Section 4. Requirements For Annuity Distributions That Commence During Participant’s

Lifetime.

Section 4.1. participant’s interest is being distributed in the form of a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary, and the participant is the applicable age or older on the participant’s birthday in the calendar year that includes the annuity starting date, annuity payments to be made on or after the participant’s required beginning date to the designated beneficiary after the participant’s death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the participant, using the table set forth in Reg. § 1.401(a)(9)6, Q&A 2(c)(2), in the manner described in Reg.§1.401(a)(9)-6, Q&A 2(c)(1), to determine the applicable percentage. Treas. Reg. 1.401(a)(9)6(b)(2)(iii). The applicable percentage is based on the participant/ benefciary age difference, which is equal to the excess of the age of the participant over the age of the benefciary based on their ages on their birthdays in the calendar year that includes the annuity starting date. If the form of distribution combines a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain.

Section 4.2. Period Certain Annuities. UnlessI f the participant is the applicable age or older on the participant’s birthday in the calendar year that includes the annuity starting date, then unless the participant’s spouse is the sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain for an annuity distribution commencing during the participant’s lifetime may is not permitted to exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth inReg. §1.401(a)(9)–9, Q&A-2 denominator for the calendar year that contains includes the annuity starting date that would apply pursuant to Treas. Reg. . If the annuity starting date precedes the year in which the participant reaches age 70, the1 .401(a)(9)-5(c) if the plan were a defned contribution plan. However, that applicable distribution period for the participant is the distribution period for age 70 under the Uniform Lifetime Table set forth ind enominator is determined taking into account the rules of Treas. Reg. §1 .401(a)(9)-5(c)(2) (relating to a spouse who is more than 10 years younger than the employee) only if the period certain is not provided in conjunction with a life annuity under Treas. Reg. 1.401(a)(9 )–9, Q&A- )-6(a)(2 plus the excess of 70 over the age of the participant as of the participant’s birthday in the year that contains the annuity starting date. ). If the participant’s spouse is the participant’s sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the participant’s applicable distribution period, as determined under this section 4.2, or the joint life and last survivor expectancy of the participant and the participant’s spouse as determined under the Joint and Last Survivor Table set forth in Treas. Reg. § 1.401(a)(9)–9 , Q&A-3, (d), using the participant’s and spouse’s attained ages as of the participant’s and spouse’s birthdays in the calendar year that contains the annuity starting date.

Section 4.3. Surviving spouse special election. Effective for distributions beginning on or after January 1, 2024, if annuity distributions commence before the death of the participant and the designated benefciary is the participant’s spouse, a surviving spouse may elect to:

(a) be treated as if the surviving spouse were the employee for purposes of IRC 401(a)(9) (B)(iii)(II),

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(b) wait until the date the employee would have attained the applicable age (as defned in 401(a)(9)(C)(v)) to begin taking the minimum distributions, and

(c) have the benefciaries of the surviving spouse be treated as benefciaries of the participant if the surviving spouse dies before distribution to the spouse begins.