Exhibit 4(e)
MINNESOTA LIFE QUALIFIED PLAN AGREEMENT
WHAT DOES THIS AGREEMENT PROVIDE?
Minnesota Life - 000 Xxxxxx Xxxxxx Xxxxx - Xx. Xxxx, Xxxxxxxxx 00000-0000.
The Agreement modifies the contract. The Agreement is used when an annuity
contract is distributed by a pension or profit sharing plan. The plan must
be qualified under Section 401(a) of the Internal Revenue Code, ("Code") as
amended.
IS THIS CONTRACT TRANSFERABLE?
No. This contract is non-transferable. It may not be sold or assigned. There
is an exception if the contract is the subject of a domestic relations order.
IS THERE AN AUTOMATIC FORM OF RETIREMENT BENEFIT?
Yes. The automatic form is payable if the annuitant is married when a contract
benefit is paid. The automatic form is a joint and 100% to survivor annuity.
It is payable to the annuitant and the annuitant's spouse. The automatic option
is a life annuity if the annuitant is single when a contract benefit is paid.
It is payable to the annuitant.
MAY ANOTHER PAYMENT OPTION OF THE RETIREMENT BENEFIT BE ELECTED?
Yes. However, there are two conditions. First, the annuitant must elect a
different contract option. This election must be made within the 90 day period
before the benefit is paid. Second, the spouse of a married annuitant must
consent to any election of an optional form. This consent must be made on a
Minnesota Life form. It must contain a notarized statement. Any consent by a
spouse herein shall be effective only with respect to such spouse. Any annuity
payment option may not provide for payments over a period longer than the life
or the life expectancy of the annuitant or the joint annuitant.
ARE THERE RULES AS TO WHEN ANNUITY PAYMENT MUST BEGIN?
Yes. Payments under the contract must begin no later than April 1st following
the calendar year in which the annuitant attains age 70 1/2.
IS THERE A PRE-RETIREMENT DEATH BENEFIT?
Yes. The pre-retirement death benefit is payable if the annuitant dies before
annuity payments have started. It is the amount provided by the accumulation
value of the contract.
IS THE BENEFICIARY OF THE PRE-RETIREMENT DEATH BENEFIT SPECIFIED?
Yes. If the annuitant was married for a period of at least one year at the time
of death, the beneficiary of the pre-retirement death benefit is the annuitant's
spouse. The spouse's payment option is a life annuity.
XXX-00-0000 Xxxxxxxxx Life 1
If the annuitant was not married or was married less than one year at death, the
general rule does not apply. The beneficiary of this benefit is then the
designated beneficiary. The automatic annuity payment option in this case is a
lump sum payment.
MAY THE ANNUITANT WHO HAS BEEN MARRIED FOR AT LEAST ONE YEAR ELECT ANOTHER
BENEFICIARY FOR THE PRE-RETIREMENT DEATH BENEFIT?
Yes. Such an annuitant may choose a beneficiary. It may be a person other than
the spouse. The spouse must consent to such an election. The consent must be
obtained prior to the annuitant's death. This consent must be on a Minnesota
Life form. It must include a notarized statement. Consent must also be
obtained if there is a subsequent change of beneficiary.
MAY ANOTHER PAYMENT OPTION BE ELECTED FOR THE PRE-RETIREMENT DEATH BENEFIT?
Yes. On the annuitant's death, the beneficiary may elect any contract option.
The option elected must be permitted by the code.
MAY THE PAYMENT OF THE PRE-RETIREMENT DEATH BENEFIT BE DEFERRED?
Yes. The pre-retirement death benefit may begin at any time after the
annuitant's death. If the beneficiary is the annuitant's spouse, the spouse may
elect to defer the benefit. The benefit must begin by the time the annuitant
would have been age 70 1/2.
Payment rules differ if the beneficiary is not the annuitant's spouse. In that
case payment must begin no later than one year from the annuitant's death.
Payment must be: (a) in lump sum; (b) in substantially equal installments over
the life of that beneficiary; and (c) over a period not longer than that
beneficiary's life expectancy.
ARE THERE ANY EXCEPTIONS TO THESE DISTRIBUTION REQUIREMENTS?
No.
ARE THERE ADDITIONAL REQUIREMENTS THAT APPLY TO WITHDRAWALS AND SURRENDERS?
Yes. They may not be made without the written consent of the spouse entitled to
the pre-retirement death benefits.
ARE CONTRACT DISTRIBUTIONS TAXABLE?
Yes. Distributions from this contract are taxable. In addition, tax penalties
may apply to distributions which are classified as premature distributions. Tax
penalties may apply to amounts in excess of statutory limitations as described
in the Code.
Minnesota Life will not be liable for any tax or tax penalties on contract
amounts received or paid.
XXX-00-0000 Xxxxxxxxx Life 2
MAY THIS CONTRACT BE ROLLED OVER OR EXCHANGED FOR ANOTHER CONTRACT OR FOR AN
INDIVIDUAL RETIREMENT ACCOUNT OR ANNUITY PLAN?
No. This contract may not be exchanged or rolled over. The issuance of this
contract to you is treated as a distribution from a qualified pension plan.
WILL MINNESOTA LIFE PROVIDE TAX ADVICE WITH RESPECT TO CONTRACT DISTRIBUTIONS?
No. For tax advice you must see your own tax adviser.
This Agreement is effective as of the original contract date. For purposes of
the deferred sales charge, the contract year shall be determined from the date
shown here:
XXX-00-0000 Xxxxxxxxx Life 3
