Common use of SPOUSAL BENEFICIARY Clause in Contracts

SPOUSAL BENEFICIARY. If the Employee’s sole Beneficiary is the Employee’s surviving spouse, withdrawals must be made in accordance with subsection (b)(i) above, except that withdrawals are not required to be made by the Beneficiary until the end of the calendar year following the year of the Employee’s death or the end of the calendar year in which the Employee would have attained age 70 ½ (had the Employee survived), whichever is later. In addition, the amount to be distributed for any distribution calendar year of the Beneficiary is the balance in the Account as of the end of the preceding calendar year divided by the Beneficiary’s life expectancy determined based upon the Beneficiary’s age at his or her birthday during such distribution calendar year. If the Beneficiary dies before the date that required minimum distributions to the Beneficiary must begin, the rules in subsection (i) above will be applied as if the Beneficiary were the Employee. If the Beneficiary dies after required minimum distributions to the Beneficiary have begun, then required minimum distributions must continue over a period equal to the remaining life expectancy of the Beneficiary determined as of his or her age on her birthday in the year of his or her death.

SPOUSAL BENEFICIARY. If the Employee’s sole Beneficiary is the Employee’s surviving sur- viving spouse, withdrawals must be made in accordance with subsection (b)(i) above, except that withdrawals are not required to be made by the Beneficiary until the end of the calendar year following the year of the Employee’s death or the end of the calendar year in which the Employee would have attained age 70 ½ 1⁄2 (had the Employee survived), whichever is later. In addition, the amount to be distributed for any distribution calendar year of the Beneficiary is the balance in the Account as of the end of the preceding preced- ing calendar year divided by the Beneficiary’s life expectancy determined based upon the Beneficiary’s age at his or her birthday during such distribution distribu- tion calendar year. If the Beneficiary dies before the date that required minimum distributions to the Beneficiary must begin, the rules in subsection (i) above will be applied as if the Beneficiary were the Employee. If the Beneficiary dies after required minimum distributions to the Beneficiary have begun, then required minimum mini- mum distributions must continue over a period equal to the remaining life expectancy of the Beneficiary determined as of his or her age on her birthday in the year of his or her death.