Life Expectancy Rule definition

Life Expectancy Rule means the rule that requires the Plan to distribute the entire balance in an Account over a period determined by using the Life Expectancy of the Participant and/or Designated Beneficiary, as applicable. After the Participant’s death, the Plan will treat the surviving Spouse or other Designated Beneficiary (if any) as if the Life Expectancy does not exceed 9 years.
Sample 1
Life Expectancy Rule for distributing RMDs is described in Code §401(a)(9)(B)(iii) and is further described in the Plan.
Sample 1
Life Expectancy Rule means the distribution rules under this paragraph other than those pertaining to the 5-year rule.
Sample 1

Examples of Life Expectancy Rule in a sentence

  • Under the Life Expectancy Rule, the participant’s interest is distrib- uted over the life of the Designated Beneficiary, and the distributions must commence no later than one year after the participant’s date of death.15 This Life Expectancy Rule is often referred to as a “stretch dis- tribution” because a beneficiary is “stretching” the distributions over his own life expectancy.

  • Private duty nurses, who travel on the van to school with individual students, must give al medications discrepancy upon arrival; the student’s parents shall be notified immediately to the North River Collaborative Program Nurse to be secured during program hours.

  • If the Life Expectancy Rule is used, the RMD’s will be based upon the life expectancy of the oldest beneficiary (or upon the life expectancy of each beneficiary if separate accounts are established).

  • To determine whether the 5-Year Rule or the Life Expectancy Rule applies to a distribution, one must look to the plan’s provisions.

  • The Plan will permit each Participant and each Designated Beneficiary to elect, on an individual basis, whether the Five-Year Rule or the Life Expectancy Rule will apply to distributions after the Participant’s death.

  • Their shares of the IRA will be considered an “inherited IRA,”40 which is not eligible for a rollover.41The required minimum distributions to the chil- dren will be made in accordance with either the 5-Year Rule or the Life Expectancy Rule, depending on the plan provisions.

  • Should the beneficiary fail to designate an option, RSA-1 will make the RMD to the beneficiary on an annual basis using the Life Expectancy Rule.

  • Notwithstanding the foregoing, if the Five Year Rule would otherwise apply to the Non-Spouse Designated Beneficiary under Section 9.6 of the Plan, Notice 2007-7, Q&A-17(c)(2) provides that a Non-Spouse Designated Beneficiary may treat the Plan as applying the Life Expectancy Rule, provided that the rollover into the IRA is made prior to the end of the year following the year of the Participant‟s death.

  • If an Eligible Designated Beneficiary receiving distributions under the Life Expectancy Rule dies before receiving distribution of the Beneficiary’s entire interest in the Participant’s account, the Plan will distribute that interest in full no later than December 31 of the 10th year following the year of the Eligible Designated Beneficiary’s death.

  • If the Participant‟s Surviving Spouse is not the Participant‟s sole Designated Beneficiary, distributions will commence according to the Life Expectancy Rule, unless the Participant had made, or the Designated Beneficiary has made, an election to apply the Five-Year Rule.

Related to Life Expectancy Rule

  • Life expectancy means life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Actuarial equivalent means a benefit of equal value when

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Distribution Calendar Year means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant's death, the first "distribution calendar year" is the calendar year immediately preceding the calendar year which contains the Participant's "required beginning date." For distributions beginning after the Participant's death, the first "distribution calendar year" is the calendar year in which distributions are required to begin under Section 6.8(b). The required minimum distribution for the Participant's first "distribution calendar year" will be made on or before the Participant's "required beginning date." The required minimum distribution for other "distribution calendar years," including the required minimum distribution for the "distribution calendar year" in which the Participant's "required beginning date" occurs, will be made on or before December 31 of that "distribution calendar year."

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Eligible Children means named dependent children including adopted and step children of the Insured Person between Ages three (3) years and eighteen (18) years or upto twenty three (23) years if attending as a full time student with an accredited Institution of Higher Learning, who are unmarried, and receive the majority of maintenance and support from the Insured Person.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Annuity Unit An accounting unit of measure used to calculate the amount of Annuity Payments.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Lifetime limit means once you’ve reached this benefit limit you can no longer claim that benefit in any future year of membership, even if you change your cover.

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Annuity Commencement Date means the first day of any month upon which an annuity begins under the Contract. However, for any Participant, this date shall not be later than the required beginning date as defined in the applicable sections of the Code and Regulations issued thereunder.

  • Required Beginning Date means April 1 of the calendar year following the later of:

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of benefit that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • Distributee means an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order are considered Distributees with regard to the interest of the spouse or former spouse.