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 The Participant shall be responsible for causing the required minimum distribution amount to be withdrawn from his or her Account each year.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.
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Samples: Traditional Ira Custodial Account Agreement, Account Application and Agreement, Account Application and Agreement
Required Distributions. The Beginning in 2003, the Custodian shall notify the Participant of the need to take required minimum distributions once he or she reaches age 70½ andshall, if requested by the Participant, will calculate be responsible for computing the required minimum distribution amount in accordance with Article IV of the Plan, and for notifying the AccountParticipant 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 The Participant shall be responsible for causing the required minimum distribution amount to be withdrawn from his or her Account each year.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 Account XXX where the Participant fails to choose any method of distribution by April 1st of the year following the year the Participant reaches age 70½.
Appears in 8 contracts
Samples: Traditional Ira Adoption Agreement, Traditional Ira Adoption Agreement, Traditional Ira Adoption Agreement
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 The Participant shall be responsible for causing the required minimum distribution amount to be withdrawn from his or her Account each year.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 70½.70½
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