EXHIBIT 99-B.4.39
ING LIFE INSURANCE AND ANNUITY COMPANY
ENDORSEMENT
This Contract is hereby endorsed as follows:
The last sentence of Section 3.03(e) is deleted and replaced as follows:
If this Contract is issued under an Individual Retirement Annuity Plan (see
Specifications page), the above notice will be sent to the Participant(s).
The last paragraph of Section 3.13 is deleted and replaced as follows:
If this Contract is issued for an Individual Retirement Annuity Plan, the
above notice will be sent to each Participant.
The first paragraph of Section 4.01 entitled Choices to be Made is deleted and
replaced as follows:
An Annuity Option may be elected by telling the Company to pay all or any
portion of the Current Value (minus any premium tax) as a premium for an
Annuity under Option 2, 3 or 4 (see 4.06). The payments to the Annuitant
when payments start shall be determined in accordance with the requirements
of Section 401(a)(9) of the Code. The first Annuity payment must be made
not later than the April 1 of the calendar year following the calendar year
in which the Annuitant attains age 70 1/2 or such later date as may be
allowed under federal law or regulations.
The Company may be told to make the first Annuity payment during any prior
month.
For distributions taken in a lump sum, see Surrender Value.
Add the next paragraph to Option 1 under Section 4.06 entitled Annuity Options
as follows:
If the beneficiary elects that the full sum paid upon death is to be held
under this Option, the beneficiary, if the spouse, must elect (a) or (b)
above not later than the date the Annuitant would have attained age 70 1/2.
If the beneficiary is not the spouse and has not elected (a) within one
year of the death of the Annuitant, the beneficiary must tell the Company
to pay the full sum within 5 years after the death of the Annuitant.
Add the next paragraphs as Section 5.06 entitled Individual Retirement Annuity
Plan to the Contract as follows:
(a) The preceding Sections 5.01, 5.02, 5.03, 5.04 and 5.05 of the Special
Provisions do not apply to this Contract.
(b) Control of Contract: The Contract Holder has no right, title or
interest in the amounts held under the Contract either by reason of
remitting Purchase Payment(s) or applying for this Contract.
Each Participant shall own all amounts held in his or her Individual
Account. Each Participant may make any choices allowed by this
Contract for his or her Individual Account. Choices made under this
Contract must be in writing. Until receipt of such choices in its Home
Office, the Company may rely on any previous choices made.
This Contract and any Individual Accounts shall not be subject to the
claims of any creditors. This Contract and any Individual Accounts are
nonassignable and nontransferable except to the Company.
(c) Designation of Beneficiary: Each Participant shall name a beneficiary.
(d) Individual Accounts: The Company will maintain an Individual Account
for each Participant.
(e) Maintenance Fee: The Maintenance Fee will be zero (0).
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(f) Current Value: The Current Value of a Participant's Individual Account
at the end of a Valuation Period will be as determined under Section
3.10.
(g) Purchase Payment(s): Purchase Payment(s) are subject to the following
conditions:
(1) Contributions to the Contract, other than rollover contributions
or employer contributions to a Simplified Employee Pension Plan,
may not exceed such dollar amount as permitted under Code Section
219(b)(5)(A) or any higher limit allowed by law for any taxable
year. Notwithstanding the previous sentence, a Participant aged
50 or older may make catch-up contributions to the Contract over
and above the maximum contribution amount otherwise permitted
each year to the extent permitted under Code Section
219(b)(5)(B).
(2) The Contract shall accept rollover contributions of amounts that
are considered rollover eligible amounts in accordance with Code
Section 402(c)(4) from an eligible retirement plan described in
Code Section 402(c)(8)(B). Such rollover contributions may
include amounts that would be otherwise includible in income
(pre-tax contributions) or amounts that are not includible in
income (post-tax contributions), or both. The Contract shall not
account for pre-tax and post-tax contributions separately.
(h) Required Distribution to Participant: Distribution to the Participant
must begin in the form of Annuity Payments no later than the April 1
of the calendar year following the calendar year in which the
Participant attains age 70 1/2 or such later date as may be allowed
under federal law or regulation or be made in a lump sum by the same
date.
(i) Annuity Payments to Annuitant: In no event may any payments to the
Annuitant under an Annuity Option extend beyond:
(1) The life of the Annuitant;
(2) The lives of the Annuitant and beneficiary;
(3) A period certain greater than the Annuitant's life expectancy
according to regulations under Code Section 401(a)(9), determined
as of the date payments are to commence; or
(4) A period certain greater than the life expectancies of the
Annuitant and beneficiary according to regulations under Code
Section 401(a)(9), determined as of the date payments are to
begin.
(j) Sum Payable at Death (Before Annuity Payments Start): The Company will
pay the Current Value to the beneficiary if:
(1) The Participant dies before Annuity payments start; and
(2) The notice of death is received in good order by the Company at
its Home Office.
The sum paid will be the Current Value on the date the notice is
received at the Company's Home Office. The amount paid from the Fixed
Account will not be less than the Net Purchase Payment(s) allocated to
the Fixed Account plus interest added by the Company (less any prior
transfers (see 3.12), surrenders or amounts applied to any Annuity
Option). The beneficiary, if a spouse, may choose to apply all or part
of the payment to any Annuity Option or may elect to defer payments to
a date not later than when the Participant would have attained age
70 1/2. Alternatively, the spouse may choose to treat the Individual
Account as his or her own. If the beneficiary is not the spouse, all
of the payment must either be applied only to Annuity Option 2, 3 or 4
within one year of the Participant's death, or be paid to the
beneficiary within 5 years of the death of the Participant (see Part
IV). If no beneficiary exists, the payment will be made to the estate
of the Participant.
(k) Annuity Payments to the Beneficiary: In no event may any payments to
the beneficiary under an Annuity Option extent beyond:
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(1) The life of the beneficiary; or
(2) Any certain period greater than the beneficiary's life expectancy
as determined by regulations under Internal Revenue Code Section
401(a)(9).
(l) Surrender Value: The amount paid by the Company upon the surrender of
any portion of the Individual Account shall not be reduced by a
Surrender Fee.
(m) Application of Refund of Premium: Any refund of premiums (other than
those from excess contributions) will be applied before the close of
the calendar year following the year of the refund, toward future
payment(s) or the purchase of additional benefits.
(n) Reports: The Company, as issuer of this Contract, will make any
reports required of it by federal law.
Endorsed and made a part of this Contract on the effective date of the Contract.
President
ING Life Insurance and Annuity Company
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