Required Minimum Distributions definition
Required Minimum Distributions. If your Annuity is being used for certain qualified purposes under the Internal Revenue Code, you may be required to begin receiving minimum distributions on a periodic basis from your Annuity. The total amount of the minimum distributions required under the Code may depend on other annuities, savings or investments you have. At your request, we will calculate a Required Minimum Distribution, assuming the minimum distribution amount is based solely on the value of your Annuity. The amount we calculate will not be based on any other annuities, savings or investments. You may elect to have the Required Minimum Distribution paid out on a monthly, quarterly, semi-annual or annual basis through a program of systematic withdrawals we make available. Unless we receive other instructions from you, we will take each Required Minimum Distribution pro-rata from the Investment Options to which your Account Value is allocated at the time of the distribution. If the amount of the Required Minimum Distribution reduces your Account Value below the Minimum Surrender Value After a Partial Withdrawal, we may treat the distribution as a full surrender of the Annuity. No Contingent Deferred Sales Charge is assessed against amounts withdrawn as Required Minimum Distributions over your life or life expectancy, but only if we calculate the Required Minimum Distribution amount for this Annuity and you are participating in a systematic withdrawal program established for their payment. The Contingent Deferred Sales Charge may apply to amounts withdrawn to meet minimum distributions in relation to other annuities, savings and investments you may have or to any minimum distributions that are based on this Annuity but which are not calculated by us. Amounts withdrawn as Required Minimum Distributions are considered to come first from the amounts available as a free withdrawal. For purposes of calculating any applicable Contingent Deferred Sales Charge, Required Minimum Distributions greater than the free withdrawal amount are not deemed to be a withdrawal of Purchase Payments. P-OB/IND(5/14)
Required Minimum Distributions. Your required minimum distribution is calculated using the uniform lifetime table in Regulations Section 1.401(a)(9)-9. However, if your spouse is your sole designated beneficiary and is more than 10 years younger than you, your required minimum distribution is calculated each year using the joint and last survivor table in Regulations Section 1.401(a)(9)-9. If you fail to request your required minimum distribution by your required beginning date, we can, at our complete and sole discretion, do any one of the following: • Make no distribution until you give us a proper withdrawal request; • Distribute your entire IRA to you in a single sum payment; or • Determine your required minimum distribution from your IRA each year based on your life expectancy, calculated using the uniform lifetime table in Regulations Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise. We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution.
Required Minimum Distributions. If your Annuity is being used for certain qualified purposes under the Internal Revenue Code, you may be required to begin receiving minimum distributions on a periodic basis from your Annuity. The total amount of the minimum distributions required under the Code may depend on other annuities, savings or investments you have. At your request, we will calculate a Required Minimum Distribution, assuming the minimum distribution amount is based solely on the value of your Annuity. The amount we calculate will not be based on any other annuities, savings or investments. You may elect to have the Required Minimum Distribution paid out on a monthly, quarterly, semi-annual or annual basis through a program of systematic withdrawals we make available. Unless we receive other instructions from you, we will take each Required Minimum Distribution pro-rata from the Investment Options to which your Account Value is allocated at the time of the distribution. If the amount of the Required Minimum Distribution reduces your Account Value below the Minimum Surrender Value After a Partial Withdrawal, we may treat the distribution as a full surrender of the Annuity.
Examples of Required Minimum Distributions in a sentence
Transfers of the notes held in qualified accounts are not permissible, other than transfers constituting Required Minimum Distributions (RMD).
An early withdrawal penalty will not be charged for Required Minimum Distributions (RMDs) for CDs held at Axos Bank.
NOTE: An early withdrawal penalty will not be charged for Required Minimum Distributions (RMDs).
Required Minimum Distributions - Any required minimum amount must first be distributed before any of the remaining amount can be converted to the ▇▇▇▇ ▇▇▇.
An early withdrawal penalty will not be charged for Required Minimum Distributions (RMDs).
More Definitions of Required Minimum Distributions
Required Minimum Distributions. The following section is added: This Contract is subject to these "Required Minimum Distribution" rules of Sections 408(b) and 401(a)(9) of the Code and the Treasury Regulations that apply. Part A of this Item 11 describes the Required Minimum Distributions to be made during your lifetime. Part B of this Item 11 describes the Required Minimum Distributions to be made after your death, if you die before your entire interest in this Contract is distributed to you. The Required Minimum Distribution Rules may be satisfied by either an Annuity Benefit or by taking withdrawals at least annually from or with respect to your entire interest in this Contract, all as subject to these rules. If you choose annual withdrawals, your annual Required Minimum Distribution payments calculated for this Contract may be made from this Contract or from another individual retirement arrangement that you maintain, pursuant to Treasury Regulations. If you do not take Required Minimum Distribution payments from this Contract, we will assume that you are taking them from another individual retirement arrangement that you maintain. For purposes of both the "lifetime" Required Minimum Distribution rules and the Required Minimum Distribution rules after death, the following definitions and conditions apply:
Required Minimum Distributions. The Contract shall comply with the minimum distribution provisions of your Plan, but in no event shall the Contract fail to comply with the requirements of Code section 401(a)(9) and the regulations issued thereunder, including, but not limited to, the incidental benefit requirements specified in Code section 401(a)(9)(G) and Q&A-2 of section 1.401(a)(9)-6, as made applicable by Code section 403(b)(10). For purposes of applying the distribution rules of Code section 401(a)(9), distributions shall be made in accordance with the provisions of section 1.408-8 of the Treasury Regulations, except as provided in section 1.403(b)-6(e) of the Treasury Regulations. Accordingly, the provisions of (a), (b), and (c) below shall apply:
(a) Code section 403(b)
Required Minimum Distributions. Your required minimum distribution is calculated using the uniform lifetime table in Regulations Section 1.401(a)(9)-9. However, if your spouse is your sole designated beneficiary and is more than 10 years younger than you, your required minimum distribution is calculated each year using the joint and last survivor table in Regulations Section 1.401(a)(9)-9.
Required Minimum Distributions. If the IRA owner is age 70 ½ or older, the required minimum amount must first be distributed to the owner before any of the remaining amount can be converted to the ▇▇▇▇ ▇▇▇, if eligible. DISTRIBUTIONS FROM A ▇▇▇▇ ▇▇▇ Taxation of Distributions: “Qualified distributions” are neither subject to Federal income tax nor the 10% additional income tax for premature
Required Minimum Distributions. We reserve the right to elect whether or not life expectancies will be recalculated in connection with required minimum distributions from your ▇▇▇, provided, however, that we give you notice of our election. Alternatively, we may allow you to make such an election. As described in Article IV, Section 3, of this Agreement, you may make an election to begin receiving payments from your ▇▇▇ in a manner that satisfies the required minimum distribution rules no later than April 1st of the year following the year you reach age 70 1/2. (This is called the "required beginning date.") If you fail to make such an election by your required beginning date, we can, at our complete and sole discretion, do any one of the following: . make no payment until you give us a proper payment request; . pay your entire ▇▇▇ to you in a single sum payment; or . calculate your required minimum distribution from your ▇▇▇ each year based on your single life expectancy (not recalculated) and pay those distributions to you until you direct otherwise. We will not be liable for any penalties or taxes related to your failure to take a distribution.
Required Minimum Distributions. If the ▇▇▇ owner is age 70 ½ or older, the required minimum amount must first be distributed to the owner before any of the remaining amount can be converted to the ▇▇▇▇ ▇▇▇, if eligible. DISTRIBUTIONS FROM A ▇▇▇▇ ▇▇▇ Taxation of Distributions: “Qualified distributions” are neither subject to Federal income tax nor the 10% additional income tax for premature
Required Minimum Distributions. This contract shall comply with the minimum distribution provisions of the Plan, but in no event shall the contract fail to comply with the requirements of Code section 401(a)(9) and the regulations issued thereunder, including, but not limited to, the incidental benefit requirements specified in Code section 401(a)(9)(G) and Q&A-2 of section 1.401(a)(9)-6, as made applicable by Code section 403(b)(10). For purposes of applying the distribution rules of Code section 401(a)(9), distributions shall be made in accordance with the provisions of section 1.408-8 of the Treasury Regulations, except as provided in section 1.403(b)-6(e) of the Treasury Regulations. Accordingly, the provisions of (a), (b), and (c) below shall apply:
(a) Code section 403(b) Required Minimum Distributions Prior to the Participant's Death:
(1) Notwithstanding any provision of this contract to the contrary, the distribution of a Participant's post-1986 Code section 403(b) interest in the contract (amounts accruing after 1986, including post-1986 earnings on pre-1987 accrued amounts) will be made in accordance with the requirements of Code sections 403(b)(10) and 401(a)(9) and the Regulations issued thereunder. If distributions are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of a Participant's post-1986 Code section 403(b) interest in the contract (as determined under (b)(3) below) must satisfy the requirements of Code sections 403(b)(10) and 401(a)(9) and the regulations issued thereunder as applicable to an account, rather than the requirements of (a)(2), (3), and (4) below and (b) below applicable to an annuity.
(2) The Participant's entire post-1986 Code section 403(b) interest will begin to be distributed no later than the first day of April following the later of the calendar year in which the Participant attains age 70 1/2 or the calendar year in which the Participant retires from employment with the employer maintaining the Plan (the "required beginning date") over (a) the life of the Participant or the lives of the Participant and his or her designated beneficiary or (b) a period certain not extending beyond the life expectancy of the Participant or the joint and last survivor expectancy of the Participant and his of her designated beneficiary. However, if this contract is not part of a governmental plan or church plan, the "required beginning date" for a 5% owner is the first day of April of the calendar year following...