RELIASTAR
LIFE INSURANCE COMPANY SECTION 72 RIDER
OF NEW YORK
A stock company
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REQUIRED DISTRIBUTION OF PROCEEDS ON DEATH OF OWNER
This Rider is required to qualify the Contract to which it is attached as
an annuity contract under Section 72 of the Internal Revenue Code of 1986,
as amended (the "Code"). Where the terms of this Rider are in conflict with
the terms of the Contract, the Rider will control. ReliaStar Life Insurance
Company of New York, "ReliaStar", reserves the right to amend or administer
the Contract and Rider as necessary to comply with applicable tax
requirements. This Rider and the Contract should be construed so that they
comply with applicable tax requirements.
DEATH OF OWNER ON OR AFTER ANNUITY COMMENCEMENT DATE
IF ANY OWNER DIES ON OR AFTER the Annuity Commencement Date but prior to
the time the entire interest in the Contract has been distributed, the
remaining portion will be distributed at least as rapidly as under the
method of distribution being used as of the date of the Owner's or
Xxxxxxxxx's death.
DEATH OF OWNER PRIOR TO ANNUITY COMMENCEMENT DATE
IF ANY OWNER DIES PRIOR TO the Annuity Commencement Date, the entire
interest in the Contract will be distributed within five years of the Owner's
death.
However, this distribution requirement will be considered satisfied as
to any portion of the Owner's interest in the Contract which is payable to or
for the benefit of a Designated Beneficiary and which will be distributed over
the life of such Designated Beneficiary or over a period not extending beyond
the life expectancy of that Designated Beneficiary, provided such distributions
begin within one year of the Owner's death. If the Designated Beneficiary is the
surviving spouse of the decedent, the Contract may be continued in the name of
the spouse as Owner and these distribution rules are applied by treating the
spouse as the Owner. However, on the death of the surviving spouse, this
provision regarding spouses may not be used again.
If any Owner is not an individual, the death or change (where
permitted) of the Annuitant will be treated as the death of an Owner.
The Designated Beneficiary is the person entitled to ownership rights
under the Contract. Thus, where no death benefit has become payable, the
Designated Beneficiary, for the purposes of applying this Rider, will be the
Owner(s). Where a death benefit has become payable, the Designated Beneficiary,
for the purposes of applying this Rider, is the person(s) entitled to the death
benefit, generally the Beneficiary or surviving Owners, as appropriate. Upon the
death of any Owner, the Designated Beneficiary will become the Owner and, if an
individual, will become the Annuitant.
* * *
An Owner may notify ReliaStar as to the manner of payment under this Rider. If
such Owner has not so notified ReliaStar prior to his or her death, the
Designated Beneficiary under the Contract may so notify ReliaStar.
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
President /s/ Xxxxx Xxxxxxxx Secretary /s/ Xxxxx Xxxxxxx-Xxxxxxx
XX-XX-1001-01/95
