Resolution 5271 - Laserfiche WebLink

the remaining life expectancy of the participant's designated beneficiary, determined as provided in section 4.7(d)(I). (ii) No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant's death, distribution of the participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant's death. (iii) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the participant dies before the date distributions begin, the participant's surviving spouse is the participant's sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under section 4.7(b)(ii)(1), this section 4.7(d)(ii) will apply as if the surviving spouse were the participant. E. 5-Year Rule (1) Death Before Distribution Date Begins. If the participant dies before distributions begin and there is a designated beneficiary, distribution to the designated beneficiary is not required to begin by the date specified in section 4.7(b)(ii) of the plan, but the participant's entire interest will be distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant's death. If the participant's surviving spouse is the participant's sole designated beneficiary and the surviving spouse dies after the participant but before distributions to either the participant or the surviving spouse begin, this section will apply as if the surviving spouse were the participant. (2) Choice of Election. Participants or beneficiaries may elect on an individual basis whether the 5-year rule in section 4.7(e)(i) or the life expectancy rule in sections 4.7(b)(ii) and 4.7(d)(ii) of the plan applies to distributions after the death of a participant who has a designated beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under section 4.7(b)(ii) of the plan, or by September 30 of the calendar year which contains the fifth anniversary of the participant's (or, if applicable, surviving spouse's) death. If neither the participant nor beneficiary makes an election under this paragraph, distributions will be made in accordance with section 4.7(b)(ii), 4.7(d)(ii) and 4.7(e)(i) of the plan.