Common use of Regular Contribution Limit Clause in Contracts

Regular Contribution Limit. If (i) and/or (ii) below apply, the -------------------------- maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (f) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range No Contribution -------------------------------------------------------------------------------------------- Modified AGI -------------------- -------------------------- -------------------------- ----------------- Single or Head $ 95,000 or less Between $95,000 $110,000 or of Household and $110,000 more Joint Return or $ 150,000 or less Between $150,000 $160,000 or Qualifying and $160,000 more Widow(er) Married- $ 0 Between $0 $10,000 or Separate Return and $10,000 more -------------------- -------------------------- -------------------------- ----------------- If the 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. ML-446 (07/01) -------------------------------------------------------------------------------- (ii) If the Owner makes regular contributions to both ▇▇▇▇ and non- ▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the non-▇▇▇▇ IRAs for the taxable year.

Regular Contribution Limit. If (i) and/or (ii) below -------------------------- apply, the -------------------------- maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (f) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range No Contribution -------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Modified AGI -------------------- -------------------------- -------------------------- ----------------- ------------- --------------------------------------------------------------------------------------------------- Single or Head $ $95,000 or less Between $95,000 $110,000 or of Household and $110,000 more --------------------------------------------------------------------------------------------------- Joint Return or $ $150,000 or less Between $150,000 $160,000 or or Qualifying and $160,000 more Widow(er) --------------------------------------------------------------------------------------------------- Married- $ $0 Between $0 $10,000 or Separate Return and $10,000 more -------------------- -------------------------- -------------------------- ----------------- --------------------------------------------------------------------------------------------------- If the Owner's modified AGI for a taxable year is in the phase- 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. ML-446 (07/01) --------------------------------------------------------------------------------. (ii) If the Owner makes regular contributions to both ▇▇▇▇ and non- ▇▇▇▇ nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the non-▇▇▇▇ nonRoth IRAs for the taxable year.

Regular Contribution Limit. If (i) and/or (ii) below apply, the -------------------------- --------------------------- maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (f) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range No Contribution -------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Modified AGI -------------------- -------------------------- -------------------------- ----------------- ----------------------------------------------------------------------------------------------------------------- Single or Head $ $95,000 or less Between $95,000 $110,000 or of Household and $110,000 more Joint Return or $ $150,000 or less Between $150,000 $160,000 or Qualifying Widow(er) and $160,000 more Widow(er) Married- $ $0 Between $0 $10,000 or Separate Return and $10,000 more -------------------- -------------------------- -------------------------- ----------------- ----------------------------------------------------------------------------------------------------------------- If the Owner's modified AGI for a taxable year is in the phase- 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. ML-446 NEL-446 (07/0105-01) -------------------------------------------------------------------------------- (ii) If the Owner makes regular contributions to both ▇▇▇▇ and non- ▇▇▇▇ nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the non-▇▇▇▇ nonRoth IRAs for the taxable year.

Regular Contribution Limit. If (i) and/or (ii) below apply, the -------------------------- maximum regular contribution that can be made to all the Owner's ▇▇▇▇ Roth IRAs for a taxable year is the ▇▇ ▇he smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (f) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range No Contribution -------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------- Modified AGI -------------------- -------------------------- -------------------------- ----------------- ------------ Single or Head $ $95,000 or less Between $95,000 $110,000 or of Household and $110,000 more ------------------------------ ---------------------------- --------------------------- ---------------------------- Joint Return or $ $150,000 or less Between $150,000 $160,000 or or Qualifying and $160,000 more Widow(er) ------------------------------ ---------------------------- --------------------------- ---------------------------- Married- $ $0 Between $0 $10,000 or Separate Return and $10,000 more -------------------- -------------------------- -------------------------- ----------------- ------------------------------ ---------------------------- --------------------------- ---------------------------- If the Owner's modified AGI for a taxable year is in the phase- 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. ML-446 (07/01) --------------------------------------------------------------------------------. (ii) If the Owner makes regular contributions to both Roth and nonRoth ▇▇▇▇ and non- ▇▇▇▇ IRAs As for a taxable year, the maximum regular contribution that can be made to all the ▇▇▇▇ Roth IRAs for that taxable year is yea▇ ▇▇ reduced by the regular contributions made to the non-▇▇▇▇ nonRoth IRAs for the taxable year.