Required Minimum Distribution. Payments under a Life Distribution Option will be reduced by any withdrawals taken from the annuity contract during the same calendar year. The sum of the withdrawals under a Life Distribution Option should satisfy the Required Minimum Distribution for this annuity contract for the current year IF no withdrawals from the annuity contract were direct transferred or rolled over to another qualified policy. If any such direct transfers or rollovers occurred, then payments under the Life Distribution Option will be insufficient to satisfy the Required Minimum Distribution for the annuity contract.
Appears in 2 contracts
Sources: Easy Systematic Payment (Esp) Program Election Agreement, Easy Systematic Payment (Esp) Program Election Agreement