Common use of Specific Instructions Clause in Contracts

Specific Instructions. (a) In regards to Article I of this Agreement, the Participant may be subject to a 6% tax on excess contributions if (1) contributions to other individual retirement arrangements of the Participant have been made for the same tax year, (2) the Participant’s adjusted gross income exceeds the applicable limits in Article II for the tax year, or (3) the Participant’ and spouse’s compensation is less than the amount contributed by or on behalf of them for the tax year. The Participant should see the disclosure statement Pub. 590- A, Contributions to Individual Retirement Arrangement (IRAs) and Pub. 590-B, Distributions from to Individual Retirement Arrangement (IRAs) for more information. (b) Article V of the Agreement describes how distributions will be made from the Xxxx XXX after the Participant’s death. Elections made pursuant to this article should be reviewed periodically to ensure they correspond to the Participant’s intent. Under paragraph 3 of Article V, the Participant’s spouse is treated as the owner of the Xxxx XXX upon the death of the Participant, rather than as the Beneficiary, however, an overriding provision has been added to Article IX, so that a spouse may be treated as the Beneficiary, and not the owner.

Specific Instructions. (a) a. In regards to Article I of this Agreement, the Participant may be subject to a 6% tax on excess contributions if (1) contributions to other individual retirement arrangements of the Participant have been made for the same tax year, (2) the Participant’s adjusted gross income exceeds the applicable limits in Article II for the tax year, or (3) the Participant’ and spouse’s compensation is less than the amount contributed by or on behalf of them for the tax year. The Participant should see the disclosure statement Pub. 590- A, Contributions to Individual Retirement Arrangement (IRAs) and Pub. 590-B, Distributions from to Individual Retirement Arrangement (IRAs) for more information. (b) b. Article V of the Agreement describes how distributions will be made from the Xxxx XXX after the Participant’s death. Elections made pursuant to this article should be reviewed periodically to ensure they correspond to the Participant’s intent. Under paragraph 3 of Article V, the Participant’s spouse is treated as the owner of the Xxxx XXX upon the death of the Participant, rather than as the Beneficiary, however, an overriding provision has been added to Article IX, so that a spouse may be treated as the Beneficiary, and not the owner.