EXHIBIT 99-B.8.87
AMENDMENT TO PARTICIPATION AGREEMENT
THIS AMENDMENT effective the 4th day of March, 2003 among ING Life
Insurance and Annuity Company (formerly known as Aetna Life Insurance and
Annuity Company) ("ILIAC"), ReliaStar Life Insurance Company ("ReliaStar"),
ReliaStar Life Insurance Company of New York ("ReliaStar New York")
(collectively, the "Company"), X. Xxxx Price Investment Services, Inc. (the
"Distributor"), X. Xxxx Price Services, Inc. ("Transfer Agent") (collectively,
"X. Xxxx Price").
WITNESSETH:
WHEREAS, the Company and X. Xxxx Price signed a Fund Participation
Agreement effective October 10, 2000 ("Agreement") and that Agreement is
being amended herein.
1. All references to the defined term "Funds" shall be amended to include
"X. Xxxx Price Funds - Advisor Class shares and X. Xxxx Price Funds -
R Class shares".
2. The Schedule B shall be deleted in its entirety and replaced with the
attached revised Schedule B.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amended Agreement as of the date first above written.
ING LIFE INSURANCE AND ANNUITY X. XXXX PRICE SERVICES, INC.
COMPANY
By: /s/ Xxxxxx X. Xxxxxxxxxxx By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxxx X. Xxxxxxxxxxx Name: Xxxxx Xxxxxxx
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Title: Vice President Title: Vice President
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Date: 3-6-03 Date: 3/7/03
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RELIASTAR LIFE INSURANCE COMPANY INC. X. XXXX PRICE INVESTMENT SERVICES,
By: /s/ Xxxxxx X. Xxxxxxxxxxx By: /s/ Xxxxx X. Xxxxxxx
------------------------------------ ---------------------------------
Name: Xxxxxx X. Xxxxxxxxxxx Name: Xxxxx X. Xxxxxxx
---------------------------------
Title: Vice President Title: Vice President
---------------------------------
Date: 3-6-03 Date: 3/7/03
--------------------------------- ------------------------------
RELIASTAR LIFE INSURANCE COMPANY
OF NEW YORK
By /s/ Xxxxxx X. Xxxxxxxxxxx
-------------------------------------
Name: Xxxxxx X. Xxxxxxxxxxx
---------------------------------
Title: Vice President
---------------------------------
Date: 3-6-03
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SCHEDULE B
FEES TO THE COMPANY
1. ADMINISTRATIVE SERVICE FEES (for both Advisor Class shares and R Class
shares)
Administrative Services to Contract owners and participants shall be the
responsibility of the Company and shall not be the responsibility of the
Fund or the Distributor. The Distributor recognizes the Company as the sole
shareholder of Fund shares issued under the Fund Participation Agreement,
and that substantial savings will be derived in administrative expenses,
such as significant reductions in postage expense and shareholder
communications, by virtue of having a sole shareholder for each of the
Accounts rather than multiple shareholders. In consideration of the
administrative savings resulting from such arrangement, Distributor agrees
to pay to the Company a servicing fee based on the annual rate of 0.10%
(0.0083% monthly) of the average net assets invested in the Funds through
the Contracts in each calendar month. To calculate this payment, the
Company's aggregate investment in the Funds (net asset value per share of
each Fund multiplied by total number of shares held by the Company in each
Fund) will be calculated for each calendar day during the entire month, and
divided by the total number of calendar days during such month. Each
payment will be accompanied by a statement showing the calculation of the
fee payable to the Company for the month and such other supporting data as
may be reasonably requested by the Company. The Funds reserve the right to
decrease the payment made by any Fund with 30 days written notice to the
Company.
2. 12b-1 FEES.
A. Advisor Class Shares Only -
In accordance with the Fund's plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940, the Distributor will make payments to the
Company at an annual rate of 0.25% (0.0021% monthly) of the average net
assets invested in the Funds through the Contracts in each calendar month.
B. R Class Shares Only -
In accordance with the Fund's plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940, the Distributor will make payments to the
Company at an annual rate of 0.50% (of which no more than 0.25% per annum
will be deemed as payment for personal services) of the average net assets
invested in the Funds through the Contracts in each calendar month.
C. The Distributor shall compute the payments for each month. To calculate
the payment, the Company's aggregate investment in the Funds (net asset
value per shares of each Fund multiplied by the total number of shares held
by the Company in each Fund) will be calculated for each calendar day
during the entire month, and divided by the total number of calendar days
during such month. Each payment will be accompanied by a statement showing
the calculation of the fee payable to the Company for the month and such
other supporting data as may be reasonably requested by the Company.