Successor Beneficiaries Sample Clauses

Successor Beneficiaries. We may allow you, if permitted by state law, to name successor beneficiaries for your inherited Xxxx XXX. This designation can only be made on a form provided by or acceptable to us, and it will only be effective when it is filed with us during your lifetime. Each inherited Xxxx XXX beneficiary designation form that you file with us will cancel all previous designations. The consent of a successor beneficiary will not be required for you to revoke a successor beneficiary designation. If you do not designate a successor beneficiary, your estate will be the successor beneficiary. In no event will the successor beneficiary be able to extend the distribution period beyond that required for you. If we so choose, for any reason (e.g., due to limitations of our charter or bylaws), we may require that a successor beneficiary take total distribution of all inherited Xxxx XXX assets by December 31 of the year following the year of death.
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Successor Beneficiaries. Our policy may allow your beneficiaries to of the Xxxx XXX as his/her own Xxxx XXX. name their own successor beneficiaries to your Xxxx XXX. A Under the single life expectancy, if your spouse is your only successor beneficiary would receive any of your Xxxx XXX assets that designated beneficiary on the determination date, or if there are remain after your death and the subsequent death of your multiple designated beneficiaries and separate accounting applies, beneficiaries. Generally, the beneficiary will have to distribute all the he/she will use his/her age each year to determine the life remaining Xxxx XXX assets within a ten-year period. expectancy divisor for calculating that year's RMD. If your 8. Separate Accounting (Multiple Beneficiaries). Our policies may spouse is the only designated beneficiary, or if there are multiple permit separate accounting to be applied to your Xxxx XXX for the designated beneficiaries and separate accounting applies, your benefit of your beneficiaries. If permitted, separate accounting must surviving spouse can postpone commencement of his/her RMDs be applied in accordance with Treasury Regulation 1.401(a)(9)-8, until the end of the year in which you would have attained age 72. Q&A 2 and 3. If there are multiple beneficiaries, a beneficiary is If your spouse chooses the ten-year rule, he/she is required to considered the only beneficiary of their share of the Xxxx XXX assets remove all assets from the Xxxx XXX by December 31 of the tenth if separate accounting applies. If separate accounting applies, the year following the year of your death. rules above apply based on the type of beneficiary (i.e., designated If your spouse is the only designated beneficiary, or if there are beneficiary, eligible designated beneficiary, not a designated multiple designated beneficiaries and separate accounting applies, beneficiary). he/she can treat your Xxxx XXX as his/her own Xxxx XXX after Federal Income Tax Status of Your Xxxx XXX.
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Successor Beneficiaries. Our policy may allow your beneficiaries If your spouse is the only designated beneficiary, or if there are to name their own successor beneficiaries to your IRA. A successor multiple designated beneficiaries and separate accounting applies, beneficiary would receive any of your IRA assets that remain after he/she can treat your IRA as his/her own IRA after your death your death and the subsequent death of your beneficiaries. even if he/she had chosen one of the options above. This Generally, the beneficiary will have to distribute all the remaining generally happens after any of your remaining RMD amount for IRA assets within a ten-year period.
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Successor Beneficiaries. In general, if you inherited assets from a beneficiary in 2019 or earlier, you must continue with the same distribution method used by the previous beneficiary. You also should have taken the previous beneficiary’s year of death RMD. As a spouse that is a successor beneficiary you do not have the option to treat the account as your own, or the option to complete a rollover to your own personal IRA.
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Successor Beneficiaries. Generally, if the original beneficiary died in 2020 or later, as a successor beneficiary you will have to distribute all the remaining IRA assets within a ten-year period.
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Successor Beneficiaries. Our policy may allow your beneficiaries market value as of the previous calendar year end. If applicable, you will to name their own successor beneficiaries to your SIMPLE IRA. A also receive a report concerning your annual RMD. successor beneficiary would receive any of your SIMPLE IRA Federal Tax Penalties and IRS Form 5329. Several tax penalties may assets that remain after your death and the subsequent death of your apply to your various SIMPLE IRA transactions, and are in addition to beneficiaries. Generally, the beneficiary will have to distribute all any federal, state or local taxes. Federal penalties and excise taxes are the remaining SIMPLE IRA assets within a ten-year period. generally reported and remitted to the IRS by completing IRS Form 5329, 8. Separate Accounting (Multiple Beneficiaries). Our policies may Additional Taxes on Qualified Plans (Including IRAs) and Other permit separate accounting to be applied to your SIMPLE IRA for Tax-Favored Accounts, and attaching the form to your federal income tax the benefit of your beneficiaries. If permitted, separate accounting return. The penalties may include any of the following taxes:
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Successor Beneficiaries. Our policy may allow your beneficiaries to name their own successor beneficiaries to your SIMPLE IRA. A successor beneficiary would receive any of your SIMPLE IRA assets that remain after your death and the subsequent death of your beneficiaries. Generally, the beneficiary will have to distribute all the remaining SIMPLE IRA assets within a ten-year period or the remainder of the original beneficiary's ten-year period.
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Successor Beneficiaries. Our policy may allow your beneficiaries market value as of the previous calendar year end. If applicable, you will to name their own successor beneficiaries to your SIMPLE XXX. A also receive a report concerning your annual RMD. successor beneficiary would receive any of your SIMPLE XXX Federal Tax Penalties and IRS Form 5329. Several tax penalties may assets that remain after your death and the subsequent death of your apply to your various SIMPLE XXX transactions, and are in addition to beneficiaries. Generally, the beneficiary will have to distribute all any federal, state or local taxes. Federal penalties and excise taxes are the remaining SIMPLE XXX assets within a ten-year period. generally reported and remitted to the IRS by completing IRS Form 5329,
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Related to Successor Beneficiaries

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Beneficiaries The Executive may designate one or more persons or entities as the primary and/or contingent beneficiaries of any amounts to be received under this Agreement. Such designation must be in the form of a signed writing acceptable to the Board or the Board's designee. The Executive may make or change such designation at any time.

  • Successors, Assigns, and Beneficiaries A. Owner and Engineer are hereby bound and the successors, executors, administrators, and legal representatives of Owner and Engineer (and to the extent permitted by Paragraph 4.01.B the assigns of Owner and Engineer) are hereby bound to the other party to this Agreement and to the successors, executors, administrators, and legal representatives (and said assigns) of such other party, in respect of all covenants, agreements, and obligations of this Agreement.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

  • Successors and Assigns; Third Party Beneficiaries This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Except as provided herein, including without limitation, with respect to the Trustee, Certificate Administrator, Master Servicer and Special Servicer and any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 14 and Section 15, each Note Holder may assign or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits of the applicable Note Holder hereunder. For the avoidance of doubt, the representations in Section 11 shall not be binding upon any Securitization Trust.

  • Third Party Beneficiaries This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Superior Benefits Employees receiving benefits and/or wages specified in this Agreement, superior to those provided in this Agreement, shall remain at the superior benefit level which was in effect on the effective date of this Agreement, until such time as such superior benefits are surpassed by the benefits and/or wages provided in succeeding agreements. This provision applies only to employees on staff as of the effective date of this Agreement.

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