Common use of Required Minimum Distributions Clause in Contracts

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXX. The options available to you as a beneficiary of a deceased plan participant or deceased XXX owner are described in Article IV, section 3. 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. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or XXX, you may not extend the distribution period for that election by moving it to an inherited XXX. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited XXX. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited XXX to you in a single sum payment • Determine your required minimum distribution from your inherited XXX each year based on your life expectancy, calculated using the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXXIRA. The options available to you as a beneficiary of a deceased plan participant or deceased XXX IRA owner are described in Article IV, section Section 3. 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. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or XXXIRA, you may not extend the distribution period for that election by moving it to an inherited XXXIRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited XXXIRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited XXX IRA to you in a single sum payment • Determine your required minimum distribution from your inherited XXX IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXXIRA. The options available to you as a beneficiary of a deceased plan participant or deceased XXX IRA owner are described in Article IV, section Section 3. 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. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or XXXIRA, you may not extend the distribution period for that election by moving it to an inherited XXXIRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited XXXIRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. : • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited XXX IRA to you in a single sum payment • Determine your required minimum distribution from your inherited XXX IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXXIRA. The options available to you as a beneficiary of a deceased plan participant or deceased XXX IRA owner are described in Article IV, section 3three. 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. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or XXXIRA, you may not extend the distribution period for that election by moving it to an inherited XXXIRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited XXXIRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited XXX IRA to you in a single sum payment • Determine your required minimum distribution from your inherited XXX IRA each year based on your life expectancy, calculated using the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited XXXIRA. The options available to you as a beneficiary of a deceased plan participant or deceased XXX IRA owner are described in Article IV, section Section 3. 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. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or XXXIRA, you may not extend the distribution period for that election by moving it to an inherited XXXIRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets as- sets to your inherited XXXIRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited XXX IRA to you in a single sum payment • Determine your required minimum distribution from your inherited XXX IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.