EX. 99-B.4.8
ING LIFE INSURANCE AND ANNUITY COMPANY
ENDORSEMENT
This Contract is hereby endorsed as follows:
GENERAL DEFINITIONS is amended to include the following defined terms:
ING GET FUND (GET FUND): An open-end registered management investment
company organized as a series fund. Each series of GET Fund constitutes a
separate Fund under this Contract.
ALLOCATION PERIOD: The period of time, usually from one to three months,
during which amounts may be allocated to a series of GET Fund, whether by
Transfer or by Net Purchase Payment(s). Each series of GET Fund will have a
specific Allocation Period.
At its discretion, the Company may allow additional amounts to be allocated
to a series of GET Fund during the Guarantee Period. The Guarantee
established at the close of the Allocation Period will apply to these
amounts.
At its discretion, the Company may specify a minimum amount per Transfer
and per Net Purchase Payment amount for each series prior to the beginning
of the Allocation Period for that series.
The Company will specify a minimum amount of assets that a series of the
GET Fund must contain at the close of the Allocation Period; and reserves
the right to terminate a series if it does not meet this minimum standard.
If the Company elects to terminate the GET Fund and not to start the
Guarantee Period, the Company will mail each Contract Holder with amount(s)
in the series a notice that the series is being canceled. The cancellation
notice will be mailed no later than 15 calendar days after the Allocation
Period ends. The Contract Holder will have 45 calendar days from the end of
the Allocation Period to: (a) Transfer the Current Value of the canceled
series of GET Fund to another accumulation option(s); or (b) request a
surrender of the portion of any Net Purchase Payment allocated to the
canceled series of the GET Fund without a surrender fee. If no Transfer or
surrender is made prior to the end of the 45 calendar day period, the
Current Value in the canceled series of GET Fund will be transferred to ING
Variable Encore Fund, a money market fund during the next Valuation Period.
The Company will also specify the maximum amount of assets that will be
accepted into a series of the GET Fund; and reserves the right to not allow
additional allocation to a series if it exceeds this maximum standard. If
the Company elects not to allow additional allocation to the series of GET
Fund, the Company will stop accepting Net Purchase Payments and Transfers
into the series 10 calendar days after such election. The Allocation Period
will continue until the date the Guarantee Period begins.
GET FUND MATURITY DATE: The date at which the Guaranteed Period for a
series will end and the GET Fund Record Units for that series will be
liquidated. Another accumulation option must then be elected. If no such
election is made by the GET Fund Maturity Date, the portion of the Current
Value based on that GET Fund series will be transferred to the Allocation
Period for another series of GET Fund. If no GET Fund Series is available,
50% of the Current Value from that GET Fund series will be transferred to
ING Variable Fund, a growth and income fund. The remaining 50% of the
Current Value will be transferred to ING Income Shares, a bond fund. The
Transfers will be made during the next Valuation Period. Such Transfers
will not be counted as one of the free Transfers. The GET Fund Maturity
Date will be specified before the Allocation Period for that series begins.
GUARANTEE: The Company guarantees that on a series' GET Fund Maturity Date,
the value of each GET Fund Record Unit then outstanding in that series will
not be less than the value of the Record Unit on the last day of the
Allocation Period. The Company will transfer any amount necessary from its
general account to the Separate Account in order to bring that Record Unit
Value to the guaranteed level. This Guarantee does not apply to GET Fund
Record Unit Values withdrawn or transferred before the GET Fund Maturity
Date.
GUARANTEED PERIOD: The length of time to which the Guarantee applies for a
series, ending on the GET Fund Maturity Date. This period will be specified
before the Allocation Period for a series begins.
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The Contract section entitled FUND(S) is amended to add the following sentence:
Unless specifically indicated otherwise in this Contract, all references to
Fund(s) in this Contract shall include each series of GET Fund.
The Contract section entitled NET RETURN FACTOR(S) - SEPARATE ACCOUNT is hereby
endorsed to add the following as subsection (f):
Minus a daily fee at an annual rate of 0.25% during the Guaranteed Period
for the Company's guarantee of GET Fund Record Unit Values. This fee will
be determined prior to the start of any series of GET Fund's Allocation
Period.
The Contract section entitled TRANSFER OF CURRENT VALUE FROM THE FUNDS is
amended to include the following paragraph at the end of this provision:
Withdrawals or Transfers from a GET Fund series before the Maturity Date
will be at the then applicable GET Fund Record Unit Value, which may be
more or less than the Record Unit Value guaranteed at the GET Fund Maturity
Date.
The Contract section entitled REINSTATEMENT is amended to include the following
paragraph at the end of this provision:
Amounts attributable to GET will be reinstated to the Allocation Period of
a GET series, if available. If a GET series Allocation Period is
unavailable, amounts will be reallocated among other Fund(s) and the Fixed
Account on a prorata basis.
The Contract section entitled CHOICES TO BE MADE is amended to include the
following paragraph at the end of this provision:
Contract values based on any GET Fund series must be transferred to another
accumulation option prior to election of an Annuity Option.
Endorsed and made a part of this Contract on the effective date of the Contract.
/s/ Xxxxxx X. XxXxxxxxx
President
ING Life Insurance and Annuity Company
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