Joint Life Annuities Where the Beneficiary Sample Clauses

Joint Life Annuities Where the Beneficiary. Is Not the Clergyperson's Spouse. If the Clergyperson's interest is being distributed in the form of a joint and survivor annuity for the joint lives of the Clergyperson and a nonspouse beneficiary, annuity payments to be made on or after the Clergyperson's required beginning date to the designated beneficiary after the Clergyperson's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the Clergyperson using the table set forth in Q&A-2 of section 1.401(a)(9)-6 of the Treasury regulations. For purposes of the preceding sentence, if the Clergyperson has not reached age 70 on his or her annuity starting date, the difference in ages between the Clergyperson and the Beneficiary is reduced by the number of years the Clergyperson is younger than 70 on the Clergyperson's birthday in the calendar year that contains the annuity starting date. If the form of distribution combines a joint and survivor annuity for the joint lives of the Clergyperson and a nonspouse beneficiary and a period certain annuity, the requirement in the first sentence of this Section will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain.
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