Exhibit 4(j)
PROTECTIVE LIFE INSURANCE COMPANY P. O. BOX
10648 BIRMINGHAM, ALABAMA 35202-0648
QUALIFIED RETIREMENT PLAN
ENDORSEMENT
FOR DEFERRED ANNUITY CONTRACTS
All provisions of the Contract to which this
Qualified Retirement Plan Endorsement is attached shall be
interpreted in accordance with the applicable requirements of
section 401(a) of the Internal Revenue Code of 1986, as
amended (the “Code”).
The Contract is amended as of the Effective Date
as follows:
1.
OWNER AND
ANNUITANT
The Contract is issued to a trustee of a
qualified retirement plan under Code section 401(a) (the
“Plan”) maintained on behalf of the participants for
whom the Contract is purchased. Such trustee is the Owner and the
Beneficiary.
The term “participant” as used in
this Endorsement shall mean the individual employee or former
employee for whose benefit the Plan is maintained and on whose
behalf the Contract is purchased. The Annuitant shall be the
participant and, except as otherwise provided under the Code and
applicable regulations, the Annuitant cannot be changed.
The trustee shall not distribute the Contract to
the Annuitant until the occurrence of a distributable event under
the Plan under which the Contract was purchased. If the Contract is
distributed to the Annuitant: (A) the Annuitant becomes the
Owner; (B) all payments made from the Contract while the
Annuitant is alive must be made to the Annuitant; (C) the
provisions below apply to the Annuitant; and (D) the Annuitant
may designate a new Beneficiary. If the Annuitant does not
designate a new Beneficiary, then the estate of the Annuitant shall
be the Beneficiary.
2.
NONTRANSFERABLE AND
NONFORFEITABLE
The Owner’s interest under the Contract is
nontransferable (within the meaning of Code section 401(g)) and is
nonforfeitable. In particular, except as permitted by federal tax
law, the Contract may not be sold, assigned, discounted or pledged
as collateral for a loan or as security for the performance of any
obligation or for any other purpose, to any person other than the
Company.
3.
PLAN ADMINISTRATOR
The Plan Administrator is: (a) your
employer; or (b) the person(s) designated by your
employer under the terms of the Plan. Protective Life Insurance
Company (the “Company”) is not the Plan Administrator
or a plan fiduciary.
1
4.
PLAN PROVISIONS
The terms of the Contract and this Endorsement
are subject to the provisions of the Plan under which the Contract
is issued. The Owner’s ability to exercise any rights under
this Contract is subject to the terms of the Plan in connection
with which this Contract was issued. The Owner and Plan
Administrator are responsible for ensuring that any elections made
under the Contract are made in accordance with the terms of the
Plan. Therefore, you should contact your Plan Administrator before
exercising any rights you may have under this Contract to ensure
that your actions are in accordance with the terms of the Plan. The
Company assumes that the exercise of all rights by the Owner of the
Contract, and the distribution of the Contract to a participant,
are in accordance with the terms of the Plan in connection with
which this Contract was issued.
5.
LUMP SUM PAYMENTS
No amount may be paid from the Contract in a
lump sum unless such payment is allowed under both the Plan for
which the Contract is purchased and the Code, including the
regulations thereunder. We will not pay the Contract Value in one
lump sum in lieu of any annuity income payments if the Contract
Value is greater than $5,000, as determined on the first day of the
month preceding the Annuity Commencement Date, in accordance with
the requirements of Code sections 411(a)(11) and 417, including the
regulations thereunder.
6.
PURCHASE PAYMENTS
All Purchase Payments may be paid only under the
Plan by the Owner who is a trustee of the Plan, and if the
Participant becomes the Owner of the Contact as a result of the
Contract being distributed to the participant, premiums may not be
paid after the Contract is distributed. Premium payments are
subject to the terms of the Plan, including the maximum limitations
on contributions. The Company will not accept a Purchase Payment
that includes after-tax contributions.
7.
REQUIRED DISTRIBUTIONS
GENERALLY
The entire interest in the Contract shall be
distributed as required under Code sections 401(a)(9) and
applicable federal income tax regulations. The provisions of this
Endorsement reflecting these requirements override any provision of
the Contract that is inconsistent with such
requirements.
8.
REQUIRED BEGINNING
DATE
As used in this Endorsement, the term
“Required Beginning Date” means April 1 of the
calendar year following the calendar year following the later of
(1) the calendar year in which the participant attains age
70½;or (2) the calendar year in which the participant
retires, or such later date as provided by law. However, unless the
participant’s interest in the Contract is on account of his
or her participation in a governmental plan (as defined in Code
section 414(d)) or church plan (as defined in Code section
401(a)(9)(C)), if the participant is a 5-percent owner (as defined
in IRC section 416) with respect to the plan year ending in the
calendar year in which the participant attains age 70½ ,the
Required Beginning Date is April 1 of the calendar year
following the calendar year in which the participant attains age
70½.
2
9.
DISTRIBUTIONS DURING
ANNUITANT’S LIFE
A.
Unless otherwise permitted under
applicable law, the Annuitant’s entire interest in the
Contract shall be distributed, or commence to be distributed, no
later than the Required Beginning Date over:
(i)
the life of the Annuitant, or the
lives of the Annuitant and his or her designated beneficiary
(within the meaning of Code section 401(a)(9)), or
(ii)
a period not extending beyond the
life expectancy of the Annuitant, or the joint and last survivor
expectancy of the Annuitant and his or her designated
beneficiary.
Payments must be made in periodic
intervals of no longer than one year. In addition, payments must be
either nonincreasing or they may increase only as provided by
applicable federal tax law.
B.
If the Annuitant’s interest is
to be distributed over a period greater than one year, the amount
to be distributed by December 31 of each year (including the
year in which the Required Beginning Date occurs) will be made in
accordance with the requirements of Code section 401(a)(9) and
the regulations thereunder, including the incidental death benefit
requirements of Code section 401(a)(9)(G) and the regulations
thereunder, including the minimum distribution incidental benefit
requirement under such regulations.
10.
DISTRIBUTIONS AFTER DEATH OF THE
ANNUITANT
A.
Unless otherwise
