Common use of Retirement and Pension Account Clause in Contracts

Retirement and Pension Account. A retirement or pension account maintained in India that satisfies the following requirements under the laws of India. a) The account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits); b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of India are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); c) Annual information reporting is required to the tax authorities in India with respect to the account; d) Withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a maximum lifetime contribution limit to the account of $1,000,000 or less, in each case applying the rules set forth in Annex I for account aggregation and currency translation.

Retirement and Pension Account. A retirement or pension account maintained in India that satisfies the following requirements under the laws of India. (a) The account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits); (b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of India are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); (c) Annual information reporting is required to the tax authorities in India with respect to the account; (d) Withdrawals are conditioned on reaching a specified retirement age, disability, or I death, or penalties apply to withdrawals made before such specified events; and (e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a j maximum lifetime contribution limit to the account of $1,000,000 or less, in each : case applying the rules set forth in Annex I for account aggregation and currency translation.