Non-Spouse Beneficiary. If you designate a non-spouse individual as the Beneficiary of your IRA or designate a non-spouse individual in addition to your spouse as the Beneficiary of your IRA, life expectancy payments are required to begin to your Beneficiary(ies) by no later than December 31 of the year following your death. The Applicable Life Expectancy Multiple for a non-spouse Beneficiary is not redetermined each year. Instead, the Applicable Life Expectancy Multiple that a non-spouse uses is initially determined based on the age of the non-spouse Beneficiary in the year following the year of your death. This initial Life Expectancy Multiple is then reduced by one (1) for each year that passes thereafter. In the year that the Applicable Life Expectancy Multiple reaches zero (0), the entire remaining balance in the IRA, if any, must be distributed in full to your Beneficiary of his or her successor Beneficiary. In the case of multiple Beneficiaries, the Applicable Life Expectancy Multiple is initially determined based on the single life expectancy of the oldest of such Beneficiaries as determined on the Beneficiary Determination Date, unless the interests of the Beneficiaries have been timely separated. (See the section above entitled "Multiple Beneficiaries and Separate Accounts Under the Final Regulations" for more details.) REQUIRED MINIMUM BENEFICIARY DISTRIBUTIONS WHEN DEATH OCCURS AFTER YOUR REQUIRED BEGINNING DATE
Non-Spouse Beneficiary. Any death benefit payable to a non-spouse Beneficiary will be distributed in monthly, quarterly, semi-annual or annual installments over a period certain that does not extend beyond the life of the Beneficiary or beyond the life expectancy of the Beneficiary. The Trustee may make the installment payments by segregating and separately investing the lump sum value of the death benefit and paying the installments from the Plan, or by purchasing a nontransferable annuity which provides for installments. Distribution will be made within a reasonable time after the death of the Participant; but distribution must begin no later than December 31st of the calendar year immediately following the calendar year in which the Participant died.
Non-Spouse Beneficiary. Any death benefit payable to a non-Spouse Beneficiary will be distributed to the Beneficiary in accordance with the following provisions:
Non-Spouse Beneficiary. If you designate a non-spouse individual as the Beneficiary of your XXX or designate a non-
Non-Spouse Beneficiary. If the Participant's spouse is not the ---------------------- Designated Beneficiary, a method of payment to the Participant may not provide more than incidental benefits to the Beneficiary. The Plan must satisfy the minimum distribution incidental benefit ("MDIB") requirements in the applicable Treasury regulations under Code Section 401(a)(9) for distributions made on or after the Participant's Required Beginning Date and before the Participant's death. To satisfy the MDIB requirement, the Committee will compute the minimum distribution required by this Section 6.4(b) by substituting the applicable MDIB divisor for the applicable life expectancy factor, if the MDIB divisor is a lesser number. Following the Participant's death, the Committee will compute the minimum distribution required by this Section 6.4(b) solely on the basis of the applicable life expectancy factor and will disregard the MDIB factor. For Plan Years beginning prior to January 1, 1989, the Plan satisfies the incidental benefits requirement if the distributions to the Participant satisfied the MDIB requirement or if the present value of the retirement benefits payable solely to the Participant is greater than fifty percent (50%) of the present value of the total benefits payable to the Participant and Beneficiaries. The Committee must determine whether benefits to the Beneficiary are incidental on the date the Trustee is to commence payment of the retirement benefits to the Participant, or on the date the Trustee redetermines the payment period to the Participant.
Non-Spouse Beneficiary. Any death benefit a non-Spouse Beneficiary is entitled to receive will be distributed to the Beneficiary in one lump sum payment. Distribution will be made to a non-Spouse Beneficiary within an administratively reasonable time after the death of the Participant, but distribution must be made by December 31st of the calendar year that contains the 5th anniversary of the date of the Participant’s death.
Non-Spouse Beneficiary. If you inherit a Xxxx XXX from someone other than your spouse, you are not permitted to make contributions to the inherited Xxxx XXX or combine it with any Xxxx XXX you established for yourself, and must also follow the RMD rules for inherited IRAs. Unlike a Traditional IRA, there is no Required Beginning Date for distributions from a Xxxx XXX. Thus, they are always subject to the rules for an account owner’s passing before that date. Should you be a non-spouse beneficiary, distributions must satisfy one of the following rules: either you receive the entire distribution by December 31 of the fifth year following the year of the account owner’s death; or you receive the entire distribution over, or over a period not extending beyond, your lifetime. If you elect to receive the entire distribution over your lifetime, you may be required to take some distributions before the Xxxx XXX has existed for five years. If certain requirements are met (see Traditional IRA Trust Beneficiary), a Xxxx XXX account owner may name a trust as the beneficiary. If the trust is qualified, then the Trust may either take a lump sum distribution, spread the payments out over the life expectancy of the beneficiary, or deplete the accounts by December 31 of the year fifth year following the Xxxx XXX account owner’s death. If the trust is not qualified then the Trust will be required to take a lump sum distribution or use the five- year rule.
Non-Spouse Beneficiary. In the case of a Beneficiary other than the Participant's surviving spouse, benefits must commence no later than the December 31 that coincides with or immediately follows the fifth anniversary of the Participant's death. If the beginning date of such benefits is after the December 31 that coincides with or immediately follows the first anniversary of the Participant's death, the Beneficiary's entire interest in the Participant's death benefits must be distributed no later than the December 31 that coincides with or immediately follows the fifth anniversary of the Participant's death.
Non-Spouse Beneficiary. Effective September 1, 2007, the term “Distributee” shall include a non-spouse Beneficiary who is an individual or a trust treated as such under applicable regulations, but a direct rollover by such a Beneficiary may be made only to an individual retirement plan described in section 408(a) or (b) of the Code, and which is established in a manner (including title) that identifies it as an IRA with respect to both the deceased Participant and the individual Beneficiary.
Non-Spouse Beneficiary. This IRA must be established and maintained for the benefit of a beneficiary under the Deceased Individual’s eligible retirement plan or individual retirement plan from which the premium is rolled over or transferred, and the beneficiary must not be the surviving spouse of the Deceased Individual. If the beneficiary is an individual, the individual must be a designated beneficiary of the Deceased Individual within the meaning of Code Section 401(a)(9)(E). The IRA may be established on behalf of a trust that is the Deceased Individual’s beneficiary, provided that the beneficiaries of the trust meet the requirements to be designated beneficiaries within the meaning of Code Section 401(a)(9)(E).
