METLIFE INSURANCE COMPANY OF CONNECTICUT
1300 Hall Boulevard
Bloomfield, CT 06002
ROTH INDIVIDUAL RETIREMENT ANNUITY ("ROTH IRA") ENDORSEMENT
The provisions in this Roth IRA Endorsement (the "Endorsement") are effective as
of the issue date for the attached annuity contract (the "Contract") as a Roth
IRA (or the date it has been converted to a Roth IRA), unless a later date is
specified under the federal tax law with respect to a provision hereunder.
The provisions below this paragraph, through Article VIII, of this Endorsement
are word-for-word identical to the operative provisions in Articles I through
VIII of IRS Form 5305-RB (dated March 2002) and are deemed to meet the statutory
requirements for a Roth IRA. These provisions are clarified in accordance with
more recent IRS guidance in Article IX below.
This Endorsement is made a part of the annuity contract to which it is attached,
and the following provisions apply in lieu of any provisions in the contract to
the contrary.
The annuitant is establishing a Roth Individual Retirement Annuity (Roth IRA)
under section 408A of the Internal Revenue Code to provide for his or her
retirement and for the support of his or her beneficiaries after death.
ARTICLE I
Except in the case of a rollover contribution described in section 408A(e), a
re-characterized contribution described in section 408A(d)(6), or an IRA
Conversion Contribution, the issuer will accept only cash contributions up to
$3,000 per year for tax years 2002 through 2004. That contribution limit is
increased to $4,000 for tax years 2005 through 2007 and $5,000 for 2008 and
thereafter. For individuals who have reached the age of 50 before the close of
the tax year, the contribution limit is increased to $3,500 per year for tax
years 2002 through 2004, $4,500 for 2005, $5,000 for 2006 and 2007, and $6,000
for 2008 and thereafter. For tax years after 2008, the above limits will be
increased to reflect a cost-of-living adjustment, if any.
ARTICLE II
1. The contribution limit described in Article I is gradually reduced to
$0 for higher income annuitants. For a single annuitant, the annual
contribution is phased out between adjusted gross income (AGI) of
$95,000 and $110,000; for a married annuitant filing jointly, between
AGI of $150,000 and $160,000; and for a married annuitant filing
separately, between AGI of $0 and $10,000. In the case of a
conversion, the issuer will not accept IRA Conversion Contributions in
a tax year if the annuitant's AGI for the tax year the funds were
distributed from the other IRA exceeds $100,000 or if the annuitant is
married and files a separate return. Adjusted gross income is defined
in section 408A(c)(3) and does not include IRA Conversion
Contributions.
2. In the case of a joint return, the AGI limits in the preceding
paragraph apply to the combined AGI of the annuitant and his or her
spouse
ARTICLE III
The annuitant's interest in the contract is nonforfeitable and nontransferable.
ARTICLE IV
1. The contract does not require fixed contributions.
2. Any dividends (refund of contributions other than those attributable
to excess contributions) arising under the contract will be applied
(before the close of the calendar year following the year of the
dividend) as contributions toward the contract.
ARTICLE V
1. If the annuitant dies before his or her entire interest in the
contract is distributed to him or her and the annuitant's surviving
spouse is not the designated beneficiary, the remaining interest in
the contract will be distributed in accordance with (a) below or, if
elected or there is no designated beneficiary, in accordance with (b)
below:
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(a) The remaining interest in the contract will be distributed,
starting by the end of the calendar year following the year of
the annuitant's death, over the designated beneficiary's
remaining life expectancy, or a period no longer than such
remaining life expectancy, as determined in the year following
the death of the annuitant. Life expectancy is determined using
the single life table in Regulations section 1.401(a)(9)-9.
(b) The remaining interest in the contract will be distributed by
the end of the calendar year containing the fifth anniversary of
the annuitant's death.
2. If the annuitant's surviving spouse is the designated beneficiary,
such spouse will then be treated as the annuitant.
ARTICLE VI
1. The annuitant agrees to provide the issuer with all information
necessary to prepare any reports required by sections 408(i) and
408A(d)(3)(E), Regulations sections 1.408-5 and 1.408-6, or other
guidance published by the Internal Revenue Service (IRS).
2. The issuer agrees to submit to the IRS and annuitant the reports
prescribed by the IRS.
ARTICLE VII
Notwithstanding any other articles which may be added or incorporated, the
provisions of Articles I through IV and this sentence will be controlling. Any
additional articles inconsistent with section 408A, the related regulations, or
other published guidance will be invalid.
ARTICLE VIII
This Endorsement will be amended as necessary to comply with the provisions of
the Code, the related regulations, and other published guidance. Other
amendments may be made with the consent of the persons whose signatures appear
on the contract.
ARTICLE IX
A. Clarifications of Terms Used in This Endorsement
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1. The term "issuer," "we" or "us" means MetLife Insurance Company of
Connecticut.
2. The term "annuitant," "you" or "your" refers to the individual who is
the measuring life, as well as the individual owner (or "owner"),
under this Contract. The term "Contract" also may refer to a
certificate issued under a group annuity contract. No joint owner or
contingent annuitant may be named under this Contract. If this is an
inherited IRA within the meaning of Code Section 408(d)(3)(c)
maintained for the benefit of a designated beneficiary of a deceased
individual, references in this document to "annuitant," "owner," "you"
or "your" are to the deceased individual.
3. The term "article" as used in Article VII may include any provision
of the Contract (including any rider or endorsement).
B. Clarifications of Articles I-VIII and Other Contract Provisions
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1. The Contract as modified by this Endorsement is intended to qualify
as part of a tax-qualified retirement arrangement, plan or contract
that meets the requirements of section 408A and any applicable
Treasury Regulations, i.e., to qualify as a Roth IRA. To achieve these
purposes, the provisions of this Endorsement shall control if they are
in conflict with those of the Contract, and the provisions of this
Endorsement and the Contract (including any other rider or endorsement
that does not specifically override this provision) shall be
interpreted to ensure or maintain such tax qualification, despite any
other provision to the contrary. Payments and distributions under this
Contract shall be made in a time and manner necessary to maintain such
a tax qualification under the applicable provisions of the Internal
Revenue Code (the "Code"). We reserve the right to amend this
Endorsement or the Contract to comply with any applicable changes in
the Code or any regulations or other published guidance relating
thereto, or to reflect any clarifications that may be needed or are
appropriate to maintain such tax qualification. We will send you a
copy of any such amendment, and when required by law, we will obtain
the approval of the appropriate regulatory authority or of the
annuitant.
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2. No benefits under the Contract may be transferred, sold, assigned,
borrowed, or pledged as collateral for a loan, or as security for the
performance of an obligation, or for any other purpose, to any person,
except that the Contract may be transferred under a divorce or separation
instrument described in section 408(d)(6).
3. (a) Maximum Permissible Amount. Except in the case of a qualified rollover
contribution, a nontaxable transfer from an individual retirement plan
under Section 7701(a)(37) of the Code, or a recharacterization (as defined
in (f) below), ongoing contributions to this Contract (if permitted) must
be in cash and the total of such contributions to all the individual
owner's Roth IRAs for a taxable year shall not exceed the applicable amount
(as defined in (b) below), or the individual owner's compensation (as
defined in (h) below), if less, for that taxable year (or such other amount
provided by applicable federal tax law). Any contribution described in the
previous sentence that may not exceed the lesser of the applicable amount
or the individual owner's compensation is referred to as a "regular
contribution." A "qualified rollover contribution" is a rollover
contribution of a distribution from an eligible retirement plan described
in section 402(c)(8)(B) (or such other amounts provided by applicable
federal tax law). If the distribution is from an IRA, the rollover must
meet the requirements of section 408(d)(3), except the
one-rollover-per-year rule of section 408(d)(3)(B) does not apply if the
rollover contribution is from an IRA other than a Roth IRA (a "nonRoth
IRA"). If the rollover contribution is from an eligible retirement plan
other than an IRA, the rollover must meet the requirements of section
402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) or
457(e)(16), as applicable, Contributions may be limited under (c) through
(e) below.
(b) Applicable Amount. The applicable amount is determined below:
(i) If the individual owner is under age 50, the applicable amount
is $5,000 for any taxable year beginning in 2008 and years
thereafter. After 2008, the $5,000 amount will be adjusted by the
Secretary of the Treasury for cost-of-living increases under
section 219(b)(5)(D). Such adjustments will be in multiples of
$500.
(ii) If the individual owner is 50 or older, the applicable amount
under paragraph (i) above is increased by $1,000 for any taxable
year beginning in 2006 and years thereafter.
(c) Regular Contribution Limit. The maximum regular contribution that can
be made to all the individual owner's Roth IRAs for a taxable year is
the smaller amount determined under (i) or (ii) below.
(i) The maximum regular contribution is phased out ratably between
certain levels of modified adjusted gross income ("modified
AGI"), as defined in (g) below, in accordance with the following
table:
Filing Status Full Contribution Phase-Out Range No Contribution
------------------------------------ ------------------ ----------------------------- ---------------
Modified AGI
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Single or Head of Household $95,000 or less Between $95,000 and $110,000 $ 110,000 or more
Joint Return or Qualifying Widow(er) $ 150,000 or less Between $150,000 and $160,000 $ 160,000 or more
Married - Separate Return $ 0 Between $0 and $10,000 $ 10,000 or more
If the individual owner's modified AGI for a taxable year is in the phase-out
range, the maximum regular contribution determined under this table for that
taxable year is rounded up to the next multiple of $10 and is not reduced below
$200. After 2006, the dollar amounts above will be adjusted by the Secretary of
the Treasury for cost-of-living increases under section 408A(c)(3). Such
adjustments will be in multiples of $1,000.
(ii) If the individual owner makes regular contributions to both Roth
and nonRoth IRAs for a taxable year, the maximum regular
contribution that can be made to all such individual's Roth IRAs
for that taxable year is reduced by the regular contributions
made to such individual's nonRoth IRAs for the taxable year.
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(d) Inherited IRA. If this is an inherited IRA within the meaning of
Code Section 408(d)(3)(c), no additional contributions will be
accepted.
(e) SIMPLE IRA Limits. No contribution shall be allowed into this
Contract under a SIMPLE IRA plan established by any employer
pursuant to section 408(p). Also, no transfer or rollover of
funds attributable to contributions made by a particular employer
under its SIMPLE IRA plan shall be allowed into this Contract
from a SIMPLE IRA, that is, an IRA used in conjunction with a
SIMPLE IRA plan, prior to the expiration of the 2-year period
beginning on the date the individual owner first participated in
that employer's SIMPLE IRA plan.
(f) Recharacterization. A regular contribution to a nonRoth IRA may
be recharacterized pursuant to the rules in Treas. Reg. Sec.
1.408A-5 as a regular contribution to this Roth IRA (if
permitted), subject to the limits in (c) above.
(g) Modified AGI. For purposes of (c) above, an individual owner's
modified AGI for a taxable year is defined in section 408A(c)(3)
and does not include any amount included in adjusted gross income
as a result of a qualified rollover contribution (a
"conversion").
(h) Compensation. For purposes of (a) above, compensation is defined
as wages, salaries, professional fees, or other amounts derived
from or received for personal services actually rendered
(including, but not limited to commissions paid salesmen,
compensation for services on the basis of a percentage of
profits, commissions on insurance premiums, tips, and bonuses)
and includes earned income, as defined in section 401(c)(2)
(reduced by the deduction the self-employed individual owner
takes for contributions made to a self-employed retirement plan).
For purposes of this definition, section 401(c)(2) shall be
applied as if the term trade or business for purposes of section
1402 included service described in subsection (c)(6).
Compensation does not include amounts derived from or received as
earnings or profits from property (including but not limited to
interest and dividends) or amounts not includible in gross income
(determined without regard to Code Section 112). Compensation
also does not include any amount received as a pension or annuity
or as deferred compensation. The term "compensation" shall
include any amount includible in the individual owner's gross
income under section 71 with respect to a divorce or separation
instrument described in subparagraph (A) of section 71(b)(2). In
the case of a married individual filing a joint return, the
greater compensation of his or her spouse is treated as his or
her own compensation, but only to the extent that such spouse's
compensation is not being used for purposes of the spouse making
an IRA contribution. The term "compensation" also includes any
differential wage payments as defined in Code Section 3401(h)(2).
(i) The owner shall have the sole responsibility for
determining whether any contribution satisfies applicable
income tax requirements.
4. No amount is required to be distributed prior to the death of the
individual owner for whose benefit the Contract was originally
established. If this is an inherited IRA within the meaning of the
Code Section 408(d)(3)(C), this paragraph does not apply. However,
prior to the time you reach the Maximum Annuity Date or maturity date
under this contract (as the case may be), we will send you information
about annuity payment options so that you may consider whether to
continue the deferral of distributions under your Roth IRA contract
provisions or begin to receive annuity payments or other withdrawals
from your Contract.
5. (a) Notwithstanding any provision of this Roth IRA Contract to
the contrary, the distribution of the individual owner's interest
in the Roth IRA shall be made in accordance with the requirements
of section 408(b)(3), as modified by section 408A(c)(5), and the
Treasury Regulations thereunder, the provisions of which are
herein incorporated by this 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 Roth
IRA (as determined under section 5(c), below) must satisfy the
requirements of section 408(a)(6), as modified by section
408A(c)(5) and the Treasury Regulations thereunder, rather than
the distribution rules in paragraphs 5(b), (c), (d) and (e)
below.
(b) Upon the death of the individual owner, his or her entire
interest shall be distributed at least as rapidly as follows:
(i) If the designated beneficiary is someone other than
such individual's surviving spouse, the entire interest
shall be distributed, starting by the end of the calendar
year following the calendar year of such individual's death,
over the life of the designated beneficiary or over a period
not extending beyond the life expectancy of the designated
beneficiary, with such life expectancy determined using the
age of the beneficiary as of his or her birthday in the year
following the year of such individual's death, or, if
elected, in accordance with paragraph (b)(iii) below. If
this is an inherited IRA within the meaning of Code Section
408(d)(3)(C) established for the benefit of a non-spouse
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designated beneficiary by a direct trustee-to-trustee
transfer from a retirement plan of a deceased
individual under Sec. 402(c)(11), then, notwithstanding
any election made by the deceased individual, the
non-spouse designated beneficiary may elect to have
distributions made under this paragraph if the transfer
is made no later than the end of the year following the
year of death.
(ii) If such individual's sole designated beneficiary is
such individual's surviving spouse, the entire interest
shall be distributed, starting by the end of the
calendar year following the calendar year of such
individual's death (or by the end of the calendar year
in which such individual would have attained age
70 1/2, if later), over such spouse's life or over a
period not extending beyond the life expectancy of the
surviving spouse, or, if elected, in accordance with
paragraph (b)(iii) below. If such surviving spouse dies
before required distributions commence to him or her,
the remaining interest shall be distributed, starting
by the end of the calendar year following the calendar
year of such spouse's death, over such spouse's
designated beneficiary's remaining life expectancy
determined using such beneficiary's age as of his or
her birthday in the year following the death of such
spouse, or, if elected, shall be distributed in
accordance with paragraph (b)(iii) below. If such
surviving spouse dies after required distributions
commence to him or her, any remaining interest shall
continue to be distributed under the contract option
chosen.
(iii) If there is no designated beneficiary, or if applicable
by operation of paragraph (b)(i) or (b)(ii) above, the
entire interest shall be distributed by the end of the
calendar year containing the fifth anniversary of such
individual's death (or of the spouse's death in the
case of the surviving spouse's death before
distributions are required to begin under paragraph (b)
(ii) above).
(iv) Life expectancy is determined using the Single Life
Table in Q&A-1 of Treas. Reg. Sec. 1.401(a)(9)-9. If
distributions are being made to a surviving spouse as
the sole designated beneficiary, such spouse's
remaining life expectancy for a year is the number in
the Single Life Table corresponding to such spouse's
age in the year. In all other cases, remaining life
expectancy for a year is the number in the Single Life
Table corresponding to the beneficiary's age in the
year specified in paragraph (b)(i) or (ii) and reduced
by 1 for each subsequent year.
(c) The "interest" in the Roth IRA includes the amount of any
outstanding rollover, transfer and recharacterization under
Q&As-7 and -8 of Treas. Reg. Sec. 1.408-8. Also, prior to the
date that the Contract is annuitized, the "interest" in the
Contract includes the actuarial present value of any additional
benefits provided under this IRA Contract (such as survivor
benefits in excess of the dollar amount credited to Your
beneficiary under the Contract) under Q&A-12 of Section
1.401(a)(9)-6 of the Income Tax Regulations.
(d) For purposes of paragraph 5(b)(ii) above, required distributions
are considered to commence on the date distributions are required
to begin to the surviving spouse under such paragraph. However,
if distributions start prior to the applicable date in the
preceding sentence, on an irrevocable basis (except for
acceleration) under an annuity contract meeting the requirements
of Treas. Reg. Sec. 1.401(a)(9)-6, then required distributions
are considered to commence on the annuity starting date.
(e) If the sole designated beneficiary is the individual owner's
surviving spouse, the spouse may elect to treat the Roth IRA as
his or her own Roth IRA. This election shall be deemed to have
been made if such surviving spouse makes a contribution to the
Roth IRA or fails to take required distributions as a
beneficiary.
(f) The required minimum distributions payable to a designated
beneficiary from this Roth IRA may be withdrawn from another Roth
IRA the beneficiary holds from the same decedent in accordance
with Q&A-9 of Sec.1.408-8 of the Income Tax Regulations.
(g) The owner or the owner's beneficiary, as applicable, shall have
the sole responsibility for requesting or arranging for
distributions that comply with this Endorsement and applicable
income tax requirements.
6. If your Contract contains any provisions relating to federal tax
requirements for any Traditional, SEP or SIMPLE IRA contract that do
not apply to Roth IRAs, they are hereby deleted by this Endorsement.
This includes, but is not limited to, provisions relating to required
minimum distribution ("RMD") requirements during your life that apply
to any Traditional, SEP or SIMPLE IRA but do not apply to your Roth
IRA, such as:
(a) Automatic sending of information about income plans when you
attain age 70 or starting income payments on the April 1
following the calendar year you attain age 70 1/2, or
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(b) Waiver of withdrawal charges on withdrawals required to avoid
federal income tax penalties or to satisfy such pre-death RMD
income tax rules.
In addition, any references to unisex rates in the Annuity Table
or the use of such rates for SEP or SIMPLE IRAs are deleted.
7. Notwithstanding Article IV above, no dividends are paid under this
Contract.
8. If (a) no premiums have been received for two full consecutive
contract years, (b) the account balance is less than $2,000, and (c)
the paid-up annuity benefit at maturity or the Maximum Annuity Date
would be less than $20 per month, we may choose either (i) to accept
additional future premium payments under the Contract, or (ii) where
otherwise permitted by law and the terms of the Contract, to terminate
the Contract by a lump sum payment of the then present value of the
paid-up benefit.
All other terms and conditions of the Contract remain unchanged.
MetLife Insurance Company of Connecticut has caused this Endorsement to be
signed by its Secretary
[
/s/ Isaac Torres
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]
[SECRETARY]
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