Minimum Distribution Rules Clause Samples

Minimum Distribution Rules. Notwithstanding any provision of this Contract to the contrary, the Account Value shall be distributed to the Participant or to the Beneficiary, as the case may be, under a method of payment elected by the Participant or the Beneficiary and as permitted by this Contract and the Plan, provided however, that all payments, withdrawals and distributions under this Contract shall be made in accordance with the following rules: (a) All payments, withdrawals and distributions shall comply with the Treasury Regulations under Section 401(a)(9) of the Code. (b) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Required Beginning Date. (c) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with subsection 9.4. If the Participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury Regulations. (d) A Participant or Beneficiary shall not be required to receive a distribution from this Contract otherwise required by this Section to the extent that the required amount is withdrawn from another arrangement described in Section 403(b) of the Code in accordance with Section 1.403(b)-3, Q&A-4 of the Treasury Regulations. (e) The Company assumes no responsibility for determining whether any method of payment selected under this Contract complies with the applicable Treasury Regulations or other requirements.

Minimum Distribution Rules. (a) Notwithstanding any provision of this Plan to the contrary, any distribution under the Plan shall be made by the Administrator in accordance with Code Sections 401(a)(9) and 457(d) and the regulations established thereunder as they are amended. No payment option may be selected by a Participant unless the amounts payable to the Participant are expected to be at least equal to the minimum distribution required under Section 401(a)(9) of the Code. The amounts payable also must satisfy the minimum distribution incidental benefit requirements of Section 401(a)(9)(G) of the Code if applicable. (b) Payment of the Accounts of a Participant shall begin no later than the "required beginning date." For purposed of this Section, "required beginning date" means April 1 of the calendar year following the later of (1) the calendar year in which the Participant reaches age seventy and one-half (70-1/2), or (2) the calendar year in which the Participant retires. For purposes of this Section, "first distribution year" means the calendar year described in (1) or (2) in the preceding sentence. (c) Except as otherwise required by Code Section 457(d)(2), the amount to be distributed each year, beginning with distributions attributable to the first distribution year, shall not be less than the quotient obtained by dividing the Participant's benefit by the lesser of (1) the applicable life expectancy, or (2) if the Participant's spouse is not the designated beneficiary, the applicable divisor specified in Code Section 401(a)(9) or the regulations promulgated thereunder. Distributions after the death of the Participant to the spouse shall be distributed using the applicable life expectancy as the applicable divisor. (d) The Participant is responsible for coordinating between any other 457 Plans he or she has and this Plan to meet the minimum distribution rules. (1) Notwithstanding anything above, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code Section 401(a)(9)(H) ('2009 RMDs'), and who would have satisfied that requirement by receiving distributions that are (i) equal to the 2009 RMDs or (ii) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant's designated Benefi...

Minimum Distribution Rules. Notwithstanding any provision of this Contract to the contrary, the Account Value shall be distributed to the Participant or to the Beneficiary, as the case may be, under a method of payment elected by the Participant or the Beneficiary and as permitted by this Contract and the Plan, if any, provided however, that all payments, withdrawals and distributions under this Contract shall be made in accordance with the following rules: (a) All payments, withdrawals and distributions shall comply with the Treasury Regulations under Section 401(a)(9) of the Code. (b) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Required Beginning Date. (c) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with