Additional Option for Spouse Beneficiary Sample Clauses

Additional Option for Spouse Beneficiary. If the Owner dies prior to the Annuity Date while the IRA Account is in force leaving his spouse as Beneficiary, at the Written Request of the spouse Beneficiary, and with the consent of the Company: (a) the death benefit will not be paid on the Owner's death; however, all or a portion of the death benefit may be withdrawn without charge within one year of the date on which notice of death is received at the Company's Home Office; (b) the spouse will become Owner of the IRA Account; and (c) as Owner, the spouse will be entitled to all rights and benefits provided to Owners under the Contract.
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Additional Option for Spouse Beneficiary. If a Participant-Owner dies prior to the Annuity Date while his IRA Account is in force leaving his spouse as Beneficiary, at the Written Request of the spouse Beneficiary, and with the consent of the Company: (a) the death benefit will not be paid on the Participant-Owner's death; however, all or a portion of the death benefit may be withdrawn without charge within one year of the date on which notice of death is received at the Company's Home Office; (b) the spouse will become Owner of the Participant-Owner's IRA Account; and (c) as Owner, the spouse will be entitled to all rights and benefits provided to Participant-Owners under this contract.
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Related to Additional Option for Spouse Beneficiary

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • BENEFICIARY DESIGNATION RIGHTS The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • 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.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.