Death Before Required Beginning Date Sample Clauses
Death Before Required Beginning Date. If the Traditional IRA Owner dies before the required beginning date, his or her entire interest will be distributed at least as rapidly as follows.
1. If the Designated Beneficiary is someone other than the Traditional IRA Owner’s surviving spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Traditional IRA Owner’s death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the age of the Beneficiary as of his or her birthday in the year following the year of the Traditional IRA Owner’s death, or, if elected, in accordance with Section 3.03(B)(3) of this Agreement. If this is an inherited Traditional IRA within the meaning of Code Section 408(d)(3)(C) established for the benefit of a nonspouse Designated Beneficiary by a direct trustee-to-trustee transfer from a retirement plan of a deceased individual under Code Section 402(c)(11), then, notwithstanding any election made by the deceased individual pursuant to the preceding sentence, the nonspouse Designated Beneficiary may elect to have distributions made under this Section if the transfer is made no later than the end of the year following the year of death.
2. If the Traditional IRA Owner’s sole Designated Beneficiary is the Traditional IRA Owner’s surviving spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Traditional IRA Owner’s death (or by the end of the calendar year in which the Traditional IRA Owner would have attained age 70½, if later), over such spouse’s life expectancy, or, if elected, in accordance with Section 3.03(B)(3) of this Agreement. If the surviving spouse dies before distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse’s death, over the spouse’s Designated Beneficiary’s remaining life expectancy determined using such Beneficiary’s age as of his or her birthday in the year following the death of the spouse, or, if elected, will be distributed in accordance with Section 3.03(B)(3) of this Agreement. If the surviving spouse dies after distributions are required to begin, any remaining interest will be distributed over the spouse’s remaining life expectancy determined using the spouse’s age as of his or her birthday in the year of the spouse’s death.
3. If there is no Designat...
Death Before Required Beginning Date. If, prior to the Participant’s death, the Participant has not started to take his or her Required Minimum Distributions and the Participant has properly designated a beneficiary(ies), the entire value of the Participant’s Account must be distributed to the Participant’s beneficiaries within five years after the Participant’s death, unless the designated beneficiary elects in writing, no later than September 30th of the year following the year in which the Participant dies, to take distributions over his or her life expectancy. These distributions must commence no later than December 31st of the calendar year following the calendar year of the Participant’s death. However, if the Participant’s spouse is the Participant’s sole beneficiary, these distributions are not required to commence until the December 31st of the calendar year the Participant would have attained age 70½, if that date is later than the required commencement date in the previous sentence. If the Participant dies before his or her Required Beginning Date and the Participant does not have a designated beneficiary, the balance in the Participant’s Account must be distributed no later than the December 31st of the calendar year that contains the fifth anniversary of the Participant’s death.
Death Before Required Beginning Date. If the individual dies before the required beginning date, his or her entire interest will be distributed at least as rapidly as follows:
Death Before Required Beginning Date. The Account Owner dies before the Required Beginning Date, a beneficiary may elect to withdraw amounts using an applicable method under Section 5(h)(ii)(A) above, provided that
(1) the beneficiary may not use a distribution period factor based on the Account Owner’s age, and
(2) if the sole beneficiary is the Account Owner’s spouse, he or she may elect to postpone distributions until the end of the calendar year in which the Account Owner would have reached age 701/2. Alternatively, on or before December 31 of the year following the year of the Account Owner’s death, a beneficiary may elect to withdraw his portion of the Account at any time or times by the end of the calendar year containing the fifth anniversary of the Account Owner’s death. If the beneficiary is not a living person, it must use this alternative. Effective January 1, 2009, the provisions of this Section 5(h)(ii)(B) shall apply to the extent permissible under the Plan.
Death Before Required Beginning Date. If the Participant dies before the Required Beginning Date, then the remaining assets in the Custodial Account must be distributed at least as rapidly as (1), (2), or (3).