Common use of Exceptions to Early Withdrawal Penalties Clause in Contracts

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner is in required minimum distribution (RMD) or becomes disabled and begins making periodic withdrawals.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner is in required minimum distribution (RMD) attains age 59½ or becomes disabled and begins making periodic withdrawals.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early early-withdrawal penalty under the following circumstances: when • When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. • Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment establishment; provided that the depositor forfeits an amount equal to at least the simple interest earned in the amount withdrawn; or where the account is an IRA and the account owner dies, becomes disabled, or the IRA owner has attained the age of 59 ½ and is in required minimum distribution (RMD) or becomes disabled and begins making periodic withdrawalstaking a normal distribution.