Exhibit (6)(iii)
P-955-88
Endorsement: Tax-Sheltered Annuity
As of the Date of Issue of this Contract, this Endorsement is added to the
Contract.
In order to qualify this Contract as a Tax-Sheltered Annuity under Section
403(b) of the Internal Revenue Code, (the "Code"), the following restrictions
apply.
1. The Owner of the Contract is the Annuitant; and the Owner of the Contract
CANNOT be changed.
2. Unless otherwise notified by you or your Tax-Sheltered Annuity sponsor, the
Company will treat the purchase payments made to this Contract as
contributions within the permissible limitations of Sections 403(b)(2) and
(10) of the code.
3. The Company will accept Purchase Payments resulting from qualified
rollovers and transfers from other tax-sheltered annuities.
4. The entire interest of the Owner must be distributed to the Owner not later
than the first day of April following the calendar year in which the Owner
attains age 70 1/2; or it must be applied not later than the first day of
April following the calendar year in which the Owner attains age 70 1/2 to
the First, Second, Third or Sixth Payment Option of the Contract for:
a. The life of the Owner or the lives of the Owner and named Payee: or
b. A period which is not longer than the life expectancy of the Owner or
the joint life and last survivor expectancy of the Owner and the named
Xxxxx.
If the Owner is an employee under a church plan, distribution can begin on
the date the Owner retires even if it is later than the first day of April
following the calendar year in which the Owner attains age 70 1/2.
Life expectancy means the relevant factor in Table V of Section 1.72-9 of
the regulations of the Code; and, joint and last survivor expectancy means
the relevant factor Table VI of Section 1.72-9 of the regulations of the
Code.
In no event will the payments under the Payment Option selected by the
Owner be less than the minimum distribution amount and/or the incidental
benefit amount required under Section 401(a)(9) of the Code is applied to
tax-sheltered annuities.
5. If none of the above Payment Options is elected, the Owner can request a
systematic withdrawal from the Contract except that such annual withdrawal
amount must be at least an amount equal to the Contract Value divided by
the life expectancy of the Owner or the joint life and last survivor
expectancy of the Owner and named Xxxxx.
6. If the Owner dies before distribution of his or her interest starts, the
Death Proceeds must be distributed in accordance with one of the following
rules.
a. The Death Proceeds must be paid within 5 years after the death of the
Owner; or
b. If the Beneficiary is an individual, the Beneficiary can elect a lump
sum payment or any Payment Option listed in 4 above, with an Option
Date not later than 1 year after the death of the Owner; or
c. If the Beneficiary is the surviving spouse of the Owner, the
Beneficiary: can elect payments under (b); or can elect the Fourth
Payment Option for a period which ends prior to the date on which the
Owner would have attained age 70 1/2; and can elect any Payment Option
listed in 4 above, with an Option Date not later than the date on
which the Owner would have attained age 70 1/2; or effect an
individual Retirement Annuity rollover.
P-958-88
Endorsement: Tax-Sheltered Annuity
As of January 1, 1989, this Endorsement is added to the Contract.
In order to qualify this Contract as a Tax-Sheltered Annuity under Section
403(b) of the Internal Revenue Code, (the "Code"), the following restrictions
apply.
1. The Owner of the Contract is the Annuitant; and the Owner of the Contract
CANNOT be changed.
2. Unless otherwise notified by you or your Tax-Sheltered Annuity sponsor, the
Company will treat the purchase payments made to this Contract as
contributions within the permissible limitations of Sections 403(b)(2) and
(10) of the code.
3. The Company will accept Purchase Payments resulting from qualified
rollovers and transfers from other tax-sheltered annuities.
4. The entire interest of the Owner must be distributed to the Owner not later
than the first day of April following the calendar year in which the Owner
attains age 70 1/2; or it must be applied not later than the first day of
April following the calendar year in which the Owner attains age 70 1/2 to
the First, Second, Third or Sixth Payment Option of the Contract for:
a. The life of the Owner or the lives of the Owner and named Payee: or
b. A period which is not longer than the life expectancy of the Owner or
the joint life and last survivor expectancy of the Owner and the named
Xxxxx.
If the Owner is an employee under a church plan or a governmental plan,
distribution can begin on the date the Owner retires even if it is later
than the first day of April following the calendar year in which the Owner
attains age 70 1/2.
Life expectancy means the relevant factor in Table V of Section 1.72-9 of
the regulations of the Code; and, joint and last survivor expectancy means
the relevant factor Table VI of Section 1.72-9 of the regulations of the
Code.
In no event will the payments under the Payment Option selected by the
Owner be less than the minimum distribution amount and/or the incidental
benefit amount required under Section 401(a)(9) of the Code as applied to
tax-sheltered annuities.
5. If none of the above Payment Options is elected, the Owner can request a
systematic withdrawal from the Contract except that such annual withdrawal
amount must be at least an amount equal to the Contract Value divided by
the life
expectancy of the Owner or the joint life and last survivor expectancy of
the Owner and named Xxxxx.
6. If the Owner dies before distribution of his or her interest starts, the
Death Proceeds must be distributed in accordance with one of the following
rules.
a. The Death Proceeds must be paid within 5 years after the death of the
Owner; or
b. If the Beneficiary is an individual, the Beneficiary can elect a lump
sum payment or any Payment Option listed in 4 above, with an Option
Date not later than 1 year after the death of the Owner; or
c. If the Beneficiary is the surviving spouse of the Owner, the
Beneficiary: can elect payments under (b); or can elect the Fourth
Payment Option for a period which ends prior to the date on which the
Owner would have attained age 70 1/2, and can elect any Payment Option
listed in 4 above, with an Option Date not later than the date on
which the Owner would have attained age 70 1/2, or effect an
individual Retirement Annuity rollover.
