Common use of Required Distributions Clause in Contracts

Required Distributions. You must withdraw your required minimum distributions (RMDs) each year as prescribed by the Code and Treasury Regulations. The first year for which you are required to withdraw an RMD is dependent on your date of birth. • If you were born before July 1, 1949, the first year for which you must withdraw an RMD is the year in which you turn 70½ years of age. • If you were born after June 30, 1949, and before January 1, 1951, the first year for which you must withdraw an RMD is the year in which you turn 72 years of age. • If you were born after December 31, 1950, and before January 1, 1960, the first year for which you must withdraw an RMD is the year in which you turn 73 years of age. • If you were born after December 31, 1959, the first year for which you must withdraw a RMD is the year in which you turn 75 years of age. Your first RMD must be withdrawn no later than your required beginning date which is April 1 following the year you reach the age for which you must begin RMDs. RMDs for subsequent years must be withdrawn by December 31 of that year. To determine your RMD each year, you generally divide your IRA balance as of December 31 of the prior year by the applicable denominator (determined by the applicable IRS life expectancy table). If the purchase of a qualified longevity annuity contract (QLAC) is permitted by the Custodian under the terms of your IRA, the December 31 balance used to calculate your RMD does not include the value of any QLAC held within your IRA, provided such contract was purchased on or after July 2, 2014. Each year you are subject to the RMD requirements, your Custodian will provide you with a notice. Along with the distribution deadline, the notice will either inform you of your RMD amount or provide you with guidance on how to contact the Custodian for assistance in determining your RMD. Your Custodian is also required to notify the IRS each year you are required to take an RMD. If you have more than one IRA, determine the RMD separately for each IRA. However, you may total the RMDs and take the total from any one or more of your IRAs (excluding Xxxx IRAs).

Required Distributions. You must withdraw your required minimum distributions (RMDs) each year as prescribed by the Code and Treasury Regulations. The first year for which Once you attain age 70½, you are required to withdraw an RMD take the minimum distributions from your Account each year. Below is dependent on a summary of the IRA distribution rules. You are required to take a minimum distribution from your date of birth. • If you were born before July 1, 1949, the first year IRA for which you must withdraw an RMD is the year in which you turn attain age 70½ years of ageand for each year thereafter. • If you were born after June 30, 1949, and before January 1, 1951, the You must take your first year for which you must withdraw an RMD is the year in which you turn 72 years of age. • If you were born after December 31, 1950, and before January 1, 1960, the first year for which you must withdraw an RMD is the year in which you turn 73 years of age. • If you were born after December 31, 1959, the first year for which you must withdraw a RMD is the year in which you turn 75 years of age. Your first RMD must be withdrawn no later than distribution by your required beginning date date, which is April 1 of the year following the year you reach attain age 70½. The minimum distribution for any taxable year is equal to the age for which you must begin RMDs. RMDs for subsequent years must be withdrawn amount obtained by December 31 of that year. To determine your RMD each year, you generally divide dividing your IRA balance as of December 31 of the prior year by the applicable denominator divisor (determined provided by the IRS and located in IRS Publications 590). The applicable IRS divisor is generally determined using the Uniform Lifetime Table. The table assumes a designated beneficiary that is exactly 10 years younger than you, regardless of who you designated as your beneficiary(ies), if any. If your spouse is your sole designated beneficiary, and is more than 10 years younger than you, the required minimum distribution is determined annually using the actual joint life expectancy table). If of you and your spouse obtained from the purchase of a qualified longevity annuity contract (QLAC) is permitted Joint and Last Survivor Table provided by the Custodian under IRS, rather than the terms of your IRAlife expectancy divisor from the Uniform Lifetime Table. In any distribution calendar year, you may take more than the December 31 balance used to calculate your RMD does not include the value of any QLAC held within your IRA, provided such contract was purchased on or after July 2, 2014. Each year you are subject to the RMD requirements, your Custodian will provide you with a notice. Along with the distribution deadline, the notice will either inform you of your RMD amount or provide you with guidance on how to contact the Custodian for assistance in determining your RMD. Your Custodian is also required to notify the IRS each year you are required to take an RMDminimum. If you take less than the required amount an additional 50% federal excise tax is imposed on the amount that should have more than one IRAbeen withdrawn but was not. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS. We will not monitor your Account to ensure you fulfill your requirement to take a required distribution. It is our policy to only distribute funds to you upon your authorization. The only exception to this policy will be in situations where we determine that your Account has been abandoned. If our efforts to contact you result in returned mail (due to improper address ‐ physical or email) or unreturned phone calls then we may be required, determine the RMD separately for each IRA. Howeverunder state abandoned property laws, you may total the RMDs and take the total from any one or more of to escheat your IRAs (excluding Xxxx IRAs)Account.