Required Minimum Distribution. If your Contract is a Qualified Contract, we will waive the Withdrawal Charge for withdrawal of the amount required to be withdrawn under the Tax Code for this Contract only to the extent that amount is greater than the Free Withdrawal Amount. This waiver only applies to the Required Minimum Distribution for one of the two calendar years that occur during each Contract Year. This waiver does not apply to withdrawals made to satisfy any required minimum distribution from any other tax qualified investments you may own. Free Withdrawal Percentage: 10%
Required Minimum Distribution. A distribution of Excess 401(k) Contributions (and income allocable thereto) is not treated as a distribution for purposes of determining whether the Plan satisfies the minimum distribution requirements of section 401(a)(9) of the Code.
Required Minimum Distribution. Traditional IRAs are subject to IRS required minimum distribution (“RMD”) rules starting when the Account Holder attains age 70½. The initial distribution from the Account must begin no later than April 1st following the calendar year in which the Account Holder attains age 70 1/2 (referred to as the “required beginning date”). Subsequent distributions must be withdrawn from the Account by December 31st of each year. Pursuant to IRS regulation, failure by the Account Holder to withdraw the required distribution amount will result in an additional tax of 50% of the amount that should have been withdrawn in any given year. This penalty is in addition to ordinary income taxes the Account Holder must pay to the federal and, if applicable, state government. To calculate the required distribution amount, the Account Holder will divide the prior December 31st balance of the Account by a life expectancy factor found in the uniform lifetime table (see Regulation section 1.401(a)(9)‐9). In the event the Account Xxxxxx’s spouse is the sole beneficiary of the Account and he or she is more than 10 years younger than the Account Holder, the required distribution amount is determined using the joint and last survivor table which may also be found in the Regulation section referenced above. If the Account Holder has more than one Traditional IRA, he or she must calculate the RMD separately for each account. However, there is no requirement for the Account Holder to withdraw the RMD amount from each account. As a result, the Account Holder may satisfy his or her distribution requirement by taking from one account an amount sufficient to cover both accounts. The Custodian is under no obligation to determine whether the Account Holder fulfills his or her requirement to take the required distribution amount from the Account each year and, pursuant to its policies, will not make payment until authorization is received. The only exception to this policy will be in situations where the Account has been determined by the Custodian to be abandoned. If the Custodian’s efforts to locate the Account Holder prove unsuccessful, it may be required to escheat Account assets under state abandoned property laws. The Account Holder hereby releases and holds the Custodian harmless from any loss, penalty, or tax related to his or her failure to take a required minimum distribution or in the event the Account is abandoned.
Required Minimum Distribution. Payments under a Life Distribution Option will be reduced by any withdrawals taken from the annuity contract during the same calendar year. The sum of the withdrawals under a Life Distribution Option should satisfy the Required Minimum Distribution for this annuity contract for the current year IF no withdrawals from the annuity contract were direct transferred or rolled over to another qualified policy. If any such direct transfers or rollovers occurred, then payments under the Life Distribution Option will be insufficient to satisfy the Required Minimum Distribution for the annuity contract. 11.
Required Minimum Distribution. For purposes of applying the Required Minimum Distribution rules for the 2009 Distribution Calendar Year, as described in Section D-2.02 of the Plan, a Participant (including an Alternate Payee or beneficiary of a deceased Participant) who is eligible to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year may elect whether or not to receive the 2009 Required Minimum Distribution (or any portion of such distribution). If a Participant does not specifically elect to leave the 2009 Required Minimum Distribution in the Plan, such distribution will be made for the 2009 Distribution Calendar Year as set forth in Section D-2.02 o f the Plan.
Required Minimum Distribution. A distribution of Excess Aggregate Contributions (and income) is not treated as a distribution for purposes of determining whether the Plan satisfies the minimum distribution requirements of section 401(a)(9) of the Code.
Required Minimum Distribution. The provisions of this Section 6.9 will apply for purposes of determining Required Minimum Distributions for distribution calendar years beginning with the 2003 calendar year, as well as Required Minimum Distributions for the 2002 Distribution Calendar Years that are made on or after August 1, 2002. The requirements of this Section will take precedence over any inconsistent provisions of the Plan. All distributions required under this Section will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Code. Notwithstanding the other provisions of this Section, distributions may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA. The requirements for Required Minimum Distributions shall not apply for calendar year 2009.
Required Minimum Distribution. For purposes of applying the Required Minimum Distribution rules for the 2009 Distribution Calendar Year, as described in Section D-2.02 of the Plan, a Participant (including an Alternate Payee or beneficiary of a deceased Participant) who is eligible to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year may elect whether or not to receive the 2009 Required Minimum Distribution (or any portion of such distribution). If a Participant does not specifically elect to leave the 2009 Required Minimum Distribution in the Plan, such distribution will be made for the 2009 Distribution Calendar Year as set forth in Section D-2.02 o f the Plan. No distribution. If this box is checked, 2009 Required Minimum Distributions will not be made to Participants who are otherwise required to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year under Section 8.12 of the Plan, unless the Participant elects to receive such distribution.
Required Minimum Distribution. (See Section 10.4 of the BPD.)
Required Minimum Distribution. Notwithstanding anything herein to the contrary, unless the Participant has made an appropriate election by December 31, 1983, to defer distribution which has not been revoked or modified, the Participant's benefit shall be distributed to the Participant not later than the Required Beginning Date or shall be distributed, commencing on the Required Beginning Date in accordance with regulations prescribed by the Secretary of the Treasury over a period not extending beyond the life expectancy of the Participant or the life expectancy of the Participant and a Beneficiary designated by the Participant. The amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the Applicable Life Expectancy. Unless otherwise elected by the Employer, or the Participant (or spouse, if distributions begin after death and the spouse is the Designated Beneficiary) by the time distributions are required to begin, the life expectancy of the Participant and the Participant's spouse shall be recalculated annually. The Adoption Agreement may allow the Participant to elect not to have the life expectancy of the Participant and the Participant's spouse recalculated. Other than for a life annuity, such election shall be irrevocable as to the Participant or spouse and shall apply to all subsequent years. The life expectancy of a non-spouse Beneficiary may not be recalculated. Life expectancy and joint and last survivor expectancy shall be computed by use of the expected return multiples in Tables V and VI of section 1.72-9 of the Treasury regulations. For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar 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 then determined from the table set forth in Q&A-4 of section 1.401(a)(9)-2 of the Proposed regulations. Distributions after the death of the Participant shall be distributed using the Applicable Life Expectancy as the relevant divisor without regard to Proposed regulations section 1.401(a)(9)-2. The minimum distribution for subsequent calendar years, including the minimum distribution for the Distribution ...
