Common use of No Rollovers of RMDs Clause in Contracts

No Rollovers of RMDs. An RMD must be satisfied before you can his/her RMDs until the end of the year in which you would have roll over any portion of your SIMPLE IRA account balance. The attained age 73. If you die on or after your RBD, your surviving first distributions made during a year will be considered RMDs and spouse will use the longer of his/her single life expectancy, can be satisfied by earlier distributions from your other traditional determined each year after the year of death using his/her IRAs or SIMPLE IRAs that are aggregated. Any RMD that is rolled attained age, or your remaining single life expectancy determined in your year of death and reduced by one each subsequent year. If your spouse beneficiary chooses the ten-year rule, he/she is beneficiaries of the qualifying trust are treated as the beneficiaries of required to remove all assets from the SIMPLE IRA by your SIMPLE IRA for purposes of determining the appropriate December 31 of the tenth year following the year of your death. distribution period. A qualifying trust provides documentation of its Your spouse beneficiary can treat your SIMPLE IRA as his/her beneficiaries to the trustee. own IRA if your spouse is the only designated beneficiary, or if 7. Successor Beneficiaries. Our policy may allow your beneficiaries there are multiple designated beneficiaries and separate to name their own successor beneficiaries to your SIMPLE IRA. A accounting applies. He/she has this option even if he/she had successor beneficiary would receive any of your SIMPLE IRA chosen one of the other options above. This generally happens assets that remain after your death and the subsequent death of your after any of your remaining RMD amount for the year of your beneficiaries. Generally, the beneficiary will have to distribute all death has been distributed. the remaining SIMPLE IRA assets within a ten-year period or the Your spouse beneficiary can take a distribution of part or all of remainder of the original beneficiary's ten-year period. his/her share of your SIMPLE IRA and roll it over to an IRA of 8. Separate Accounting (Multiple Beneficiaries). Our policies may his/her own, less any RMD. permit separate accounting to be applied to your SIMPLE IRA for