Exhibit 4(F)
Section 403(b) Annuity Amendment
Made a part of the Contract to which it is attached
The Contract will be governed by this Amendment and Code Section 403(b), and any
contrary provision in the Contract is amended as follows:
Form Contract New Corresponding
Number Section to be Amended Amended Section
------ --------------------- ---------------
GAC 96-101(NY) 3.4 2.
3.5 1.
7.4 3.
7.5 4.
7.8 7.
GAC 96-103 4.1 3.
4.4 4.
4.7 7.
GAC 96-lll 3.4 1.
7.7 7.
MAXIMUM CONTRIBUTIONS
1. Total and overall limitations on Contributions in a calendar year for a
Participant are subject to Code limitations and discrimination rules imposed
upon annuity contracts governed by Code Section 403(b), as they may be
amended from time to time. We assume no responsibility under this Contract
and/or Certificate for monitoring these limits for a Plan or for a
Participant. Contributions in excess of such limits or in violation of any
discrimination rule (and earnings thereon) may be distributed by the
Contractowner ("Owner"), Participant, or at the direction of the Plan, as
permitted by law and by Section 3 of this Amendment.
CHARACTERIZATION OF TRANSFER PURCHASE PAYMENTS
2. For all Contributions transferred from another contract other than LL&A, we
must be provided with the following information in a form acceptable to us:
a) The source of such Contributions; for example, salary reduction,
employer match, or post tax contributions. Where no source information
is provided, we will treat such transfers as 403(b) salary reduction
amounts.
b) Whether such Contributions are a rollover under Code Section 402 or a
transfer from a 403(b) Plan pursuant to Revenue Ruling 90-24, 1990-1
C.B. 97; 1990-11 I.R.B. 6; and whether or not such transfer is subject
to Code Section 403(b)(7). Where no such information is provided, we
will treat such transfers as 90-24 transfers subject to Code Section
403(b)(l), and not subject to the terms of Code Section 403(b)(7).
c) If a Contribution is transferred pursuant to Revenue Ruling 90-24,
identification of such Contribution made or earnings credited as being
attributable to contributions made:
(i) prior to January 1, 1987
(ii) during 1987 and 1988; or
(iii) subsequent to December 31, 1988
Contributions not properly identified will be treated as Contributions
attributable to (iii) for purposes of Section 3 and 4.
WITHDRAWAL REQUIREMENTS FOR SECTION 403(b) PLANS
3. Withdrawal requests for Participants under Section 403(b) Plans subject to
ERISA must be approved in writing by the Plan's administrator; must provide
instructions specifying the portion of a Participant's account value that is
available for distribution; and provide instructions as to the disposition
of non-vested amounts.
In addition, we may require that withdrawal requests for Participants under
Section 403(b) plans not subject to ERISA (and except for requests for
amounts described in Section 2(c)) be accompanied by certification and/or
documentation that an event permitting a withdrawal under Code Section
403(b) has occurred. We may rely upon such representations in honoring the
withdrawal request.
MINIMUM DISTRIBUTION REQUIREMENTS FOR SECTION 403(b) PLANS
4. Code Section 403(b)(10) requires a Participant to take withdrawals from the
Contract or 403(b) Plan in a manner which satisfies requirements similar to
the required minimum distribution rules under Code Section 401(a)(9) and the
regulations promulgated thereunder. To the extent they apply to 403(b)
Plans, these required minimum distribution rules are hereby incorporated by
reference in this Amendment as a permissible withdrawal, subject to Section
3. This incorporation by reference includes changes made to such minimum
distribution rules by legislation, proposed and final regulation, or rulings
by the United States Department of Treasury.
We assume no responsibility for monitoring withdrawals, mandating
distributions or insuring compliance with these required minimum
distribution rules.
NONTRANSFERABLE
5. The Participant's interest in this Contract is nontransferable within the
meaning of Section 401(g) of the Code. This Contract or the Participant's
interest in this Contract may not be sold, assigned, discounted, or pledged
as collateral for a loan and may not be alienated except under the terms of
a qualified domestic relations order within the meaning of Section 414(p) of
the Code.
DIRECT TRANSFERS
6. Direct transfers to another arrangement pursuant to Revenue Ruling 90-24,
1990-1 C.B. 97; 1990-11 I.R.B. 6 or transfers to purchase service credits
under a defined benefit governmental plan pursuant to Code Section
403(b)(13), as either rule may be amended from time to time, may be made in
the manner permitted by law.
DIRECT ROLLOVER OPTION
7. A Participant's account values may be rolled over to another plan in
accordance with Code Sections 403(b)(8) and 402(c), as they may be amended
from time to time, subject to Section 3 of this Amendment and in a time and
manner prescribed by us.
DISTRIBUTION OF CUSTODIAL ACCOUNT CONTRIBUTIONS
8. Purchase Payments transferred from any plan or arrangement which has been
identified by the Participant or Owner as being subject to Code Section
403(b)(7) will continue to be subject to Code Section 403(b)(7), and is
subject to Sections 3 and 4, unless otherwise agreed upon between us and the
Owner.
OWNER AND ANNUITANT
9. If the Owner is an Employer, it represents that it is an eligible
organization described in Section 403(b)(l)(A) of the Code and that the Plan
or arrangement meets the requirements of Code Section 403(b).
The term "Employee" will mean the individual for whose benefit the Employer
established an annuity program under Code Section 403(b). This Employee will
be the Annuitant under the Contract.
If the Owner is an Employee of the Employer, the Annuitant under the
Contract will be that Employee.
A contingent Owner or a joint Owner cannot be named.
AUTHORITY TO AMEND TO COMPLY WITH TAX CODE
10. We reserve the right to amend or modify the Contract or this Endorsement
to the extent necessary to comply with any law, regulation, ruling or
other requirement necessary to establish or maintain the tax treatment
under Code Section 403(b).
ERISA REQUIREMENTS
If this Contract is subject to the requirements of ERISA, we are not the Plan
Administrator. Any responsibility related to the appropriateness of any
withdrawal, consents (or revocation thereof), or any other fiduciary decision
related to the administration of the Plan is that of the Employer or the Plan
Administrator.
Lincoln Life & Annuity Company of New York
/s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx, President
