Required Minimum Distribution. If your Contract is a Qualified Contract, we will waive the Withdrawal Charge for withdrawal of the amount required to be withdrawn under the Tax Code for this Contract only to the extent that amount is greater than the Free Withdrawal Amount. This waiver only applies to the Required Minimum Distribution for one of the two calendar years that occur during each Contract Year. This waiver does not apply to withdrawals made to satisfy any required minimum distribution from any other tax qualified investments you may own.
Required Minimum Distribution. A distribution of Excess 401(k) Contributions (and income allocable thereto) is not treated as a distribution for purposes of determining whether the Plan satisfies the minimum distribution requirements of section 401(a)(9) of the Code.
Required Minimum Distribution. For purposes of applying the Required Minimum Distribution rules for the 2009 Distribution Calendar Year, as described in Section D-2.02 of the Plan, a Participant (including an Alternate Payee or beneficiary of a deceased Participant) who is eligible to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year may elect whether or not to receive the 2009 Required Minimum Distribution (or any portion of such distribution). If a Participant does not specifically elect to leave the 2009 Required Minimum Distribution in the Plan, such distribution will be made for the 2009 Distribution Calendar Year as set forth in Section D-2.02 o f the Plan.
Required Minimum Distribution. Traditional IRAs are subject to IRS required minimum distribution (“RMD”) rules starting when the Account Holder attains age 70½. The initial distribution from the Account must begin no later than April 1st following the calendar year in which the Account Holder attains age 70 1/2 (referred to as the “required beginning date”). Subsequent distributions must be withdrawn from the Account by December 31st of each year. Pursuant to IRS regulation, failure by the Account Holder to withdraw the required distribution amount will result in an additional tax of 50% of the amount that should have been withdrawn in any given year. This penalty is in addition to ordinary income taxes the Account Holder must pay to the federal and, if applicable, state government. To calculate the required distribution amount, the Account Holder will divide the prior December 31st balance of the Account by a life expectancy factor found in the uniform lifetime table (see Regulation section 1.401(a)(9)‐9). In the event the Account Xxxxxx’s spouse is the sole beneficiary of the Account and he or she is more than 10 years younger than the Account Holder, the required distribution amount is determined using the joint and last survivor table which may also be found in the Regulation section referenced above. If the Account Holder has more than one Traditional IRA, he or she must calculate the RMD separately for each account. However, there is no requirement for the Account Holder to withdraw the RMD amount from each account. As a result, the Account Holder may satisfy his or her distribution requirement by taking from one account an amount sufficient to cover both accounts. The Custodian is under no obligation to determine whether the Account Holder fulfills his or her requirement to take the required distribution amount from the Account each year and, pursuant to its policies, will not make payment until authorization is received. The only exception to this policy will be in situations where the Account has been determined by the Custodian to be abandoned. If the Custodian’s efforts to locate the Account Holder prove unsuccessful, it may be required to escheat Account assets under state abandoned property laws. The Account Holder hereby releases and holds the Custodian harmless from any loss, penalty, or tax related to his or her failure to take a required minimum distribution or in the event the Account is abandoned.
Required Minimum Distribution. A distribution of Excess Aggregate Contributions (and income) is not treated as a distribution for purposes of determining whether the Plan satisfies the minimum distribution requirements of section 401(a)(9) of the Code.
Required Minimum Distribution. Payments under a Life Distribution Option will be reduced by any withdrawals taken from the annuity contract during the same calendar year. The sum of the withdrawals under a Life Distribution Option should satisfy the Required Minimum Distribution for this annuity contract for the current year IF no withdrawals from the annuity contract were direct transferred or rolled over to another qualified policy. If any such direct transfers or rollovers occurred, then payments under the Life Distribution Option will be insufficient to satisfy the Required Minimum Distribution for the annuity contract.
Required Minimum Distribution. The provisions of this Section 6.9 will apply for purposes of determining Required Minimum Distributions for distribution calendar years beginning with the 2003 calendar year, as well as Required Minimum Distributions for the 2002 Distribution Calendar Years that are made on or after August 1, 2002. The requirements of this Section will take precedence over any inconsistent provisions of the Plan. All distributions required under this Section will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Code. Notwithstanding the other provisions of this Section, distributions may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA.
Required Minimum Distribution before death where Spouse is sole beneficiary. If a Participant designates a trust as the beneficiary of his/her entire benefit and the Participant’s Spouse is the sole beneficiary of the trust, the Participant must provide the information under (A) or (B) below to satisfy the information requirements under subsection (d)(4) above.
(A) The Participant must provide to the Plan Administrator a copy of the trust instrument and agree that if the trust instrument is amended at any time in the future, the Participant will, within a reasonable time, provide to the Plan Administrator a copy of each such amendment; or
(B) The Participant must:
(I) provide to the Plan Administrator a list of all of the beneficiaries of the trust (including contingent and remaindermen beneficiaries with a description of the conditions on their entitlement sufficient to establish that the Spouse is the sole beneficiary) for purposes of Code §401(a)(9);
(II) certify that, to the best of the Participant’s knowledge, the list under subsection (I) above is correct and complete and that the requirements of subsection (d) above are satisfied;
(III) agree that, if the trust instrument is amended at any time in the future, the Participant will, within a reasonable time, provide to the Plan Administrator corrected certifications to the extent that the amendment changes any information previously certified; and
(IV) agree to provide a copy of the trust instrument to the Plan Administrator upon demand.
Required Minimum Distribution. RMDs made under this Group Contract will only be made in a manner consistent with the required minimum distribution or other provisions of the Code. It is the responsibility of the GLWB Elector, Alternate Payee, or Beneficiary, as applicable, to Request payments in accordance with the distribution requirements of the Code. Great-West is not responsible for any penalties resulting from a failure to Request timely payments in the proper amount. Any required RMD during the Accumulation Phase shall be considered an Excess Withdrawal. During the Withdrawal Phase, RMDs are not Excess Withdrawals if the Distribution made under the IRA causes the total Distributions to exceed GXX amount. The Benefit Base will not be reduced for a RMD Installment to the extent that the RMD Amount is attributable to the Covered Fund.
Required Minimum Distribution. For purposes of applying the Required Minimum Distribution rules for the 2009 Distribution Calendar Year, as described in Section D-2.02 of the Plan, a Participant (including an Alternate Payee or beneficiary of a deceased Participant) who is eligible to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year may elect whether or not to receive the 2009 Required Minimum Distribution (or any portion of such distribution). If a Participant does not specifically elect to leave the 2009 Required Minimum Distribution in the Plan, such distribution will be made for the 2009 Distribution Calendar Year as set forth in Section D-2.02 of the Plan. ❒ No distribution. If this box is checked, 2009 Required Minimum Distributions will not be made to Participants who are otherwise required to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year under Section 8.12 of the Plan, unless the Participant elects to receive such distribution.
