Required Distributions. Except in the case of a special needs beneficiary, the assets of the Xxxxxxxxx ESA are required to be distributed to the designated beneficiary within 30 days of the designated beneficiary’s attainment of age 30. The designated beneficiary will be subject to both income tax and an additional 10 percent penalty tax on the portion of the distribution that represents earnings, if the designated beneficiary does not have any qualified education expenses in that year. Any balance remaining in the Xxxxxxxxx ESA upon the death of the designated beneficiary will be distributed within 30 days of the designated beneficiary’s death, unless a death beneficiary is named and the death beneficiary is a qualified family member under age 30. If the death beneficiary is a qualified family member under age 30, that individual will become the designated beneficiary as of the date of death. Qualified family members include the designated beneficiary’s child, grandchild, or xxxxxxxxx, brother, sister, stepbrother, or stepsister, nephew or niece, parents, stepparents, or grandparents, uncle or aunt, spouses of all the family members listed above, cousin, and the designated beneficiary’s spouse. If a qualified family member becomes the designated beneficiary, the custodian, if it so chooses for any reason (e.g., due to limitations of its charter or bylaws), may require a total distribution of the Xxxxxxxxx ESA by December 31 of the year following the year of the original designated beneficiary’s death.
Required Distributions. The Custodian shall notify the Participant of the need to take required minimum distributions once he or she reaches age 70½ and, if requested by the Participant, will calculate the required minimum distribution amount for the Account. The Participant shall be responsible for causing the required minimum distribution amount to be withdrawn from his or her Account each year. Notwithstanding anything in Article IV to the contrary, the Custodian shall not, without the consent of the Participant, distribute the value of the Account where the Participant fails to choose any method of distribution by April 1st of the year following the year the Participant reaches age 70½.
Required Distributions. Generally, when you die, designated beneficiary(ies) who are individuals may elect to deplete the Xxxx XXX by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must generally begin by December 31 of the first calendar year following your death. If your surviving spouse is your sole designated beneficiary, he or she may delay the first distribution until December 31 of the year you would have attained age 70½, if later. CUSTODIAN NOT YOUR ADVISOR
Required Distributions. Notwithstanding any other provision of the Plan, all benefits payable under the Plan shall be distributed, or commence to be distributed, in compliance with the following provisions:
Required Distributions. While an Individual Account remains in the Accumulation Phase, the Code may require distribution of all or a portion of the Individual Account value. The Contract Holder, a Participant or Contract beneficiary, as applicable, must tell us when to begin distributions. We have no responsibility for adverse tax consequences as the result of the Contract Holder, Participant or Contract beneficiary, as applicable, not complying with minimum distribution requirements. The distribution requirements, if any, are shown on Contract Schedule I under Required Distributions. Generally, to meet distribution requirements, the Contract Holder, a Participant or Contract beneficiary, as applicable, may request partial withdrawals, a systematic distribution option (see 8.08) or an Annuity option.
Required Distributions a. If any Owner dies on or after the annuity starting date and before entire interest in this contract has been distributed, the remaining portion of such interest shall be distributed at least as rapidly as under the method of distribution being used as of the date of the Owner's death.
b. If any Owner dies before the annuity starting date, the entire interest in this contract shall be distributed within five years after the Owner's death.
c. For purposes of paragraphs a and b, if any portion of the Owner's interest in this contract is payable to or for the benefit of a designated beneficiary and such designated beneficiary timely elects to have such portion distributed over a period not exceeding the life or life expectancy of such designated beneficiary in distributions that begin within one year of the Owner's death, such portion shall be treated as distributed entirely on the date such distributions begin.
d. For purposes of paragraphs a and b, if any portion of the Owner's interest in the contract is payable to or for the benefit of a designated beneficiary who is the Owner's surviving spouse , such spouse shall be treated as the Owner and, absent a contrary designation by such spouse, as a contingent annuitant with respect to such portion.
e. For purposes of paragraphs a. and b., if the Owner is not an individual, the primary annuitant under the contract shall be treated as the Owner, any change in the primary annuitant shall be treated as the death of the Owner and any designation of a beneficiary by the Owner shall be deemed to be a designation of the same beneficiary by the primary annuitant. The primary annuitant is the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the contract.
f. For purposes of this section, a "designated beneficiary" is any individual designated by the Owner as a beneficiary, including a co-owner or successor owner who succeeds to any portion of a deceased owner's interest upon death.
g. For purposes of this section, "annuity starting date" is the first day of the first period for which periodic annuity payments are made under the contract.
Required Distributions. After you retire, you must take minimum distributions from your account(s), generally beginning no later than age 70 ½. You do not need to take Required Minimum Distributions from your account(s) as long as you are still working for your current employer, even though you may be over age 70 ½.
Required Distributions. Beginning in 2003, the Custodian shall, if requested by the Participant, be responsible for computing the required minimum distribution amount in accordance with Article IV of the Plan, and for notifying the Participant accordingly. The Participant shall be responsible for causing the required minimum distribution amount to be withdrawn from his or her Account each year. Notwithstanding anything in Article IV to the contrary, the Custodian shall not, without the consent of the Participant, distribute the value of the IRA where the Participant fails to choose any method of distribution by April 1st of the year following the year the Participant reaches age 701⁄ .
Required Distributions. While you are alive, you are not required to take distributions from your Xxxx XXX even after you attain the age of 70½. You may withdraw funds from your Xxxx XXX at any time. However, the tax consequences of such withdrawals will differ significantly depending on the timing of distributions from your Xxxx XXX (see Section 4 of this Disclosure Statement). The required minimum distribution rules normally associated with Traditional IRAs only apply to the beneficiary or beneficiaries of your Xxxx XXX after your death. If you die after distributions to you have begun, any remaining funds in your Xxxx XXX will be distributed over the single life expectancy of your designated beneficiary or beneficiaries. If you die before distributions to you have begun, the entire amount remaining in your Account must, at the election of your beneficiary or beneficiaries, either:
(i) Be distributed by December 31 of the fifth year following your death.
(ii) Be distributed in equal or substantially equal payments over a period not to exceed the life expectancy of your designated beneficiary or beneficiaries. If your spouse is your sole designated beneficiary, he or she must elect either option (i) or (ii) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year you would have attained age 70½. Your designated beneficiary or beneficiaries, other than a spouse who is the sole designated beneficiary, must elect either option (i) or (ii) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (ii). In the case of distributions under option (ii), distributions must commence by December 31 of the year following the year of your death. Generally if your spouse is the designated beneficiary, distributions need not commence until December 31 of the year you would have attained age 70½, if later. If a beneficiary or beneficiaries other than an individual or qualified trust as defined in the Regulations is named, you will be treated as having no designated beneficiary of your Xxxx XXX for purposes of determining the distribution period. If there is no designated beneficiary of your Xxxx XXX, the entire Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of your death. However, if your sole designated beneficiary is your spouse, he or she will be treated as if the Xxxx XXX is his or her own. In such case, yo...
Required Distributions. The entire interest in this annuity contract will be paid at least as rapidly as required by IRC Section 72(s) and the related regulations either:
