Income Tax Regulations — 8506
y beginning no later than on the later of one year after the day of death of the member and the end of the calendar year in which the beneficiary attains 71 years of age; Variable benefits (e.1) retirement benefits (in this paragraph referred to as “variable benefits”), other than benefits permissible under any of paragraphs (a) to (e) and (e.2), provided to a member and, after the death of the member, to one or more beneficiaries of the member if (i) the variable benefits are paid from the member’s account, (ii) the variable benefits provided to the member or a beneficiary (other than a beneficiary who is the specified beneficiary of the member in relation to the provision) are payable for a period ending no later than the end of the calendar year following the calendar year in which the member dies, (iii) the variable benefits provided to a beneficiary who is the specified beneficiary of the member in relation to the provision are payable for a period ending no later than the end of the calendar year in which the specified beneficiary dies, and (iv) the amount of variable benefits payable to the member and beneficiaries of the member for each calendar year is not less than the minimum amount for the member’s account under the provision for the calendar year; Variable Payment Life Annuity (e.2) retirement benefits (referred to in this paragraph as “VPLA benefits”), other than benefits permissible under any of paragraphs (a) to (e.1), provided to a member and, after the death of the member, to one or more beneficiaries of the member if (i) the VPLA benefits are paid from a VPLA fund, (ii) the VPLA benefits are provided to the member (or, after the death of the member, to one or more beneficiaries of the member) because of a transfer of one or more amounts from the member’s account to the VPLA fund, (iii) each VPLA benefit is any of the following: (A) a benefit described in any of paragraphs (b) to (e) and (i), (B) in the case of the wind-up of the VPLA fund, a payment described in paragraph (h), (C) a retirement benefit that would be described in paragraph (a) if its subparagraph (ii) read as follows: (ii) the benefits are adjusted annually, after they commence to be paid, in whole or in part to reflect increases at a rate specified under the terms of the plan not exceeding 2% per annum; (D) the payment of one or more single amounts to a beneficiary after the death of a member, as permitted by the Pension Benefits Standards Act, 1985 or similar law of a province, and (iv) the VPLA benefits are increased or decreased to the extent that (A) the following differ from the actuarial assumptions used to determine the VPLA benefits: (I) the amount or rate of return earned by the VPLA fund, or (II) the rate of mortality of the members and beneficiaries of one or more VPLA funds under the pension plan, or (B) the mortality-related actuarial assumptions are changed; Payment from Account (f) the payment with respect to a member of a single amount from the member’s account under the provision; Payment from Account after Death (g) the payment, with respect to one or more beneficiaries of a member, of one or more single amounts from the member’s account under the provision; Commutation of Benefits (h) the payment with respect to a member of a single amount in full or partial satisfaction of the member’s entitlement to other benefits under the provision, where the single amount does not exceed the present value (at the time the single amount is paid) of the other benefits that, as a consequence of the payment, cease to be provided; and (i) the payment, with respect to an individual after the death of a member, of a single amount in full or partial satisfaction of the individual’s entitlement to other benefits under the provision, where the individual is a beneficiary of the member and the single amount does not exceed the present value (at the time the single amount is paid) of the other benefits that, as a consequence of the payment, cease