achieved a net profit of EGP 305 by the end of September this year, as compared to EGP 195m at the end of September 2015.
table assumes use of the account owner's and beneficiary's joint life expectancies, when the beneficiary is 10 years younger than the account owner.
That table, identical to the one currently used when the MDIB
rules apply, is used regardless of whether a beneficiary has been designated.
13) An exception to this rule applies if the withdrawals were earlier calculated using the MDIB
table (referred to above), in which case the withdrawals of the remaining assets in the IRA may now be made over the actual life expectancy of the non-spouse beneficiary.
If a portion of an employee's benefit is payable to a former spouse pursuant to a qualified domestic relations order (QDRO, see Q 352), the former spouse to whom the benefit is payable will be treated as a spouse (or surviving spouse, as the case may be) of the employee for purposes of the minimum distribution and MDIB
The only way to use a longer joint life expectancy than the MDIB
table is if the beneficiary spouse is more than 10 years younger than the IRA owner (also true under the old regulations).
First, the MDIB
requirement affects only distributions required to be made to the participant during his lifetime (although distributions to be made after death are considered in determining the minimum required to be distributed to him during his lifetime).
If the beneficiary is much younger, remember that the MDIB
rules also apparently do not apply after the participant's death.
Since the beneficiaries here were nonspouses 10 or more years younger than the IRA owner, the MDIB
table (the 10-year table) would have been used to calculate the joint life expectancy.
Under the MDIB
rule, the government limits the age differential to ten years during the participant's lifetime.
rule requires the participant to withdraw funds over an annually recalculated life expectancy of the participant and someone ten years younger, but allows the beneficiary when the participant dies to withdraw over the balance of the actual joint life expectancy of the participant and beneficiary measured as of the date benefits commenced.
requirement is not applicable in the years following the participant's death.