EXHIBIT 99(4)(I)
THE AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
000 XXXX XXXXXX, XXX XXXX, XX 00000 o (000) 000-0000
(hereafter called the "Company")
ENDORSEMENT
Effective as of the Date of Issue of this contract, the following changes are
made to this contract.
1. The "REQUIRED BEGINNING DATE" provision in Section 2 of the contract is
deleted.
2. The "DISTRIBUTIONS" provision in Section 2 of the contract is changed to
read:
DISTRIBUTIONS
All payments, withdrawals and distributions under this contract will be
subject to the following rules:
(A) RETIREMENT BENEFIT. Except as otherwise provided, the Accumulation
Value of this contract will be distributed to you under a method of
payment selected by you and permitted by the contract.
(B) DEATH BENEFIT AFTER ANNUITY COMMENCEMENT DATE. If you die on or after
your Annuity Commencement Date, your beneficiary will be entitled to
whatever death benefit is provided by the annuity option that is in
effect when you die.
(C) DEATH BENEFIT BEFORE ANNUITY COMMENCEMENT DATE. If you die before your
Annuity Commencement Date, your beneficiary will be entitled to a
death benefit equal to the Accumulation Value of this contract.
Subject to the following rules, the beneficiary may elect to receive
this death benefit under any method of payment permitted by this
contract. However, the method of payment chosen by your beneficiary
must comply with one of the following distribution rules, unless the
beneficiary elects to use the Alternative Method of distribution
described in paragraph (D) below:
(1) FIVE YEAR RULE. Except as provided below, the entire value of the
death benefit must be distributed to your beneficiary by December
31 of the calendar year that contains the fifth anniversary of
your death. However, if your beneficiary is your surviving
spouse, and the spouse dies before receiving any part of the
death benefit, the spouse's beneficiary is not required to
receive the death benefit until December 31 of the calendar year
that contains the fifth anniversary of the spouse's death.
(2) LIFE ANNUITY RULE. Except as provided below, the entire value of
the death benefit must be distributed to your beneficiary in the
form of annuity payments over a period of time that does not
exceed the beneficiary's life or life expectancy (whichever is
longer). If your beneficiary is your surviving spouse, the
spouse's life expectancy may be recalculated annually for this
purpose as provided in subparagraph (E)(2) below.
Unless your beneficiary is your surviving spouse, these annuity
payments must commence no later than December 31 of the calendar
year next following the calendar year in which you died. If your
beneficiary is your surviving spouse, the spouse must begin to
receive the annuity payments by the later of (a) December 31 of
the calendar year next following the calendar year in which you
died, or (b) December 31 of the calendar year in which you would
have attained age 70-1/2.
However, if your beneficiary is your surviving spouse, and the
spouse dies before he or she begins to receive annuity payments,
the death benefit must be distributed to the spouse's beneficiary
in the form of annuity payments over the life or life expectancy
of the spouse's beneficiary (whichever is longer). These annuity
payments must commence by the later of (a) December 31 of the
calendar year next following the calendar year in which your
spouse died, or (b) December 31 of the calendar year in which
your spouse would have attained age 70-1/2.
(D) ALTERNATIVE METHOD. Your beneficiary will not be required to receive a
distribution from this contract under paragraph (C) above to the
extent that the required distribution is withdrawn from another
individual retirement arrangement pursuant to the "alternative method"
of distribution described in IRS Notice 88-38, 1988-1 C.B. 524.
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(E) DETERMINATION OF LIFE EXPECTANCY
(1) METHOD OF CALCULATION. For the purpose of choosing a payment
schedule under subparagraph (C)(2), life expectancies will be
calculated (and if applicable, recalculated) in accordance with
Tables V and VI in Section 1.72-9 of the Federal Income Tax
Regulations.
(2) RECALCULATION OF LIFE EXPECTANCY. Your surviving spouse may
annually recalculate his or her life expectancy for the purpose
of choosing a payment schedule under subparagraph (C)(2) above.
However, if your spouse initially selects a method of payment
based on his or her recalculated life expectancy, he or she may
not subsequently choose a slower payment schedule.
(F) COMPLIANCE WITH MINIMUM DISTRIBUTION REQUIREMENTS. Any method of
payment chosen by you or your beneficiary must comply with the minimum
distribution requirements of Code Sections 408(b)(3) and 408A(c)(5),
the Federal Income Tax Regulations thereunder, and any subsequent
pronouncements. The Company assumes no responsibility for determining
whether any method of payment selected under this contract complies
with the applicable minimum distribution rules.
3. The "CONTRIBUTIONS" provision in Section 3 of the contract is changed to
read:
CONTRIBUTIONS
No contributions may be made under this contract except:
o amounts designated as XXXX XXX contributions under a XXXX XXX
arrangement described in Section 408A(b) of the Internal Revenue Code
(herein called the "Code"); and
o rollover amounts transferred on your behalf and designated as XXXX XXX
contributions under Code Section 408A(c).
All contributions pursuant to this contract must be made to the Company's
Home Office. Any person who makes a contribution is entitled to an official
receipt.
The first contribution pursuant to this contract must be made on or before
the Effective Date shown on the face page to place the contract in force.
Thereafter, contributions may be made at any time, except that no
contributions may be made by you or on your behalf on or after your Annuity
Commencement Date.
The total contributed by you or on your behalf for any taxable year
pursuant to a XXXX XXX arrangement may not exceed the maximum contribution
permitted for that year by Code Section 408A(c).
The Company assumes no responsibility for determining whether the amounts
contributed under this contract comply with any applicable contribution
limits or requirements.
This endorsement executed at New York, N.Y. this ____________ day
of________________________ 19 .
THE AMERICAN LIFE
INSURANCE COMPANY
/s/ Xxxxxx Xxxxxxx
---------------------------------
Title: Vice President
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