Minimum Distribution Requirements. All distributions required under this Article shall be determined and made in accordance with the minimum distribution requirements of Code Section 401(a)(9) and the Regulations issued thereunder, including the minimum distribution incidental benefit rules found at Regulations Section 1.401(a)(9)-2. The entire interest of a Participant must be distributed or begin to be distributed no later than the Participant’s Required Beginning Date. Life expectancy and joint and last survivor life expectancies are computed by using the expected return multiples found in Tables V and VI of Regulations Section 1.72-9.
Minimum Distribution Requirements. [ ] 1. Election to Apply Five (5)
Minimum Distribution Requirements. If the amount distributed to you for any tax year after you reach age 70 1/2 is less than the minimum amount required by law, the IRS may impose a penalty tax equal to 50% of any such deficiency unless it is satisfied that reasonable steps are being taken to remedy the deficiency. The amount required to be distributed in any year is generally based on your life expectancy or the joint life expectancies of you and your designated Beneficiary. However, if your Beneficiary is not your spouse, the law imposes an additional requirement which is called the minimum distribution incidental benefit requirement. In general, this requirement is designed to prevent you from naming a Beneficiary who is much younger than yourself in order to extend your payout period. You may wish to consult your tax advisor to determine your minimum distribution. These rules on distribution apply equally to Spousal IRAs. Distribution of Nondeductible Contributions. Withdrawals which include nondeductible contributions will be treated as part taxable and part nontaxable. The amount considered nontaxable is the portion which bears the same ratio to the total distribution that your aggregate nondeductible contributions bear to your Account balance at the end of the year for all of your IRAs, plus adding back any distributions for the year. The 10% tax penalty on distributions prior to age 59 1/2 will apply for the taxable portion of the distribution. Penalty for Excess Distributions. A 15% tax penalty is imposed on the sum of all annual distributions received during the calendar year in excess of $150,000 (or $112,500 adjusted for cost of living increases, if higher). Please consult with your tax advisor for more complete information, including the availability of favorable elections. The excess distribution penalty tax will not apply to a distribution of nondeductible contributions, or a distribution to an alternate payee under a qualified domestic relations order. Estate and Gift Tax Exemption. Generally, your XXX will be included in your estate for Federal estate tax purposes. Your XXX may qualify for a deduction for purposes of that tax if the Beneficiary is your spouse. Designation of a Beneficiary to receive your XXX on your death is not treated as a gift subject to the Federal gift tax.
Minimum Distribution Requirements. The parties agree that Distributor shall retain the exclusive right and license to market, sell and distribute the Product in the Territory during the Term provided that the minimum threshold requirements set forth in this Section 2.2 are met. If such minimum threshold requirements are not met, Supplier may, in its sole discretion, retain other distributors to market, sell and distribute the Product in the Territory and/or terminate this Agreement.
Minimum Distribution Requirements. [ ] 1. Election to Apply Five (5) Year Rule to Distributions to Designated Beneficiaries: If the Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the date specified in the Basic Plan Document #01 but the Participant’s entire interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.
Minimum Distribution Requirements. Check and complete Section A below if any required minimum distributions for the 2002 distribution calendar year were made in accordance with the §401(a)(9) Final and Temporary Regulations.
Minimum Distribution Requirements. All distributions required under this Article shall be determined and made in accordance with the minimum distribution requirements of Code Section 401(a)(9) and the Regulations issued thereunder, including the minimum distribution incidental benefit rules found at Regulations Section 1.401(a)(9)-(G). The entire interest of a Participant must be distributed or begin to be distributed no later than the Participant’s Required Beginning Date. Life Expectancy and joint and last survivor life expectancies are computed by using the expected return multiples found in Regulations Section 1.72-9. The provisions of this Article will apply for purposes of determining required minimum distributions for calendar years beginning with the 2003 calendar year. Notwithstanding the other provisions of this Article, 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.
Minimum Distribution Requirements. All distributions required under this Article shall be determined and made in accordance with the minimum distribution requirements of Code Section 401(a)(9) and the regulations thereunder, including the minimum distribution incidental benefit rules found at Regulations Section 1.401(a)(9)-2. The entire interest of a Participant must be distributed or begin to be distributed no later than the Participant's Required Beginning Date. Life expectancy and joint and last survivor life expectancy are computed by using the expected return multiples found in Tables V and VI of Regulations Section 1.72-9. In determining required distributions under the Plan, Participants and/or their Spouse (Surviving Spouse) shall have the right to have their life expectancy recalculated annually. Whether the Participant only or both the Participant and Spouse's lives shall be recalculated shall be determined by the Participant.
Minimum Distribution Requirements. Upon the death of an Individual, the distribution of the Individual's interest in the Roth IRA Account shall be made in accordance with Code Sectiox 000(x)(6) and the minimum distribution requirements of Code Section 401(a)(9), except that subparagraph (A) of Section 401(a)(9) and the incidental death benefit requirements of Code Section 401(a) shall not apply. The relevant provisions of Code Section 408(a)(6) and 401(a)(9) and regulations thereunder relating to such provisions are incorporated herein by this reference. In general, the minimum distribution requirements under Code Section 401(a)(9)(B) applicable upon the death of the Individual provide that if the Individual dies on or after the date payments are deemed to have begun, the Individual's entire Account balance must be distributed to the Individual's designated Beneficiary at least as rapidly as under the method of distribution in effect on the Individual's date of death, or, if more rapid, over a period that does not exceed the life expectancy of the Individual or the joint life expectancy of the Individual and the Beneficiary. If the Individual dies before the date payments from the Account are deemed to have begun, the general rule is that the Individual's entire Account balance must be distributed in a lump sum or installments on or before December 31 of the calendar year during which the fifth anniversary of the date of the Individual's death occurs. However, if the balance of the Individual's Account is payable to a designated Beneficiary, the designated Beneficiary may elect that the amount be paid in substantially equal installments over a fixed period not exceeding the designated Beneficiary's life expectancy beginning no later than December 31 of the calendar year immediately following the calendar year in which the Individual dies. However, if the Individual's Spouse is the designated Beneficiary, such a distribution need not commence until December 31 of the calendar year during which the Individual would have reached age 70-1/2 had the Individual survived. Alternatively, if the Individual's designated Beneficiary is his or her Spouse, the Spouse may elect to treat the Account as his or her own. If the Individual's designated Beneficiary makes no election, the five year rule described above is to be applied.
Minimum Distribution Requirements. In no event will any death benefit be paid in a manner that is inconsistent with the minimum distribution requirements of Section 10.2. In addition, the Beneficiary of any pre-retirement death benefit described above in subsection (2) may postpone the commencement of the death benefit to a date that is not later than the latest commencement date permitted under Section 10.2, unless such election is prohibited in Part 9, #37.b. of the Agreement [Part 9, #55.b. of the 401(k) Agreement].
