Naming Your Beneficiary Sample Clauses

Naming Your Beneficiary. Beneficiaries are persons you name to receive the death benefit if you die before your certificate's maturity date. At any time before your certificate's maturity date, you may, subject to the terms of your employer plan, name, change, add or delete your beneficiaries by written notice to CREF as explained in section 68. If your accumulation is subject to spousal rights, then your right to name a beneficiary for the death benefit is subject to the rights of your spouse as described in Part H. You can name two classes of beneficiaries, primary and contingent, which set the order of payment. At your death, your beneficiaries are the surviving primary beneficiary or beneficiaries you named. If no primary beneficiary survives you, your beneficiaries are the surviving contingent beneficiary or beneficiaries you named. The share of any named beneficiary in a class who does not survive will be allocated in equal shares to the beneficiaries in such class who do survive, even if you've provided for these beneficiaries to receive unequal shares. The death benefit will be paid to your estate in one sum if: you name your estate as beneficiary; or none of the beneficiaries you have named is alive at the time of your death; or -------------------------------------------------------------------------------- Page 12 YOUR CREF RETIREMENT SELECT CERTIFICATE -------------------------------------------------------------------------------- at your death you had never named a beneficiary. If distributions to a named beneficiary are barred by operation of law, the death benefit will be paid to your estate. If at your death any distribution of the death benefit would be in conflict with any rights of your spouse under law that were not previously waived, CREF will pay the death benefit in accordance with your spouse's rights, as described in section 56.
Sample 1See All (7)
AutoNDA by SimpleDocs
Naming Your Beneficiary. INDIVIDUAL as beneficiary: Jane X. Xxx XXXTITUTION as beneficiary (Full legal name and address should be stated; also state whether the institution is a corporation): The Evergreen Company, a Texas Corporation TRUSTEE as beneficiary (Named inter vivos [living] trust agreement): XYZ Bank and Trust Company or its successors, as Trustee under trust agreement dated January 31, 1982.
Sample 1Sample 2
Naming Your Beneficiary. 48 Spouse's Rights - Payment of...................................47 - Definition....................................23 - Payments after Death of Beneficiary..........
Sample 1
Naming Your Beneficiary. Beneficiaries are persons you name to receive the death benefit if you die before your certificate's maturity date. At any time before your certificate's maturity date, you may name, change, add or delete your beneficiaries by written notice to CREF as explained in section 58. You can name two classes of beneficiaries, primary and contingent, which set the order of payment. At your death, your beneficiaries are the surviving primary beneficiary or beneficiaries you named. If no primary beneficiary survives you, your beneficiaries are the surviving contingent beneficiary or beneficiaries you named. The share of any named beneficiary in a class who does not survive will be allocated in equal shares to the beneficiaries in such class who do survive, even if you've provided for these beneficiaries to receive unequal shares. The death benefit will be paid to your estate in one sum if: you name your estate as beneficiary; or none of the beneficiaries you have named is alive at the time of your death; or at your death you had never named a beneficiary. If distributions to a named beneficiary are barred by operation of law, the death benefit will be paid to your estate.
Sample 1
Naming Your Beneficiary. Beneficiaries are persons you name, in a form satisfactory to TIAA as explained in Section 49, to:
Sample 1
Naming Your Beneficiary. To complete the Application, you must name a Designated Beneficiary. Anyone with a valid Social Security Number or TIN who is a U.S. citizen or resident alien can be named a Designated Beneficiary. Each Account may have only one Designated Beneficiary. If you wish to make contributions for more than one Designated Beneficiary, you must complete a separate Application and open a separate Account for each Designated Beneficiary. A Designated Beneficiary need not be designated for a scholarship Account opened by a state or local government (or agency or instrumentality) or organization described in Section 501(c)(3) of the IRC, but each person who receives an interest in the Account as a scholarship will be treated as a Designated Beneficiary for that portion of the Account awarded to him or her. Generally, you may change the Designated Beneficiary on your Account at any time. For example, you may want to change the Designated Beneficiary if the original Designated Beneficiary does not attend college, has received a scholarship or has graduated and there is money left in the Account. Generally to change the Designated Beneficiary without having to pay federal income taxes or the Additional Tax, you must name a Member of the Family of the current Designated Beneficiary as the new Designated Beneficiary. The following family members of the existing Designated Beneficiary are considered a “Member of the Family” and can be named as the replacement Designated Beneficiary: š child2, or descendant of a child; š brother, sister3, stepbrother or stepsister; š stepfather or stepmother; š father, mother or ancestor of either; š son or daughter of a brother or sister; x brother or sister of father or mother; x xxx-in-law, daughter-in-law, father-in-law, mother-in-law, sister-in-law or brother-in-law; š spouse or spouse of any family member listed above or of the Designated Beneficiary; or š first cousin. If you do not name a Member of the Family as the new Designated Beneficiary, the transaction may be treated as a Non-Qualified Withdrawal and you may be subject to the Additional Tax on the earnings in addition to any federal (and possibly state and/or local) income taxes due. Federal gift and generation- skipping taxes will apply to a change in beneficiaries or a rollover to the account of a new Designated 2 The terms “child” includes a legally adopted son or daughter of an individual as well as a stepson or stepdaughter. 3 The terms “brother” and “sister” include a bro...
Sample 1
Naming Your Beneficiary. 4 Payee ........................................ 9
Sample 1
AutoNDA by SimpleDocs

Related to Naming Your Beneficiary

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Surviving Spouse The term "Surviving Spouse" shall mean the person, if any, who shall be legally married to the Executive on the date of the Executive's death.

  • Spouse The spouse of an eligible employee (if legally married under Minnesota law). For the purposes of health insurance coverage, if that spouse works full-time for an organization employing more than one hundred (100) people and elects to receive either credits or cash (1) in place of health insurance or health coverage or (2) in addition to a health plan with a seven hundred and fifty dollar ($750) or greater deductible through his/her employing organization, he/she is not eligible to be a covered dependent for the purposes of this Article. If both spouses work for the State or another organization participating in the State's Group Insurance Program, neither spouse may be covered as a dependent by the other, unless one spouse is not eligible for a full Employer Contribution as defined in Section 3A. Effective January 1, 2015 if both spouses work for the State or another organization participating in the State’s Group Insurance Program, a spouse may be covered as a dependent by the other.

  • CHANGE OF BENEFICIARY 18.1 The policyholder has the authority to appoint another beneficiary during the life of the insured person.. However, if the beneficiary has declared, with the written consent of the policyholder, that he accepts the benefit of the contract, the policyholder can exercise his rights under the contract only with the cooperation of the beneficiary, who has so accepted. The change will take effect from the moment that the insurer has noted this on the policy.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

Time is Money Join Law Insider Premium to draft better contracts faster.