Exhibit 4(h)
PROTECTIVE LIFE INSURANCE
COMPANY P. O. BOX 10648 BIRMINGHAM, ALABAMA
35202-0648
INDIVIDUAL RETIREMENT ANNUITY
(IRA) ENDORSEMENT
FOR DEFERRED ANNUITY CONTRACTS
The Contract to which this Individual Retirement
Annuity Endorsement is attached is issued as an individual
retirement annuity under Section 408(b) of the Internal
Revenue Code of 1986, as amended (the “Code”).
Accordingly, where the provisions of this Endorsement are
inconsistent with the provisions of the Contract, including the
provisions of any other endorsement or rider issued with the
Contract, the provisions of this Endorsement will
control.
The Contract is amended as follows:
1.
OWNER AND
ANNUITANT
The Annuitant must be an individual who is the
sole Owner, and all payments made from the Contract while the
Annuitant is alive must be made to the Annuitant. Except as
permitted under Section 8 of this Endorsement, and otherwise
permitted under the Code and applicable regulations, neither the
Owner nor the Annuitant can be changed.
2.
NONTRANSFERABLE AND
NONFORFEITABLE
The Contract is established for the exclusive
benefit of the Owner and his or her beneficiaries. The
Owner’s interest under the Contract is nontransferable, and
except as provided by law, is non-forfeitable. In particular, 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 (other than a transfer incident to a divorce or separation
instrument in accordance with Code
Section 408(d)(6)).
3.
UNISEX RATES
If the Contract is issued in connection with a
Simplified Employee Pension, the method of calculating Purchase
Payments and benefits under the Contract are to be based on unisex
rates, and any references to sex (with regard to rates and
benefits) in the Contract are deleted.
4.
PURCHASE PAYMENTS
Purchase Payments may not include any amounts
other than a rollover contribution (as permitted by Code Sections
402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10),
408(d)(3) and 457(e)(16)), a nontaxable transfer from an
Individual Retirement Account under Code
Section 408(a) or another Individual Retirement Annuity
under Code Section 408(b), a contribution made in accordance
with the terms of a Simplified Employee Pension as described in
Code Section 408(k), and a contribution in cash not to exceed
the amount permitted under Code Sections 219(b) and 408(b),
(or such other amount provided by applicable federal tax law). In
particular, unless otherwise provided by applicable federal tax
law:
A.
The total cash contributions shall
not exceed $3,000 for any taxable year beginning in 2002 through
2004, $4,000 for any taxable year beginning in 2005 through 2007,
and $5,000 for any taxable year beginning in 2008 and years
thereafter. After 2008, the limit will be adjusted by the Secretary
of the Treasury
1
for cost-of-living increases under
Code Section 219(b)(5)(C). Such adjustments will be in
multiples of $500.
B.
In the case of an individual who is
50 or older, the annual cash contribution limit is increased by
$500 for any taxable year beginning in 2002 through 2005, and
$1,000 for any taxable year beginning in 2006 and years
thereafter.
No Purchase Payment subsequent to the initial
Purchase Payments will be accepted unless it is equal to at least
$50.
No contribution will be accepted under a SIMPLE
IRA plan established by any employer pursuant to Code
Section 408(p). No transfer or rollover of funds attributable
to contributions made by a particular employer under its SIMPLE IRA
plan will be accepted from a SIMPLE IRA, that is, an Individual
Retirement Account under Code Section 408(a) or an
Individual Retirement Annuity under Code
Section 408(b) used in conjunction with a SIMPLE IRA
plan, prior to the expiration of the 2-year period beginning on the
date the Owner first participated in that employer’s SIMPLE
IRA plan.
5.
REQUIRED DISTRIBUTIONS
GENERALLY
Notwithstanding any provision of the Contract to
the contrary, the distribution of the Owner’s interest in the
Contract shall be made in accordance with the requirements of Code
Sections 401(a)(9) and 408(b)(3) and the regulations
thereunder, the provisions of which are herein incorporated by
reference. If distributions are not made in the form of an annuity
on an irrevocable basis (except for acceleration), then
distribution of the interest in the Contract (as determined under
Section 8.C. of this Endorsement) must satisfy the
requirements of Code Section 408(a)(6) and the
regulations thereunder, rather than Sections 7 and 8 of this
Endorsement.
6.
REQUIRED BEGINNING
DATE
As used in this Endorsement, the term
“Required Beginning Date” means April 1 of the
calendar year following the calendar year in which the participant
attains age 70½, or such later date as provided by
law.
7.
DISTRIBUTIONS DURING
OWNER’S LIFE
A.
Unless otherwise permitted under
applicable law, the Owner’s entire interest in the Contract
will commence to be distributed no later than the Required
Beginning Date over:
(i)
the life of the Owner, or the lives
of the Owner and his or her designated beneficiary (within the
mea
