Common use of Required Distributions Clause in Contracts

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, your spouse will not be required to take distributions from the Xxxx XXX. In the alternative, if your surviving spouse does not treat the Xxxx XXX as his or her own, then he or she may delay receiving distributions until you would have reached the age of 70½, at which time your surviving spouse must begin taking distributions under option

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 Beneficiary or beneficiaries 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 Beneficiary or beneficiariesBeneficiaries. If you die before distributions to you have begun, the entire amount remaining in your Account must, at the election of your beneficiary Beneficiary or beneficiariesBeneficiaries, 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 Beneficiary or beneficiariesBeneficiaries. 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 Beneficiary is your spouse, he or she will be treated as if the Xxxx XXX is his or her own. In such case, your spouse will not be required to take distributions from the Xxxx XXX. In the alternative, if your surviving spouse does not treat the Xxxx XXX as his or her own, then he or she may delay receiving distributions until you would have reached the age of 70½, at which time your surviving spouse must begin taking distributions under optionoption (ii) over his or her life expectancy.

Required Distributions. While you are aliveUpon the death of the owner, you are not required to take distributions from your Xxxx XXX even after you attain his or her entire interest will be distributed at least as rapidly as follows: i) If the designated beneficiary is someone other than the owner’s surviving spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the owner’s death, over the remaining life expectancy of the designated beneficiary, with such life expectancy determined using the age of 70½. You may withdraw funds from your Xxxx XXX at any time. Howeverthe beneficiary as of his or her birthday in the year following the year of the owner’s death, or, if elected, in accordance with paragraph (b)(iii) below. ii) If the owner’s sole designated beneficiary is the owner’s surviving spouse, the tax consequences entire interest will be distributed, starting by the end of the calendar year following the calendar year of the owner’s death (or by the end of the calendar year in which the owner would have attained age 70 1/2 , if later), over such withdrawals will differ significantly depending on the timing of distributions from your Xxxx XXX spouse’s life, or, if elected, in accordance with paragraph (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 deathb)(iii) below. If you die the surviving spouse dies before required distributions commence to him or her, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse’s death, over the spouse’s designated beneficiary’s remaining life expectancy determined using such beneficiary’s age as of his or her birthday in the year following the death of the spouse, or, if elected, will be distributed in accordance with paragraph (b)(iii) below. If the surviving spouse dies after required distributions commence to you have begunhim or her, any remaining funds in your Xxxx XXX interest will continue to be distributed under the contract option chosen. iii) If there is no designated beneficiary, or if applicable by operation of paragraph (b)(i) or (b)(ii) above, the entire interest will be distributed over by 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 end 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 calendar year containing the fifth anniversary of your death, the owner’s death (or December 31 of the year you would have attained age 70½. Your designated beneficiary or beneficiaries, other than spouse’s death in the case of the surviving spouse’s death before distributions are required to begin under paragraph (b)(ii) above). iv) Life expectancy is determined using the Single Life Table in Q&A-1 of Section 1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being made to a surviving spouse who is as the sole designated beneficiary, must elect either option such spouse’s remaining life expectancy for a year is the number in the Single Life Table corresponding to such spouse’s age in the year. In all other cases, remaining life expectancy for a year is the number in the Single Life Table corresponding to the beneficiary’s age in the year specified in paragraph (ib)(i) or (ii) and reduced by December 31 of the year following the year of your deathone for each subsequent year. If no election is made, distribution will be calculated in accordance with option VM-YR-XXXXX XXX (ii07). 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, your spouse will not be required to take distributions from the Xxxx XXX. In the alternative, if your surviving spouse does not treat the Xxxx XXX as his or her own, then he or she may delay receiving distributions until you would have reached the age of 70½, at which time your surviving spouse must begin taking distributions under option

Required Distributions. While Generally, when you die, designated beneficiary(ies) who are alive, you are not required individuals may elect to take distributions from your deplete the Xxxx XXX even after you attain by the age end of 70½. You may withdraw funds from the fifth calendar year following your Xxxx XXX at any timedeath or to receive payments based on the designated beneficiary(ies)’s life expectancy. HoweverIf life expectancy payments are elected, 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 payments must generally begin by December 31 of the fifth first calendar 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 surviving spouse is your sole designated beneficiary, he or she must elect either option (i) or (ii) by may delay 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, first 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 your designated beneficiary or beneficiaries other than is not an individual or a qualified trust as defined in the Regulations is named(e.g., you will be treated as having no designated beneficiary of a charity, your estate, etc.), your Xxxx XXX for purposes must be distributed by the end of determining the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution periodof his or her portion of the Xxxx XXX. Elections must generally be made by December 31 of the year following your death. If there timely elections are not made, distributions to designated beneficiaries who are individuals will be made using the life expectancy option. The default provision for designated beneficiaries that are not individuals is no the 5-year method. If your beneficiary(ies) fails to withdraw the required amount in any tax year, he or she may be subject to a 50% excess accumulation penalty tax on the amount that should have been withdrawn but was not distributed. If your surviving spouse is the sole designated beneficiary of your Xxxx XXX, the entire Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of he/she may treat 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, your spouse will not be required to take distributions from the Xxxx XXX. In the alternative, if your surviving spouse does not treat the Xxxx XXX as his or her ownown Xxxx XXX by redesignating your Xxxx XXX as his or her own Xxxx XXX, then failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is your sole designated beneficiary, he or she may delay receiving roll distributions until from your Xxxx XXX into his or her own Xxxx XXX generally within 60 days of receipt. Additional restrictions may apply. UMB Bank, n.a., UMB Distribution Services, LLC, Grand Distributions Services, LLC, and UMB Fund Services, Inc. expressly disclaim any right, duty, authority or responsibility to furnish legal or tax advice relating to your IRA, including but not limited to present or future tax consequences to you would have reached or others which may result from the age establishment or maintenance of 70½the Custodial Account, at which time the permissible amounts or deductibility of contributions, the effect of withdrawals, the selection of payment options or beneficiaries, any matters pertaining to prohibited transactions, and any other matter whatsoever. You are advised and encouraged to consult with professional counsel of your surviving spouse must begin taking distributions under optionown selection respecting all such matters.

Required Distributions. While Generally, when you die, designated beneficiary(ies) who are alive, you are not required individuals may elect to take distributions from your deplete the Xxxx XXX even after you attain by the age end of 70½. You may withdraw funds from the fifth calendar year following your Xxxx XXX at any timedeath or to receive payments based on the designated beneficiary(ies)’s life expectancy. HoweverIf life expectancy payments are elected, 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 payments must generally begin by December 31 of the fifth first calendar 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 surviving spouse is your sole designated beneficiary, he or she must elect either option (i) or (ii) by may delay 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, first 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 elect to treat your Xxxx XXX for purposes as the Xxxx XXX of determining his or her own. Your surviving spouse (as the distribution period. If there is no sole designated beneficiary of your Xxxx XXX) may elect to treat your Xxxx XXX as his or her own Xxxx XXX by redesignating your Xxxx XXX as his or her own Xxxx XXX, the entire failing to take a required distribution as a beneficiary, or by making a contribution. Regardless of whether your spouse is your sole designated beneficiary, he or she may roll distributions from your Xxxx XXX into his or her own Xxxx XXX within 60 days of receipt. If your designated beneficiary is not an individual (e.g., a charity, your estate, etc.), your Xxxx XXX must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of his or her portion of the Xxxx XXX. Elections must generally be made by December 31 of the year containing the fifth anniversary of following your death. HoweverIf timely elections are not made, if distributions to designated beneficiaries who are individuals will be made using the life expectancy option. The default provision for designated beneficiaries that are not individuals is the 5-year method. If your sole designated beneficiary is your spouse(ies) fails to withdraw the required amount in any tax year, he or she will may be treated as if subject to a 50% excess accumulation penalty tax on the Xxxx XXX is his amount that should have been withdrawn but was not distributed. CUSTODIAN NOT YOUR ADVISOR Computershare Trust Company, n.a., and its agents expressly disclaim any right, duty, authority or her own. In such caseresponsibility to furnish legal or tax advice relating to your XXX, your spouse will including but not be required limited to take distributions present or future tax consequences to you or others which may result from the Xxxx XXXestablishment or maintenance of the Custodial Account, the permissible amounts or deductibility of contributions, the effect of withdrawals, the selection of payment options or beneficiaries, any matters pertaining to prohibited transactions, and any other matter whatsoever. In the alternative, if You are advised and encouraged to consult with professional counsel of your surviving spouse does not treat the Xxxx XXX as his or her own, then he or she may delay receiving distributions until you would have reached the age of 70½, at which time your surviving spouse must begin taking distributions under optionown selection respecting all such matters.