GROUP ANNUITY CONTRACT
o Purchase payments are payable in a single sum.
o Annuity payments begin on the settlement date.
o This contract is nonparticipating. Dividends are not payable.
Contract Holder: Bank of New England - Old Colony, N.A., Trustee
Contract Number: 30369C-GP1
Contract Date: November 23, 1990
IDS Life Insurance Company, herein called the Company, will pay the benefits
provided by this contract in accordance with and subject to all provisions of
this contract.
We issue this contract in consideration of the application of the
contractholder.
THE GROUP ANNUITY CONTRACT CONTAINS A MARKET VALUE ADJUSTMENT FORMULA WHICH MAY
RESULT IN BOTH UPWARD AND DOWNWARD ADJUSTMENTS IN CASH SURRENDER BENEFITS.
Surrenders are available without market value adjustment on the last day of each
certificate guarantee period.
Signed for and issued by IDS Life Insurance Company, Minneapolis, Minnesota, as
of the contract date shown above.
President:
/s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
Secretary:
/s/ Xxxxxxx X. Xxxxxxxxxx
Xxxxxxx X. Xxxxxxxxxx
30369C
CONTRACT DATA
GROUP CONTRACTHOLDER: Bank of New England - GROUP
Old Colony, N.A., CONTRACT
Trustee of the Market NUMBER: 30369C-GP1
Value Annuity Trust
Surrender Charge Percentage
(Applied to Market Adjusted Value Surrendered)
Guarantee Participant's Certificate Years as measured from the
Period beginning of a Guarantee Period
1 2 3 4 5 6 7 8
1 Year 1%
2 Years 2% 1%
3 Years 3% 2% 1%
4 Years 4% 3% 2% 1%
5 Years 5% 4% 3% 2% 1%
6 Years 6% 5% 4% 3% 2% 1%
7 Years 7% 6% 5% 4% 3% 2% 1%
8 Years 8% 7% 6% 5% 4% 3% 2% 1%
9 Years 8% 7% 6% 5% 4% 3% 2% 1%
10 Years 8% 7% 6% 5% 4% 3% 2% 1%
For renewal guarantee periods, the surrender charge percentages will be based on
the lesser of:
1. The length of the new guarantee period, or
2. The number of years remaining until the eighth certificate
anniversary.
There are no surrender charges on the last day of a guarantee period.
There will never be surrender charges beyond the eighth certificate anniversary.
30369C
Guide to Contract Provisions
Definitions Important words and meanings/Page 4
The Annuity Contract Entire contract; Modification; Incontestability;
Misstatement of birthdate/Page 6
Contractholder and Owner Contractholder; Owner's rights; Change of ownership
restricted/Page 7
Beneficiary and Payments to Who is the beneficiary; Change of beneficiary;
Beneficiary Payments to beneficiary/Page 8
Purchase Payment Payment of the purchase payment/Page 9
Accumulation Value, How the accumulation value is determined;
Cash Surrender Value, How the market adjusted value is determined; and Market Adjusted Value
Surrender of the certificate for the cash surrender value;
TSA prohibited distributions; Annual statement of
value/Page 10
Annuity Payment Plans When annuity payments begin; Different ways to receive
annuity payments/Page 14
Table of Settlement Rates Table showing monthly annuity payment amounts for the
various plans/Page 16
30369C
Definitions
The following words are used often in this contract. When we use these words,
this is what we mean:
the annuitant
The person on whose life monthly annuity payments depend.
owner
The owner of the certificate. The owner may be someone other than the annuitant.
The owner is shown in the enrollment application unless the owner has been
changed as provided in this contract.
we, our, us
IDS Life Insurance Company
certificate date
It is the date from which certificate anniversaries, certificate years, and
certificate months are determined. The certificate date is shown under
certificate data, in the certificate.
certificate anniversary
The same day and month as the certificate date each year that the certificate
remains in force.
initial guarantee period
The period during which the initial guarantee rate will be credited. It is shown
under certificate data, in the certificate.
initial guarantee rate
The rate of interest credited to the purchase payment as described in the
accumulation value section. It is shown under certificate data, in the
certificate.
renewal guarantee period
A renewal guarantee period will begin at the end of each guarantee period. It is
determined in accordance with the terms of the contract.
renewal guarantee rate
The rate of interest credited to the renewal value as described in the
accumulation value section.
renewal date
The first day of a renewal guarantee period. It will always be on a certificate
anniversary.
30369C
current rate
The applicable interest rate contained in a schedule of rates established by us
from time to time for various guarantee periods.
accumulation value
The value of the purchase payment plus interest credited, adjusted for any
surrenders.
market adjusted value
The accumulation value adjusted by the market adjusted value formula.
market value adjustment
The market adjusted value minus the accumulation value.
renewal value
The accumulation value at the end of the guarantee period.
cash surrender value
The market adjusted value less any applicable surrender charge.
written request
A request in writing signed by the owner and delivered to us at our home office.
settlement
The application of the market adjusted value of a certificate to provide annuity
payments.
settlement date
The date on which annuity payments are to begin under a certificate. This date
may be changed as provided in the contract.
Code
The Internal Revenue Code of 1986, as amended, and all related laws and
regulations which are in effect during the term of this contract.
TSA
A Tax Sheltered Annuity as described in Section 403(b) of the Code.
30369C
The Annuity Contract
What is the entire contract?
The entire contract consists of this Group Contract, the application of the
Group Contractholder, which is attached to the Group Contract, and the
enrollment applications.
No one except one of our corporate officers (President, Vice President,
Secretary, or Assistant Secretary) can change or waive any of our rights or
requirements under the contract. That person must do so in writing. None of our
agents or other persons has the authority to change or waive any of our rights
or requirements under the contract.
In issuing the certificates, we have relied upon the applications. The
statements contained in the applications are, in the absence of fraud,
considered representations and not warranties. No statements made in connection
with the applications will be used by us to void the contract or to deny a claim
unless that statement is part of the applications.
Can this contract be modified?
This contract may be modified at any time by written agreement between the
contractholder and us. The modification must be signed by one of our corporate
officers (President, Vice President, Secretary or Assistant Secretary). No
modification will affect the amount or term of any certificates issued before
the effective date of the modification unless it is required to conform the
contract to, or give the contractholder the benefit of, any Federal or State
statutes.
We reserve the right to modify this contract to the extent necessary to qualify
a certificate issued under this contract, if purchased as part of a qualified
plan under Section 401 or 403 of the Code, or purchased as part of a deferred
compensation plan under Section 457 of the Code, as part of such a plan as
described in Sections 401, 403 or 457 of the Code or under any other applicable
section of the Code.
When will the certificate become incontestable?
After the certificate has been in force during the annuitant's lifetime for two
years from the date of issue, we cannot contest the certificate.
What if the annuitant's birthdate has been misstated?
If the annuitant's birthdate has been misstated, payments under the certificate
will be based on what would have been provided at the correct birthdate. Any
underpayments made by us will be made up immediately. Any overpayments made by
us will be subtracted from the future payments.
30369C
What laws govern the contract?
The contract is governed by the law of the state in which it is delivered. The
values and benefits of the certificates are at least equal to those required by
such state.
Contractholder and Owner
Who is the Group Contractholder?
The group contractholder is listed on the cover page of this contract. The
contract provides for a successor contractholder. In the event the
contractholder should merge with another corporation, the new corporation would
be the group contractholder.
What are the rights of the owners of the certificates?
As long as the annuitant is living and unless otherwise provided in this
contract, the owner may exercise all rights and privileges in this contract or
allowed by us.
What are the rights of the owner if the owner is a trust or custodial account?
If the owner is a tax qualified trust or tax qualified custodial account, then
the trustees or custodians (or their successors) properly named by the trust or
custodial agreement may exercise all rights and privileges provided in the
certificate or allowed by us.
Can the ownership of the certificate be changed?
The certificate may not be sold, assigned, transferred, discounted or pledged as
collateral for a loan or as security for the performance of an obligation or for
any other purpose to any person other than as may be required or permitted under
the applicable Sections 401, 403, 457 or other applicable sections of the Code.
However, if the owner is the trustee of a tax-qualified trust or the custodian
of a tax-qualified custodian account, the owner may transfer ownership of the
certificate to the annuitant or to a qualified successor trustee or custodian if
permitted by the Code.
Or, if the owner is a trust or custodian or an employer as part of a qualified
plan under Section 401 or 403 or a deferred compensation plan under Section 457
of the Code, the owner may transfer ownership of the certificate to the
annuitant if permitted by the Code.
Any permitted transfers must be on a form approved by us. The change must be
made while the annuitant is living. Once the change is recorded by us, it will
take effect subject to any action taken or payment made by us before the
recording.
30369C
Beneficiary and Payments
To Beneficiary
What death benefits are paid if the annuitant or certificate owner dies before
settlement?
If the annuitant or owner dies before settlement while the certificate is in
force, we will pay the beneficiary:
1. the greater of the market adjusted value or the purchase payment adjusted for
any surrenders (if death occurred before the annuitant attaining age 75);
otherwise
2. the market adjusted value (if death occurred on or after the annuitant's age
75).
The market adjusted value will be determined as of the date on which due proof
of death is received at our home office.
The above amount will be payable in a lump sum upon receipt of due proof of
death of the annuitant.
Instead of a lump sum, payment may be made under an annuity payment plan
provided amounts are calculated in accordance with the Code, and:
1. the beneficiary elects the plan within 60 days after we receive due proof of
death; and
2. payments begin no later than one year after the date of death; and
3. the plan provides equal or substantially equal payments over a period which
does not exceed the life of the beneficiary or the life expectancy of the
beneficiary.
In this event, the reference to "annuitant" in the annuity payment plans section
will apply to the beneficiary.
To whom are the death benefits payable?
Benefits will be paid equally to all primary beneficiaries surviving the
annuitant. If none survive, proceeds will be paid equally to all contingent
beneficiaries surviving the annuitant. If no beneficiary survives the annuitant,
we will pay the benefits to the owner, if living, otherwise to the owner's
estate.
30369C
Who is the beneficiary?
The beneficiary or beneficiaries are as named in the enrollment application
unless the owner has since changed the beneficiary as provided below. If the
beneficiary has been changed, we will pay any benefits in accordance with the
owner's last change of beneficiary request.
How does the owner change the beneficiary?
The owner may change the beneficiary any time while the annuitant is living by
satisfactory written request to us. Once the change is recorded by us, it will
take effect as of the date of the owner's request, subject to any action taken
or payment made by us before the recording.
What is the spouse's option to continue the certificate?
If the annuitant's death occurs before the settlement date and before the
annuitant's age 70-1/2, the annuitant's spouse, if designated as sole
beneficiary, may elect in writing to postpone receipt of the death benefit and
instead continue the certificate in force. The election by the spouse must be
made within 60 days after we receive due proof of death. The certificate may be
continued in force only until the date on which the annuitant would have
attained age 70-1/2. Any annuity payment plan later elected by the spouse must
provide amounts calculated in accordance with the Code.
What if the annuitant dies after settlement?
If the annuitant dies after settlement, the amount payable, if any, will be as
provided in the annuity plan then in effect.
Purchase Payment
What is the purchase payment for a certificate?
The purchase payment for a certificate is shown under certificate data on the
certificate, It is payable to us on or before the date we deliver the
certificate. It must be paid or mailed to us at our home office or to an
authorized agent.
30369C
Accumulation Value,
Cash Surrender Value,
Market Adjusted Value
How is the accumulation value determined?
On the certificate date the accumulation value of the certificate is the
purchase payment. Thereafter interest accrues from day to day for the guarantee
periods initially at the rate shown under certificate data in the certificate
and later at the renewal rate(s). These rates represent an effective annual
yield. At no time while the certificate is in force shall interest accrue at a
rate less than 3% compounded annually. The accumulation value will be adjusted
for any amounts surrendered.
Are there premium tax charges?
We reserve the right to deduct an amount from the accumulation value of the
certificate at the time that any applicable premium taxes not previously
deducted are payable.
If a tax is payable at the time of the purchase payment and we choose to not
deduct it at that time, we further reserve the right to deduct it at a later
date.
How are renewal guarantee periods determined?
At the end of any guarantee period a renewal guarantee period will begin. We
will notify the owner in writing 45 days before the renewal guarantee period.
Each renewal guarantee period will be one year unless the owner elects a
different length from those offered at the time. We must receive the owner's
written request at least 15 days before the renewal date. The renewal guarantee
period may never extend beyond the settlement date.
The accumulation value on the renewal date will be equal to the accumulation
value at the end of the guarantee period just ending. This value will earn
interest at the renewal guarantee rate. Upon written request within 45 days of
the renewal guarantee period, we will notify the owner of the renewal guarantee
rate then in effect for certificates renewing at that time. The actual renewal
guarantee rate will be determined on the renewal date.
What is the market adjusted value and how is it determined?
The market adjusted value is the accumulation value on any date before the end
of the current guarantee period adjusted by a formula. The formula adjustment
reflects the relationship between:
1. the interest rate we are then crediting for new certificate sales and
renewals (Form 30368) for the time remaining in the certificate's current
guarantee period; and
30369C
2. the guaranteed interest rate applicable to the certificate's current
guarantee period.
The market adjusted value may be more or less than the accumulation value.
The market adjusted value formula is as follows:
market adjusted value = renewal value
(1 + ic + .0025)(N + t)
where: renewal value = the accumulation value at the end of the
owner's current guarantee period.
N = the number of complete certificate years
to the end of the owner's guarantee
period.
t = the fraction of the certificate year
remaining to the end of the owner's
certificate year (for example, if 180 days
remain in a 365 day certificate year, t
would be .493)
ic = the current rate offered for new
certificate sales and renewals (Form
30368) for the number of years left in the
owner's guarantee period straight line
interpolation between whole year rates).
If N is zero, ic is the rate for one year
guarantee periods.
The market value adjustment is as follows:
market value adjustment = market adjusted value - accumulation value
There will be no market value adjustment made on the last day of a guarantee
period.
Can the owner request surrender of any amounts under the certificate before
settlement?
Yes. By written request to us and subject to the rules below the owner may:
1. surrender the certificate for the total cash surrender value;
2. partially surrender the certificate for a part of the cash surrender value.
How is the cash surrender value determined?
The cash surrender value is the market adjusted value less a surrender charge.
The surrender charge is based on the amount surrendered and the certificate year
in which the surrender is made. The schedule of surrender charges is shown under
certificate data in the certificate.
After the first certificate anniversary, surrender charges will not apply to
surrenders of amounts totalling up to 10% of the certificate accumulation value
as of the last certificate anniversary.
What are the rules for a surrender or partial surrender?
The amount surrendered and any applicable market value adjustment or surrender
charge will be deducted from the accumulation value of the certificate on the
date of surrender. The owner may surrender all or a portion of the cash
surrender value. However, the accumulation value that remains after a partial
surrender must be at least $2,000. Any partial surrender must be at least $250.
The surrender payment will normally be mailed to the owner within seven days of
the receipt of the owner's written request.
Upon surrender of the certificate for the total cash surrender value, the
certificate will terminate. We may require that the owner return the certificate
to our home office before we pay the total cash surrender value.
What distributions are prohibited if the certificate is a TSA?
To meet the requirements of Section 403(b) of the Code, unless otherwise
provided in the Code, no amounts may be distributed unless the annuitant has:
1. attained age 59-1/2; or
2. separated from service: or
3. dies; or
4. become disabled (as defined in Section 72(m)(7) of the Code); or
5. encountered hardship (within the meaning of Section 403(b) of the Code);
and then only such amounts as the Code may provide.
We will require satisfactory written proof of the event(s) in items 1 through 5
above prior to any distribution from the certificate.
Can we delay or suspend payment of a partial or full surrender?
We may defer payment of any partial or full surrender for a period not to exceed
6 months from the date we receive the owner's surrender request or the period
permitted by state insurance law, if less. If we defer payment more than 30
days, we will pay annual interest of at least 3% on the amount deferred.
30369C
Will the owner receive information about the certificate values?
Yes. At least once a year we will send the owner a statement showing both the
accumulation value and the cash surrender value of the certificate. The
statement will specify the surrender charge and market value adjustment used to
determine the cash surrender value. This statement will be based on any laws or
regulations that apply.
We will also notify the owner 45 days before the end of a guarantee period
concerning renewal periods available and the owner's right to surrender without
a market value adjustment on the last day of the guarantee period.
Annuity Payment Plans
When will annuity payments begin?
The first payment will be made as of the settlement date. Before payments begin
we will require satisfactory proof that the annuitant is alive. We may also
require that the owner exchange the certificate for a supplemental contract
which provides the annuity payments.
Can the owner change the settlement date?
Yes. The owner must tell us the new date by written request. If the owner
selects a new date it must be at least 30 days after we receive the owner's
written request at our home office.
The settlement date cannot be earlier or later than such date as may be required
or permitted by law or the applicable retirement plan.
Notwithstanding either of the above, the settlement date cannot be later than
the later of:
1. the certificate anniversary nearest the annuitant's 85th birthday; or
2. the 10th certificate anniversary.
What are the annuity payment plans?
There are different ways to receive annuity payments. We call these plans.
Plan A - This provides monthly annuity payments for the lifetime of the
annuitant. No payments will be made after the annuitant dies.
30369C
Plan B - This provides monthly annuity payments for the lifetime of the
annuitant with a guarantee by us that payments will be made for a period
of at least five, ten or fifteen years. The owner must select the
guaranteed period.
Plan C - This provides monthly annuity payments for the lifetime of the
annuitant with a guarantee by us that payments will be made for a
certain number of months. We determine the number of months by dividing
the market adjusted value applied under this plan by the amount of the
monthly annuity payment.
Plan D - We call this a joint and survivor life annuity. Monthly
payments will be paid for the lifetime of the annuitant and a joint
annuitant. When either the annuitant or joint annuitant dies we will
continue to make monthly payments for the lifetime of the survivor. No
payments will be paid after the death of both the annuitant and joint
annuitant.
Plan E - This provides monthly fixed dollar annuity payments for a
period of years. The period of years may be no less than 10 nor more
than 30.
What are the requirements for selecting a plan?
The owner may elect by written notice to us at anytime at least 30 days prior to
the settlement date to have the market adjusted value applied on the settlement
date to provide:
1. a lump sum payment as a result of a total surrender as provided under
the cash surrender value provision of the certificate; or
2. one of the annuity payment plans shown herein. Amounts payable under any
such annuity payment plan will be calculated in a accordance with the
Code. Any such annuity payment plan must be provided:
a. in equal or substantially equal payments over a period no longer
than the life of the annuitant or over the life of the annuitant
and a joint annuitant; or
b. in equal or substantially equal payments over a period which does
not exceed the life expectancy of the annuitant, or the life
expectancy of the annuitant and a joint annuitant.
c. any annuity payment plan selected must also, if selected by a
non-spouse beneficiary, meet the incidental death benefit
requirements under the Code.
30369C
If at least 30 days before the settlement date we have not received at our home
office the owner's written request to select a plan, we will make payments
according to plan B with payments guaranteed for 10 years, unless otherwise
required by the Code.
If the amount to be applied to a plan is not at least $2,000, or if payments are
to be made to other than a natural person, we have the right to make a lump sum
payment of the cash surrender value.
How will payments be made?
Payments will be made by us by check. The check must be personally endorsed by
the payee or payees as well as the annuitant (or joint annuitant under plan D.)
If the annuitant or joint annuitant does not endorse the check, other evidence
must be furnished to show that the annuitant or joint annuitant is still alive.
What will be the amount of the monthly annuity payments?
The amount of each monthly annuity payment for each $1,000 of market adjusted
value applied under any payment Plan will be based on our Table of Settlement
Rates in effect at the time of the first payment. The amounts will not be less
than those shown in the table below. The amount of such payments under Plans A,
B, and C will depend upon the adjusted age of the annuitant on the settlement
date. The amount of such payments under plan D will depend on the adjusted age
of the annuitant and the joint annuitant on the settlement dates. Adjusted age
means the age on the annuitant's nearest birthday minus an "adjustment" based on
the calendar year of birth of the annuitant as follows:
Calendar Year of Annuitant's Birth Adjustment
---------------------------------- ----------
Prior to 1920 0
1920 through 1924 1
1925 through 1929 2
1930 through 1934 3
1935 through 1939 4
1940 through 1944 5
1945 through 1949 6
1950 through 1959 7
1960 through 1969 8
1970 through 1979 9
1980 through 1989 10
After 1989 11
30369C
Amount of Each Monthly Annuity Payment Per $1,000 Applied
Plan A Plan B Plan C Plan D - Joint and Survivor
Adjusted Age of Joint Annuitant
Adj. Life 5 Years 10 Years 15 Years With Adj. 10 Years 5 Years Same 5 Years 10 Years
Age* Income Certain Certain Certain Refund Age* Younger Younger Age Older Older
-------------------------------------------------------------------------------------------------------------------------------
55 4.84 4.83 4.80 4.74 4.71 55 4.07 4.20 4.34 4.47 4.58
56 4.92 4.91 4.87 4.81 4.77 56 4.10 4.25 4.40 4.53 4.65
57 5.00 4.99 4.95 4.88 4.85 57 4.15 4.30 4.45 4.60 4.72
58 5.09 5.08 5.03 4.96 4.92 58 4.19 4.35 4.52 4.67 4.80
59 5.19 5.17 5.12 5.04 5.00 59 4.24 4.41 4.58 4.75 4.89
60 5.29 5.27 5.22 5.12 5.09 60 4.28 4.47 4.65 4.83 4.98
61 5.40 5.38 5.32 5.21 5.18 61 4.34 4.53 4.73 4.92 5.07
62 5.52 5.50 5.42 5.30 5.27 62 4.39 4.60 4.81 5.01 5.18
63 5.65 5.62 5.53 5.39 5.37 63 4.45 4.67 4.90 5.11 5.29
64 5.78 5.75 5.65 5.49 5.48 64 4.51 4.75 4.99 5.21 5.41
65 5.92 5.89 5.77 5.58 5.59 65 4.58 4.83 5.09 5.33 5.53
66 6.08 6.03 5.90 5.69 5.71 66 4.65 4.92 5.19 5.45 5.67
67 6.24 6.19 6.04 5.79 5.83 67 4.72 5.01 5.30 5.58 5.81
68 6.42 6.36 6.19 5.90 5.97 68 4.80 5.11 5.42 5.72 5.97
69 6.61 6.54 6.34 6.01 6.11 69 4.89 5.21 5.55 5.88 6.14
70 6.81 6.74 6.50 6.12 6.26 70 4.98 5.33 5.69 6.04 6.33
71 7.04 6.95 6.67 6.22 6.42 71 5.07 5.45 5.85 6.22 6.52
72 7.28 7.17 6.84 6.33 6.59 72 5.18 5.58 6.01 6.41 6.74
73 7.54 7.41 7.02 6.44 6.77 73 5.29 5.72 6.19 6.62 6.97
74 7.83 7.67 7.21 6.54 6.97 74 5.41 5.88 6.38 6.84 7.22
75 8.14 7.95 7.40 6.64 7.17 75 5.53 6.04 6.58 7.09 7.49
___________________________________________________________________________________________________________
*Adjusted age of annuitant.
___________________________________________________________________________________________________________
The table above is based on the "1983 Individual Annuitant Mortality Table A"
assuming an interest rate of 4% per year compounded annually. Settlement rates for any age not shown above will be calculated on
the same basis as those rates shown in the table above. Such rates will be furnished by us upon request. Amounts shown in the
Table below are based on an assumed interest rate of 4% per year compounded annually.
________________________________________________________________________________________ ______
Plan E - Dollar Amount of Each Monthly Fixed Dollar Annuity Payment Per $1,000 Applied
____________________________________________________________________________________________ __
Years Monthly Years Monthly Years Monthly
Payable Payment Payable Payment Payable Payment
------- ------- ------- ------- ------- -------
10 $10.06 17 $6.71 24 $5.35
11 9.31 18 6.44 25 5.22
12 8.69 19 6.21 26 5.10
13 8.17 20 6.00 27 5.00
14 7.72 21 5.81 28 4.90
15 7.34 22 5.64 29 4.80
16 7.00 23 5.49 30 4.72
___________________________________________________________________________________________________________
30369C
APPLICATION FOR GROUP ANNUITY CONTRACT
1. Full legal name of Applicant-Contractholder: Bank of New England - old
Colony, N.A., Trustee
Principal Office 00 Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxx Xxxxxx 00000-9666
(Street) (City) (State) (Zip)
2. Nature of Business Trustee under Trust Agreement
dated November 20, 1990 by and between IDS Life
Insurance Company and Bank of New England Old Colony, N.A.
3. Eligibility Requirements Refer to eligibility
requirements detailed on the back of this application
4. Requested Effective Date November 23, 1990
5. Remarks: Group annuity contract is to be issued on a 'tax-qualified' basis
Form 30369C
Receipt of a current annuity prospectus is acknowledged.
Dated at Providence , State of Rhode Island , Date November 23 , 1990 .
Witness Xxxxxx Xxxxxx Applicant Bank of New England - Old Colony, N.A.,
Trustee
by /s/ Xxx X. Xxxxx
Title Private Banking Officer II
30364
ELIGIBILITY REQUIREMENTS
Participating Groups:
Any group may be included under the Contract as a Participating Group upon
agreement between IDS Life, the Contractholder and the Group; provided that such
inclusion is not contrary to any applicable laws or regulations. Such inclusion
shall be as evidenced by a Participating Group's application.
The Contractholder may act for and on behalf of any and all of the Participating
Groups in all matters pertaining to the Contract; and every act taken by the
Contractholder, or notice given by IDS Life to the Contractholder or by the
Contractholder to IDS Life, shall be binding on all Participating Groups.
Eligible Persons:
Each eligible Participant of a Participating Group, as defined in the
Participating Group's Application, and any other person who becomes a Member of
the Trust held by the Contractholder is eligible to apply for annuity benefits
under the Contract if, at the time of application, he or she: is within the
eligibility age limits established by IDS Life for those applying; is a resident
or citizen of the United States of America; and is not a resident of Puerto
Rico, a foreign country or a place which will not allow IDS Life to offer
annuity benefits under the Contract.
30364
APPOINTMENT OF AND ACCEPTANCE
AS SUCCESSOR TRUSTEE
THIS APPOINTMENT OF AND ACCEPTANCE AS SUCCESSOR TRUSTEE, made and dated as of
the 27th day of March, 1991, by and among BANK OF NEW ENGLAND-OLD COLONY, N.A.
("Old Trustee"), CITIZENS TRUST COMPANY ("New Trustee") and IDS LIFE INSURANCE
COMPANY ("Settlor");
WHEREAS, Old Trustee currently is acting as Trustee for the benefit of
Settlor pursuant to the:
Trust u/a IDS Life Insurance Company dated November 20, 1990
k/a The Market Value Annuity Group Trust
between Old Trustee and the Settlor (the "Trust Agreement"); and
WHEREAS, Old Trustee, pursuant to said Trust Agreement, has resigned as
Trustee, and
WHEREAS, Settlor desires that New Trustee replace Old Trustee as Trustee.
NOW, THEREFORE, it is agreed as follows:
1. Settlor hereby appoints New Trustee, or if required by said Trust
Agreement, Settlor recommends that Old Trustee hereby designate New Trustee as
Successor Trustee under the Trust Agreement and Old Trustee in response to this
recommendation designates CITIZENS TRUST COMPANY.
2. New Trustee, in accordance with the provisions of said Trust Agreement,
xxxxxx agrees to said appointment as Successor Trustee and accepts the duties,
trusts and responsibilities of the Trustee under the Trust Agreement, but shall
not be responsible for any action or any failure to take action of Old Trustee
under the Trust Agreement prior to the date hereof.
3. Old Trustee hereby assigns, transfers and conveys unto New Trustee, as
successor Trustee under the Trust Agreement, without warranty and without
recourse, all right, title and interest of Old Trustee in, to and under any and
all policies, contracts, instruments and other property, tangible as well as
intangible, held by Old Trustee under said Trust Agreement.
4. Old Trustee agrees that as of the effective date of this appointment and
acceptance Old Trustee's authority to act as Trustee under the Trust Agreement
hereby ceases and terminates and Old Trustee shall execute, acknowledge and
deliver such instruments of conveyance, and further assurance and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the New Trustee all the trusts, powers and duties under the Trust
Agreement and property held by Old Trustee under the Trust Agreement and (after
payment of or reservation for its fees, and expenses as Trustee,) shall pay
over, assign, and deliver to the New Trustee any money or other property subject
to the trusts and conditions of the Trust Agreement.
5. Old Trustee is released from further responsibility under the Trust
Agreement.
6. This Appointment and Acceptance shall be effective on March 27, 1991.
IN WITNESS WHEREOF, the undersigned have caused this Appointment and
Acceptance to be executed on their behalf.
CITIZENS TRUST COMPANY Agent for
BANK OF NEW ENGLAND - OLD
COLONY, N.A. IDS LIFE INSURANCE COMPANY
Old Trustee Settlor
BY: /s/ Xxx X. Xxxxx 3/27/91 BY: /s/ Xxxxx X. Xxxxxxxxxx
Xxxxx X. Xxxxxxxxxx
TITLE: Authorized Officer TITLE: Vice President -
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Institutional Insurance
Products
CITIZENS TRUST COMPANY
New Trustee
BY: /s/ Xxxxxxx X. Xxxxx
TITLE: Vice President
