Common use of Required Minimum Distributions Clause in Contracts

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ owner are described in Article IV, section 3. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited ▇▇▇. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ each year based on your life expectancy, calculated using the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇IRA. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ IRA owner are described in Article IV, section Section 3. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇IRA, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇IRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited ▇▇▇IRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ IRA to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇IRA. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ IRA owner are described in Article IV, section Section 3. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇IRA, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇IRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited ▇▇▇IRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. : • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ IRA to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇IRA. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ IRA owner are described in Article IV, section 3three. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇IRA, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇IRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited ▇▇▇IRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ IRA to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ IRA each year based on your life expectancy, calculated using the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.

Required Minimum Distributions. You are Your required to take minimum distributions from distribution is calculated using the uniform lifetime table in Regulations section 1.401(a)(9)‐9. However, if your inherited ▇▇▇. The options available to you as a spouse is your sole designated beneficiary of a deceased plan participant or deceased ▇▇▇ owner are described and is more than 10 years younger than you, your required minimum distribution is calculated each year using the joint and last survivor table in Article IV, Regulations section 3. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own1.401(a)(9)‐9. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets to your inherited ▇▇▇. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31your required beginning date, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ IRA to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ IRA each year based on your life expectancy, calculated using the single life uniform lifetime table in Regulations section 1.401(a)(9)-91.401(a)(9)‐9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After written notice to the other. This agreement shall also terminate upon the complete distribution of the assets of the custodial account. We can resign as custodian at any time effective 30 days after we send written notice of our resignation to you. Upon receipt of that notice, you must make arrangements to transfer your death IRA to another financial organization. If you do not complete a transfer of your IRA within 30 days from the date we send the notice to you, we have the right to transfer your IRA assets to a successor beneficiariesIRA trustee or custodian that we choose in our sole discretion, if anyor we may pay your IRA to you in a single sum. We will not be liable for any actions or failures to act on the part of any successor trustee or custodian, must continue with payments in accordance nor for any tax consequences you may incur that result from the transfer or distribution of your assets pursuant to this section. If this agreement is terminated, we may charge to your IRA a reasonable amount of money that we believe is necessary to cover any associated costs, including but not limited to one or more of the following. • Any fees, expenses, or taxes chargeable against your IRA • Any penalties or surrender charges associated with the distribution method you had chosenearly withdrawal of any savings instrument or other investment in your IRA If we are a nonbank custodian required to comply with Regulations section 1.408‐2(e) and we fail to do so or we are not keeping the records, making the returns, or must accelerate sending the paymentsstatements as are required by forms or regulations, the IRS may require us to substitute another trustee or custodian. We may establish a policy requiring distribution of the entire balance of your IRA to you in cash or property if the balance of your IRA drops below the minimum balance required under the applicable investment or policy established.

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ owner at certain times in accordance with Regulations section 1.408-­‐8. Below is a summary of the ▇▇▇ distribution rules. 1. You are described required to take a minimum distribution from your ▇▇▇ for the year in Article IVwhich you reach age 70½ and for each year thereafter. You must take your first distribution by your required beginning date, section which is April 1 of the year following the year you attain age 70½. The minimum distribution for any taxable year is equal to the amount obtained by dividing the account balance at the end of the prior year by the applicable divisor. 2. The applicable divisor is generally determined using the uniform lifetime table provided by the IRS. The table assumes a designated beneficiary exactly 10 years younger than you, regardless of who is named as your beneficiary(ies), if any. If your spouse is your sole designated beneficiary, and is more than 10 years younger than you, the required minimum distribution is determined annually using the actual joint life expectancy of you and your spouse obtained from the joint and last survivor table provided by the IRS, rather than the life expectancy divisor from the uniform lifetime table. We reserve the right to do any one of the following by April 1 of the year following the year in which you turn age 70½: (a) make no distribution until you give us a proper withdrawal request, (b) distribute your entire ▇▇▇ to you in a single sum payment, or (c) determine your required minimum distribution each year based on your life expectancy calculated using the uniform lifetime table, and pay those distributions to you until you direct otherwise. 3. A spouse Your designated beneficiary will have all rights is determined based on the beneficiary(ies) designated as granted under of the Code or applicable regulations to treat date of your death, who remains your beneficiary(ies) as of September 30 of the inherited account as his or her ownyear following the year of your death. If you elect die, (a) on or after your required beginning date, distributions must be made to take your beneficiary(ies) over the longer of the single life expectancy paymentsof your designated beneficiary(ies), the payment must be removed each year by December 31or your remaining life expectancy. If a beneficiary other than an individual or qualified trust as defined in the Regulations is named, you have previously made a will be treated as having no designated beneficiary of your ▇▇▇ for purposes of determining the distribution election with the prior plan or period. If there is no designated beneficiary of your ▇▇▇, you may not extend distributions will commence using your single life expectancy, reduced by one in each subsequent year. (b) before your required beginning date, the distribution period for that entire amount remaining in your account will, at the election of your designated beneficiary(ies), either (i) be distributed by moving it to an inherited ▇▇▇. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuityDecember 31 of the year containing the fifth anniversary of your death, or 457(b(ii) governmental deferred compensation plan, and previously elected or defaulted to be distributed over the five-year rule. The five-year rule election may be changed to a remaining life expectancy payment election ifof your designated beneficiary(ies). If your spouse is your sole designated beneficiary, he or she must elect either option (i) or (ii) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year you would have attained age 70½. Your designated beneficiary(ies), other than a spouse who is the sole designated beneficiary, must elect either option (i) or (ii) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (ii). In the plan participant’s case of distributions under option (ii), distributions must commence by December 31 of the year following the year of your death. Generally if your spouse is the designated beneficiary, distributions need not commence until December 31 of the year you would have attained age 70½, if later. If a beneficiary(ies) other than an individual or qualified trust as defined in the Regulations is named, you remove a life expectancy-based payment before rolling will be treated as having no designated beneficiary(ies) of your ▇▇▇ for purposes of determining the remaining assets to distribution period. If there is no designated beneficiary of your inherited ▇▇▇. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ must be distributed by December 31 of the year containing the fifth anniversary of your death. A spouse who is the sole designated beneficiary of your entire ▇▇▇ will be deemed to you in elect to treat your ▇▇▇ as his or her own by either (1) making contributions to your ▇▇▇ or (2) failing to timely remove a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ each year based on ▇. Regardless of whether or not the spouse is the sole designated beneficiary of your life expectancy▇▇▇, calculated using a spouse beneficiary may roll over his or her share of the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions assets to you until you direct otherwise We will not be liable for any penalties his or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the paymentsher own ▇▇▇.

Required Minimum Distributions. You are required to take begin receiving minimum distributions from your inherited ▇▇▇. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ owner are described in Article IV, section 3. A spouse beneficiary will have all rights as granted under IRA by your required beginning date (the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 April 1 of the year following the year you attain age 70 1/2). The year you attain age 70 1/2 is referred to as your "first distribution calendar year". Your minimum distribution is based upon the value of your account at the end of the plan participant’s death, prior year (less any required distributions you remove received between January 1 and April 1st of the year following your first distribution calendar year) by the joint life expectancy of you and your designated beneficiary. If you do not have a designated beneficiary then the minimum distribution will be based upon your single life expectancy-based payment before rolling . As you can see, who you designate as beneficiary under your IRA will affect the remaining assets to your inherited ▇▇▇period over which distributions may be made. If you have more than one primary beneficiary, generally the beneficiary with the shortest life expectancy will be the measuring life expectancy used for determining the period over which distributions will be made. If no beneficiary is named or you name a beneficiary which is not an individual (i.e., your estate), distributions will be based upon your single life expectancy. By the April 1 following your first distribution calendar year, you must make certain elections on a form provided by the Custodian. If no election is made, you will be deemed to have elected to take your distributions over a period not to exceed your single life expectancy. The required distributions for the second distribution calendar year and for each subsequent distribution calendar year must be made by December 31 of such year. Unless otherwise elected by the Custodian (or by you, if the Custodian permits) in determining the amount to be distributed for the second distribution calendar year and subsequent distribution calendar years, your life expectancy payments (and fail your designated beneficiary's life expectancy) shall be recalculated. If the Custodian elects (or you elect, if the Custodian permits) to request recalculate your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute life expectancy or your entire inherited ▇▇▇ to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ each year based on your spouse's life expectancy, calculated using you will generally have a longer period of time over which payments will be made and therefore the single life table in Regulations section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We minimum distribution will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the paymentsless.

Required Minimum Distributions. You are required to take minimum distributions from your inherited ▇▇▇IRA. The options available to you as a beneficiary of a deceased plan participant or deceased ▇▇▇ IRA owner are described in Article IV, section Section 3. A spouse beneficiary will have all rights as granted under the Code or applicable regulations to treat the inherited account as his or her own. If you elect to take life expectancy payments, the payment must be removed each year by December 31. If you have previously made a distribution election with the prior plan or ▇▇▇IRA, you may not extend the distribution period for that election by moving it to an inherited ▇▇▇IRA. An exception applies if you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan, and previously elected or defaulted to the five-year rule. The five-year rule election may be changed to a life expectancy payment election if, by December 31 of the year following the year of the plan participant’s death, you remove a life expectancy-based payment before rolling the remaining assets as- sets to your inherited ▇▇▇IRA. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we can, at our complete and sole discretion, do any one of the following. • Make no distribution until you give us a proper withdrawal request • Distribute your entire inherited ▇▇▇ IRA to you in a single sum payment • Determine your required minimum distribution from your inherited ▇▇▇ IRA each year based on your life expectancy, calculated using the single life table in Regulations section Section 1.401(a)(9)-9, and pay those distributions to you until you direct otherwise We will not be liable for any penalties or taxes related to your failure to take a required minimum distribution. After your death death, your successor beneficiaries, if any, must continue with payments in accordance with the distribution method you had chosen, or must accelerate the payments.