Common use of Qualified Distributions Clause in Contracts

Qualified Distributions. A distribution of contributions or rollovers made pursuant to this ▇▇▇▇ ▇▇▇, that are held in a ▇▇▇▇ ▇▇▇ account for five (5) or more Taxable Years, will be Federal income tax-free and penalty-free if the distribution is made on account of: (a) the Individual having attained age 59 1/2, (b) the Individual’s death, (c) the Individual’s Disability, or (d) a Qualified Special Purpose Distribution. If the entire ▇▇▇▇ ▇▇▇ account balance is distributed before any other ▇▇▇▇ ▇▇▇ contributions are made, the five (5) year holding period does not start over when future contributions are made. However, in the following situations, the five (5) year holding period will not be considered to have begun if: (e) the initial ▇▇▇▇ ▇▇▇ contribution is revoked within the initial seven (7) day period; (f) the initial ▇▇▇▇ ▇▇▇ contribution is recharacterized to a Traditional IRA; or (g) an excess contribution, plus earnings, is timely distributed in accordance with Code Section 408(d)(4), by the tax filing deadline (including extensions), unless other eligible contributions were made.

Qualified Distributions. A distribution of contributions or rollovers made pursuant to this ▇▇▇▇ ▇▇▇, that are held in a ▇▇▇▇ ▇▇▇ account for five (5) or more Taxable Years, will be Federal income tax-free and penalty-free if the distribution is made on account of: (a) the Individual having attained age 59 1/259½, (b) the Individual’s death, (c) the Individual’s Disability, or (d) a Qualified Special Purpose Distribution. If the entire ▇▇▇▇ ▇▇▇ account balance is distributed before any other ▇▇▇▇ ▇▇▇ contributions are made, the five (5) year holding period does not start over when future contributions are made. However, in the following situations, the five (5) year holding period will not be considered to have begun if: (e) the initial ▇▇▇▇ ▇▇▇ contribution is revoked within the initial seven (7) day period; (f) the initial ▇▇▇▇ ▇▇▇ contribution is recharacterized to a Traditional IRA; or (g) an excess contribution, plus earnings, is timely distributed in accordance with Code Section 408(d)(4), by the tax filing deadline (including extensions), unless other eligible contributions were made.

Qualified Distributions. A distribution of contributions or rollovers made pursuant to this ▇R▇▇▇ ▇▇▇, that are held in a ▇R▇▇▇ ▇▇▇ account for five (5) or more Taxable Years, will be Federal income tax-free and penalty-free if the distribution is made on account of: (a) the Individual having attained age 59 1/259½, (b) the Individual’s death, (c) the Individual’s Disability, or (d) a Qualified Special Purpose Distribution. If the entire ▇R▇▇▇ ▇▇▇ account balance is distributed before any other ▇R▇▇▇ ▇▇▇ contributions are made, the five (5) year holding period does not start over when future contributions are made. However, in the following situations, the five (5) year holding period will not be considered to have begun if: (e) the initial ▇R▇▇▇ ▇▇▇ contribution is revoked within the initial seven (7) day period; (f) the initial ▇R▇▇▇ ▇▇▇ contribution is recharacterized to a Traditional IRA; or (g) an excess contribution, plus earnings, is timely distributed in accordance with Code Section 408(d)(4), by the tax filing deadline (including extensions), unless other eligible contributions were made.

Qualified Distributions. A distribution of contributions or rollovers made pursuant to this ▇▇▇▇ ▇▇▇, that are held in a ▇▇▇▇ ▇▇▇ account for five (5) or more Taxable Years, will be Federal income tax-free and penalty-free if the distribution is made on account of: (a) the Individual having attained age 59 1/2591/2, (b) the Individual’s death, (c) the Individual’s Disability, or (d) a Qualified Special Purpose Distribution. If the entire ▇▇▇▇ ▇▇▇ account balance is distributed before any other ▇▇▇▇ ▇▇▇ contributions are made, the five (5) year holding period does not start over when future contributions are made. However, in the following situations, the five (5) year holding period will not be considered to have begun if: (e) the initial ▇▇▇▇ ▇▇▇ contribution is revoked within the initial seven (7) day period; (f) the initial ▇▇▇▇ ▇▇▇ contribution is recharacterized to a Traditional IRA; or (g) an excess contribution, plus earnings, is timely distributed in accordance with Code Section 408(d)(4), by the tax filing deadline (including extensions), unless other eligible contributions were made.