Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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32 remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse's death, over the spouse's Beneficiary's remaining life expectancy derennined using such Beneficiary's age as of his or 12er birthday in the year following the death of the spouse, or, if elected, will be distributed in accordance with paragraph (2)(iii) below if the surviving spouse dies after distributions are required to begin, any remaining interest will be distributed over the spouse's remaining life expect<vic}• determined using the spouse's age as of his or her birthday in the year of the spouse's death. (iii) If there is no Beneficiary; or if applicable by operation of paragraph (2)(i) or (2)(ii} above, the entire interest will be distributed by the end of the calendar year containing the fifth anniversar}' of the Beneficiar}~s death {or of the spouse's death in the case of the surviving spouse's death before distributions are required to begin under paragraph (2)(ii) above). (iv} The amount to be distributed each year under paragraph {2}(i} or (ii) is the quotient to be obtained by dividing the value of the IRA as of the end of the preceding year by the remaining life expectancy specified in such paragraph. Life expectancy i determined using the Single Life Table in Q&A-1 of Section 1.401(a)(9)-9 of the- Income Tax Regulations. If distributions are being made to a surviving spouse as the sole Beneficiary, such spouse's remaining life expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary's age in the year specified in paragraph (2)(i} or (ii) and reduced by 1 for each subsequent year. (v) The "value" of the IRA includes the amount of an}• outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Section 1.408-8 of the Income Tax Regulations. (vi) If the sole Beneficiary is the Employee's surviving spouse, the spouse may elect to treat the IRA as his or her own IRA. This election will be deemed to have been made if such sun•iving spouse makes a contribution to the IRA or fails to take required distributions as a Beneficiar}: {~ Na1~1f itaGle. The interest of an Emplo}gee in the balance in lus or her Deemed llZA account is nonforfeitable at all times. (h) Reportitrg. The Deemed IRA Trustee of a Dcctncd Traditional IRA shall furnish annual calendar }year reports concerning the status of the Deemed IRA account and such information concerning required minimum distributions as is prescribed by the Commissioner of Internal Revenue. (i) SrrGstitrrtion of Deemed IRA Trustee. If the Deemed IRA Trustee is a non-bank trustee or custodian, the non- banktrustee or custodian shall substitute another trustee or custodian if the non-batik trustee or custodians receives notice From the Commissioner of Internal Revenue that such substitution is required because it has failed to comply with the requirements of Section 1.408-2(e) of the Income Tax Regulations and Section 1.408-2T of the Income Tax Regulations. 9.06 Deemed Roth IRA Requirements. Deemed IRAs established in the Form of Roth IRAs shall satisfy the following requirements: (a) ~iclusive Belrefit. The Deemed Roth 1RA shall be established for the exclusive benefit of an Employee or his or her Beneficiaries. {b) M11,\1))lr[111 !l )171rLd~ CO77t77G1[17077s. (1) Mrrxintum Pe7•raissibleAnroulit. Except in the case of a qualified rollover contribution or recharacteri~ation (as defined in (6) below), no contribution will fie accepted unless it is in cash and the total of such contributions to all the Emplo}ee's Roth IRtls for a taxable year does not exceed 17