2004-08-25 WS & CC Meeting - Laserfiche WebLink

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.457 Plan and Trust Document rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction with a SIMPLE IRA plan, prior to the expirarion of the 2-year period beginning on the date the Employee fust participated in that employer's SIMPLE IRA plan. (c) Collectibles. If the Deemed IRA Trust acquires collectibles within the meaning of Section 408(m) of the Code after December 31, 1981, Deemed IRA Trust assets will be treated as a distribution in an amount equal to the cost of such collectibles. (d) Life Insurance Contracts. No part of the Deemed IRA Trust funds will be invested in life insurance contracts. (e) Minimum Required Distributions. (1) Notwithstanding any provision of this Deemed IRA to the contrary, the distribution of the Employee's interest in the account shall be made in accordance with the requirements of Section 408 (a) (6) of the Code and the regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements of Q&A-4 of section 1.401 (a) (9)-6T of the Temporary Income Tax Regulations, rather than paragraphs (2), (3) and (4) below and section 9.05(f). The required minimum distributions calculated for this IRA may be withdrawn from another IRA of the Employee in accordance with Q&A-9 of section 1.408-8 of the Income Tax Regulations. (2) The entire value of the account of the Employee for whose benefit the account is maintained will commence to be distributed no later than the first day of April following the calendar year in which such Employee attains age 70-1/2 (the "required beginning date") over the life of such Employee or the lives of such Employee and his or her Beneficiary. (3) The amount to be distributed each year, beginning with the calendar year in which the Employee attains age 70-1/2 and continuing through the year of death, shall not be less than the quotient obtained by dividing the value of the IRA (as determined under section 9.05(f)(3)) as of the end of the preceding year by the distribution period in the Uniform Lifetime Table in Q&'A-2 of section 1.401 (a) (9)-9 of the Income lax Regulations, using the Employee's age as of his or her birthday in the year. However, if the Employee's sole Beneficiary is his or her surviving spouse and such spouse is more than 10 years younger than the Employee, then the distribution period is determined under the Joint and Last Survivor Table in Q&A-3 of section 1.401 (a) (9)-9 of theIncome Tax Regulations, using the ages as of the Employee's and spouse's birthdays in the year. (4) The required minimum distribution for the year the Employee attains age 70-1/2 can be made as late as April 1 of the following year. 19