ENDORSEMENT
APPLICABLE TO IRA CONTRACTS
In this Endorsement "we", "our" and "us" mean AXA Equitable Life Insurance
Company and "you" and "your" mean the Owner. For purposes of this Endorsement,
references to "Contract" also include "Certificate".
When issued with this Endorsement, and as specified in the Data Pages, this
Contract is issued as an individual retirement annuity contract, which meets the
requirements of Section 408(b) of the Code. This IRA Contract is established for
the exclusive benefit of you and your beneficiaries, and the terms below change,
or are added to, applicable Sections of this IRA Contract.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER] [If the Owner of this IRA
Contract is a trustee or custodian under Section 408(a) of the Code and
pertinent Regulations, this IRA Contract is an annuity contract that may be used
to fund an individual retirement account that meets the requirements of Section
408(a) of the Code.]
Your entire interest under this Contract is not forfeitable.
The provisions of this IRA Endorsement supersede any inconsistent provisions of
the Contract or any other Rider or Endorsement.
PART I-DEFINITIONS
1. ANNUITANT. The following is added at the end of the existing definition:
You must be both the Annuitant and the Owner, unless the Owner is a trustee or
custodian of an individual retirement account under Section 408(a) of the Code.
2. OWNER. The existing definition is replaced by the following:
"Owner" means the individual shown on the Data Pages, who must also be the
Annuitant. Joint Owners are not available under the Contract. The Owner of this
Contract cannot be changed.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
[Where the contract is purchased to fund an individual retirement account under
Section 408(a) of the Code, the Owner must be a trustee or custodian meeting the
requirements of that Section and pertinent Regulations. The Annuitant must be
the individual for whose benefit the individual retirement account is
maintained. In such a case "you" and "your" refer to the Annuitant where
required by context.]
2008IRA-GWB
3. REQUIRED MINIMUM DISTRIBUTION PAYMENTS. This definition is added:
"Required Minimum Distribution Payments", means the payments from or with
respect to this Contract which are required by Sections 408(b) and 401(a)(9) of
the Code and are discussed in Item 8 of this Endorsement, "Required Minimum
Distributions."
PART III-CONTRIBUTIONS AND ALLOCATIONS
4. LIMITS ON CONTRIBUTIONS. The following is added at the end of the existing
Section:
No Contributions will be accepted unless they are in United States currency. We
reserve the right not to accept funds by electronic means unless they meet our
specifications.
We indicate in the Data Pages and in this Item 4 any limits on the type, source
or amount of contributions we will accept.
(a) "Regular" traditional IRA Contributions; Maximum Permissible Amount
Except in the case of a "rollover contribution" or a direct transfer
contribution described in paragraph (b) below, or a contribution made in
accordance with the terms of a Simplified Employee Pension (SEP) as described in
Section 408(k) of the Code, the total of such Contributions will not exceed the
dollar limits in the next two paragraphs of this Item 4 for any taxable year. We
do not accept SEP contributions under this IRA Contract
The total of such Contributions, which are not rollover, direct transfer or SEP
contributions to this Contract shall not exceed:
$4,000 for any taxable year beginning in 2005 through 2007; and $5,000
for any taxable year beginning in 2008 and years thereafter.
After 2008, the annual dollar limit will be adjusted by the Secretary of the
Treasury for cost-of-living increases under Code Section 219(b)(5)(D). Such
adjustments will be in multiples of $500.
If you are age 50 or older, the annual dollar limit on contributions is
increased by $1,000 for any taxable year beginning in 2006 and years thereafter.
(b) Rollover and Direct Transfer Contributions
A "rollover contribution" is one permitted by any of the following Sections of
the Code: 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) and
457(e)(16). A "direct transfer" contribution is the transfer of amounts to this
Contract directly from an individual retirement account or another individual
retirement annuity contract, which meets the requirements of Section 408 of the
Code.
2008IRA-GWB
2
(c) SIMPLE IRA Limits
No Contributions will be accepted under a SIMPLE IRA plan established by any
employer pursuant to Code Section 408(p). Also, no transfer or rollover of funds
attributable to contributions made by a particular employer under its SIMPLE IRA
plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction
with a SIMPLE IRA plan, prior to the expiration of the 2-year period beginning
on the date you first participated in that employer's SIMPLE IRA plan.
(d) Other temporary rules
(1) An individual eligible to do so may make a repayment of a qualified
reservist distribution described in Section 72t(2)(G) of the Code
during the 2-year period beginning on the day after the end of the
active duty period or by August 17, 2008, if later.
(2) In addition to the amounts described above, for purposes of determining
the applicable amount of a regular IRA contribution in paragraph (a),
if you were a participant in a Section 401(k) plan of a certain
employer in bankruptcy described in Section 219(c)(5)(C) of the Code,
then the applicable amount is increased by $3,000. This increase in the
applicable amount applies only for the taxable years 2008 and 2009. If
you make a larger regular contribution under this provision, you cannot
also make age 50 or older contributions as described above in paragraph
(b) for the same taxable year.
PART VI-PAYMENT UPON DEATH
5. BENEFICIARY. The following sentence is added at the end of the second
paragraph of the existing Section:
Unless you specifically elect in writing otherwise, we will treat each
Beneficiary's share of the Death Benefit payable as a separate account for the
benefit of each Beneficiary as described in Treasury Regulation Section
1.401(a)(9)-8 Q&A A-2(a)(2) or any successor Regulation.
6. PAYMENT UPON DEATH. The following is added at the end of the existing
Section:
Payment upon death is subject to the "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code. See Item 8, "Annuity Benefits and
Required Minimum Distributions".
2008IRA-GWB
3
Under either of the following two alternative circumstances a Death Benefit
payable as described in this Item 6 will not be distributed at your death before
a supplementary contract has been issued and the coverage under this Contract
will continue as described in paragraphs (1) or (2) below, whichever is
applicable. Your death may terminate an optional benefit described in a Rider to
your IRA Contract as described below.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
[If the Owner and the Annuitant are different because the Owner of the Contract
is a trustee or custodian under Section 408(a) of the Code and pertinent
Regulations, in this Item 6 "you" refers to the Annuitant.]
(1) If you are married at the time of your death, and the only person named
as your Beneficiary under the Contract is your surviving spouse, and
your surviving spouse elects the "Spousal Continuation" option under
your Contract, then no Death Benefit will become payable until after
your surviving spouse's death.
(2) If the "Beneficiary Continuation Option" described in Item 7 is in
effect.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
[If the Owner and the Annuitant are different because the Owner of the
Contract is a trustee or custodian under Section 408(a) of the Code and
pertinent Regulations, in this Item 6 "you" refers to the Annuitant and
your spouse can be named successor Annuitant.]
Terms Applicable to Spousal Continuation
The spouse who elects to continue the Contract may not make any
Contributions to the Contract. To elect Spousal Continuation your
surviving spouse must be Age [85] or younger at the date of your death.
Such election shall be made no later than the Payment Transaction Date.
Upon your surviving spouse's election to continue the Contract, the
Annuity Account Value of the Contract will be reset as of the date we
receive the Beneficiary Requirements described in the, "Payment Upon
Death" Section of this Contract to equal the greater of (i) the Annuity
Account Value or (ii) the Guaranteed Minimum Death Benefit. Any
additional amount of Annuity Account Value will be allocated in
accordance with the current allocation instructions on file. If your
surviving spouse elects to continue the Contract, no additional
Contributions to the Contract may be made.
2008IRA-GWB
4
Effect of Divorce on Required Payments at Death:
If the Contract is issued as a Joint Life Contract, you and your spouse named as
Successor Owner subsequently divorce, and the Contract is not split, then the
following applies on your death before a supplementary contract has been issued.
(On your death after a supplementary contract has been issued, any payments will
continue to be made pursuant to the terms of the supplementary contract.)
Payments will be made to the surviving Successor Owner, not the
Beneficiary, in accordance with Item 8, Part B "Minimum Distribution
Rules - Required Payments After Death."
The surviving Successor Owner may elect the Beneficiary Continuation
Option described in Item 7.
If the surviving Successor Owner elects to take distribution of the
entire interest in the Contract by the end of the calendar year
containing the fifth anniversary of your death, in accordance with
paragraph (b)(3) of Item 8, Part B, then he/she has the option to
terminate the Guaranteed Withdrawal Benefit for Life on written request
to us.
If the former spouse named as the Successor Owner is the first to die, there is
no effect on the payments.
7. BENEFICIARY CONTINUATION OPTION. The following is added at the end of Part
VI:
Except as otherwise provided herein, this Item 7 will apply only if you die
before a supplementary contract has been issued and a Death Benefit is payable.
The Beneficiary named in this Contract must be an individual.
With the exception of the following paragraph, this Item 7 does not apply to any
Beneficiary which is not an individual, and that non-individual Beneficiary's
portion of the Death Benefit, described in the "Payment Upon Death" Section of
this Contract, is payable to the Beneficiary.
This Item 7 applies to a non-individual Beneficiary only if it is a "see-through
trust". A see-through trust is an irrevocable trust, valid under state law, the
only beneficiaries of which are individuals, and which trust has met applicable
documentation requirements under applicable Regulations as we may determine. If
such a "see-through trust" described in Treasury Regulation Section
1.401(a)(9)-4 Q&A A-5, or any successor Regulation, is the Beneficiary named in
the, "Beneficiary" Section of this Contract, the individual used as the
measuring life for calculating payments is the oldest Beneficiary of such trust.
2008IRA-GWB
5
If this Item 7 applies and there is more than one Beneficiary, the Annuity
Account Value (or if greater, the Guaranteed Minimum Death Benefit on the date
we receive all Beneficiary Requirements) will be apportioned among your
Beneficiaries as you designate pursuant to the "Beneficiary" Section of this
Contract.
If the Beneficiary qualifies to continue this Contract, and we receive that
Beneficiary's completed election no later than September 30 of the calendar year
following the calendar year of your death and before any contrary election is
made, that Beneficiary may continue your Contract pursuant to this Item 7 under
the terms set forth in (a) through (h) below. Each such Beneficiary electing to
continue his or her portion of the interest under this Contract is a
"Continuation Beneficiary". For any Beneficiary who does not timely elect to
continue his or her portion of the interest under this Contract, we will pay in
a single sum that Beneficiary's share of the Death Benefit pursuant to the
"Payment Upon Death" Section of this Contract.
a. Each Continuation Beneficiary will automatically become the Owner as
defined in this Contract with respect to that Continuation
Beneficiary's portion of the interest in this Contract. If you have
specifically elected under Item 5 of this Endorsement "Beneficiary"
that we not separately account for each Beneficiary's portion of the
interest in this Contract, the oldest Continuation Beneficiary will be
the individual whose life is used for purposes of calculating the
Required Minimum Distribution payments in Item 8, Part B (Minimum
Distribution Rules-Required Payments After Death).
b. If the Annuity Account Value is less than the Guaranteed Minimum Death
Benefit on the date we receive all Beneficiary Requirements, then we
will reset such Annuity Account Value to equal such Guaranteed Minimum
Death Benefit, and the Continuation Beneficiary's share of the interest
in this Contract will be determined after any such reset.
c. The Continuation Beneficiary may transfer amounts among the Investment
Options with respect to the Continuation Beneficiary's share of the
interest in this Contract.
d. The Continuation Beneficiary cannot make any additional Contributions
to this Contract.
e. Distributions to the Continuation Beneficiary with respect to that
Continuation Beneficiary's portion of the interest in this Contract
will be made in accordance with requirements described in Item 8, Part
B (Minimum Distribution Rules-Required Payments After Death).
f. A Continuation Beneficiary may withdraw the Annuity Account Value
apportioned to such Continuation Beneficiary at any time; withdrawals
made after we have received a Continuation Beneficiary's election to
continue this Contract are not subject to a Withdrawal Charge.
2008IRA-GWB
6
g. Upon a Continuation Beneficiary's death, we will make a single sum
payment to the person designated by the deceased Continuation
Beneficiary to receive that deceased Continuation Beneficiary's portion
of the Annuity Account Value, if any remains. In the alternative, the
deceased Continuation Beneficiary's designated Beneficiary may elect to
continue the payment method originally elected by the deceased
Continuation Beneficiary in accordance with paragraph (b)(1) or (b)(2)
of Item 8, Part B (Minimum Distribution Rules-Required Payments After
Death).
h. The Continuation Beneficiary may not assign his/her share of the
interest in this Contract. The Contract cannot be assigned and must
continue in your name for benefit of your Continuation Beneficiary.
PART VII - ANNUITY BENEFITS is changed to "ANNUITY BENEFITS AND REQUIRED MINIMUM
DISTRIBUTIONS".
The following Section is added at the end of Part VII:
8. REQUIRED MINIMUM DISTRIBUTION RULES.
This Contract is subject to these "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code and the Treasury Regulations which
apply.
Part A of this Item 8 describes the Required Minimum Distributions to be made
during your lifetime. Part B of this Item 8 describes the Required Minimum
Distributions to be made after your death, if you die before your entire
interest in this Contract is distributed to you. The Required Minimum
Distribution Rules may be satisfied by either an Annuity Benefit or by taking
withdrawals at least annually from or with respect to your entire interest in
this Contract, all as subject to these rules.
If you choose annual withdrawals, your annual Required Minimum Distribution
payments calculated for this Contract may be made from this Contract or from
another individual retirement arrangement that you maintain, pursuant to
Treasury Regulations. If you do not take Required Minimum Distribution payments
from this Contract, we will assume that you are taking them from another
individual retirement arrangement that you maintain.
For purposes of both the "lifetime" Required Minimum Distribution rules and the
Required Minimum Distribution rules after death, the following definitions and
conditions apply:
Your "entire interest" in this Contract for purposes of the Required
Minimum Distribution Rules. Your "entire interest" in this Contract
includes the amount of any outstanding rollover, transfer and
recharacterization under Q&As-7 and -8 of Treasury Regulation Section
1.408-8 or any successor Regulation and, in addition
2008IRA-GWB
7
to the dollar amount credited, the actuarial present value of any
additional benefits provided under this IRA contract, such as
guaranteed death benefits in excess of the dollar amount credited.
Required Beginning Date. Your "Required Beginning Date" is the first
day of April following the calendar year in which you attain age 70
1/2. This is the latest date when your lifetime Required Minimum
Distribution payments with respect to this Contract can start.
A. REQUIRED MINIMUM DISTRIBUTION RULES -- PAYMENTS DURING YOUR LIFE
Notwithstanding any provision of this Contract to the contrary, the distribution
of your interest in this Contract shall be made in accordance with the
requirements of Code Section 408(b)(3) and the Treasury Regulations thereunder,
the provisions of which are herein incorporated by reference. Prior to the date
that the Contract is annuitized then distribution of your interest in this
Contract must satisfy the requirements of Code Section 408(a)(6) and the
Regulations thereunder.
Your entire interest in this Contract will be distributed or begin to be
distributed no later than your Required Beginning Date defined above. Your
entire interest may be distributed, as you elect, over (a) your life, or the
lives of you and your designated Beneficiary, or (b) a period certain not
extending beyond your life expectancy, or the joint and last survivor expectancy
of you and your designated Beneficiary.
These "lifetime" Required Minimum Distribution payments must be made in periodic
payments at intervals of no longer than 1 year and must be either nonincreasing
or they may increase only as provided in Q&A A-14 of Treasury Regulation Section
1.401(a)(9)-6 or any successor Regulation. In addition, any distribution must
satisfy the incidental benefit requirements specified in Q&A A-2 of Treasury
Regulation Section 1.401(a)(9)-6 or any successor Regulation.
The distribution periods described in the second preceding paragraph cannot
exceed the periods specified in Section 1.401(a)(9)-6 of the Treasury
Regulations or any successor Regulation.
The first lifetime Required Minimum Distribution payment can be made as late as
April 1 of the year following the year you attain age 70 1/2 and must be the
payment that is required for one payment interval. The second payment need not
be made until the end of the next payment interval.
B. MINIMUM DISTRIBUTION RULES - REQUIRED PAYMENTS AFTER DEATH
(a) Death On or After Lifetime Required Minimum Distribution
Payments Commence. If you die on or after lifetime Required
Minimum Distribution payments commence, any remaining portion
of your interest
2008IRA-GWB
8
will continue to be distributed under the Annuity Benefit or
other option under this Contract.
(b) Death Before Lifetime Required Minimum Distribution Payments
Commence. If you die before lifetime Required Minimum
Distribution Payments commence, your entire interest will be
distributed at least as rapidly as follows:
(1) If your designated Beneficiary is someone other than your
surviving spouse as described in the immediately following
paragraph, your entire interest will be distributed,
starting by the end of the calendar year following the
calendar year of your death, over the remaining life
expectancy of the designated Beneficiary, with such life
expectancy determined using the age of the Beneficiary as of
his or her birthday in the year following the year of your
death. In the alternative, the Beneficiary may elect to take
distribution of your entire interest in accordance with this
Item 8, Part B, paragraph (b)(3) below.
(2) If your sole designated Beneficiary is your surviving
spouse, your entire interest will be distributed, starting
by the end of the calendar year following the calendar year
of your death (or by the end of the calendar year in which
you would have attained age 70 1/2, if later), over such
surviving spouse's life. In the alternative, your surviving
spouse may elect to take distribution of your entire
interest in accordance with Item 8, Part B, paragraph (b)(3)
below. If your surviving spouse dies before these required
distributions commence to him or her, your remaining
interest will be distributed, starting by the end of the
calendar year following the calendar year of your surviving
spouse's death, over your spouse's designated Beneficiary's
remaining life expectancy determined using such
Beneficiary's age as of his or her birthday in the year
following the death of your spouse. In the alternative, that
Beneficiary may elect to take distribution of your entire
interest in accordance with Item 8, Part B paragraph (b)(3)
below. If your surviving spouse dies after these required
distributions commence to him or her, any remaining interest
will continue to be distributed under the Annuity Benefit or
other option under the Contract.
(3) If there is no individual designated as Beneficiary, or if
the applicable Beneficiary chooses this alternative, the
entire interest will be distributed by the end of the
calendar year containing the fifth anniversary of your death
(or of your surviving spouse's death in the case of the
surviving spouse's death before distributions are required
to begin under this Item 8, Part B, paragraph (b)(2) above).
(4) Life expectancy is determined using the Single Life Table in
Q&A-1 of Treasury Regulation Section 1.401(a)(9)-9 or any
successor Regulation.
2008IRA-GWB
9
If distributions are being made to a surviving spouse as the
sole designated Beneficiary, such spouse's remaining life
expectancy for a year is the number in the Single Life Table
corresponding to such spouse's age in the year. In all other
cases, remaining life expectancy for a year is the number in
the Single Life Table corresponding to the Beneficiary's age
in the year specified in paragraph (b)(1) or (b)(2) of this
Item 8, Part B and reduced by 1 for each subsequent year.
(c) If the designated Beneficiary is your surviving spouse, and the
Spousal Continuation option (described above in Item 6) is
elected, or if the Contract is issued as a Joint Life Contract,
and the Successor Owner named in the Contract is also your spouse
at your death, distribution of your interest need not be made
until your surviving spouse's Required Beginning Date for lifetime
Required Minimum Distributions described above in this Item 8, or
your surviving spouse's death if earlier.
(d) For purposes of paragraphs (a) and (b) of this Item 8, Part B
above, Required Minimum Distributions are considered to commence
on your Required Beginning Date defined above in this Item 8, Part
B or, if applicable, on the date distributions are required to
begin to the surviving spouse under paragraph (b)(2) above.
However, if distributions start prior to the applicable date in
the preceding sentence, on an irrevocable basis (except for
acceleration) under an annuity contract meeting the requirements
of Treasury Regulation Section 1.401(a)(9)-6 or any successor
Regulation, then required distributions are considered to commence
on the annuity starting date.
PART VIII-CHARGES
10. WITHDRAWAL CHARGES. The following is added at the end of the existing
Section:
We reserve the right to waive the Withdrawal Charge on Required Minimum
Distribution payments.
PART IX - GENERAL PROVISIONS
11. STATUTORY COMPLIANCE. The following is added at the end of the existing
Section:
If this Contract fails to qualify as an individual retirement annuity under
Section 408(b) of the Code, we will have the right to terminate this Contract.
We may do so upon receipt of notice of such fact, before the Maturity Date. In
that case we will pay the Annuity Account Value less a deduction for the part
which applies to any Federal income tax payable by you which would not have been
payable with respect to an individual retirement annuity which meets the terms
of Sections 408(b) of the Code.
2008IRA-GWB
10
However, we may also, at your request, transfer the Annuity Account Value to
another annuity contract issued by an affiliate, subsidiary or us.
12. REPORTS AND NOTICES. The following is added at the end of the existing
Section:
We will send you a report as of the end of each calendar year showing the status
of the Contract and any other reports required by the Code. We will also send to
you information on Required Minimum Distributions as is prescribed by the
Commissioner of Internal Revenue.
13. ASSIGNMENTS AND TRANSFERABILITY.
The existing Section is replaced by the following:
You may not transfer this Contract.
No portion of your interest in this Contract or your rights under this Contract
may be sold, assigned, pledged or transferred to any person other than the
issuer of this Contract, or discounted, encumbered or pledged as collateral for
a loan or as a security for an obligation.
AXA EQUITABLE LIFE INSURANCE COMPANY
/s/Xxxxxxxxxxx X. Xxxxxxx /s/Xxxxx Xxxxx Xxxxx
------------------------- --------------------
Xxxxxxxxxxx X. Xxxxxxx Xxxxx Xxxxx Xxxxx, Vice President,
President and Chief Executive Officer Secretary and Associate General
Counsel
2008IRA-GWB
11
