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 $125,000 (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. Your beneficiaries will generally have until December 31 of the year following your death year to begin taking RMDs. Exceptions exist for your surviving spouse and for any beneficiary who must distribute or chooses to distribute his/her share of your SIMPLE IRA within a five-year period. If your death occurs on or
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Sources: Customer Agreement, Customer Agreement, Customer Agreement