If you die before electing a payment option, such as lifetime annuity income or the Minimum Distribution Option, the full accumulation is payable to your designated beneficiary(ies). Listed below are a variety of options that may be available for your beneficiary(ies).
- Systematic and Single-Sum cash withdrawals
- One-life annuity income (based on the beneficiary's lifetime)
- Fixed period annuity (2-30 years, not to exceed the life expectancy of the beneficiary)
- Minimum Distribution Option
For a spouse beneficiary, a dstribution must be taken no later than December 31 of the year you would have been age 70 1/2, or December 31st of the year after your death, whichever is later. If you die after age 70 1/2, your spouse beneficiary must begin distributions no later than December 31 of the year after your death.
The initial minimum disribution amount for a nonspouse beneficiary must be recieved by December 31 of the year following your death. If the first distribution is not taken by that time, the total accumulation (excluding any grandfathered amounts) must be distributed by the end of the fifth year from the date of your death.