Common use of Minimum Payments to Contract Holder Clause in Contracts

Minimum Payments to Contract Holder. The Contract Holder's entire Current Value in the Contract must be distributed, or begin to be distributed, by the Contract Holder's required beginning date, which is the April 1 following the calendar year in which the Contract Holder turns age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date, the Contract Holder may elect to have the balance under the Contract distributed in one of the following forms according to the terms of the Contract: (1) a lump sum payment; (2) equal or substantially equal payments over the life of the Contract Holder; (3) equal or substantially equal payments over the lives of the Contract Xxxxxx and his or her designated Beneficiary; (4) equal or substantially equal payments over a specified period that may not be longer than the Contract Holder's life expectancy; (5) equal or substantially equal payments over a specified period that may not be longer than the joint life and last survivor expectancy of the Contract Xxxxxx and his or her designated Beneficiary.

Minimum Payments to Contract Holder. The Contract Holder's entire Current Value in the Contract must be distributed, or begin to be distributed, by the Contract Holder's required beginning date, which is the April 1 following the calendar year in which the Contract Holder turns age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date, the Contract Holder may elect to have the balance under the Contract distributed in one of the following forms according to the terms of the Contract: (1) a lump sum payment; (2) equal or substantially equal payments over the life of the Contract Holder; (3) equal or substantially equal payments over the lives of the Contract Xxxxxx and his or her designated Beneficiary; (4) equal or substantially equal payments over a specified period that may not be longer than the Contract Holder's life expectancy;; IRA-CDA-03(NY) 14 (5) equal or substantially equal payments over a specified period that may not be longer than the joint life and last survivor expectancy of the Contract Xxxxxx and his or her designated Beneficiary.

Minimum Payments to Contract Holder. The Contract Holder's entire Current Value in the Contract must be distributed, or begin to be distributed, by the Contract Holder's required beginning date, which is the April 1 following the calendar year in which the Contract Holder holder turns age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date, the Contract Holder may elect to have the balance under the Contract distributed in one of the following forms according to the terms of the Contract: (1a) a lump sum payment; (2b) equal or substantially equal payments over the life of the Contract Holder; (3c) equal or substantially equal payments over the lives of the Contract Xxxxxx and his or her designated Beneficiarybeneficiary; (4d) equal or substantially equal payments over a specified period that may not be longer than the Contract Holder's life expectancy; (5e) equal or substantially equal payments over a specified period that may not be longer than the joint life and last survivor expectancy of the Contract Xxxxxx and his or her designated Beneficiarybeneficiary.