Common use of Required Minimum Distributions Clause in Contracts

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Below is a summary of the inherited XXX distribution rules. 1. If the original XXX owner or employer-sponsored retirement plan participant died on or after the original owner’s required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original owner’s remaining life expectancy. If the original owner’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions will commence using the original owner’s single life expectancy, reduced by one in each subsequent year. 2. If the original XXX owner or employer-sponsored retirement plan participant died before the original owner’s required beginning date, the entire amount remaining in the account will, at your election, either (a) be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death, or (b) be distributed over your remaining life expectancy. As a designated beneficiary of the original owner, you must elect either option (a) or (b) by December 31 of the year following the year of the original owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited XXX must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXX. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited Xxxx XXX. The options available to you as a beneficiary of a deceased plan participant or deceased Xxxx XXX at certain times in accordance with Treasury Regulation 1.408owner are determined according to the type of plan you have inherited and are described below. Any payment elections you either made or defaulted to under the plan you inherited generally carry over to the inherited Xxxx XXX. a. Beneficiary of an Employer-8Sponsored Retirement Plan. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Below is a summary The options available to you as the beneficiary of the inherited XXX distribution rules. 1. If the original XXX owner or an eligible employer-sponsored retirement plan are described below. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. (i) If the original participant died on or after the original owner’s his or her required beginning date, distributions must the remaining interest will be made to you distributed over the longer of your single life expectancy, or the original ownerdesignated beneficiary’s remaining life expectancy. If the original owner’s designated beneficiary was not an individual or qualified trust expectancy as defined determined in the Treasury regulations, year following the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary death of the original XXX or employer-sponsored retirement plan, distributions will commence using the original owner’s single life expectancy, participant and reduced by one for each subsequent year or, if longer, over the remaining life expectancy of the original participant as determined in the year of the participant’s death and reduced by one for each subsequent year. 2. (ii) If the original XXX owner or employer-sponsored retirement plan participant died before the original owner’s his or her required beginning date, the entire amount plan may provide that the remaining interest will be distributed in accordance with (1) or (2) below: (1) the remaining interest will be distributed over the designated beneficiary’s remaining life expectancy as determined in the account willyear following the death of the original participant and reduced by one for each subsequent year, at your electionstarting by the end of the calendar year following the year of the original participant’s death, eitheror if there is no designated beneficiary, the remaining interest will be distributed in accordance with (2) below. (a2) the remaining interest will be distributed by December 31 the end of the calendar year containing the fifth anniversary of the original ownerparticipant’s death, or (b) be distributed over your remaining life expectancy. As a designated beneficiary of the original owner, you must elect either option (a) or (b) by December 31 of the year following the year of the original owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited XXX must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXX. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited Xxxx XXX at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Any payment elections you either made or defaulted to under an inherited retirement plan or Xxxx XXX generally carry over to this inherited Xxxx XXX. Below is a summary of the inherited Xxxx XXX distribution rules. 1. If you are the original XXX owner or beneficiary of a deceased employer-sponsored retirement plan participant, and the original participant died died (a) on or after the original owner’s his or her required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original ownerparticipant’s remaining life expectancy. If the original ownerparticipant’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions will commence using the original ownerparticipant’s single life expectancy, reduced by one in each subsequent year., or 2. If the original XXX owner (b) before his or employer-sponsored retirement plan participant died before the original owner’s her required beginning date, the entire amount remaining in the account will, at your election, either (ai) be distributed by December 31 of the year containing the fifth anniversary of the original ownerparticipant’s death, or (bii) be distributed over your remaining single life expectancy. As a designated beneficiary of the original ownerparticipant, you must elect either option (ai) or (bii) by December 31 of the year following the year of the original ownerparticipant’s death. If no election is made, the distribution will be calculated in accordance with option (bii). In the case of distributions under option (bii), distributions must commence by December 31 of the year following the year of the original ownerparticipant’s death. If the original ownerparticipant’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of the original ownerparticipant’s death. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited Xxxx XXX. 2. If you are the beneficiary of a deceased Xxxx XXX owner, the entire amount remaining in the inherited account will, at your election, either (a) be distributed by December 31 of the year containing the fifth anniversary of the original Xxxx XXX owner’s death, or (b) be distributed over your remaining life expectancy. If you are a spouse who is the sole designated beneficiary of a Xxxx XXX owner, you must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of the original owner’s death, or December 31 of the year life expectancy payments would be required to begin. If you are a designated beneficiary of the original Xxxx XXX owner, other than a spouse who is the sole designated beneficiary, you must elect either option (a) or (b) by December 31 of the year following the year of the original Xxxx XXX owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original Xxxx XXX owner’s death. If the original Xxxx XXX owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury Regulations, the original Xxxx XXX will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original Xxxx XXX, the entire inherited Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of the original Xxxx XXX owner’s death. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited Xxxx XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX IRA at certain times in accordance ac- cordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September Septem- ber 30 of the year following the year of the original owner’s death. Below is a summary of the inherited XXX IRA distribution rules. 1. If the original XXX IRA owner or employer-sponsored retirement plan participant died on or after the original owner’s required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original owner’s remaining life expectancy. If the original owner’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-employer- sponsored retirement plan will be treated as having no designated desig- nated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, distributions will commence using the original owner’s single life expectancy, reduced by one in each subsequent year. 2. If the original XXX IRA owner or employer-sponsored retirement plan participant died before the original owner’s required beginning date, the entire amount remaining in the account will, at your election, either: (a) be Be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death, or (b) be Be distributed over your remaining life expectancy. As a designated beneficiary of the original owner, you must elect either option (a) or (b) by December 31 of the year following the year of the original owner’s death. If no election elec- tion is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, the entire inherited XXX IRA must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuityan- nuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted de- faulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXX. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.of

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX IRA at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary benefi- ciary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Below is a summary of the inherited XXX IRA distribution rules. 1. If the original XXX IRA owner or employer-sponsored retirement plan participant died on or after the original owner’s required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original owner’s remaining life expectancy. If the original owner’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-employer- sponsored retirement plan will be treated as having no designated desig- nated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, distributions will commence using the original owner’s single life expectancy, reduced by one in each subsequent year. 2. If the original XXX IRA owner or employer-sponsored retirement plan participant died before the original owner’s required beginning date, the entire amount remaining in the account will, at your election, either: (a) be Be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death, or (b) be Be distributed over your remaining life expectancy. As a designated beneficiary of the original owner, you must elect either option (a) or (b) by December 31 of the year following the year of the original owner’s death. If no election elec- tion is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, the entire inherited XXX IRA must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuityan- nuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted de- faulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXXIRA. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX IRA to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional ad- ditional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited Xxxx XXX at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary benefi- ciary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Any payment elections you either made or defaulted to under an inherited retirement plan or Xxxx XXX generally carry over to this inherited Xxxx XXX. Below is a summary of the inherited Xxxx XXX distribution rules. If you fail to remove a required minimum distribution, an addi- tional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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. 1. If you are the original XXX owner or beneficiary of a deceased employer-sponsored retirement plan participant, and the original participant died on died: (a) On or after the original owner’s his or her required beginning date, distributions distribu- tions must be made to you over the longer of your single life expectancy, or the original ownerparticipant’s remaining life expectancy. If the original ownerparticipant’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employeremploy- er-sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions distribu- tions will commence using the original ownerparticipant’s single life expectancy, reduced by one in each subsequent year. 2. If the original XXX owner (b) Before his or employer-sponsored retirement plan participant died before the original owner’s her required beginning date, the entire amount remaining in the account will, at your election, either: (i) Be distributed by December 31 of the year containing the fifth anniversary of the original participant’s death, or (ii) Be distributed over your remaining life expectancy. If the original participant’s spouse is the 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 the original participant’s death, or Decem- ber 31 of the year life expectancy payments would be required to begin. A designated beneficiary of the original participant, other than a spouse who is the sole desig- nated beneficiary, must elect either option (i) or (ii) by December 31 of the year following the year of the original participant’s death. If no election is made, the 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 the original participant’s death. Generally, if the original participant’s spouse is the designated beneficiary, distribu- tions need not commence until December 31 of the year the original participant would have attained age 72 (70½ if the original participant would have attained 70½ before 2020), if later. If the original participant’s designated beneficiary is not an individual or qualified trust as defined in the Treasury Regulations, the original retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no desig- xxxxx beneficiary of the original retirement plan, the entire inherited Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of the original participant’s death. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) gov- ernmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the origi- nal owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited Xxxx XXX. 2. If you are the beneficiary of a deceased Xxxx XXX owner, the entire amount remaining in the inherited account will, at your election, either: (a) be Be distributed by December 31 of the year containing the fifth anniversary of the original Xxxx XXX owner’s death, or (b) Be distributed over your remaining life expectancy. If you are a spouse who is the sole designated beneficiary of a Xxxx XXX owner, you must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of the original owner’s death, or (b) or December 31 of the year life expectancy payments would be distributed over your remaining life expectancyrequired to begin. As If you are a designated beneficiary of the original Xxxx XXX owner, other than a spouse who is the sole designated beneficiary, you must elect either option (a) or (b) by December Decem- ber 31 of the year following the year of the original Xxxx XXX owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original Xxxx XXX owner’s death. If Generally, if the original Xxxx XXX owner’s spouse is the designated beneficiary is beneficiary, distributions need not an individual or qualified trust as defined in the Treasury regulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited XXX must be distributed by commence until December 31 of the year containing the fifth anniversary of the original owner’s death. If you Xxxx XXX owner would have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of attained age 72 (70½ if the original owner’s deathXxxx XXX owner would have attained 70½ before 2020), you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXXif later. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following.: (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited Xxxx XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.Single

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX IRA at certain times in accordance ac- cordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September Septem- ber 30 of the year following the year of the original owner’s death. Below is a summary of the inherited XXX IRA distribution rules. 1. If the original XXX IRA owner or employer-sponsored retirement plan participant died on or after the original owner’s required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original owner’s remaining life expectancy. If the original owner’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-employer- sponsored retirement plan will be treated as having no designated desig- nated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, distributions will commence using the original owner’s single life expectancy, reduced by one in each subsequent year. 2. If the original XXX IRA owner or employer-sponsored retirement plan participant died before the original owner’s required beginning date, the entire amount remaining in the account will, at your election, either: (a) be Be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death, or (b) be Be distributed over your remaining life expectancy. As a designated beneficiary of the original owner, you must elect either option (a) or (b) by December 31 of the year following the year of the original owner’s death. If no election elec- tion is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX IRA or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX IRA or employer-sponsored retirement plan, the entire inherited XXX IRA must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuityan- nuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted de- faulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXXIRA. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX IRA to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.otherwise

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX Roth IRA at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Any payment elections you either made or defaulted to under an inherited retirement plan or Roth IRA generally carry over to this inherited Roth IRA. Below is a summary of the inherited XXX Roth IRA distribution rules. 1. If you are the original XXX owner or beneficiary of a deceased employer-sponsored retirement plan participant, and the original participant died on died: (a) On or after the original owner’s his or her required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original ownerparticipant’s remaining life expectancy. If the original ownerparticipant’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions will commence using the original ownerparticipant’s single life expectancy, reduced by one in each subsequent year., or 2. If the original XXX owner (b) Before his or employer-sponsored retirement plan participant died before the original owner’s her required beginning date, the entire amount remaining in the account will, at your election, either: (ai) be Be distributed by December 31 of the year containing the fifth anniversary of the original ownerparticipant’s death, or (bii) be Be distributed over your remaining single life expectancy. As a designated beneficiary of the original ownerparticipant, you must elect either option (ai) or (bii) by December 31 of the year following the year of the original ownerpartici- pant’s death. If no election is made, the distribution will be calculated in accordance with option (bii). In the case of distributions under option (bii), distributions must commence by December 31 of the year following follow- ing the year of the original ownerparticipant’s death. If the original ownerparticipant’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited XXX Roth IRA must be distributed by December 31 of the year containing the fifth anniversary anniver- sary of the original ownerparticipant’s death. If you have inherited a qualified retirement plan, 403(a) annuityan- nuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted de- faulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXXRoth IRA. 2. If you are the beneficiary of a deceased Roth IRA owner, the entire amount remaining in the inherited account will, at your election, either: (a) Be distributed by December 31 of the year containing the fifth anniversary of the original Roth IRA owner’s death, or (b) Be distributed over your remaining life expectancy. If you are a spouse who is the sole designated beneficiary of a Roth IRA owner, you must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of the original owner’s death, or December 31 of the year life expectancy payments would be required to begin. If you are a designated beneficiary of the original Roth IRA owner, other than a spouse who is the sole designated beneficiary, you must elect either option (a) or (b) by Decem- ber 31 of the year following the year of the original Roth IRA owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original Roth IRA owner’s death. If the original Roth IRA owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury Regulations, the original Roth IRA will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original Roth IRA, the entire inherited Roth IRA must be distributed by December 31 of the year containing the fifth anniversary of the original Roth IRA owner’s death. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited Xxxx XXX at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Any payment elections you either made or defaulted to under an inherited retirement plan or Xxxx XXX generally carry over to this inherited Xxxx XXX. Below is a summary of the inherited Xxxx XXX distribution rules. 1. If you are the original XXX owner or beneficiary of a deceased employer-sponsored retirement plan participant, and the original participant died on died: (a) On or after the original owner’s his or her required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original ownerparticipant’s remaining life expectancy. If the original ownerparticipant’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-employer- sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions will commence using the original ownerparticipant’s single life expectancy, reduced by one in each subsequent year., or 2. If the original XXX owner (b) Before his or employer-sponsored retirement plan participant died before the original owner’s her required beginning date, the entire amount remaining in the account will, at your election, either: (ai) be Be distributed by December 31 of the year containing the fifth anniversary of the original ownerparticipant’s death, or (bii) be Be distributed over your remaining single life expectancy. As a designated beneficiary of the original ownerparticipant, you must elect either option (ai) or (bii) by December 31 of the year following the year of the original ownerpartici- pant’s death. If no election is made, the distribution will be calculated in accordance with option (bii). In the case of distributions under option (bii), distributions must commence by December 31 of the year following follow- ing the year of the original ownerparticipant’s death. If the original ownerparticipant’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary anniver- sary of the original ownerparticipant’s death. If you have inherited a qualified retirement plan, 403(a) annuityan- nuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted de- faulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited Xxxx XXX. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX Roth IRA at certain times in accordance with Treasury Regulation 1.408-8. The calculation of the required minimum distribution is based, in part, on determining the original owner’s designated beneficiary. A designated beneficiary is determined based on the beneficiaries designated as of the date of the original owner’s death, who remain beneficiaries as of September 30 of the year following the year of the original owner’s death. Any payment elections you either made or defaulted to under an inherited retirement plan or Roth IRA generally carry over to this inherited Roth IRA. Below is a summary of the inherited XXX Roth IRA distribution rules. 1. If you are the original XXX owner or beneficiary of a deceased employer-sponsored retirement plan participant, and the original participant died on died: (a) On or after the original owner’s his or her required beginning date, distributions must be made to you over the longer of your single life expectancy, or the original ownerparticipant’s remaining life expectancy. If the original ownerparticipant’s designated beneficiary was not an individual or qualified trust as defined in the Treasury regulationsRegulations, the original XXX or employer-employer- sponsored retirement plan will be treated as having no designated beneficiary for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, distributions will commence using the original ownerparticipant’s single life expectancy, reduced by one in each subsequent year., or 2. If the original XXX owner (b) Before his or employer-sponsored retirement plan participant died before the original owner’s her required beginning date, the entire amount remaining in the account will, at your election, either: (ai) be Be distributed by December 31 of the year containing the fifth anniversary of the original ownerparticipant’s death, or (bii) be Be distributed over your remaining single life expectancy. As a designated beneficiary of the original ownerparticipant, you must elect either option (ai) or (bii) by December 31 of the year following the year of the original ownerpartici- pant’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original owner’s death. If the original owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury regulations, the original XXX or employer-sponsored retirement plan will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original XXX or employer-sponsored retirement plan, the entire inherited XXX must be distributed by December 31 of the year containing the fifth anniversary of the original owner’s death. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the original owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited XXX. 3. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following. (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited XXX to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise If you fail to remove a required minimum distribution, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken 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.