Common use of Minimum Distribution Requirements Clause in Contracts

Minimum Distribution Requirements. (a) Except as required by Subsection (c) of this Section, a Participant's Benefit Commencement Date shall be no earlier than the date of his Separation from Service. (b) Except as required by Subsection (c) of this Section, his Benefit Commencement Date shall be no later than the 60th day after the close of the Plan Year in which the Participant attains Age 65 or has a Separation from Service, whichever occurs last. (c) A Participant's Benefit Commencement Date shall be no later than his Required Beginning Date. (d) Notwithstanding anything in the Plan to the contrary, if a Participant dies before his Benefit Commencement Date, his entire interest under the Plan, to the extent not forfeited, shall be distributed either: (1) not later than December 31 of the calendar year containing the fifth anniversary of the date of the Participant's death, or (2) over the life or life expectancy of the Participant's beneficiary, commencing no later than (A) December 31 of the calendar year following the year of the Participant's death, or (B) if the beneficiary is the Participant's Spouse, December 31 of the later of (i) the calendar year following the year of the Participant's death or (ii) the calendar year in which the Participant would have attained Age 70-1/2. (e) Notwithstanding anything in the Plan to the contrary, the form and the timing of all distributions under the Plan shall be in accordance with regulations issued by the Department of the Treasury under section 401(a)(9) of the Code, including the incidental death benefit requirements of section 401(a)(9)(G) of the Code. (f) This Section shall apply to all Participants, including Participants who had a Separation from Service or ceased to be a Covered Employee prior to January 1, 1989.

Minimum Distribution Requirements. Upon the death of an Individual, the distribution of the Individual's interest in the Roth IRA Account shall be made in accordance with Code Sectio▇ ▇▇▇(a▇)(6) Except as required by Subsection and the minimum distribution requirements of Code Section 401(a)(9), except that subparagraph (cA) of Section 401(a)(9) and the incidental death benefit requirements of Code Section 401(a) shall not apply. The relevant provisions of Code Section 408(a)(6) and 401(a)(9) and regulations thereunder relating to such provisions are incorporated herein by this Sectionreference. In general, the minimum distribution requirements under Code Section 401(a)(9)(B) applicable upon the death of the Individual provide that if the Individual dies on or after the date payments are deemed to have begun, the Individual's entire Account balance must be distributed to the Individual's designated Beneficiary at least as rapidly as under the method of distribution in effect on the Individual's date of death, or, if more rapid, over a Participantperiod that does not exceed the life expectancy of the Individual or the joint life expectancy of the Individual and the Beneficiary. If the Individual dies before the date payments from the Account are deemed to have begun, the general rule is that the Individual's Benefit Commencement Date shall entire Account balance must be no earlier than distributed in a lump sum or installments on or before December 31 of the calendar year during which the fifth anniversary of the date of his Separation from Service. (b) Except as required by Subsection (c) of this Sectionthe Individual's death occurs. However, his Benefit Commencement Date shall be no later than if the 60th day after the close balance of the Plan Year Individual's Account is payable to a designated Beneficiary, the designated Beneficiary may elect that the amount be paid in which substantially equal installments over a fixed period not exceeding the Participant attains Age 65 or has a Separation from Service, whichever occurs last. (c) A Participantdesignated Beneficiary's Benefit Commencement Date shall be life expectancy beginning no later than his Required Beginning Date. (d) Notwithstanding anything in the Plan to the contrary, if a Participant dies before his Benefit Commencement Date, his entire interest under the Plan, to the extent not forfeited, shall be distributed either: (1) not later than December 31 of the calendar year containing immediately following the fifth anniversary of calendar year in which the date of Individual dies. However, if the ParticipantIndividual's deathSpouse is the designated Beneficiary, or (2) over the life or life expectancy of the Participant's beneficiary, commencing no later than (A) such a distribution need not commence until December 31 of the calendar year following during which the year of Individual would have reached age 70-1/2 had the Participant's deathIndividual survived. Alternatively, or (B) if the beneficiary Individual's designated Beneficiary is the Participant's his or her Spouse, December 31 of the later of (i) Spouse may elect to treat the calendar year following Account as his or her own. If the year of the ParticipantIndividual's death or (ii) the calendar year in which the Participant would have attained Age 70-1/2. (e) Notwithstanding anything in the Plan to the contrarydesignated Beneficiary makes no election, the form and the timing of all distributions under the Plan shall be in accordance with regulations issued by the Department of the Treasury under section 401(a)(9) of the Code, including the incidental death benefit requirements of section 401(a)(9)(G) of the Code. (f) This Section shall apply to all Participants, including Participants who had a Separation from Service or ceased five year rule described above is to be a Covered Employee prior to January 1, 1989applied.

Minimum Distribution Requirements. (a) Except as required by Subsection (c) Subject to the Joint and Survivor Annuity requirements of the Plan, if applicable, the requirements of this Section, Article VII concerning the minimum distribution requirements of Code Section 401(a)(9) shall apply to any distribution of a Participant's Benefit Commencement Date ’s interest and will take precedence over any inconsistent provisions of this Plan. All distributions required under this Article shall be no earlier than determined and made in accordance with the date minimum distribution requirements of his Separation from Service. (bCode Section 401(a)(9) Except as required by Subsection (c) and the Regulations issued thereunder, including the minimum distribution incidental benefit rules found at Code Section 401(a)(9)(G). The entire interest of this Section, his Benefit Commencement Date shall a Participant must be distributed or begin to be distributed no later than the 60th day after Participant’s Required Beginning Date. Life Expectancy and joint and last survivor life expectancies are computed by using the close applicable tables found in Regulations Section 1.401(a)(9)-9. The provisions of this Article will apply for purposes of determining required minimum distributions for calendar years beginning with the 2003 calendar year. Notwithstanding the other provisions of this Article, distributions may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and the provisions of the Plan Year that relate to Section 242(b)(2) of TEFRA. Notwithstanding the foregoing, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code Section 401(a)(9)(H) (“2009 RMDs”), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in which a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant attains Age 65 and the Participant’s Designated Beneficiary, or has for a Separation from Serviceperiod of at least 10 years (“Extended 2009 RMDs”), whichever occurs last. (c) A Participant's Benefit Commencement Date shall be no later than his Required Beginning Date. (d) Notwithstanding anything will receive those distributions for 2009 unless the Participant or Beneficiary chooses not to receive such distributions. Participants and Beneficiaries described in the Plan preceding sentence will be given the opportunity to elect to stop receiving the contrarydistributions described in the preceding sentence. In addition, if a Participant dies before his Benefit Commencement Date, his entire interest under notwithstanding Section 6.12 of the Plan, to and solely for purposes of applying the extent not forfeited, shall be distributed either: (1) not later than December 31 direct rollover provisions of the calendar year containing Plan, certain additional distributions in 2009, as chosen by the fifth anniversary of the date of the Participant's death, or (2) over the life or life expectancy of the Participant's beneficiary, commencing no later than (A) December 31 of the calendar year following the year of the Participant's death, or (B) if the beneficiary is the Participant's Spouse, December 31 of the later of (i) the calendar year following the year of the Participant's death or (ii) the calendar year in which the Participant would have attained Age 70-1/2. (e) Notwithstanding anything Employer in the Plan to the contraryAdoption Agreement, the form and the timing of all distributions under the Plan shall will be in accordance with regulations issued treated as Eligible Rollover Distributions. If no election is made by the Department of Employer in the Treasury under section 401(a)(9) of the CodeAdoption Agreement, including the incidental death benefit requirements of section 401(a)(9)(G) of the Codea direct rollover will be offered only for distributions that would be Eligible Rollover Distributions without regard to Code Section 401(a)(9)(H). (f) This Section shall apply to all Participants, including Participants who had a Separation from Service or ceased to be a Covered Employee prior to January 1, 1989.

Minimum Distribution Requirements. (a) Except as required The Employee must receive distributions from the Custodial Account in accordance with Regulations prescribed by Subsection (cthe Secretary of the Treasury pursuant to Section 403(b)(10) of this Sectionthe Code which are hereby incorporated by reference, a Participant's Benefit Commencement Date shall be no earlier than or in the date absence of his Separation from Service. (b) Except as required by Subsection (csuch regulations, in accordance with Section 401(a)(9) of this Sectionthe Code. In general, his Benefit Commencement Date shall be no these provisions require that certain minimum distributions must commence not later than the 60th day after the close of the Plan Year in which the Participant attains Age 65 or has a Separation from Service, whichever occurs last. (c) A Participant's Benefit Commencement Date shall be no later than his Required Beginning Date. (d) Notwithstanding anything in the Plan to the contrary, if a Participant dies before his Benefit Commencement Date, his entire interest under the Plan, to the extent not forfeited, shall be distributed either: (1) not later than December 31 of the calendar year containing the fifth anniversary of the date of the Participant's death, or (2) over the life or life expectancy of the Participant's beneficiary, commencing no later than (A) December 31 April 1 of the calendar year following the calendar year of in which the ParticipantEmployee attains age 70 1/2 (the "required beginning date"). For any Employee who attained age 70 1/2 prior to January 1, 1988, the Employee's death, or (B) if the beneficiary "required beginning date" is the Participant's Spouse, December 31 April 1 of the later of (i) the calendar year following the calendar year of the ParticipantEmployee's death retirement or attainment of age 70 1/2, whichever occurs later. Life expectancies are computed by use of Tables V and VI of Section 1.72-9 of the Income Tax Regulations, or any updated tables published by the Internal Revenue Service for this purpose. Unless the Employee (iior his spouse) elects not to have life expectancy recalculated, the calendar Employee's life expectancy (and the life expectancy of the Employee's spouse, if applicable) will be recalculated annually using their attained ages as of their birthdays in the year in for which the Participant would have attained Age 70-1/2minimum annual payment is being determined. The life expectancy of the designated beneficiary (other than the spouse) will not be recalculated. Any such election to recalculate or not to recalculate life expectancies shall be irrevocable as to the Employee and spouse as of the required beginning date, and may not thereafter be changed. The minimum annual payment may be made in a series of installments (e.g., monthly, quarterly, etc. (e) Notwithstanding anything as long as the total payments for the year made by the date required are not less than the minimum amounts required. If the Employee dies before his entire interest in the Plan Custodial Account is distributed to him, the remaining undistributed balance of such interest shall be distributed to the contrarybeneficiary or beneficiaries, if any, designated by the Employee. If no valid designation of a beneficiary shall have been made, distribution shall be made to the Employee's surviving spouse, or the Employee's estate, in that order. If the Employee dies on or after the required beginning date, the form and the timing of all beneficiary must continue to receive distributions at least as rapidly as under the Plan shall be payment method in accordance with regulations issued by effect at the Department Employee's death. If the Employee dies prior to the required beginning date, the beneficiary may elect, in writing, to receive the distribution in one of the Treasury under section 401(a)(9) of the Code, including the incidental death benefit requirements of section 401(a)(9)(G) of the Code. (f) This Section shall apply to all Participants, including Participants who had a Separation from Service or ceased to be a Covered Employee prior to January 1, 1989.following forms: