Spouse Beneficiary. Notwithstanding Article V, a spouse beneficiary shall be permitted all the beneficiary options allowed under law or applicable regulations. The default election for a spouse beneficiary is the life expectancy method. If your surviving spouse fails to take the required minimum distribution, he/she is deemed to have treated your Xxxx XXX as his/her own. If your surviving spouse is your sole beneficiary, your spouse may treat your Xxxx XXX as his/her own Xxxx XXX and would not be subject to the required minimum distribution rules.
Spouse Beneficiary. If the Contract Owner’s spouse becomes a Beneficiary by reason of the Contract Owner’s death and the Annuitant (or Contingent Annuitant, if applicable) is alive, that portion of the contract for which the spouse is the Beneficiary will continue with the spouse as the Contract Owner, unless the spouse elects to be paid a Death Benefit option. This provision will apply only once with respect to this contract. If the contract continues with the spouse as the Contract Owner, the death benefit will be calculated on receipt of Due Proof of Death. If the Contract Value is less than the calculated death benefit amount, the Contract Value will be increased appropriately.
Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy factor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/2. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your Xxxx XXX as his/her own Xxxx XXX after your death. Your spouse beneficiary could take a distribution of his/her share of your Xxxx XXX and roll it over to a Xxxx XXX of his/her own.
Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/2. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the death year using his/her attained age, or your remaining single life expectancy determined in your death year and reduced by one each subsequent year. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your SIMPLE IRA as his/her own SIMPLE IRA after your death. This generally happens after any of your remaining RMD amount for the year of your death has been distributed. Your spouse beneficiary could take a distribution of his/her share of your SIMPLE IRA and roll it over to an IRA of his/her own.
Spouse Beneficiary. If you designate your spouse as the sole Beneficiary of your IRA, life expectancy payments are not required to begin to your spouse until the later of December 31 of the year you would have turned 70½ had you continued to live or December 31 of the year following the year of your death. If you have named your spouse as one of several Beneficiaries for your IRA and some or all of these Beneficiaries remain as Beneficiaries as of the BDD, your spouse may still be able to delay the commencement of distributions per the above if his or her interest in your IRA has been timely separated from the interests of the other Beneficiaries named. (See the section of this Disclosure Statement entitled "Multiple Beneficiaries and Separate Accounts Under the Final Regulations" for more details.) If your spouse, as the sole Beneficiary of your IRA, designates a Beneficiary of his or her own, and your spouse dies before distributions are required to begin under either the Life Expectancy Method or the 5-Year Rule, which ever method was either elected by your spouse or required by default, the Beneficiary named by your spouse "steps up" or assumes primary Beneficiary status as if he or she was originally named by you. The option to elect the 5-Year Rule or the Life Expectancy Method is then applied to your spouse’s Beneficiary. In applying this rule, the date of death of your surviving spouse is substituted for the date of your death. Under the final regulations, if you have designated your spouse as the sole Beneficiary of your IRA, your spouse’s Applicable Life Expectancy Multiple is redetermined or "recalculated" each year up through the year of your spouse’s death, based on the age of your spouse in each year. The ability to recalculate life expectancies each year may also apply even if your spouse is not designated as the sole Beneficiary of your IRA account if his or her interest or share in your IRA is timely separated from the interests of the other Beneficiaries you named.) In the year following your spouse’s death, the Applicable Life Expectancy Multiple to be applied by your spouse’s successor Beneficiary is based on the age of your spouse in the year of his or her death, reduced by one (1) for each year that passes thereafter. In the year that the Applicable Life Expectancy Multiple reaches zero (0), the entire remaining balance in the IRA, if any, must be distributed in full to your spouse’s successor Beneficiary.
Spouse Beneficiary. Your spouse may have the option of beneficiaries of your Xxxx XXX for purposes of determining the distributing the Xxxx XXX assets over a single life expectancy appropriate distribution period. A qualifying trust provides period or within ten years (the ten-year rule). Your spouse may documentation of its beneficiaries to the trustee.
Spouse Beneficiary. Your spouse may have the option of distributing the IRA assets over a single life expectancy period or within ten years (the ten-year rule). Your spouse may alternatively choose to treat the entire interest (all of the account) of the IRA as his/her own IRA. Under the single life expectancy, if your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 72. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the year of death using his/her attained age, or your remaining single life expectancy determined in your year of death and reduced by one each subsequent year. state law.
Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy factor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age
Spouse Beneficiary. As a spouse beneficiary you may have the option of distributing the Xxxx XXX assets over a single life expectancy period or within ten years (the ten-year rule). You may alternatively choose to treat the entire interest (all of the account) of the Xxxx XXX as your own Xxxx XXX. Under the single life expectancy, if you are the only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, you will use your age each year to determine the life expectancy divisor for calculating that year’s RMD. Your annual RMD is determined by dividing the prior year’s ending balance by the applicable life expectancy divisor. If you are the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, you can postpone commencement of your RMDs until the end of the year in which the Xxxx XXX owner would have attained age 72. If you choose the ten-year rule, you are required to remove all assets from the Xxxx XXX by December 31 of the tenth year following the year of the Xxxx XXX owner’s death. If you are the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, you can treat the Xxxx XXX as your own Xxxx XXX at any time after the Xxxx XXX owner’s death even if you had chosen one of the options above. As a spouse beneficiary, you can take a distribution of part or all of your share of the Xxxx XXX and roll it over to a Xxxx XXX of your own, less that year’s RMD if any.
Spouse Beneficiary. If your spouse is your sole Designated Beneficiary (or if he or she is one of several Beneficiaries but his or her interest in your IRA has been segregated into a separate Beneficiary account) then the distribution period is based on the longer of your spouse’s single life expectancy or your remaining single life expectancy, determined as of your age in the year of your death and reduced by one (1) for each year that passes thereafter. Your spouse’s single life expectancy is redetermined each year based on his or her age each year, up to the year of your spouse’s death. Beginning with the year following your spouse’s death, his or her life expectancy is determined as of the age of your spouse in the year of his or her death and reduced by one (1) for each year that passes thereafter. The Applicable Life Expectancy Multiple for each year is determined accordingly.
