Common use of Non-Spouse Designated Beneficiary Clause in Contracts

Non-Spouse Designated Beneficiary. If the Participant's surviving spouse is not the Participant's sole Designated Beneficiary, the Designated Beneficiary's remaining Life Expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year.

Appears in 4 contracts

Samples: Defined Contribution Pre Approved Plan (J&j Snack Foods Corp), Defined Contribution Prototype Plan and Trust Agreement (Bob Evans Farms Inc), 401(k) Profit Sharing Plan (Nci Building Systems Inc)

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Non-Spouse Designated Beneficiary. If the Participant's ’s surviving spouse is not the Participant's ’s sole Designated Beneficiary, the Designated Beneficiary's ’s remaining Life Expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's ’s death, reduced by one for each subsequent year.

Appears in 1 contract

Samples: 401(k) Plan Adoption Agreement (Knowles Corp)

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