Qualifying Longevity Annuity Contract. (QLAC). The fair market value of any QLAC you hold in this ▇▇▇ is not included in determining your adjusted account balance when calculating your RMD. If however, you make an excess premium payment (premium payment that causes you to exceed the $125,000 (as adjusted) or 25% of balance limitations) and the excess premium is returned to the RMDs For Your Beneficiaries. Your beneficiaries will generally have until December 31 of the year following your death year to begin RMDs unless they elect the five-year rule. Exceptions exist for your surviving spouse and for any beneficiary who must distribute or chooses to distribute his/her share of your traditional ▇▇▇ within a five-year period. If your death occurs on or after your RBD, your beneficiaries must withdraw any of your RMD that you had not received during the year of your death.
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Sources: Customer Agreement, Customer Agreement, Customer Agreement