Life Expectancy Factor Sample Clauses
Life Expectancy Factor. The factor for the initial distribution year is either the single life or joint life expectancy, as elected by the Owner on the Participant's behalf, based on tables in Code Section 401 (a)(9) or related regulations. With each subsequent year, the life expectancy will be the Participant's life expectancy factor (single or joint) for the initial distribution year, reduced by one. The joint life expectancy factor can only be elected based on the joint life expectancy of the Participant and his or her spouse, and such spouse must be named as the beneficiary of any death benefits under the Plan while SWO is in effect. If the joint life expectancy factor is elected and the Participant or spouse dies, the joint life expectancy factor will continue to be reduced by one for each distribution year. Payments upon the Participant's death will continue in the manner previously elected under (1), unless the Owner elects an alternate payment mode on behalf of the Plan beneficiary. Any mode elected must provide payments to be made at least as rapidly as those made prior to the Participant's death. If joint life expectancy is elected, any changes in the beneficiary designation under the Plan must be immediately communicated to Aetna so that subsequent distributions can be calculated as required by IRS regulations.
Life Expectancy Factor. The factor is either the single life or joint life expectancy, as elected by the Owner on the Participant's behalf, based on tables in Code Section 401 (a) (9) or related regulations. The joint life expectancy factor can only be elected based on the joint life expectancy of the Participant and his or her spouse, and such spouse must be named as the beneficiary of any death benefits under the Plan while ECO is in effect. If joint life expectancy is elected and the Participant or spouse dies, payments will be based on the survivor's life expectancy. If single life expectancy is elected and the Participant dies, or if joint life expectancy is elected and the survivor dies, the life expectancy is reduced to zero in the year following the year of death. The full Current Value must be distributed not later than December 31 following the year of death, or as may be otherwise required by Internal Revenue Service (IRS) regulations. If joint life expectancy is elected, any changes in the beneficiary designation under the Plan must be immediately communicated to Aetna so that subsequent distributions can be calculated as required by IRS regulations.
Life Expectancy Factor. For the Participant, the life expectancy factor for the initial distribution year is either single life or joint life expectancy as elected by 38 38 the Participant, based on tables in Section 401(a)(9) of the Code or related regulations. For a spouse Beneficiary, only a single life expectancy is available. With each subsequent year, the life expectancy factor will be the life expectancy factor for the initial distribution year, reduced by one. These calculations may be changed as necessary to comply with the Code minimum distribution rules. If the joint life expectancy is selected and the Participant or the Beneficiary dies on or after the required beginning date for minimum distributions to the Participant, the joint life expectancy factor will continue to be reduced by one for each distribution year. Payments will continue unless the survivor elects an alternate payment mode. Any payment mode elected by the Beneficiary must provide payments to be made at least as rapidly as those made prior to the Participant's death. If the Participant dies before the required beginning date for minimum distributions, SWO payments will cease and the Beneficiary may claim the death benefit in accordance with the terms of this Contract. If the Beneficiary is not the Participant's spouse, the entire death benefit must be either applied to an Annuity option within one (1) year of the Participant's death, or be paid within five (5) years of the Participant's death. If the Beneficiary is the Participant's spouse, the distribution is not required to begin earlier than when the Participant would have attained age 70 1/2.