Minimum Distribution Rules Sample Clauses

Minimum Distribution Rules. (a) Notwithstanding any provision of this Plan to the contrary, any distribution under the Plan shall be made by the Administrator in accordance with Code Sections 401(a)(9) and 457(d) and the regulations established thereunder as they are amended. No payment option may be selected by a Participant unless the amounts payable to the Participant are expected to be at least equal to the minimum distribution required under Section 401(a)(9) of the Code. The amounts payable also must satisfy the minimum distribution incidental benefit requirements of Section 401(a)(9)(G) of the Code if applicable. (b) Payment of the Accounts of a Participant shall begin no later than the "required beginning date." For purposed of this Section, "required beginning date" means April 1 of the calendar year following the later of (1) the calendar year in which the Participant reaches age seventy and one-half (70-1/2), or (2) the calendar year in which the Participant retires. For purposes of this Section, "first distribution year" means the calendar year described in (1) or (2) in the preceding sentence. (c) Except as otherwise required by Code Section 457(d)(2), the amount to be distributed each year, beginning with distributions attributable to the first distribution 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 specified in Code Section 401(a)(9) or the regulations promulgated thereunder. Distributions after the death of the Participant to the spouse shall be distributed using the applicable life expectancy as the applicable divisor. (d) The Participant is responsible for coordinating between any other 457 Plans he or she has and this Plan to meet the minimum distribution rules. (1) Notwithstanding anything above, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code Section 401(a)(9)(H) ('2009 RMDs'), and who would have satisfied that requirement by receiving distributions that are (i) equal to the 2009 RMDs or (ii) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant's designated Benefi...
Sample 1
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Minimum Distribution Rules. Notwithstanding any provision of this Contract to the contrary, the Account Value shall be distributed to the Participant or to the Beneficiary, as the case may be, under a method of payment elected by the Participant or the Beneficiary and as permitted by this Contract and the Plan, if any, provided however, that all payments, withdrawals and distributions under this Contract shall be made in accordance with the following rules: (a) All payments, withdrawals and distributions shall comply with the Treasury Regulations under Section 401(a)(9) of the Code. (b) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Required Beginning Date. (c) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with
Sample 1
Minimum Distribution Rules. Notwithstanding any provision of the Contract to the contrary, the Account Value shall be distributed to the Participant or to the Beneficiary, as the case may be, under a method of payment elected by the Participant or the Beneficiary and as permitted by the Contract and the Plan, if any, provided however, that all payments, withdrawals and distributions under the Contract shall be made in accordance with the following rules:
Sample 1
Minimum Distribution Rules. Notwithstanding any provision of this Contract to the contrary, the Account Value shall be distributed to the Participant or to the Beneficiary, as the case may be, under a method of payment elected by the Participant or the Beneficiary and as permitted by this Contract and the Plan, provided however, that all payments, withdrawals and distributions under this Contract shall be made in accordance with the following rules: (a) All payments, withdrawals and distributions shall comply with the Treasury Regulations under Section 401(a)(9) of the Code. (b) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Required Beginning Date. (c) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with subsection 9.4. If the Participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury Regulations. (d) A Participant or Beneficiary shall not be required to receive a distribution from this Contract otherwise required by this Section to the extent that the required amount is withdrawn from another arrangement described in Section 403(b) of the Code in accordance with Section 1.403(b)-3, Q&A-4 of the Treasury Regulations. (e) The Company assumes no responsibility for determining whether any method of payment selected under this Contract complies with the applicable Treasury Regulations or other requirements.
Sample 1

Related to Minimum Distribution Rules

  • 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.

  • How are Required Minimum Distributions Computed A required minimum distribution (“RMD”) is determined by dividing the account balance (as of the prior calendar year end) by the distribution period. For lifetime RMDs, there is a uniform distribution period for almost all IRA owners of the same age. The uniform distribution period table is based on the joint life and last survivor expectancy of an individual and a hypothetical beneficiary 10 years younger. However, if the IRA owner’s sole beneficiary is his/her spouse and the spouse is more than 10 years younger than the account owner, then a longer distribution period based upon the joint life and last survivor life expectancy of the IRA owner and spouse will apply. An IRA owner may, however, elect to take more than his/her RMD at any time.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • 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.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Coverage Minimum Limits Commercial General Liability $1,000,000 per occurrence $2,000,000 aggregate Automobile Liability including coverage for owned, non-owned and hired vehicles $1,000,000 per occurrence

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • Early Distribution Penalty Tax If you receive a Traditional IRA distribution or a nonqualified Xxxx XXX distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent generally will apply to the taxable amount of the distribution unless one of the following exceptions apply.

  • Minimum Balance Xxxxxxxx agrees to maintain a minimum balance of funds in the Settlement Account as Processor may specify to Merchant in writing from time to time.

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