HomeMy WebLinkAbout20020200.tiff 457 115
Great-West 8515 East Orchard Road
Greenwood Village, CO 80111 Tel. (303) 737-3000
LIFE 8 ANNUITY INSURANCE COMPANY Address mail to: P.O. Box 1700, Denver, CO 80201
www.gwla.com
January 7, 2002
County Of Weld, State Of Colorado
Mr. Donald Warden Director Finance/Administration
PO Box 758
Greeley CO 80632-0758
Dear Policy/Contractholder:
Pursuant to the contract modification provisions of your current annuity contract with
Great-West Life & Annuity Insurance Company, your annuity contract has been amended
to conform to the retirement plan provisions of the Economic Growth and Tax Relief and
Reconciliation Act of 2001(EGTRRA) and the required minimum distribution regulations
issued by the federal Treasury in 2001.
The enclosed amendment is effective January 1, 2002. Please file this amendment with
your annuity contract. If you have any questions, please contact your Regional Vice
President or Local Representative.
Sincerely,
Great-West Life & Annuity Insurance Company
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AMENDMENT TO SECTION 457 PLANS
ATTACHED TO AND FORMING PART OF
THE GROUP ANNUITY CONTRACT
•
WHEREAS, the Group Contractholder/Group Policyholder has entered into a Group Annuity
Contract (the "Contract") with Great-West Life & Annuity Insurance Company (the
"Company"),
WHEREAS, the Contract and related riders, endorsements, amendments, and other related forms,
if any, issued under the Contract require this Amendment pursuant to the Economic Growth and
Tax Relief Reconciliation Act of 2001 ("EGTRRA"),
WHEREAS, the Contract and related riders, endorsements,amendments, and other related forms,
if any, issued under the Contract require this Amendment pursuant to required minimum
distribution regulations issued by the Federal Department of Treasury,
AND WHEREAS, the provisions of this amendment shall be effective January 1, 2002, unless
otherwise indicated below, and shall supercede the provisions of the Contract and related riders,
endorsements or amendments, if any to the extent those provisions are inconsistent with the
provisions of this amendment.
NOW THEREFORE, the following Amendment is hereby made to the Contract and related
riders, endorsements, amendments, or any related forms, if any, issued under the Contract.
1. EGTRRA
a. Distributions
Notwithstanding any distribution provision to the contrary, distributions made
under the Contract shall be made at the time and in the amount and manner allowed under
the terms of the Plan and applicable Internal Revenue Code rules and regulations
promulgated thereunder, as amended from time to time, and will be tax reported under the
applicable rules in effect on the date of distribution.
b. Rollovers
In the event that a Plan has been amended to accept rollovers from other eligible
retirement plans, such rollovers shall be treated as Deposits under the terms of the
Contract. Amounts distributed may be rolled over to an IRA or any other eligible
retirement plan that accepts such rollovers. Amounts directly rolled over will not be tax
reported until distributed.
1-01 A457
c. Qualified Domestic Relations Orders (QDROs)
In the event that a Section 457 Deferred Compensation Plan accepts QDROs. the
Company shall process approved Requests to establish a separate account administered
on behalf of the Alternate Payee named in such QDRO or make payment to the Alternate
Payee in accordance with the provisions of the Plan. Distributions to an Alternate Payee
shall be tax reported under the rules in effect on the date of the distribution. This
provision shall replace any and all provisions related to Conforming Equitable
Distribution Orders (CEDOs).
d. Deemed IRAs
In the event that a Plan has been amended to establish Deemed IRA(s), including
traditional, Roth or both, as part of the Plan effective on or after January 1, 2003, all
contributions and rollovers to the Deemed IRA(s) shall be treated as a Deposit under the
terms of the Contract and will be administered pursuant to Internal Revenue Code Section
408(q), as amended from time to time, and any applicable rulings and regulations
promulgated thereunder.
e. Unforeseeable Emergency Distributions
The terms and provisions of the Plan and the applicable provisions of the Internal
Revenue Code and Treasury regulations promulgated thereunder, as amended from time
to time shall govern all aspects of Unforeseeable Emergency Distributions.
2. Minimum Distribution Requirement Regulations
Required minimum distributions under the Contract shall only be made in a
manner consistent with Internal Revenue Code Section 401(a)(9), as amended from time
to time, and applicable Federal Treasury regulations promulgated thereunder in effect at
the time of the distribution.
Signed for Great-West Life & Annuity Insurance Company on the Issue Date.
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W.T. McCallum,
President and Chief Executive Officer
1-01 A457
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