Eligible Designated Clause Samples
The 'Eligible Designated' clause defines which parties, entities, or assets are recognized as qualified or approved for a specific purpose under the agreement. Typically, this clause outlines the criteria or standards that must be met for a person or entity to be considered 'eligible,' such as meeting regulatory requirements, possessing certain licenses, or being listed in a schedule attached to the contract. Its core function is to ensure that only those who meet predefined qualifications can participate in or benefit from certain contractual rights or obligations, thereby reducing risk and ensuring compliance with relevant standards.
Eligible Designated. Beneficiary Who is the IRA Owner’s Minor Child. If you are an eligible designated beneficiary who is the ▇▇▇▇ ▇▇▇ owner’s minor child, you have the option of taking distribution of the ▇▇▇▇ ▇▇▇ assets over a single life expectancy period or within ten years. However, upon reaching the age of majority, you must take out any remaining ▇▇▇▇ ▇▇▇ assets within ten years after such date. The age of majority is an issue determined by state law.
Eligible Designated. Beneficiary If the Employee’s Beneficiary is an eligible designated beneficiary The ten year rule would not apply if the account is distributed over the beneficiaries life or a period not exceeding his or her life expectancy, as long as such distributions begin within one year of the death of the participant. An eligible designated beneficiary is any designated beneficiary who is, the surviving spouse, a child under the age of majority, disabled or chronically ill, any other person who is not more than 10 years younger than the deceased participant. If the eligible designated beneficiary is a spouse, then distributions would not be required to begin earlier than the date on which the participant would have attained age 72.