Common use of Applicable Life Expectancy Clause in Contracts

Applicable Life Expectancy. Life expectancy of the Participant (or the joint life and last survivor expectancy of the Participant and the Participant's designated Beneficiary) computed using the "expected return multiples" in Tables V and VI of section 1.72-9 of the federal income tax regulations. If life expectancy is being recalculated, it is based on the attained age(s) of the Participant (and, if applicable, the Participant's designated Beneficiary) in the Applicable Calendar Year. If life expectancy is not being recalculated, the initial life expectancy is reduced by one for each calendar year that has elapsed since life expectancy was first calculated. Unless the Participant (or the Participant's spouse, if the Participant dies) makes a contrary election by the time distributions are required to begin, life expectancies shall be recalculated annually. Such elections will be irrevocable as to the Participant (or spouse, as applicable) and will apply to all subsequent years. The life expectancy of a nonspouse Beneficiary may not be recalculated.