Remainder Beneficiary. The Individual’s Beneficiary may, after the Individual’s death, name a person, trust, estate or other entity to receive distributions of any balance remaining in the Individual’s IRA after the death of the Individual’s Beneficiary. Any person or entity so designated will, upon the death of the Individual’s Beneficiary, become the Individual’s Beneficiary for all purposes except for required minimum distributions. This additional designation may not extend the schedule of required minimum distributions established when the Individual attains age 70 1/2 or, if sooner, following the Individual’s death.
Appears in 4 contracts
Samples: Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc), Prototype Defined Contribution Plan (Old Dominion Freight Line Inc/Va), Prototype Defined Contribution Plan (FNB United Corp.)
Remainder Beneficiary. The Individual’s 's Beneficiary may, after the Individual’s 's death, name a person, trust, estate or other entity to receive distributions of any balance remaining in the Individual’s 's IRA after the death of the Individual’s 's Beneficiary. Any person or entity so designated will, upon the death of the Individual’s 's Beneficiary, become the Individual’s 's Beneficiary for all purposes except for required minimum distributions. This additional designation may not extend the schedule of required minimum distributions established when the Individual attains age 70 1/2 70½ or, if sooner, following the Individual’s 's death.
Appears in 3 contracts
Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Savannah Bancorp Inc)
Remainder Beneficiary. The Individual’s Beneficiary may, after the Individual’s death, name a person, trust, estate or other entity to receive distributions of any balance remaining in the Individual’s IRA after the death of the Individual’s Beneficiary. Any person or entity so designated will, upon the death of the Individual’s Beneficiary, become the Individual’s Beneficiary for all purposes except for required minimum distributions. This additional designation may not extend the schedule of required minimum distributions established when the Individual attains age 70 1/2 701/2 or, if sooner, following the Individual’s death.
Appears in 2 contracts
Samples: Prototype Defined Contribution Plan (Athens Bancshares Corp), Century Bancorp Inc
