Non-Spousal Beneficiary Sample Clauses

Non-Spousal Beneficiary. If the Beneficiary to receive the Employee’s Account following the Employee’s death is not the Employee’s surviving spouse, the rules in this subsection apply. The Beneficiary may withdraw the amount in the Account in a single sum, or in regular or irregular installment withdrawals at such times and in such amounts as the Beneficiary specifies, which can include specification of a regular program of monthly, quarterly or annual installment payments, provided that the amount withdrawn in any Beneficiary distribution calendar year satisfies the applicable requirements of Code Section 401(a)(9) and the regulations thereunder as applicable to custodial accounts operating under Code Section 403(b)(7). The first distribution calendar year to the Beneficiary is the calendar year following the year in which the Employee died. Each subsequent calendar year during the Beneficiary’s expectancy period (see below) is also a Beneficiary distribution calendar year. The required minimum distribution for any Beneficiary distribution calendar year must be withdrawn no later than the end of such year. In general, the required minimum distribution for any distribution calendar year to the Beneficiary is the balance in the Account as of the end of the preceding calendar year divided by the life expectancy of the Beneficiary determined based upon the Beneficiary’s age at his or her birthday during the calendar year following the year of the Employee’s death and reduced by one for each subsequent distribution calendar year to the Beneficiary. The life expectancy will be determined in accordance with the regulations under Code Section 401(a)(9). If the Beneficiary dies before distribution of the entire Account, required minimum distributions must continue over the remaining life expectancy period of the Beneficiary.
Sample 1Sample 2Sample 3See All (9)
AutoNDA by SimpleDocs
Non-Spousal Beneficiary. If the Beneficiary to receive the Employee’s Account following the Employee’s death is a designated beneficiary as that term is defined in Code Section 401(a)(9)(E)(i) (e.g., an individual designated beneficiary by the Employee ) but is not the Employee’s surviving spouse, the rules in this subsection apply. The Beneficiary must withdraw the entire amount in the Employee’s Account by the end of the tenth calendar year following the calendar year of the Employee’s death. Alternatively, if the Beneficiary to receive the Employee’s Account following the Employee’s death is an eligible designated beneficiary as that term is defined in Code Section 401(a)(9)(E)(ii) (e.g., an individual designated beneficiary by the Employee who is: the Employee’s minor child; disabled within the meaning of Code Section 72(m)(7); chronically ill within the meaning of Code Section 7702B(c)(2); or, is not more than ten years younger than the Employee), then the Beneficiary may elect to take withdrawals from the Employee’s Account in accordance with Code Section 401(a)(9) (and the regulations thereunder) over the life of such Beneficiary, or over a period not extending beyond the life expectancy of such Beneficiary. The withdrawals may be taken in regular or irregular installment withdrawals at such times and in such amounts as the Beneficiary specifies, which can include specification of a regular program of monthly, quarterly or annual installment payments, provided that the annual amount withdrawn in any Beneficiary distribution calendar year satisfies the minimum distribution requirements of Code Section 401(a)(9) and the regulations thereunder as applicable to custodial accounts operating under Code Section 403(b)(7). The first distribution calendar year to the Beneficiary is the calendar year following the year in which the Employee died. Each subsequent calendar year during the Beneficiary’s life expectancy period (see below) is also a Beneficiary distribution calendar year. The required minimum distribution for any Beneficiary distribution calendar year must be withdrawn no later than the end of such year. In general, the required minimum distribution for any distribution calendar year to the Beneficiary is the balance in the Account as of the end of the preceding calendar year divided by the life expectancy of the Beneficiary determined based upon the Beneficiary’s age at his or her birthday during the first distribution calendar year to the Beneficiary and reduced by one ...
Sample 1Sample 2Sample 3
Non-Spousal Beneficiary. If the Beneficiary is someone other than the deceased Certificate Owner's spouse, the following will apply:
Sample 1Sample 2
Non-Spousal Beneficiary. Upon the Employee’s death, if the individual Beneficiary is an Eligible Designated Beneficiary other than the Employee’s surviving spouse, the Eligible Designated Beneficiary may receive distributions over the Eligible Designated Beneficiary’s remaining life expectancy as determined in the year following the death of the Employee and reduced by one for each subsequent year, starting by the end of the calendar year following the year of the Employee’s death. However, certain exceptions apply. A child who is an Eligible Designated Beneficiary at the time of the Employee’s death will cease to be an Eligible Designated Beneficiary on the date he or she reaches majority and the remaining portion of the Account on such date will be distributed within 10 years after the date he or she reaches majority. If an Eligible Designated Beneficiary dies before the Employee’s Account is entirely distributed, the remaining portion of the Account that is distributed to the beneficiary of the deceased Eligible Designated Beneficiary will be distributed by the end of the tenth year after the death of such Eligible Designated Beneficiary. The minimum amount that must be distributed each year, beginning with the year immediately following the year of the Employee’s death is the Account value at the close of business on December 31 of the immediately preceding year divided by the life expectancy (in the single life table under Treasury Regulations) of the Eligible Designated Beneficiary.
Sample 1
Non-Spousal Beneficiary. If the Beneficiary to receive the Employee’s Account following the Employee’s death is not the Employee’s surviving spouse, the rules in this subsection apply. The Beneficiary may withdraw the amount in the Account in a single sum, or in regular or irregular installment withdrawals at such times and in such amounts as the Beneficiary specifies, which can include specification of a regular program of monthly, quarterly or annual installment payments, provided that the amount withdrawn in any Beneficiary distribution calendar year satisfies the applicable requirements of Code Section 401(a)(9) and the regulations thereunder (proposed, temporary or final as the case may be) as applicable to custodial accounts operating under Code Section 403(b)(7). The first distribution calendar year to the Beneficiary is the calendar year following the year in which the Employee died. Each subsequent calendar year during the Beneficiary’s expectancy period (see below) is also a Beneficiary distribution calendar year. The required minimum distribution for any Beneficiary distribution calendar year must be withdrawn no later than the end of such year. In general, the required minimum distribution for any distribution calendar year to the Beneficiary is the balance in the Account as of the end of the preceding cal- endar year divided by the life expectancy of the Beneficiary determined based upon the Beneficiary’s age at his or her birthday during the calendar year fol- lowing the year of the Employee’s death and reduced by one for each subse- quent distribution calendar year to the Beneficiary. The life expectancy will be determined in accordance with the regulations under Code Section 401(a)(9). If the Beneficiary dies before distribution of the entire Account, required minimum distributions must continue over the remaining life expectancy period of the Beneficiary.
Sample 1

Related to Non-Spousal Beneficiary

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!