the Designated Beneficiarydesignated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of section 1.401 1.401(a) (a)(9)-2 9)-2 of the Proposed Income Tax Regulations. Distributions after the death of the Participant Depositor shall be distributed calculated using the applicable life expectancy in paragraph (c)(i) above as the relevant divisor without regard to proposed regulations section 1.401 (a)(9)-2 1.401(a)(9)-2. Life expectancy is computed by use of the regulations. (iv) The minimum distribution expected return multiples in Tables V and VI of section 1.72-9 of the Income Tax Regulations. Unless otherwise elected by the participant by the time distributions are required for to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable as to the Participant's first distribution calendar year must be made on or before the Participant's Required Beginning Dateparticipant and shall apply to all subsequent years. The minimum distribution for other calendar yearslife expectancy of a non-spouse beneficiary may not be recalculated; instead, including life expectancy will be calculated using the minimum distribution for attained age of such beneficiary during the distribution calendar year in which distributions are required to begin pursuant to this section, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the Employee's Required Beginning Date occurscalendar year life expectancy was first calculated. If the individual retirement arrangement is an annuity, must distributions shall be made on or before December 31 in accordance with the requirements of that distribution calendar yearsection 401(a)(9) of the Code and the regulations thereunder.

Minimum Amounts to be Distributed. If the ParticipantAnnuitant's entire interest is to be distributed in other than a single lump sum, then the following minimum distribution rules shall apply on or after the Required Beginning Date: (i) If a Participant's benefit is amount to be distributed over each year (1commencing with the required beginning date and each year thereafter) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's Designated Beneficiary or (2) a period not extending beyond the life expectancy of the Designated Beneficiary, the amount required to must be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal to the quotient obtained by dividing the Participant's Annuitants benefit by the applicable life expectancy. (ii) For calendar years beginning before January 1, 1989, if the Participant's spouse is not the designated Beneficiary, the method of distribution selected must assure that at least fifty percent (50%) of the present value of the amount available for distribution is paid within the life expectancy of the Participant. (iii) . For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year for which distributions are required and then for each succeeding calendar year, shall not be less than the quotient obtained by dividing the ParticipantAnnuitant's benefit by the lesser of (1) the applicable life expectancy or (2) if the ParticipantAnnuitant's spouse is not the Designated Beneficiarydesignated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of section 1.401 (a)(9)-2 1.401(a)(9)-2 of the Proposed Income Tax Regulations. Distributions after the death of the Participant Annuitant shall be distributed using the applicable life expectancy in paragraph (c)(i) above as the relevant divisor without regard to proposed regulations section 1.401 (a)(9)-2 1.401(a)(9)-2. Life expectancy is computed by use of the regulations. (iv) The minimum distribution expected return multiples in Tables V and VI of section 1.72-9 of the Income Tax Regulations. Unless otherwise elected by the participant by the time distributions are required for to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable as to the Participant's first distribution calendar year must be made on or before the Participant's Required Beginning Dateparticipant and shall apply to all subsequent years. The minimum distribution for other calendar yearslife expectancy of a non-spouse beneficiary may not be recalculated. Instead, including life expectancy will be calculated using the minimum distribution for attained age of such beneficiary during the distribution calendar year in which distributions are required to begin pursuant to this section, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the Employee's Required Beginning Date occurs, must calendar year life expectancy was first calculated. Distributions under this annuity contract shall be made on or before December 31 in accordance with the requirements of that distribution calendar yearsection 401(a)(9) of the Code and the Regulations thereunder. For purposes of this requirement, any amount paid to a child of the Annuitant will be a treated as if it had been paid to the surviving spouse if the remainder of the interest becomes payable to the surviving spouse when the child reaches the age of majority.