Automatic Distribution Date Clause Samples

Automatic Distribution Date. The date on which the distribution of a Participant’s Plan benefit must commence is (check one): X The latest date permitted under Code section 401(a)(9) □ 60 days after the close of the Plan Year in which a Participant’s Severance Event occurs □ Age 70½ □ Age 65 □ Age 62 □ Age 60 □ Age 55 □ Other (please specify): Note: Regardless of the election made in this Item 20, the Automatic Distribution Date will not apply to a Participant until he or she either (1) attains age 70½ and/or (2) has a Severance Event. In addition, the date selected as an Automatic Distribution Date may not be later than the latest date permitted under Code section 401(a)(9) and regulations promulgated thereunder.
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Automatic Distribution Date. April 1 of the calendar year after the year the Participant attains age 70½ or, if later, has a Severance Event.
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Automatic Distribution Date. The date on which the distribution of a Participant’s Plan benefit must commence is (check one): □ The latest date permitted under Code section 401(a)(9) □ 60 days after the close of the Plan Year in which a Participant’s Severance Event occurs □ Age 70½ □ Age 65 □ Age 62 □ Age 60 □ Age 55 X Other (please specify): $1,000 (including Rollovers) must commence is the latest date permitted under Code section 401(a)(9). The date on which the distribution of a Participant’s Plan benefit of $1,000 or less (including Rollovers) must commence is 90 days from the Participant’s Severance event. Note: Regardless of the election made in this Item 20, the Automatic Distribution Date will not apply to a Participant until he or she either (1) attains age 70½ and/or (2) has a Severance Event. In addition, the date selected as an Automatic Distribution Date may not be later than the latest date permitted under Code section 401(a)(9) and regulations promulgated thereunder.
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Automatic Distribution Date. The Automatic Distribution Date is April 1 of the year that follows the later of (1) the calendar year the Participant attains age 70½ or (2) retires due to a Severance Event. If the Participant postpones the required distribution due in the calendar year he or she attains age 70½ or ▇▇▇▇▇▇ employment, to the Automatic Distribution Date, the second required minimum distribution must be taken by the end of that year. The Participant’s Account will be distributed, or begin to be distributed to the Participant no later than the Participant’s Automatic Distribution Date.
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Related to Automatic Distribution Date

  • Required Distributions Except in the case of a special needs beneficiary, the assets of the ▇▇▇▇▇▇▇▇▇ ESA are required to be distributed to the designated beneficiary within 30 days of the designated beneficiary’s attainment of age 30. The designated beneficiary will be subject to both income tax and an additional 10 percent penalty tax on the portion of the distribution that represents earnings, if the designated beneficiary does not have any qualified education expenses in that year. Any balance remaining in the ▇▇▇▇▇▇▇▇▇ ESA upon the death of the designated beneficiary will be distributed within 30 days of the designated beneficiary’s death, unless a death beneficiary is named and the death beneficiary is a qualified family member under age 30. If the death beneficiary is a qualified family member under age 30, that individual will become the designated beneficiary as of the date of death. Qualified family members include the designated beneficiary’s child, grandchild, or ▇▇▇▇▇▇▇▇▇, brother, sister, stepbrother, or stepsister, nephew or niece, parents, stepparents, or grandparents, uncle or aunt, spouses of all the family members listed above, cousin, and the designated beneficiary’s spouse. If a qualified family member becomes the designated beneficiary, the custodian, if it so chooses for any reason (e.g., due to limitations of its charter or bylaws), may require a total distribution of the ▇▇▇▇▇▇▇▇▇ ESA by December 31 of the year following the year of the original designated beneficiary’s death.

  • Distribution Date 13 DTC...........................................................................................13

  • REMIC Distributions On each Distribution Date the Trustee shall be deemed to have allocated distributions to the REMIC I Regular Interests, REMIC II Regular Interests, Class CE Interest, Class P Interest and Class IO Interest in accordance with Section 5.07 hereof.

  • Early Distribution Penalty Tax If you receive a Traditional IRA distribution or a nonqualified ▇▇▇▇ ▇▇▇ distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent generally will apply to the taxable amount of the distribution unless one of the following exceptions apply.

  • When Must Distributions from a ▇▇▇▇ ▇▇▇ Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.