MINNESOTA MUTUAL LIFE QUALIFIED PLAN AGREEMENT
WHAT DOES THIS AGREEMENT PROVIDE?
This agreement modifies certain contract provisions. It is used in connection
with a tax-qualified plan under Section 401(a) of the Internal Revenue Code,
("Code") as amended.
WHEN MUST AN ANNUITY BEGIN?
The interest of an Annuitant must be distributed or annuity payments commence
not later than April 1 following the calendar year in which the later of the
following occurs: (a) he attains the age of 70 1/2 years; or (b) retires. For
persons who were or are 5% owners, distributions must take place or commence as
described in (a) above.
WHAT ANNUITY FORMS ARE AVAILABLE?
All of the options provided by this contract are available. However, under
Options 2 and 4 the period certain may not extend beyond the life expectancy of
the annuitant.
WHEN MUST DEATH BENEFITS BE PAID?
If you die before annuity payments have begun, certain rules apply. Your entire
contract interest must be distributed no later than 5 years after your death.
This rule of distribution will not apply if an election is made as described in
(a) or (b) below:
(a) If any portion of your interest is payable to a designated
beneficiary, payments must begin no later than one year after your
death. They may be paid over the life or life expectancy of the
designated beneficiary. Payments must be made in substantially
equal installments.
(b) If any portion of your contract interest is payable to a designated
beneficiary who is your surviving spouse, that spouse shall be
treated as the contract owner for purposes of: (1) when payments
must begin; and (2) the time of distribution in the event of that
spouse's death. Payments must be made in substantially equal
installments.
MAY TAX PENALTIES APPLY TO A SURRENDER?
Yes. If there is a withdrawal or surrender prior to the Annuitant's age 59 1/2,
the Annuitant may be subject to tax penalties under the Code. These penalties
may not apply if: (a) the Annuitant is disabled as defined by the Internal
Revenue Code; or (b) the amount received by the Annuitant is the form of an
annuity extending over a period of at least 60 months.
Minnesota Mutual will not be liable for any tax penalties on amounts received or
paid by Minnesota Mutual under this contract.
84-9094 Qualified Plan Agreement
This agreement is effective as of the original contract date of this contract
unless a different effective date is shown here.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxxx Xxxxxxxxxx
Secretary President
84-9094 Qualified Plan Agreement 2
