Distribution Options definition
Distribution Options. The following distribution options may be elected by the Owner on the Participant's behalf.
Distribution Options. Distribution Options: ECO, ▇▇▇ and SWO are distribution options under which a portion of the Individual Account Current Value will automatically be surrendered and distributed each calendar year. The distributed amount is withdrawn pro rata from each investment option under the Individual Account. The Contract Holder must certify in writing that distributions are being made in accordance with the Plan.
Distribution Options means the election by the Member of the event triggering the commencement of distribution and the method of distribution. Distribution Option elections shall be made on the Eligible Executive’s initial Deferral Agreement.
Examples of Distribution Options in a sentence
Except to the extent required to comply with applicable law, discontinuance of a Systematic Distribution Option will apply only to future elections and will not affect Systematic Distribution Options in effect at the time an option is discontinued.
Systematic Distribution Options If available under your plan, a systematic distribution option allows you to receive regular payments from your account without moving into the Income Phase.
Aetna may, from time to time, make one or more Systematic Distribution Options available during the Accumulation Period.
GALIC may, from time to time, make one or more Systematic Distribution Options available during the Accumulation Period.
Systematic Distribution Options Allows you to receive regular payments from your account without moving into the Income Phase.
More Definitions of Distribution Options
Distribution Options. (Cont'd): Election and Revocation: The Participant or Beneficiary may elect a distribution option by submitting a completed and signed election form to Aetna's Home Office. However, the Contract Holder must certify in writing that the distribution option is in accordance with the terms of the Plan. If the Individual Account is subject to ERISA, the Contract Holder must certify in writing that the waiver and spousal consent requirements of Code Section 417 have been satisfied. Once elected, the Participant or Beneficiary may revoke the option by submitting a written request to Aetna's Home Office. Any revocation will apply only to amounts not yet paid. Availability of ECO, ▇▇▇ and SWO: The Participant may elect any one of the following three distribution options, if they are available as an option under the Contract (see Contract Schedule I) and if the Contract Holder certifies that the election is in accordance with the terms of the Plan. The Beneficiary may elect either ECO or SWO, if they are available as an option under the Contract (see Contract Schedule I) and if the Contract Holder certifies that the election is in accordance with the terms of the Plan. An individual who has revoked ECO, ▇▇▇ or SWO may not subsequently elect that option again, nor may the individual elect another withdrawal option unless permitted under the Code minimum distribution rules. ▇▇▇ and SWO are not available if there is an outstanding loan under the Individual Account, or if a Fixed Plus Account transfer or surrender has occurred within the prior 12 month period. Payments will cease if a loan is granted while ▇▇▇ or SWO is in effect. If ▇▇▇ is in effect and the Participant dies, or if ECO or SWO is in effect and the Participant dies before the required beginning date for minimum distributions, payments will cease. A Beneficiary may elect ECO or SWO provided the election satisfies the Code minimum distribution rules. If ECO or SWO is in effect and the Participant dies after the required beginning date for minimum distributions, payments will continue as permitted under the Code minimum distribution rules, unless revoked.
Distribution Options means, with respect to each sub-account under the Plan, the election by the Member of (i) the event triggering the commencement of distribution, and (ii) the form of payment. Distribution Option elections are made on the initial Deferral Agreement with respect to any sub-account.
Distribution Options. The following distribution options may be elected by the Contract Holder during the Accumulation Period.
(a) Estate Conservation Option (ECO) - A distribution option under which a portion of the Current Value will automatically be surrendered and distributed each year. ECO payments will be calculated based on the Contract's full Current Value. The distributed amount will be withdrawn pro rata from each investment option used under the Contract. A Surrender Fee will not be deducted from any portion of the Adjusted Current Value which is paid as a distribution under ECO. Contract Holders should consult their tax advisers prior to requesting this distribution option. Aetna will not be responsible for any adverse tax consequences due to receiving ECO payments.
Distribution Options. The Contract Holder may elect one of the two following distribution options on behalf of: 1) the Participant; or 2) the Participant's spouse provided the spouse is the designated beneficiary under the Plan and the Participant had died before electing an Annuity option and before the date for required minimum distributions.
Distribution Options. The following distribution options may be elected from the Participant Accounts and Separated Employee Accounts.
(a) Estate Conservation Option (ECO): A distribution option under which a portion of the Participant Account Current Value will automatically be surrendered and distributed each year. An ECO payment will be calculated on the Participant Account Current Value and will be withdrawn pro rata from each investment option and asset account used for distribution. Except as stated in sub-paragraph (5) below, all rights, provisions and charges described in the Contract continue to apply to the remaining Current Value in the Participant Account.
Distribution Options means, with respect to a Participant's Account (or subaccounts) under the Plan, the election by the Participant of (a) the event triggering the commencement of distribution, and
Distribution Options. The following distribution options may be elected by the Contract Holder on your behalf:
(a) Estate Conservation Option (ECO): A distribution option under which a portion of the Individual Account(s) Current Value will automatically be surrendered and distributed to you each year.
(1) An ECO payment will be determined in the following manner: Payments will commence no earlier than the year in which you attain age 70 1/2 and will be calculated on the full Current Value of the Individual Account(s).