Common use of Required Minimum Distributions During Participants Lifetime Clause in Contracts

Required Minimum Distributions During Participants Lifetime. During the Participant’s lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: (a) the quotient obtained by dividing the Participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the Participant’s birthday in the distribution calendar year; or (b) if the Participant’s sole designated beneficiary for the distribution calendar year is the Participant’s spouse, the quotient obtained by dividing the Participant’s account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse's attained ages as of the Participant’s and spouse's birthdays in the distribution calendar year.

Appears in 1 contract

Sources: Master Agreement for Plan of Deferred Compensation

Required Minimum Distributions During Participants Lifetime. During the Participantparticipant’s lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: (a1) the quotient obtained by dividing the Participantparticipant’s account balance by the distribution period in the Uniform Lifetime Table set forth in Section section 1.401(a)(9)-9 of the Treasury regulations, using the Participantparticipant’s age as of the Participantparticipant’s birthday in the distribution calendar year; or (b2) if the Participantparticipant’s sole designated beneficiary for the distribution calendar year is the Participantparticipant’s spouse, the quotient obtained by dividing the Participantparticipant’s account balance by the number in the Joint and Last Survivor Table set forth in Section section 1.401(a)(9)-9 of the Treasury regulations, using the Participantparticipant’s and spouse's ’s attained ages as of the Participantparticipant’s and spouse's ’s birthdays in the distribution calendar year. Required minimum distributions will be determined under this section 11.4(c) beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the participant’s date of death.

Appears in 1 contract

Sources: Employee Stock Ownership Plan With 401(k) Provisions (Guaranty Bancshares Inc /Tx/)

Required Minimum Distributions During Participants Lifetime. During the Participant’s 's lifetime, the minimum amount that will be distributed for each distribution calendar year Distribution Calendar Year is the lesser of: (a) i. the quotient obtained by dividing the Participant’s account balance 's Account Balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulation Section 1.401(a)(9)-9 of the Treasury regulations1.401(a)(9)-9, using the Participant’s 's age as of the Participant’s 's birthday in the distribution calendar yearDistribution Calendar Year; or (b) ii. if the Participant’s 's sole designated beneficiary Designated Beneficiary for the distribution calendar year Distribution Calendar Year is the Participant’s 's spouse, the quotient obtained by dividing the Participant’s account balance 's Account Balance by the number in the Joint and Last Survivor Table set forth in Treasury Regulation Section 1.401(a)(9)-9 of the Treasury regulations1.401(a)(9)-9, using the Participant’s 's and spouse▇▇▇▇▇▇'s attained ages as of the Participant’s 's and spouse's birthdays in the distribution calendar yearDistribution Calendar Year. iii. Required minimum distributions will be determined under this Section 6.10.c. beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Participant's date of death.

Appears in 1 contract

Sources: Pension Plan and Trust Agreement