Common use of Owner’s Election Date Clause in Contracts

Owner’s Election Date. December 1 of the calendar year in which the Owner attains age 70 1/2. Owner’s Year of Death - The calendar year in which the Owner dies. Plan - A tax-qualified retirement plan or arrangement, including an IRA or a SIMPLE IRA plan. QDRO - A qualified domestic relations order under Code Section 414(p). Regulation or Reg. - A regulation issued or proposed pursuant to the Code. Required Beginning Date - April 1 of the calendar year next following the calendar year in which the Owner reaches age 70 1/2. If distributions hereunder commence prior to such date under an annuity option that provides for distributions that are made in accordance with Reg. § 1.401(a)(9)-6, Q&A-1, then the Annuity Start Date shall be treated as the Required Beginning Date in accordance with Reg. § 1.401(a)(9)-6, Q&A-10. RMD - Required minimum distribution under Code Section 401(a)(9) or related Code provision. Roth XXX - Xx IRA under Code Section 408A. Separate Share - A separate portion or segregated share of the benefits under the Contract that is determined by an acceptable separate accounting under Reg. § 1.401(a)(9)-8, Q&A-3, or that qualifies as a segregated share for an alternate payee under a QDRO under Reg. §1.401(a)(9)-8, Q&A-6(b)(1). A Separate Share shall be treated as a separate contract for RMD purposes and Sections B.8 and B.9 below. SIMPLE IRA - A SIMPLE IRA under Code Section 408(p). Spouse - The Owner’s spouse, including a former spouse covered by a QDRO who is treated as the Owner’s spouse pursuant to Reg. § 1.401(a)(9)-8, Q&A-6. Spouse’s Continuation Election Date - The date that is 30 days prior to the earlier of the Spouse’s Required Beginning Date or December 31 of the fifth calendar year after the Owner’s Year of Death, in accordance with Reg. § 1.401(a)(9)-3, Q&A-4(c).