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

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35 (d} Li~ Ltstnatace Cotttt~rets. No part of the Deemed IRA Trust funds will be invested in life insurance contracts. (e} Dirbibartiotts Before Deatli. No amount is required to be distributed prior to the death of the Employee for whose benefit the accotmt was originally established. {f) Mittirttutn Rer~uired DistriGutltttts. (I) Notwithstanding an}• provision of this IRA to the contrary; the distribution of the Employ'ee's interest itz the account shall be made in accordance with the requirements of Section 408(a)(G) of the Code, as modified by section 408A(c){5), and the regulations thereunder, the provisions of which are herein incorporated b}~ reference. If distributions arc made from an annuit;' contract purchased from an insurance compau}; distributions therewider must satisfy the requirements of section L401(a)(9)-6T of the Temporary Income Tax Regulations (taking into account Section 408A(c}(5) of the Code) (or Section 1.401 {a)(9)-6 of the Income Tax Regulations, as applicable}, rather than the distribution rules in paragraphs (2), f3} and (4) below. (2) Upon the death of the Employee, his or her entire interest will be distributed at least as rapidly as follows: (i) If the Beneficiary is someone other than the Employee's surviving spouse, tl~e entire interest will be distributed, starting by the end of the calendar year Following the year of the Employee's death, over the remaining life expectancy of the Beneficiar}; with such life expectancy determined using the age of the beneficiary as of his or her birthday in the year following the }'car of the Emplo}=ee's death, or, if elected, in accordance with paragraph {2)(iii) below (ii) ]f the Employee's sole Beneficiar}' is the Employee's surviving spouse, the entire interest will be distributed starting b}'the end of the calendar year following the calendar year of the Employee's death (or by the end of the calendar year in which the Employee would have attained age 70'/4, if later), over such spouse's life, or, if elected, in accordance with paragraph (2)(iii) below If the surviving spouse dies before distributions are required to begin, the remaining uiterest will be distributed, starting by the end of the calendar year following the calendar year of the spouse's death, over the spouse's Beneficiar}*'s remaining life expectancy determined using such Beneficiary's age as of his or her birthday' in the year following the death of the spouse, or, if elected, will be distributed in accordance with paragraph (2){iii) belo«: If the surviving spouse dies after distributions are required to begin, any remaining interest will be distributed over the spouse's remaining life expectancy determined using the spouse's age as of his ar her birthday in the year of die spouse's death. (iii) If there is do Beneficiar}; or if applicable by operation of paragraph (2)(i) or (2)(ii) above, the entire interest will be distributed the end of the calendar year containing the fifth anniversary of the Employee'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 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 expecraneg is determined using the Single Life table in Q8tA-1 of Section I.401(a){9)-9 of the IncomcTax Regulations. If distributions are being made to a surviving spouse as the sole Beneficiar}; such spouse's remaining life expectancy for a year is the numbertn the Single Life'Iable correspvndit~g to such spouse's age in the }'ear. In all other cases, remaining life expectancy for a year is the ntunber 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. 20