Year Rule Sample Clauses

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following your death. If an eligible designated beneficiary elects to take distributions from the Inherited IRA in accordance with the 10-Year Rule, because your death is before your required beginning date, they are not subject to a distribution requirement each year.

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following the year of your death. If an eligible designated beneficiary elects to take distributions from the Inherited Xxxx XXX in accordance with the 10-Year Rule, they are not subject to a distribution requirement each year. Life Expectancy Payments: Under the Life Expectancy Payments option, your beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. To determine the minimum required distribution amount for a given year, the Xxxx XXX balance (i.e., generally the fair market value of the Inherited Xxxx XXX on December 31 of the preceding year) is divided by the applicable denominator. The applicable denominator is derived from the Single Life Expectancy table. For the first distribution year, the life expectancy used is the single life expectancy that corresponds to the age the beneficiary attains on their birthday in the calendar year following the year of your death. Once the applicable denominator is determined for the first distribution year, it is reduced by one in each succeeding year. The life expectancy payment is the required minimum amount to be withdrawn each year; the eligible designated beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance. If your child, who is under age 21 at the time of your death, elects to take distributions in accordance with the Life Expectancy Payments option, they must generally deplete the entire Inherited Xxxx XXX by December 31 of year they attain age 31. However, this deadline does not apply if your child is disabled or chronically at the time of your death and required documentation is provided to the Xxxx XXX Custodian by the applicable deadline. Noneligible Designated Beneficiary Your noneligible designated beneficiary is required to take distribution of the Inherited Xxxx XXX under the 10-Year Rule. The 10-Year Rule requires depletion of the inherited Xxxx XXX funds by the end of the tenth calendar year following your death. Under a Xxxx XXX, noneligible designated beneficiaries taking distributions in accordance with the 10-Year Rule are not subject to a minimum distribution requirement each year. Nonperson Beneficiary Your nonperson beneficiary is required to take distribution of the Inherited Xxxx XXX under the 5-Year Rule. The 5-Year Rule requires depletion of the Inherited Xxxx XXX by the end of the...

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following your death. If your spouse beneficiary elects to take distributions from the Inherited Xxxx XXX in accordance with the 10-Year Rule, they are not subject to a distribution requirement each year. Life Expectancy Payments: year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have attained RMD age (i.e., age 72 if born after June 30, 1949, but before January 1, 1951, age 73 if born after December 31, 1950, and before January 1, 1960, and age 75 if born after December 31, 1959). The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance.

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following the year of your death. If an eligible designated beneficiary elects to take distributions from the Inherited Xxxx XXX in accordance with the 10-Year Rule, they are not subject to a distribution requirement each year. Life Expectancy Payments: Under the Life Expectancy Payments option, your beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. To determine the minimum required distribution amount for a given year, the Xxxx XXX balance (i.e., generally the fair market value of the Inherited Xxxx XXX on December 31 of the preceding year) is divided by the applicable denominator. The applicable denominator is derived from the

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following your death. If your spouse beneficiary elects to take distributions from the Inherited Xxxx XXX in accordance with the 10- Year Rule, they are not subject to a distribution requirement each year. Life Expectancy Payments: Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have attained RMD age (i.e., age 72 if born after June 30, 1949, but before January 1, 1951, age 73 if born after December 31, 1950, and before January 1, 1960, and age 75 if born after December 31, 1959). The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance..

Year Rule. If you are employed at least 15 years at the institution, you may be able to elect to defer an additional amount of up to $3,000 per year, subject to a lifetime maximum of $15,000.

Year Rule. The 10-Year Rule requires depletion of the inherited funds by the end of the tenth calendar year following your death. If your spouse beneficiary elects to take distributions from the Inherited Xxxx XXX in accordance with the 10-Year Rule, they are not subject to a distribution requirement each year. Life Expectancy Payments: Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death (or, if later, the year you would have been required to begin taking RMDs from a Traditional IRA). If your date of birth is before January 1, 1951, you would have been required to take RMDs from a Traditional IRA beginning in the year you attain age 72. If your date of birth is after December 31, 1950, and before January 1, 1960, you would have been required to take RMDs from a Traditional IRA beginning in the year you attain age 73. If your date of birth is after January 1, 1960, you would have been required to take RMDs from a Traditional IRA beginning in the year you attain age 75. To determine the minimum required distribution amount for a given year, the Xxxx XXX balance (i.e., generally the fair market value of the Inherited Xxxx XXX on December 31 of the preceding year) is divided by the applicable denominator. The applicable denominator used to calculate the life expectancy payment is derived from the Single Life Expectancy table. The life expectancy used is the single life expectancy that corresponds to the age your spouse attains on their birthday in that distribution year. The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump- sum distribution of the remaining balance.

Year Rule. If the Plan provides that any portion of the Participant's interest is payable to a designated Beneficiary, such portion may be distributed over the lesser of (1) the life of the "designated Beneficiary," or (2) over a period not extending beyond the life expectancy of the designated Beneficiary. Such distributions to a designated Beneficiary must begin not later than December 31 of the year following the date of the Participant's death. The Group Policyholder on behalf of the designated Beneficiary may elect by Request to take distributions either under the 5-Year Rule or under this 1-Year Rule. If no election is received by the Company by November 1 of the year following the year of the Participant's death, distributions will be made pursuant to the 5-Year Rule described in subsection a. of Section 7.

Year Rule. A Xxxx XXX distribution cannot be rolled over if any other distribution from the same Xxxx XXX has been rolled over during the preceding 365 days.

Year Rule. Unless the Employer elects otherwise below, beneficiaries of Applicable Participant Accounts will have the option to extend distribution under the 5-Year Rule by one year, and in the absence of a beneficiary election the extension will apply.