Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485BPOS Pacific Life - Odyssey 125 592K
8: EX-99.10 Independent Auditors' Consent 1 8K
9: EX-99.13 Performance Calculations 12± 60K
10: EX-99.15 Powers of Attorney 8 20K
2: EX-99.4(C) 403(B) Tax-Sheltered Annuity Rider 10 44K
3: EX-99.4(E) Individual Retirement Annuity Rider 7 34K
4: EX-99.4(F) Roth Individual Retirement Annuity Rider 7 33K
5: EX-99.4(G) Simple Individual Retirement Annuity Rider 7 33K
6: EX-99.4(K) Qualified Retirement Plan Rider 8 36K
7: EX-99.8(D) Addendum to Fund Participation Agreement 2± 10K
EX-99.4(K) — Qualified Retirement Plan Rider
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EXHIBIT 4(k)
[LOGO OF PACIFIC LIFE]
QUALIFIED RETIREMENT PLAN RIDER
This rider is a part of the Contract to which it is attached (the Contract) by
the Pacific Life Insurance Company (PL).
The Contract is hereby modified as specified below to qualify as part of a tax-
qualified retirement plan or arrangement that is described in Code Section 401,
once the Annuitant has become an Owner of the Contract.
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 this 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 - December 31 of the calendar year immediately
following the Owner's Year of Death.
Applicable Distribution Period - The period used to determine the amount
required to be distributed during a Distribution Year.
Code - The Internal Revenue Code of 1986, as amended.
Contributions - The Purchase Payments, premiums, rollovers or other
contributions received by PL under this Contract.
Designated Beneficiary - An individual designated or treated as a beneficiary
under this Contract in accordance with the Regulations under Code Section
401(a)(9)(E), and related provisions, as amended.
DB Election Date - The date that is 30 days prior to the Application Designation
Date.
Distribution Year - The calendar year immediately preceding the calendar year
that includes the Required Beginning Date (or, if earlier, the calendar year
that includes the Applicable Designation Date) or any subsequent calendar year.
Life Expectancy - The life expectancy of an individual as determined by using
the expected return multiples in Tables V and VI of Regulation (S) 1.72-9, as
may be revised pursuant to Regulations under Code Section 401(a)(9).
Measuring Designated Beneficiary - The Designated Beneficiary as of the Required
Beginning Date, the Spouse's Required Beginning Date or the Applicable
Designation Date (whichever is applicable), whose Life Expectancy is used to
determine the Applicable Distribution Period as of such date. If as of such
date any trust, estate or other entity is deemed by the Regulations to be a
beneficiary under this Contract (taking into account any Separate Shares), this
Contract shall be
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deemed to have no Measuring Designated Beneficiary. If as of such date this
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.
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 - An Owner of the Contract.
Owner's Election Date - December 31 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 - The tax-qualified retirement plan or arrangement under which this
Contract is issued.
QDRO - A qualified domestic relations order under Code Section 414(p).
Regulation - A regulation issued or proposed pursuant to the Code.
Required Beginning Date - April 1 of the calendar year following the calendar
year in which the Owner reaches age 70-1/2, or if later and allowed by the
Plan, April 1 of the calendar year following the calendar year in which the
Owner retires from employment with the employer maintaining the Plan.
Separate Share - A separate portion or segregated share of the benefits under
this Contract that is determined by an acceptable separate accounting under 2001
Prop. Reg. (S) 1.401(a)(9)-8, Q&A-3, or that qualifies as a segregated share for
an alternate payee under a QDRO under 2001 Prop. Reg. (S)1.401(a)(9)-8, Q&A-
6(b)(1). A Separate Share shall be treated as a separate Contract for purposes
of Sections 8 and 9 below.
Spouse - The Owner's spouse, including a former spouse covered by a QDRO who is
treated as the Owner's spouse pursuant to 2001 Prop. Reg. (S) 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.
Spouse's Required Beginning Date - The later of the Applicable Designation Date
or December 31 of the calendar year in which the decreased 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.
2001 Prop. Reg. - Refers to a Regulation proposed or reproposed in January 2001
under Code Section 401(a)(9) or a companion Code provision.
B. Qualified Plan Rider Provisions
1. If the Owner is married at the Annuity Start Date, unless an optional form
of benefit is selected in accordance with this Section 1, payments shall be
made in the form of a Joint and 50% Survivor Annuity, with the Owner's
spouse as the Joint Annuitant. Under this form, payments shall be made
during the lifetime of the Owner and, following the Owner's death, payments
equal to 50% of the original payment amount shall continue to such spouse
for life.
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(a) The Owner may choose (without the consent of any other individual) an
alternative amount of the payment continuing to the Surviving Spouse
from the joint and survivor annuity options offered by PL, provided that
the amount of each payment to the Surviving Spouse under such option
shall be not less than 50%, nor greater than 100%, of the periodic
annuity benefit amount paid to the Owner.
(b) In addition to the joint and survivor annuity options described in
Section 1(a) above, as of the Annuity Start Date the Owner can elect any
other optional form of payment that is provided in the Contract,
provided that both of the following conditions are satisfied:
(i) the Owner files a Qualified Election with PL within the 90 day
period ending on such date, as follows:
(1) In the case of an Owner who is married at the time of
election, a Qualified Election is made by (A) a written
statement by the Owner waiving the joint and survivor annuity
options described above in this Section 1 and specifying the
form of payment desired, and (B) a written statement from the
Owner's spouse consenting to such election. The form of payment
selected in such a Qualified Election cannot be changed without
such spousal consent, unless such spouse consents in writing to
future designations by the Owner without such spousal consent.
Any such written spousal consent must be witnessed by a notary
public. If such spouse's consent cannot be obtained because
such spouse cannot be located, the Owner's election can still
be deemed to be a Qualified Election; or
(2) In the case of an Owner who is not married at the time of
election, a Qualified Election is made by a written statement
by the Owner attesting to the fact that he or she is not
married and specifying the optional form of payment desired.
(ii) the option selected satisfies the requirements of Section 8 below.
2. If an Owner is married upon the Owner's death, then the deceased Owner's
interest in this Contract is subject to the following provisions (in
addition to Section 9 below) in favor of the Owner's Surviving Spouse,
unless such spouse (or such spouse's legal representative) has consented in
a written statement (witnessed by a notary public) to a less favorable
disposition of such interest (including a disclaimer) or unless such spouse
cannot be located by the Applicable Designation Date:
(a) If no other beneficiary is entitled to any portion of such interest as
of the Owner's death, such spouse shall be treated as the beneficiary of
all of such interest, or
(b) If some beneficiary other than such spouse is entitled to any portion of
such interest as of the Owner's death, such spouse shall be treated as
the sole beneficiary of at least 50% of the cash value of this Contract
as of the Owner's death, and all of the benefits under this Contract for
which such spouse is the sole beneficiary as of the Owner's death shall
be treated as a Separate Share.
3. No benefits under this 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 other than PL, except as
permitted in the case of a transfer or distribution pursuant to a QDRO.
4. Except for increased limits for "over-50 catch-up" amounts under Code
Section 414(v) that are described below, the annual addition that may be
contributed or allocated to a participant under a defined contribution plan
for any year after 2001 (and before 2011) is generally limited under Code
Section 415(c)(1) to the lesser of: (a) $40,000, as adjusted for increases
in the cost-of-living under Code Section 415(d); or (b) 100 percent of the
participant's compensation for the year, as defined in Code Section
415(c)(3). (For the year 2001, as well as 2011 and thereafter, the $40,000
limit is reduced to $30,000, as adjusted for inflation, e.g., to $35,000 for
2001, and the 100 percent limit is reduced to 25 percent.)
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Any amounts deferred under a salary reduction agreement and applied as
Contributions to this Contract under a plan of an employer (plus any other
deferred amounts under all other plans, contracts or arrangements of such
employer) are further subject to the annual limitations on "elective
deferral" contributions under Code Sections 402(g)(1) and (4), as adjusted
for the "over-50 catch-up" limits under Code Section 414(v) described below.
In addition, participants are restricted from making salary deferral
contributions for 6 months after the date on which a hardship distribution
is taken from the account.
The general annual elective deferral limits for a participant under a tax-
qualified retirement plan are the following amounts:
[Download Table]
Year Limit
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2001 10,500
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2002 11,000
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2003 12,000
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2004 13,000
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2005 14,000
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2006-2010 15,000
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2011 & later 10,500
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In addition, for years 2006 through 2010, the $15,000 limit will be indexed
for inflation at $500 increments.
For any such participant age 50 or older the contribution limit is increased
by an additional amount under Code Section 414(v) as follows:
[Download Table]
Year Limit
------------------------------------------------------
2002 1,000
------------------------------------------------------
2003 2,000
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2004 3,000
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2005 4,000
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2006-2010 5,000
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For years 2007 through 2010, the $5,000 limit also will be indexed for
inflation at $500 increments.
5. Any Purchase Payment (or premium payment) under the Contract must be at
least the minimum as stated in the Purchase Payment (or Premiums) provision
of the Contract. In addition, any Purchase Payment (or premium) refund
declared by PL, other than a refund attributable to an excess Contribution,
will be applied toward the purchase of additional benefits before the close
of the calendar year following the refund.
6. No Plan participant or beneficiary under this Contract shall be permitted to
change any Annuitant except in accordance with Section 1, 2, 8 or 9.
7. If the Owner or Annuitant is eligible to receive a distribution from this
Contract that qualifies as an "eligible rollover distribution" (within the
meaning of Code Section 402(f)(2)(A)) and elects to have such distribution
paid directly to an "eligible retirement plan" (within the meaning of Code
Section 402(c)), such distribution shall be paid directly to such eligible
retirement plan. PL may establish reasonable administrative rules applicable
to such direct rollovers or direct transfers.
8. This Contract and all distributions made under it shall comply with the
minimum distribution and incidental death benefit rules of Code Section
401(a)(9) and the Regulations thereunder, and such rules shall override any
distribution options in this Contract that are inconsistent with Code
Section 401(a)(9). Accordingly:
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(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
the Measuring 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 the Measuring Designated
Beneficiary).
(b) Distributions 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 under this Contract that qualifies
under this Section 8, the minimum amount that must be distributed
each Distribution Year with respect to this Contract shall be equal
to the quotient obtained by dividing the Owner's account balance by
the Applicable Distribution Period (as determined under 2001 Prop.
Reg. (S) 1.401(a)(9)-5, Q&A-1 and Q&A-3).
(1) The Applicable Distribution Period is determined by using the
Uniform Distribution Table in 2001 Prop. Reg. (S) 1.401(a)(9)-
5, Q&A-4(a), or
(2) If the Owner's spouse is the sole Designated Beneficiary for
this Contract (taking Separate Shares into account) at all
times during the Distribution Year, 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.
Such minimum amount 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 minimum
amount distributed from some other part of the Owner's account
balance (or some other contract) held under the Plan.
(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 this Contract
applied to an annuity option offered by this Contract or by PL that
qualifies under this Section 8. 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 2001 Prop. Reg.
(S) 1.401(a)(9)-6, including:
(1) Period certain annuity without a life contingency. The period
certain may not exceed the maximum period specified in 2001
Prop. Reg. (S) 1.401(a)(9)-6, 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,
as provided in 2001 Prop. Reg. (S) 1.401(a)(9)-6, Q&A-2.
(3) Life annuity with period certain. The amounts of the annuity
payments must satisfy the requirements for a joint and survivor
non-spouse beneficiary annuity in 2001 Prop. Reg. (S)
1.401(a)(9)-6, Q&A-2(c), and the period certain may not exceed
the period determined under 2001 Prop. Reg. (S) 1.401(a)(9)-6,
Q&A-3.
(4) Annuity payments may not be in increasing amounts, except as
allowed by 2001 Prop. Reg. (S) 1.401(a)(9)-6, Q&A-1 and Q&A-4.
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9. Upon the Owner's death, distributions shall be made under this 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 Section 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 this 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 calendar 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 this
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, this Contract shall continue
in the name of the deceased Owner, and required distributions 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
(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 immediately following the
Spouse's Year of Death.
If the Surviving Spouse dies before the Spouse's Required Beginning
Date, 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 make another
election under this subparagraph (i) to continue this Contract as a
Surviving Spouse).
(ii) 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 this Contract distributed
under another method offered by this Contract or by PL that
qualifies under Code Section 401(a)(9). In addition to any optional
method that qualifies under the 5-year rule in Section 9(a) above,
such optional methods include the following:
(1) If the Owner dies before the Required Beginning Date, any
annuity option that provides for periodic distributions that
begin no later than the Spouse's Required Beginning Date and do
not extend beyond the remaining lifetime or Life Expectancy of
the Surviving Spouse, in accordance with 2001 Prop. Reg. (S)
1.401(a)(9)-6, or
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(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 remaining Life Expectancy of such
Surviving Spouse.
(d) If as of the Applicable Designation Date this Contract (taking any
Separate Shares into account) has at least one Designated Beneficiary
and no entity (e.g., a trust or estate) is deemed a beneficiary under
this Contract, then-
(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 this Contract must be made over the
Applicable Distribution Period starting with the Applicable
Designation Date. In that case, the minimum amount that must be
distributed each Distribution Year with respect to this Contract
shall be equal to the quotient obtained by dividing the Owner's
account balance by the Applicable Distribution Period (as
determined under 2001 Prop. Reg. (S) 1.401(a)(9)-5, Q&A-1 and Q&A-
3). For these purposes -
(1) The Applicable Distribution Period shall be determined by the
Measuring Designated Beneficiary's remaining Life Expectancy,
using such beneficiary's age as of such beneficiary's birthday
in the calendar year immediately following the Owner's Year of
Death, and
(2) In subsequent calendar years the Applicable Distribution Period
is reduced by one year for each calendar year that has elapsed
since the calendar year immediately following the Owner's Year
of Death.
Such minimum amount must be distributed no later than the
Applicable Designation Date, and for each subsequent Distribution
Year by December 31 thereof. However, the Owner may arrange to have
any portion (or all) of such minimum amount distributed from some
other part of the Owner's account balance (or some other contract)
held under the Plan.
(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 this Contract distributed under
another method offered by this Contract or by PL that qualifies
under Code Section 401(a)(9). In addition to any optional method
that qualifies under the 5-year rule in Section 9(a) above, such
optional methods include the following :
(1) If the Owner dies before the Required Beginning Date, any
annuity option that provides for periodic distributions that
begin no later than the Applicable Designation Date and do not
extend beyond the remaining lifetime or Life Expectancy of the
Measuring Designated Beneficiary, in accordance with 2001 Prop.
Reg. (S) 1.401(a)(9)-6, or
(2) Any other method that provides for periodic distributions that
begin no later than the Applicable Designation Date and do not
extend beyond the remaining Life Expectancy of the Measuring
Designated Beneficiary.
(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 this 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 2001 Prop. Reg.
(S) 1.401(a)(9)-6.
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(g) If the Owner dies before the entire interest under this Contract has
been distributed, no additional cash Contributions or rollover
Contributions shall be allowed into this Contract.
10. PL shall furnish annual calendar year reports concerning the status of this
Contract.
C. Tax Qualification Provisions
The Contract as amended by this rider is intended to qualify as part of a
tax-qualified retirement plan or arrangement that meets the requirements of
Code Section 401 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, notwithstanding 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 and the
Annuitant 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
8
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