Exhibit 99.4.56
ANNUITY ENDORSEMENT
TAX SHELTERED ANNUITY
For purposes of qualifying this contract as a Tax Sheltered Annuity, this
annuity endorsement is made part of the contract to which it is attached. It
modifies certain provisions of this contract by adding the following provisions.
All contract provisions apply except as described or modified in this
endorsement. If there is any conflict between contract and endorsement
provisions, the endorsement provisions take precedence.
The contract, as modified by this endorsement, is not intended for use in
connection with an employer sponsored 403(b) plan that is subject to the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In the
event that the employer either by affirmative election or inadvertent action
causes contributions under a plan that is subject to ERISA to be made to this
contract, we will not be responsible for any obligations and requirements under
ERISA and the regulations thereunder.
DEFINITIONS
CODE
The Internal Revenue Code of 1986, as amended, its regulations thereunder and/or
promulgations of the Internal Revenue Service, as applicable.
CONTRACT
When used in this endorsement, contract means the annuity contract or annuity
certificate.
REQUIRED BEGINNING DATE
Your Required Beginning Date is the April 1 of the calendar year following the
later of the calendar in which you attain age 70 1/2 or the calendar year in
which you retire from employment with the employer maintaining the plan.
If you are a 5 percent owner, the term Required Beginning Date means April 1 of
the calendar year following the calendar year in which you attain age 70 1/2.
TAX SHELTERED ANNUITY (TSA)
A tax sheltered annuity as described in Section 403(b) of the Code. We reserve
the right to modify this contract to the extent necessary to qualify this
contract as a TSA, as described in Section 403(b) of the Code, as amended and
all related sections and regulations which are in effect during the term of this
contract.
GENERAL PROVISIONS
This contract is established for the exclusive benefit of you or your
beneficiaries. Your interest is nonforfeitable and nontransferable.
We reserve the right to modify this contract, to the extent necessary to qualify
this contract under Section 403 of the Code, as amended and all related sections
and regulations which are in effect during the term of this contract.
PURCHASE PAYMENTS/CONTRIBUTIONS
Purchase payments/contributions must be made by an organization described in
Section 403(b)(1)(A), except in the case of a rollover contribution as described
in applicable sections of the Code and related regulations which are in effect
during the term of this contract. The total of such purchase
payments/contributions shall not exceed the lesser of the maximum contribution
permitted under Sections 415(c) and 402(g) (taking into account the special
limits applicable under 402(g)(7)) of the Code, subject to catch-up
contributions as permitted under Section 414(v) of the Code. All purchase
payments must be made in cash. This contract does not require fixed purchase
payments.
Contributions that are identified by you that are in excess of the applicable
limits shall be returned to you in accordance with the requirements of
applicable law.
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CHANGE OF OWNERSHIP
This contract 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
Section 403(b) of the Code. This restriction shall not apply to a "qualified
domestic relations order" as defined in Section 414(p) of the Code.
ANNUITY PROVISIONS
CHANGE OF RETIREMENT DATE
You may change the retirement date shown for this contract. The retirement date
may not be earlier than 13 months from the contract date. Tell us the new date
by written request. In all cases, the latest retirement date is the earlier of:
1. The latest of:
(a) April 1 following the calendar year in which you attain age 70 1/2; or
(b) April 1 following the calendar year in which you retire from the
organization described in Section 403(b)(1)(A); or
(c) Such other date which satisfies the minimum distribution requirements
under Section 403(b)(10) of the Code;
or
2. The latest of:
(a) The annuitant's 90th birthday; or
(b) The 10th contract anniversary; or
(c) Such other date as agreed upon by us.
If you select a new retirement date, it must be at least 30 days after we
receive your written request at our home office.
ANNUITY PAYMENT PLANS FOR CONTRACT OWNERS
You can schedule receipt of irrevocable annuity payments according to one of the
plans (A through E) described in your contract, or another plan agreed to by us,
provided:
(i) the plan selected provides for payments that satisfy the required minimum
distribution rules referenced below;
(ii) payments are made in periodic payments at intervals of no longer than 1
year;
(iii) the first required payment 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.
For purposes of this section, required distributions are considered to commence
on your Required Beginning Date, or if applicable, on the date distributions are
required to begin to your surviving spouse. However, if you begin receipt of
payments pursuant to an irrevocable annuity payment plan that meets the
requirements of Treasury Regulation Section 1.401(a)(9)-6T, required minimum
distributions are considered to commence on your annuity plan starting date.
REQUIRED MINIMUM DISTRIBUTIONS
Distributions under this contract must commence no later than April 1 following
the later of the calendar year in which you attain age 70 1/2, or the calendar
year in which you retire from the organization described in Section
403(b)(1)(A). Notwithstanding any provision of this TSA to the contrary, the
lifetime distribution of your interest in this contract shall be made in
accordance with the requirements of Section 403(b)(10) and 401(a)(9) of the Code
and the regulations thereunder, including the minimum distribution incidental
benefit requirement of Treasury Regulation Section 1.401(a)(9)-6T, Q&A-2, the
provisions of which are herein incorporated by reference.
Once payments have commenced over a period certain, the period certain will not
be changed even if the period certain is shorter than the maximum permitted.
Distributions must be made in periodic payments at intervals of no longer than
one year. In addition, distributions must either be non-increasing or may
increase only as provided in Section 1.401(a)(9)-6T of the Treasury Regulation.
DISTRIBUTIONS UPON DEATH
(a) If you have commenced irrevocable annuity payments according to one of the
plans (A through E) described in your contract, upon your death the
remaining portion of your interest will continue to be distributed under
the annuity payment plan chosen.
(b) If you have not commenced irrevocable annuity payments according to one of
the plans (A through E) described in your contract, upon your death, in
lieu of receiving a lump sum, your designated beneficiary may receive
payments under one of the following options:
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1. ANNUITY PAYMENT PLAN FOR BENEFICIARIES
Payments may be made under one of the irrevocable annuity payment plans (A
through E) described in your contract, provided:
(i) Your beneficiary elects the plan within 60 days after we receive all
administrative requirements, including due proof of death; and
(ii) the plan provides payments over a period which does not exceed the life or
life expectancy of your beneficiary and or the plan selected provides for a
period certain not extending beyond the life expectancy of your
beneficiary; and
(iii) your sole designated beneficiary is your surviving spouse, and your death
occurs prior to your Required Beginning Date, payments will irrevocably
commence by the later of December 31 of the calendar year following the
calendar year of your death or December 31 of the calendar year in which
you would have attained age 70 1/2; or
(iv) your designated beneficiary is someone other than your surviving spouse, or
your death occurs on or after your Required Beginning Date, payments will
irrevocably commence no later than December 31 of the calendar year
following the year of your death.
2. ALTERNATIVE PAYMENT PLANS
If upon your death your beneficiary does not wish to elect one of the
irrevocable annuity payment plans (A through E) described in the contract, in
lieu of distributing your entire interest in a lump sum, your designated
beneficiary may choose to receive payments according to an alternative plan as
agreed to by us provided:
(i) the beneficiary elects the plan within 60 days after we receive due proof
of death;
(ii) if your sole designated beneficiary is your surviving spouse, your entire
interest will be distributed, beginning no later than the later of December
31 of the calendar year following the calendar year of your death or
December 31 of the calendar year in which you would have attained age
70 1/2, over the life of the surviving spouse or over a period not
extending beyond the life expectancy of the surviving spouse. If your
surviving spouse dies before distributions commence, the remaining interest
will be distributed, beginning no later than December 31 following the
calendar year of your surviving spouse's death, over the 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 the spouse.
(iii) if your designated beneficiary is someone other than your surviving
spouse, your entire interest will be distributed, beginning no later than
the end of the calendar year following the calendar year of your death,
over the remaining life expectancy of your designated beneficiary, with
such life expectancy determined using the age of your beneficiary as of his
or her birthday in the year following the year of your death and reduced by
1 for each subsequent year;
(iv) If you die before your Required Beginning Date and there is no designated
beneficiary (as defined in Section 1.401(a)(9)-1, Q&A-4), or if elected by
your designated beneficiary, your entire interest will be distributed by
December 31 of the calendar year containing the fifth anniversary of your
death (or of your spouse's death if your designated beneficiary was your
surviving spouse and the spouse dies before distributions are required to
begin);
(v) if you die on or after your Required Beginning Date and there is no
designated beneficiary (as defined in Section 1.401(a)(9)-1, Q&A-4), your
entire interest will be distributed, beginning no later than December 31 of
the calendar year following the calendar year of your death, over your
remaining life expectancy determined using your age in the year of your
death and reduced by 1 for each subsequent year; and
(vi) life expectancy is determined using the Single Life Table in Treasury
Regulation Section 1.401(a)(9)-9, Q&A-1.
DISTRIBUTION RESTRICTIONS
Contributions may be distributed for any reason after you reach age 59 1/2.
Before you reach age 59 1/2, the assets held under the contract attributable to
a salary reduction arrangement may be distributed, only when you have a
severance from employment from the organization described in Section
403(b)(1)(A) of the Code; become disabled (as defined in Code section 72(m)(7));
die; or encounter financial hardship.
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DIRECT ROLLOVERS
You (or your designated beneficiary who is your surviving spouse), subject to
the terms of the contract, may elect to have any portion of an eligible rollover
distribution paid directly to an eligible retirement plan. An eligible rollover
distribution is any distribution of all or a portion of your interest in the
contract, except that an eligible rollover distribution does not include the
following:
(i) any distribution that is one of a series of substantially equal periodic
payments (not less frequently than annually) made over your life or life
expectancy or for a specified period of ten years or more;
(ii) any distribution required under Section 403(b)(10) of the Code; or
(iii) a hardship distribution.
An eligible retirement plan is an individual retirement annuity described in
Section 408(a) of the Code, an individual retirement annuity described in
Section 408(b) of the Code, a qualified retirement plan described in Section
401(a) of the Code, an eligible Section 457 deferred compensation plan sponsored
by a state or local government employer, or another Section 403(b) tax sheltered
annuity or custodial account, that accepts eligible rollover distributions.
This endorsement is effective as of the contract date of this contract unless a
different date is shown here.
RIVERSOURCE LIFE INSURANCE CO. OF NEW YORK
[/s/ Xxxxxx X. Xxxxx]
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SECRETARY
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