Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485BPOS Odyssey Post Effective Amendment #3 HTML 131K
2: EX-99.4(E) Individual Retirement Annuity Rider 8 34K
3: EX-99.4(F) Roth Retirement Annuity Rider 7 34K
4: EX-99.4(G) Simple Retirement Annuity Rider 8 34K
5: EX-99.4(I)(2) Premier Death Benefit Rider 4 19K
EX-99.4(E) — Individual Retirement Annuity Rider
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EXHIBIT 4.(e)
[LOGO OF PACIFIC LIFE]
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660
A Stock Company
INDIVIDUAL RETIREMENT ANNUITY RIDER
This rider is a part of the Contract to which it is attached (the Contract) by
Pacific Life Insurance Company (PL).
The Contract is hereby modified as specified below in order to qualify as an
Individual Retirement Annuity (IRA) under Code Section 408 (other than a Roth
IRA or a SIMPLE IRA, as defined below).
The provisions of this rider shall control if they are in conflict with those of
the Contract.
A. Definitions
Annuitant - The individual named as a measuring life for periodic annuity
payments under the Contract.
Annuity Start Date - The date shown in the Contract Specifications, or the date
the Owner has most recently elected under the Contract, if any, for the start of
annuity payments if the Annuitant is still living and the Contract is in force;
or if earlier, the date that annuity payments actually begin.
Applicable Designation Date - September 30 of the calendar year next following
the Owner's Year of Death.
Applicable Distribution Period - The period used to determine the amount
required to be distributed as an RMD during a Distribution Year.
Code - The Internal Revenue Code of 1986, as amended.
Compensation - 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 Code Section 401(c)(2) (reduced by the
deduction the self-employed individual takes for contributions made to a
self-employed retirement plan). For purposes of this definition, Code Section
401(c)(2) shall be applied as if the term trade or business for purposes of Code
Section 1402 included the service described in Code Section 1402 (c)(6).
Compensation does not include amounts derived from or received as earnings and
profits from property (including, but not limited to, interest and dividends) or
amounts not includible in gross income. Compensation also does not include any
amount received as a pension or annuity or as deferred compensation.
Compensation shall include any amount includible in the individual's gross
income under Code Section 71 with respect to a divorce or separation instrument
described in Code Section 71(b)(2)(A).
Contract - This annuity contract issued by PL as an IRA.
Contributions - The Purchase Payments, premiums, rollovers or other
contributions received by PL under the Contract.
Designated Beneficiary - An individual designated or treated as a beneficiary
under the Contract for RMD purposes in accordance with the Regulations under
Code Section 401(a)(9)(E) and related provisions, e.g., Reg. (ss).1.401(a)(9)-4.
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DB Election Date - The date that is 30 days prior to the DB Required Beginning
Date.
DB Required Beginning Date - December 31 of the calendar year next following the
Owner's Year of Death.
Distribution Year - A calendar year for which an RMD is required. The first
Distribution Year is the calendar year in which the Owner attains age 70 1/2
(or, where applicable under Reg. (ss)1.401(a)(9)-5, Q&A-1(b), the calendar year
next following the Owner's Year of Death). Each subsequent calendar year is also
a Distribution Year.
IRA - An individual retirement account or individual retirement annuity under
Code Section 408.
IRS - Internal Revenue Service.
Life Expectancy - The life expectancy of one or more individuals as determined
by using the appropriate table in Reg. (ss)1.401(a)(9)-9.
Measuring Designated Beneficiary - The Designated Beneficiary as of the DB
Required Beginning Date whose Life Expectancy is used under Regs.
(ss)1.401(a)(9)-4 and (ss)1.401(a)(9)-5, Q&A-7 to determine any Applicable
Distribution Period as of such date. If as of the Applicable Designation Date
any trust, estate or other entity is treated under Reg. (ss)1.401(a)(9)-4, Q&A-3
as a beneficiary under the Contract (taking into account any Separate Shares),
the Contract shall be deemed to have no Measuring Designated Beneficiary. If as
of the Applicable Designation Date the Contract (taking into account any
Separate Shares) has more than one Designated Beneficiary (and no entity
beneficiary), the Measuring Designated Beneficiary is the Designated Beneficiary
with the shortest Life Expectancy as of such date.
Non Roth IRA - An IRA that is not a Roth IRA.
Notice Date - The day on which PL receives, in a form satisfactory to PL, proof
of death and instructions satisfactory to PL regarding payment of death benefit
proceeds.
Owner or You -The Owner of the Contract.
Owner's Election Date - December 1 of the calendar year in which the Owner
attains age 70 1/2.
Owner's Year of Death - The calendar year in which the Owner dies.
PL - Pacific Life Insurance Company.
Plan - A tax-qualified retirement plan or arrangement, including an IRA.
QDRO - A qualified domestic relations order under Code Section 414(p).
Regulation or Reg. - A regulation issued or proposed pursuant to the Code.
Required Beginning Date - April 1 of the calendar year next following the
calendar year in which the Owner reaches age 70 1/2.
RMD - Required minimum distribution under Code Section 401(a)(9) or related Code
provision.
Roth IRA - An IRA under Code Section 408A.
Separate Share - A separate portion or segregated share of the benefits under
the Contract that is determined by an acceptable separate accounting under Reg.
(ss)1.401(a)(9)-8, Q&A-3, or that qualifies as a segregated share for an
alternate payee under a QDRO under Reg. (ss)1.401(a)(9)-8, Q&A-6(b)(1). A
Separate Share shall be treated as a separate Contract for RMD purposes and
Sections 8 and 9 below.
SEP - A Simplified Employee Pension form of IRA under Code Section 408(k).
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SIMPLE IRA - A SIMPLE IRA under Code Section 408(p).
Spouse - The Owner's spouse, including a former spouse covered by a QDRO who is
treated as the Owner's spouse pursuant to Reg. (ss)1.401(a)(9)-8, Q&A-6.
Spouse's Continuation Election Date - The date that is 30 days prior to the
earlier of the Spouse's Required Beginning Date or December 31 of the fifth
calendar year after the Owner's Year of Death, in accordance with Reg.
(ss)1.401(a)(9)-3, Q&A-4(c).
Spouse's Required Beginning Date - The later of December 31 of the calendar year
next following the Owner's Year of Death or December 31 of the calendar year in
which the deceased Owner would have attained age 70 1/2.
Spouse's Year of Death - The calendar year in which the Surviving Spouse dies.
Surviving Spouse -The surviving Spouse of a deceased Owner.
B. IRA Provisions
1. The Annuitant shall at all times be the Owner of the Contract (or its
beneficial Owner where a fiduciary is its legal Owner). Such individual
Owner's rights under the Contract shall be nonforfeitable, and the Contract
shall be for the exclusive benefit of such Owner and his or her
beneficiaries.
2. No benefits under the Contract may be transferred, sold, assigned, 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 to a former or separated spouse of the Owner
under a divorce or separation instrument described in Code Section
408(d)(6). In the event of such a transfer, the transferee shall be treated
for all purposes as the Owner under the Contract.
3. Except in the case of a "rollover" contribution as permitted by Code
Section 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), or 457(e)(16)
or a Contribution made in accordance with the terms of a SEP, the
Contributions paid under the Contract must be paid in cash, and for any
calendar year may not exceed the lesser of the Owner's Compensation for
such year or the following applicable dollar limit:
Year Limit
---- -----
2002-2004 $ 3,000
2005-2007 $ 4,000
2008 & later $ 5,000
In addition, for years after 2008 the $5000 limit will be indexed for
cost-of-living adjustments under Code Section 219(b)(5)(C) at $500
increments.
For an Owner age 50 or older the above dollar limits are increased as
follows:
Year Limit
---- -----
2002-2005 $ 500
2006 & later $ 1,000
However, for any calendar year in which the Owner has attained age 70 1/2,
the total limit is reduced to zero.
4. If the Contract is issued as part of a SEP, Contributions must be made in
accordance with the written terms of the SEP and Code Section 408(k), and
must be paid in cash.
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5. No Contribution shall be allowed into the Contract under a SIMPLE IRA Plan
established by an employer pursuant to Code 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 the
Contract from a SIMPLE IRA 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.
6. Any Purchase Payment (or premium payment) under the Contract is not fixed,
but may not be less than any minimum amount stated in the Purchase Payment
(or Premiums) provisions of the Contract.
7. Any Purchase Payment (or premium) refund declared by PL under the Contract,
other than a refund attributable to an excess Contribution, shall be
applied toward the purchase of additional benefits before the close of the
calendar year following the calendar year of the refund.
8. The Contract and all distributions made under it shall comply with the RMD
and incidental death benefit rules of Code Sections 401(a)(9), 408(a)(6)
and 408(b)(3) and the Regulations thereunder, and such rules shall override
any distribution options in the Contract that are inconsistent with those
Code Sections. Accordingly:
(a) The entire interest under the Contract shall be distributed:
(i) No later than the Required Beginning Date, or
(ii) By periodic distributions, starting no later than the Required
Beginning Date, over the Owner's life or the lives of the Owner
and a Designated Beneficiary (or over a period not extending
beyond the Owner's Life Expectancy or the joint and last survivor
Life Expectancy of the Owner and a Designated Beneficiary).
(b) RMDs shall be made in accordance with the Regulations under Code
Section 401(a)(9) and related Code provisions. Accordingly:
(i) Unless the Owner elects otherwise in writing to PL by the Owner's
Election Date to have the Owner's entire interest distributed
under another method offered by PL that qualifies under Code
Section 401(a)(9), the RMD amount that must be distributed each
Distribution Year with respect to the Contract shall be equal to
the quotient obtained by dividing the account balance for the
Contract (as determined under Reg. (ss)1.408-8, Q&A-6) by the
Applicable Distribution Period. For these purposes --
(1) The Applicable Distribution Period is determined by using the
Uniform Lifetime Table in Reg. (ss)1.401(a)(9)-9, Q&A-2 in
accordance with Reg. (ss)1.401(a)(9)-5, Q&A-4(a), or
(2) If the Owner's spouse is treated as the sole Designated
Beneficiary for the Contract (taking Separate Shares into
account) for the Distribution Year under Reg.
(ss)1.401(a)(9)-5, Q&A-4(b), the Applicable Distribution
Period is the longer of the distribution period under
subparagraph (1) immediately above or the joint Life
Expectancy of the Owner and such spouse, recalculated
annually and based on their attained ages as of their
birthdays in such Distribution Year, as reflected in the
Joint and Last Survivor Table in Reg. (ss)1.401(a)(9)-9,
Q&A-3.
Such RMD must be distributed no later than the Required Beginning
Date for the first Distribution Year, and for each subsequent
Distribution Year by December 31 thereof. However, the Owner may
arrange to have any portion (or all) of such RMD distributed from
another Non Roth IRA owned by such Owner (rather than from the
Contract) in accordance with Reg. (ss)1.408-8, Q&A-9. If the Owner
dies on or after the Required Beginning Date, an RMD is required
for the Owner's Year of Death, determined as if the Owner had
lived throughout that year.
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(ii) As of the Owner's Election Date or at any time thereafter (on 30
days notice to PL), the Owner may elect in writing to have any
portion or all of the undistributed interest under the Contract
applied to an annuity option offered by PL that qualifies under
Code Section 401(a)(9). Such an annuity option must make annuity
or other periodic payments at intervals no longer than one year,
and must satisfy the other requirements of Reg.
(ss)1.401(a)(9)-6T, including:
(1) Period certain annuity without a life contingency. The period
certain may not exceed the maximum period specified in Reg.
(ss)1.401(a)(9)-6T, Q&A-3.
(2) Life annuity or a joint and survivor annuity. A life annuity
must be on the Owner's life. Any periodic annuity payment to
any survivor under a joint and survivor annuity may not
exceed the applicable percentage of the annuity payment to
the Owner and other limits, as provided in Reg.
(ss)1.401(a)(9)-6T, Q&A-2.
(3) Life (or joint and survivor) annuity with period certain. The
amounts of the annuity payments must satisfy the requirements
in Reg. (ss)1.401(a)(9)-6T, Q&A-1(b) and Q&A-2(d).
(4) Annuity payments may not be in increasing amounts, except as
allowed by Reg. (ss)1.401(a)(9)-6T, Q&A-1(a) or Q&A-4(b).
9. Upon the Owner's death, RMDs shall be made under the Contract in accordance
with this Section 9 and the Regulations under Code Section 401(a)(9) and
related Code provisions. Accordingly, selection of any annuity or other
distribution option described in the Contract that does not satisfy the
requirements of this Section 9 shall not be permitted.
(a) If the Owner dies before distribution of his or her interest in the
Contract has begun in accordance with paragraph 8(a) above, the entire
interest shall be distributed by December 31 of the fifth calendar
year that follows the Owner's Year of Death, except to the extent that
paragraph 9(c) or (d) below applies.
(b) If the Owner dies after distribution of the Owner's interest in the
Contract has begun in accordance with paragraph 8(a) above but before
the Owner's entire interest has been distributed, the remaining
interest shall be distributed at least as rapidly as under the method
of distribution being used immediately prior to the Owner's death,
except to the extent that paragraph 9(c) or (d) below applies. To the
extent that the Contract has no annuity payout option in effect and no
Measuring Designated Beneficiary as of the Applicable Designation Date
(and paragraph (9)(c) and (d) do not apply), then the Applicable
Distribution Period shall be determined by the Owner's remaining Life
Expectancy, using the Owner's age as of the Owner's birthday in the
Owner's Year of Death. For Distribution Years after the Owner's Year
of Death such Applicable Distribution Period is reduced by one year
for each calendar year that has elapsed since the Owner's Year of
Death.
(c) If the Surviving Spouse is the sole Designated Beneficiary under the
Contract (taking Separate Shares into account) as of the Applicable
Designation Date, then -
(i) If no irrevocable written election to the contrary has been filed
with PL by the deceased Owner or the Surviving Spouse prior to
the Spouse's Continuation Election Date, the Contract shall
continue in the name of the deceased Owner, and RMDs must begin
by the Spouse's Required Beginning Date and be made in accordance
with Section 8 above. For these purposes, the Applicable
Distribution Period for each Distribution Year after the Owner's
Year of Death -
(1) Is measured by the Surviving Spouse's remaining Life
Expectancy, recalculated annually through the Spouse's Year
of Death, and
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(2) For a Distribution Year after the Spouse's Year of Death, is
measured by the Surviving Spouse's remaining Life Expectancy
as of the Surviving Spouse's birthday in the Spouse's Year
of Death, reduced by one year for each calendar year that
has elapsed since the calendar year next following the
Spouse's Year of Death.
However, if the Owner dies on or after the Required Beginning
Date, such Applicable Distribution Period shall not be shorter
than the Applicable Distribution Period measured by using the
Owner's remaining Life Expectancy in accordance with paragraph
9(b) above and Reg. (ss)1.401(a)(9)-5, Q&A-5(a)(1). If the
Surviving Spouse dies before the Spouse's Required Beginning Date
for such a continued Contract, then the Surviving Spouse shall be
treated as the deceased Owner for purposes of this Section 9
(except that any surviving spouse of such a deceased Surviving
Spouse cannot continue the Contract further under this
subparagraph (i) as a Surviving Spouse). Any Surviving Spouse may
arrange to have any portion (or all) of any RMD that is
distributable with respect to such spouse's interest in the
Contract distributed from another Non Roth IRA formerly owned by
the deceased Owner for which such spouse is also a designated
beneficiary (rather than from the Contract) in accordance with
Reg. (ss)1.408-8, Q&A-9.
(ii) The Surviving Spouse may elect at any time to treat the entire
remaining interest in the Contract as an IRA of such Surviving
Spouse, if such Surviving Spouse has an unlimited right to
withdraw amounts from the Contract and is the sole beneficiary of
the Contract, within the meaning of Reg. (ss)1.408-8, Q&A-5(a).
Such an eligible Surviving Spouse shall make such an election by
a written request to PL to redesignate such Surviving Spouse as
the Owner and Annuitant of the Contract. Such an eligible
Surviving Spouse shall be deemed to have made such an election if
either -
(1) Such Surviving Spouse makes any transfer, rollover or other
contribution of any amount for the benefit of such Surviving
Spouse into the Contract, or
(2) Such Surviving Spouse directs PL in writing to transfer or
rollover any part or all of the assets to which such
Surviving Spouse is entitled under the Contract to another
IRA owned by such Surviving Spouse or to another Plan for
the benefit of such Surviving Spouse, or
(3) Any RMD that is required to be distributed from the Contract
under this Section 9 or under Code Section 401(a)(9) (e.g.,
in the case of any amount rolled over or transferred into
the Contract from a Plan) is not distributed within the
appropriate time.
(iii) The Surviving Spouse may make an irrevocable election in writing
with PL by the Spouse's Continuation Election Date to have such
Surviving Spouse's entire interest under the Contract distributed
under another method offered by PL that qualifies under Code
Section 401(a)(9). In addition to any optional method that
qualifies under the 5-year rule in paragraph 9(a) above, such
optional methods include the following:
(1) Any annuity option that satisfies Reg. (ss)1.401(a)(9)-5,
Q&A-1(e) and provides for periodic distributions that begin
no later than the Spouse's Required Beginning Date, or
(2) Any other method that provides for periodic distributions
that begin no later than the Spouse's Required Beginning
Date and do not extend beyond the Applicable Distribution
Period determined in accordance with subparagraph 9(c)(i)
above.
(d) If as of the Applicable Designation Date the Contract (taking any
Separate Shares into account) has at least one Designated Beneficiary
and no entity (e.g., a trust or estate) is treated under Reg.
(ss)1.401(a)(9)-4, Q&A-3 as a beneficiary under the Contract, then -
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(i) To the extent that no irrevocable election to the contrary has
been filed with PL by the deceased Owner or any such Designated
Beneficiary by the DB Election Date (and no Surviving Spouse is
the sole Designated Beneficiary), then annual distributions of
the remaining interest in the Contract must be made over the
Applicable Distribution Period starting with the DB Required
Beginning Date. In that case, the RMD amount that must be
distributed each Distribution Year with respect to the Contract
shall be equal to the quotient obtained by dividing the account
balance for the Contract (as determined in accordance with
subparagraph 8(b)(i) above) by the Applicable Distribution
Period. For these purposes -
(1) The Applicable Distribution Period for the Distribution Year
next following the Owner's Year of Death is determined by the
Measuring Designated Beneficiary's remaining Life Expectancy,
using such beneficiary's age as of such beneficiary's
birthday in such Distribution Year; and
(2) For a subsequent Distribution Year the Applicable
Distribution Period is reduced by one year for each calendar
year that has elapsed since the calendar year next following
the Owner's Year of Death.
However, if the Owner dies on or after the Required Beginning
Date, such Applicable Distribution Period shall not be shorter
than the Applicable Distribution Period measured by using the
Owner's remaining Life Expectancy in accordance with paragraph
9(b) above and Reg. (ss)1.401(a)(9)-5, Q&A-5(a)(1). Such RMD must
be distributed no later than the DB Required Beginning Date, and
for each subsequent Distribution Year by December 31 thereof.
However, any Designated Beneficiary may arrange to have any
portion (or all) of such RMD (that is distributable with respect
to such beneficiary's interest in the Contract) distributed from
another Non Roth IRA formerly owned by such deceased Owner for
which such beneficiary is also a designated beneficiary (rather
than from the Contract) in accordance with Reg. (ss)1.408-8,
Q&A-9.
(ii) Any such Designated Beneficiary may make an irrevocable election
in writing with PL by the DB Election Date to have such Designated
Beneficiary's entire interest under the Contract distributed under
another method offered by PL that qualifies under Code Section
401(a)(9). In addition to any optional method that qualifies under
the 5-year rule in paragraph 9(a) above, such optional methods
include the following:
(1) Any annuity option that satisfies Reg. (ss)1.401(a)(9)-5,
Q&A-1(e) and provides for periodic distributions that begin
no later than the DB Required Beginning Date, or
(2) Any other method that provides for periodic distributions
that begin no later than the DB Required Beginning Date and
do not extend beyond the Applicable Distribution Period
determined in accordance with subparagraph 9(d)(i) above.
(e) Any amount payable to a minor child of the Owner shall be treated as
if it is payable to the Surviving Spouse if the remainder of the
interest becomes payable to such spouse when such child reaches the
age of majority.
(f) Unless the Owner provides to the contrary in writing to PL, any
beneficiary of any interest under the Contract shall have an unlimited
right after the Notice Date, upon 30 days written notice to PL, to
withdraw any portion or all of such interest or to apply any such
amount to an annuity option that qualifies under Reg.
(ss)1.401(a)(9)-5, Q&A-1(e).
(g) If the Owner dies before the entire interest under the Contract has
been distributed, no additional cash Contributions or rollover
Contributions shall be allowed into the Contract, except where the
Surviving Spouse elects (or is deemed to elect) to convert the
Contract to be his or her own IRA, as specified above in this
Section 9.
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10. PL shall furnish annual calendar year reports concerning the status of the
Contract and such information concerning RMDs as is prescribed by the IRS.
C. Tax Qualification Provisions
The Contract as amended by this rider is intended to qualify as part of a
tax-qualified individual retirement arrangement, plan or contract that
meets the requirements of Code Section 408 and any applicable Regulations
relating thereto. To that end, the provisions of this rider and the
Contract (including any other rider or endorsement) are to be interpreted
to ensure or maintain such tax qualification, despite any other provision
to the contrary. PL reserves the right to amend this rider to comply with
any future changes in the Code or any Regulations, rulings or other
published guidance under the Code, or to reflect any clarifications that
may be needed or are appropriate to maintain such tax qualification,
without consent (except for the states of Michigan, Pennsylvania, South
Carolina and Washington, where affirmative consent is required). PL shall
provide the Owner with a copy of any such amendment.
All other terms and conditions of your Contract remain unchanged.
PACIFIC LIFE INSURANCE COMPANY
/s/ Thomas C. Sutton /s/ Audrey L. Milfs
Chairman and Chief Executive Officer Secretary
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