Qualifying Longevity Annuity Contract Sample Clauses

Qualifying Longevity Annuity Contract. (QLAC). The terms of a QLAC you hold in this IRA may or may not provide a death benefit. If your QLAC has a return of premium feature as a death benefit, the premium returned to your beneficiary(ies) is the RMD amount if your death occurs after the RBD. The return of premium amount is the difference between the premiums paid for the QLAC and the amounts paid to the IRA owner or spouse beneficiary (annuitant) if less. The return of premium amount must be distributed to the beneficiary by the end of the calendar year following the year of death. If your death occurs before the RBD, a return of premium death benefit will be added to your IRA and must be taken in accordance with the beneficiary rules described earlier. If the death benefit under the terms of the QLAC is a life annuity, your beneficiary will receive annuity payments for life. Federal Income Tax Status of Distributions.
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Qualifying Longevity Annuity Contract. (QLAC). The terms of a By January 31 of each year, you will receive a report of your fair QLAC you hold in this IRA may or may not provide a death benefit. market value as of the previous calendar year end. If applicable, you will The QLAC may permit death benefits in the form of a life annuity also receive a report concerning your annual RMD. or a return of premiums. If your QLAC has a return of premium Federal Tax Penalties and IRS Form 5329. Several tax penalties may feature as a death benefit, the premium returned to your beneficiary apply to your various IRA transactions, and are in addition to any federal, is the RMD amount if your death occurs after the RBD. The return state, or local taxes. Federal penalties and excise taxes are generally of premium amount is the difference between the premiums paid for reported and remitted to the IRS by completing IRS Form 5329, the QLAC and the amounts paid to you. The return of premium Additional Taxes on Qualified Plans (Including IRAs) and Other amount must be distributed to the beneficiary by the end of the Tax-Favored Accounts, and attaching the form to your federal income tax calendar year following the year of death. If your death occurs return. The penalties may include any of the following taxes:
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Qualifying Longevity Annuity Contract. (QLAC). The fair market value of any QLAC you hold in this XXX is not included in determining your adjusted account balance when calculating your RMD. If however, you make an excess premium payment (premium payment that causes you to exceed the $125,000 (as adjusted) or 25% of balance limitations) and the excess premium is returned to the non-QLAC portion of your XXX after the valuation date to determine the next year's RMD, such amount is added to the adjusted account balance used for the year of the return to calculate your RMD. RMDs For Your Beneficiaries. Your beneficiaries will generally have until December 31 of the year following your death year to begin RMDs unless they elect the five-year rule. Exceptions exist for your surviving spouse and for any beneficiary who must distribute or chooses to distribute his/her share of your traditional XXX within a five-year period. If your death occurs on or after your RBD, your beneficiaries must withdraw any of your RMD that you had not received during the year of your death.
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Qualifying Longevity Annuity Contract. (QLAC). The fair market value of any QLAC you hold in this IRA is not included in determining your adjusted account balance when calculating your RMD. If however, you make an excess premium payment (premium payment that causes you to exceed the $135,000 (as adjusted) or 25% of balance limitations) and the excess premium is returned to the non-QLAC portion of your IRA after the valuation date to determine the next year's RMD, such amount is added to the adjusted account balance used for the year of the return to calculate your RMD. RMDs For Your Beneficiaries. You can designate specific individuals or other entitiesfincluding, but not limited to, an estate, a trust, or a charitable organizationfas your IRA death beneficiaries. The named beneficiaries that survive inherit any assets remaining in the IRA after your death. Different types of beneficiaries may have different options available.
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Related to Qualifying Longevity Annuity Contract

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Contribution Formula Dental Coverage a. Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2014, and January 1, 2015, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • Are My Contributions to a Traditional IRA Tax Deductible Although you may make a contribution to a Traditional IRA within the limitations described above, all or a portion of your contribution may be nondeductible. No deduction is allowed for a rollover contribution (including a “direct rollover”) or transfer. For “regular” contributions, the taxability of your contribution depends upon your tax filing status, whether you (and in some cases your spouse) are an “active participant” in an employer-sponsored retirement plan, and your income level. An employer-sponsored retirement plan includes any of the following types of retirement plans: • a qualified pension, profit-sharing, or stock bonus plan established in accordance with IRC 401(a) or 401(k); • a Simplified Employee Pension Plan (SEP) (IRC 408(k)); • a deferred compensation plan maintained by a governmental unit or agency; • tax-sheltered annuities and custodial accounts (IRC 403(b) and 403(b)(7)); • a qualified annuity plan under IRC Section 403(a); or • a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan). Generally, you are considered an “active participant” in a defined contribution plan if an employer contribution or forfeiture was credited to your account during the year. You are considered an “active participant” in a defined benefit plan if you are eligible to participate in a plan, even though you elect not to participate. You are also treated as an “active participant” if you make a voluntary or mandatory contribution to any type of plan, even if your employer makes no contribution to the plan. If you are not married (including a taxpayer filing under the “head of household” status), the following rules apply: • If you are not an “active participant” in an employer- sponsored retirement plan, you may make a contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you are single and you are an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are related to your Modified Adjusted Gross Income (AGI) as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $65,000 $65,000 - $75,000 $75,000 2021 & After - subject to COLA increases $66,000 $66,000 - $76,000 $76,000 If you are married, the following rules apply: • If you and your spouse file a joint tax return and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you and your spouse may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you and your spouse file a joint tax return and both you and your spouse are “active participants” in employer- sponsored retirement plans, you and your spouse may make fully deductible contributions to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $104,000 $104,000 - $124,000 $124,000 2021 & After - subject to COLA increases $105,000 $105,000 - $125,000 $125,000 • If you and your spouse file a joint tax return and only one of you is an “active participant” in an employer- sponsored retirement plan, special rules apply. If your spouse is the “active participant,” a fully deductible contribution can be made to your IRA (up to the contribution limits detailed in Section 3) if your combined modified adjusted gross income does not exceed $196,000 in 2020 or $198,000 in 2021. If your combined modified adjusted gross income is between $196,000 and $206,000 in 2020, or $198,000 and $208,000 in 2021, your deduction will be limited as described below. If your combined modified adjusted gross income exceeds $206,000 in 2020 or $208,000 in 2021, your contribution will not be deductible. Your spouse, as an “active participant” in an employer- sponsored retirement plan, may make a fully deductible contribution to a Traditional IRA if your combined modified adjusted gross income does not exceed the amounts listed in the table above. Conversely, if you are an “active” participant” and your spouse is not, a contribution to your Traditional IRA will be deductible if your combined modified adjusted gross income does not exceed the amounts listed above. • If you are married and file a separate return, and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). If you are married, filing separately, and either you or your spouse is an “active participant” in an employer-sponsored retirement plan, you may not make a fully deductible contribution to a Traditional IRA. Please note that the deduction limits are not the same as the contribution limits. You can contribute to your Traditional IRA in any amount up to the contribution limits detailed in Section 3. The amount of your contribution that is deductible for federal income tax purposes is based upon the rules described in this section. If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible. Even if your income exceeds the limits described above, you may make a contribution to your IRA up to the contribution limitations described in Section 3. To the extent that your contribution exceeds the deductible limits, it will be nondeductible. However, earnings on all IRA contributions are tax deferred until distribution. You must designate on your federal income tax return the amount of your Traditional IRA contribution that is nondeductible and provide certain additional information concerning nondeductible contributions. Overstating the amount of nondeductible contributions will generally subject you to a penalty of $100 for each overstatement.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

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