Transfer of Account Because of Divorce Sample Clauses

Transfer of Account Because of Divorce. In the event the Participant and the Spouse obtain a separation instrument, a final decree of divorce or dissolution of their marriage, the Participant may direct the Custodian, in accordance with the Custodian’s procedures, to transfer the appropriate portion of the assets in the Participant’s Account to the former Spouse’s IRA. It will be the Participant’s, and not the Custodian’s, responsibility to ensure that the transfer instructions are in accordance with the terms of the decree of divorce, separation or dissolution of marriage.
Sample 1Sample 2Sample 3
Transfer of Account Because of Divorce. Notwithstanding Article X, in the event the Participant and the Participant’s spouse obtain a separation instrument, a final decree of divorce or dissolution of their marriage, the Participant may direct the Custodian in accordance with the Custodian’s procedures and using a form acceptable to the Custodian to transfer the appropri- ate portion of the assets in the Participant’s Account to the Partici- pant’s former spouse’s Xxxx XXX, provided the transfer is in accor- dance with the final decree of divorce, separation or the dissolution of marriage. It will be the Participant’s responsibility, and not the Custodian’s, to ensure that the transfer instructions are in accor- dance with the terms of the decree of divorce, separation or disso- lution of marriage.
Sample 1
Transfer of Account Because of Divorce. Notwithstanding Article 9, in the event the Participant and the Participant’s spouse obtain a separation instrument, a final decree of divorce or dissolution of their marriage, the Participant may direct the Custodian in accordance with the Custodian’s procedures and using a form acceptable to the Custodian to transfer the appropriate portion of the assets in the Participant’s Account to the Participant’s former spouse’s XXX, provided the transfer is in accordance with the final decree of divorce, separation or the dissolution of marriage. It will be the Participant’s, and not the Custodian’s, responsibility to ensure that the transfer instructions are in accordance with the terms of the decree of divorce, separation or dissolution of marriage.
Sample 1

Related to Transfer of Account Because of Divorce

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Leave Without Pay for Relocation of Spouse (a) At the request of an employee, leave without pay for a period of up to one (1) year shall be granted to an employee whose spouse is permanently relocated, and up to five (5) years to an employee whose spouse is temporarily relocated. (b) Leave without pay granted under this clause shall be deducted from the calculation of “continuous employment” for the purpose of calculating severance pay and vacation leave for the employee involved except where the period of such leave is less than three (3) months. (c) Time spent on such leave which is for a period of more than three (3) months shall not be counted for pay increment purposes.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute?

  • Divorce If in connection with the dissolution of the marriage of any married Member, the Member enters into a property settlement agreement or any court issues an interlocutory decree or other order, the terms of which transfer or award all or part of the Interest of the Member in the Company to the Member’s spouse, whether as a confirmation or a disposition of the spouse’s property rights or otherwise.

  • DISTRIBUTIONS AFTER DISSOLUTION Upon dissolution, the Company must pay its debts before distributing cash, assets, or capital to the Member or the Member’s interests. The Member agrees that any distributions occurring after the dissolution of the Company will follow the process outlined in this Agreement and Section 00-00-000 of the Act.

  • Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

  • Enforcement by a Beneficiary A Beneficiary may enforce the obligations of the Guarantor contained in Section 4.1(b) directly against the Guarantor and the Guarantor waives any right or remedy to require that any action be brought against the Issuer or any other person or entity before proceeding against the Guarantor. The Guarantor shall be subrogated to all rights (if any) of any Beneficiary against the Issuer in respect of any amounts paid to the Beneficiaries by the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if at the time of any such payment, and after giving effect to such payment, any amounts are due and unpaid under this Guarantee.

  • No Beneficiary Designation If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate.

  • What Will Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Dissociation of a Member The withdrawal, resignation, retirement, disability, expulsion, or bankruptcy of a member will terminate the membership of the member in the Company. Such a member will be deemed a “dissociated member.”