EXHIBIT 4L
ENDORSEMENT
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▇▇▇▇ ▇▇▇ PROVISIONS
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▇▇▇▇ ▇▇▇ ENDORSEMENT
This Contract is established as a ▇▇▇▇ ▇▇▇ as defined in Section 408A of the
Internal Revenue Code of 1986, as amended (the "Code") or any successor
provision, pursuant to the Owner's request in the Application. Accordingly, this
endorsement is attached to and made part of the Contract as of its Issue Date
or, if later, the date shown below. Notwithstanding any other provisions of the
Contract to the contrary, the following provisions shall apply.
RESTRICTIONS ON ▇▇▇▇ ▇▇▇
To ensure treatment as a ▇▇▇▇ ▇▇▇, this Contract will be subject to the
requirements of Code Section 408A, which are briefly summarized below:
1. The Contract is established for the exclusive benefit of the Owner or his or
her beneficiaries. The Owner shall be the Annuitant.
2. The Contract shall be nontransferable and the entire interest of the Owner
in the Contract is nonforfeitable.
3. If the Owner dies before his or her entire interest is distributed to him or
her and the Owner's surviving spouse is not the sole beneficiary, the entire
remaining interest will, at the election of the Owner or, if the Owner has
not so elected, at the election of the beneficiary or beneficiaries, either:
(a) Be distributed by December 31 of the year containing the fifth
anniversary of the Owner's death, or
(b) be distributed over the life expectancy of the designated beneficiary
starting no later than December 31 of the year following the year of
the Owner's death.
If, distributions do not begin by the date described in (b), distribution
method (a) will apply.
In the case of distribution method (b) above, to determine the minimum
annual payment for each year, divide the Owner's entire interest in the
Contract as of the close of business on December 31 of the preceding year by
the life expectancy of the designated beneficiary using the attained age of
the designated beneficiary as of the beneficiary's birthday in the year
distributions are required to commence and subtract 1 for each subsequent
year.
If the Owner's spouse is the sole beneficiary on the Owner's date of death,
such spouse will then be treated as the Owner.
4. Any refund of premiums (other than those attributable to excess
contributions) will be applied before the close of the calendar year
following the year of the refund toward the payment of future premiums or
the purchase of additional benefits.
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▇▇▇▇ ▇▇▇ PROVISIONS (Continued)
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RESTRICTIONS ON ▇▇▇▇ ▇▇▇ (Continued)
5. The annual premium shall not exceed the lesser of $2,000 or 100 percent of
compensation ($4,000 or 100 percent of compensation for two ▇▇▇▇ IRAs owned
by a married couple, however, no more than $2,000 can be contributed to
either spouse's ▇▇▇▇ ▇▇▇). The maximum annual premium shall be phased-out
for single Owners with adjusted gross income between $95,000 and $110,000,
and for married Owners with adjusted gross income between $150,000 and
$160,000 in accordance with Section 408A(c)(3).
6. Other than qualified rollover contributions, as defined in Section 408A(e)
of the Code, no rollover contributions may be made to the Contract.
Qualified rollover contributions are excluded from the annual premium limit
set forth in Section 5.
7. Notwithstanding any Contract provision to the contrary, no amount may be
borrowed under the Contract and no portion may be used as security for a
loan.
8. The portion of any Annuity Payments made from the Contract representing
earnings will be subject to a 10% penalty tax under Section 72(t) of the
Code if such amounts are paid before the Annuitant attains the age of
59-1/2, unless the payments meet one of the exceptions to the penalty tax
for distributions from individual retirement plans under Section 72(t) of
the Code.
SECURITY BENEFIT LIFE INSURANCE COMPANY
▇▇▇▇▇ ▇. ▇▇▇▇▇
Secretary
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Endorsement Effective Date
(If Other Than Issue Date)
