REQUIRED DISTRIBUTION UPON DEATH Clause Samples

REQUIRED DISTRIBUTION UPON DEATH. If you die after distribution of your entire interest has commenced, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used immediately preceding your death. If you die before distribution has commenced, or distribution has commenced for only a portion of your interest, the Death Benefit must be distributed no law than December 31 of the calendar year in which the fifth anniversary of your death occurs. However, proceeds which are payable to a Beneficiary who is a natural person may be distributed in substantially equal installments over his or her lifetime or a period certain not exceeding the life expectancy of the Beneficiary provided such distribution commences not later than December 31 of the calendar year following the calendar year in which your death occurred. If the sole Beneficiary is your surviving spouse, he or she may elect no later than December 31 of the calendar year in which the fifth anniversary of your death occurs to receive equal or substantially equal payments over his or her life expectancy commencing at any date prior to the date on which you would have attained age 70 1/2. Payments shall be calculated in accordance with IRC Sections 401(a)(9), 403(b)(10) and the regulations thereunder.
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REQUIRED DISTRIBUTION UPON DEATH. (a) Death On or After Required Beginning Date: If the Participant dies on or after the Required Beginning Date, the remaining portion of the Participant’s Account shall be distributed to the Participant’s first generation Beneficiary at least as rapidly as under Sections 10.4 (a)(i), (a)(ii) or (a) (iii): (i) If the designated first generation Beneficiary is someone other than the Participant’s surviving spouse, the remaining interest will be distributed over the remaining life expectancy of the designated first generation Beneficiary, with such life expectancy determined using the first generation Beneficiary’s age as of his birthday in the year following the year of the Participant’s death, or over the period described in (a)(3) below if longer. (ii) If the Participant’s sole designated first generation Beneficiary is the Participant’s surviving spouse, the remaining interest will be distributed over such spouse’s life or over the period described in paragraph (a)(iii) if longer. Any interest remaining after such spouse’s death will be distributed over such spouse’s remaining life expectancy determined using the spouse’s age as of the spouse’s birthday in the year of the spouse’s death, or, if the distributions are being made over the period described in paragraph (a) (iii) below, over such period. (iii) If there is no designated first generation Beneficiary or if this paragraph (a)(iii) is applicable under paragraphs (a)(i) or (a)(ii) above, the remaining interest will be distributed over the Participant’s remaining life expectancy determined in the year of the Participant’s death. (iv) The amount to be distributed each year under this Section 10.4(a), beginning with the calendar year following the calendar year of the Participant’s death, is the quotient obtained by dividing the value of the Participant’s Account as of the end of the preceding year by the remaining life expectancy specified above. Life expectancy is determined using the Single Life Table in Treasury Regulation Section 1.401(a)(9)-9(Q&A-1). If distributions are being made to a surviving spouse as the sole designated first generation Beneficiary, such spouse’s remaining life expectancy for a year is the number in the Single Life Table corresponding to such spouse’s age in the year. In all other cases, remaining life expectancy for a year is the number in the Single Life Table corresponding to the first generation Beneficiary’s or Participant’s age in the year as specified in paragraphs (...
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REQUIRED DISTRIBUTION UPON DEATH. If you die after distribution of your entire interest has commenced, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used immediately preceding your death.
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Related to REQUIRED DISTRIBUTION UPON DEATH

  • Termination upon Death This entire Agreement will terminate immediately without further action of the parties upon the death of a natural person who is a party to this Agreement, or a general partner of a partnership that is a party to this Agreement.

  • Release upon Death (1) If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder’s legal representative. (2) Prior to delivery the Escrow Agent must receive: (a) a certified copy of the death certificate; and (b) any evidence of the legal representative’s status that the Escrow Agent may reasonably require.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Payment Upon Death In the event of death of regular employees, the College will pay to their spouse, or if there is no spouse, to the estate of those deceased, one month's salary exclusive of any amount already earned by those deceased up to the date of which they last served.

  • Termination Upon Death or Disability If Executive dies during the Term, the obligations of the Company to or with respect to Executive shall terminate in their entirety except as otherwise provided under this Section 4.1. If Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none, if Executive by virtue of ill health or other disability is unable to perform substantially and continuously the duties assigned to him for at least 120 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall have the right, to the extent permitted by law, to terminate the employment of Executive upon notice in writing to Executive; provided that the Company will have no right to terminate Executive’s employment if, in the reasonable opinion of a qualified physician acceptable to the Company, it is substantially certain that Executive will be able to resume Executive’s duties on a regular full-time basis within 30 days of the date Executive receives notice of such termination. Upon death or other termination of employment by virtue of disability in accordance with this Section 4.1, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (i) Annual Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination); (ii) a cash payment equal to the prorated portion of the Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which Executive’s employment hereunder terminates; (iii) elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company he had been granted which he then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such time-based vesting conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); (iv) in the event of Executive’s death, (A) a cash payment equal to two months of Executive’s Annual Salary payable no later than 10 days after such termination, and (B) continuation to Executive’s spouse and dependents of fully paid health insurance benefits under the Company’s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) during the one year following the date of termination; and (v) Executive (or, in the case of his death, his estate and beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.