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

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~' " ", -.f I'. ~, . '. , ,'45,7Planan:dTJ;uStDocn;meqt;. ' . - . . - - -. . l , I ! : include any amount includible in the Employee's gross income under Section 71 of the Code with respect to a divorce or separation instrument described in subparagraph (A) of Section 71 (b) (2) of the Code. In the case of a married Employee filing a joint return, the greater compensation of his , or her spouse is treated 'as his or her own compensation, but only to the extent that such spouse's compensation is not beillg used for purposes of the spouse making a contribution to a Roth IRA or a deductible contribution to a nonRoth IRA. (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) Distributions Before Death. No amount is required to be distributed prior to the death of the Employee for whose benefit the account was originally established. (f) Minimum Required Distributions. (1) Norwithstanding any provision of this 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, as modified by section 408A(c) (5), 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 section 1.401 (a)(9)- 6T of the Temporary Income Tax Regularions (taking into account Section 408A(c)(5) of the Code), rather than the distribution rules in paragraphs (2), (3) and (4) below. (2) Upon the death of the Employee, his or her entire interest will be distributed at least as rapidly as follows: (A) If the Beneficiary is someone other than the Employee's surviving spouse, the entire interest will be distributed, starting by the end of the calendar year following the calendar year of the Employee's death, over the remaining life expectancy of the Beneficiary, with such life expectancy determined using the age of the beneficiary as of his or her birthday in the year following the year of the Employee's death, or, if elected, in accordance with paragraph (2)(C) below. (B) If the Employee's sole Beneficiary is the Employee's surviving spouse, the entire interest will be distributed, starting by 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 70-1/2, iflater), over such spouse's life, or, if elected, in accordance with paragraph (2)(C) 25 , -