Applicable Life Expectancy. The life expectancy (or joint and last survivor expectancy) calculated using the attained age of the Participant (or Designated Beneficiary) as of the Participant’s (or Designated Benefi- ciary’s) birthday in the applicable calendar year reduced by one for each calendar year which has elapsed since the date life expectancy was first calculated. If the life expectancy is being redetermined, the applicable life expectancy shall be the life expectancy as so recalculated. The applicable calendar year shall be the first Distribution Calendar Year, and if life expec- tancy is being redetermined, each succeeding calendar year.
Appears in 2 contracts
Sources: 457(b) Custodial Account Agreement, 457(b) Custodial Account Agreement