ENDORSEMENT APPLICABLE TO ▇▇▇▇ ▇▇▇ CONTRACTS
In this Endorsement "we", "our" and "us" mean AXA Equitable Life Insurance
Company and "you" and "your" mean the Owner. For purposes of this Endorsement,
references to "Contract" also include "Certificate".
When issued with this Endorsement, and as specified in the Data Pages, this
Contract is issued as an individual retirement annuity contract, which meets the
requirements of Section 408(b) of the Code. This ▇▇▇▇ ▇▇▇ Contract is
established for the exclusive benefit of you and your beneficiaries, and the
terms below change, or are added to, applicable Sections of this ▇▇▇▇ ▇▇▇
Contract.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL ▇▇▇▇ ▇▇▇ OWNER] [If the Owner of this ▇▇▇▇
▇▇▇ Contract is a trustee or custodian under Section 408(a) of the Code and
pertinent Regulations, this ▇▇▇▇ ▇▇▇ Contract is an annuity contract that may be
used to fund an individual retirement account that meets the requirements of
Section 408(a) and 408A(b) of the Code.]
Your entire interest under this Contract is not forfeitable.
The provisions of this IRA Endorsement supersede any inconsistent provisions of
the Contract or any other Rider or Endorsement.
PART I - DEFINITIONS
1. ANNUITANT - The following is added at the end of the existing definition:
You must be both the Annuitant and the Owner, unless the Owner is a trustee or
custodian of a ▇▇▇▇ individual retirement account under Sections 408(a) and
408A(b) of the Code.
2. OWNER - The existing definition is replaced by the following:
"Owner" means the individual shown on the Data Pages, who must also be the
Annuitant. Joint Owners are not available under the Contract. The Owner of this
Contract cannot be changed.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL ▇▇▇▇ ▇▇▇ OWNER] [Where the contract is
purchased to fund a ▇▇▇▇ individual retirement account under Sections 408(a) and
408A(b) of the Code, the Owner must be a trustee or custodian meeting the
requirements of that Section and pertinent Regulations. The Annuitant must be
the individual for whose benefit the individual retirement account is
maintained. In such a case "you" and "your" refer to the Annuitant where
required by context.]
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3. REQUIRED MINIMUM DISTRIBUTION PAYMENTS - The following definition is added:
"Required Minimum Distribution Payments," means the payments from or with
respect to this Contract which are required by Sections 408(b) and 401(a)(9) of
the Code and are discussed in Item 8 of this Endorsement, "Required Minimum
Distributions".
PART III - CONTRIBUTIONS AND ALLOCATIONS
4. LIMITS ON CONTRIBUTIONS - The following is added at the end of the existing
Section:
No Contributions will be accepted unless they are in United States currency. We
reserve the right not to accept funds by electronic means unless they meet our
specifications.
We indicate in the Data Pages and in this Item 4 any limits on the type, source
or amount of Contributions we will accept. Your ability to make additional
Contributions may also be limited as described in an optional Rider to your ▇▇▇▇
▇▇▇ Contract. Except as otherwise indicated in this Item 4, an optional Rider,
or the Data Pages, we will accept the following types of Contributions,
discussed below, to this ▇▇▇▇ ▇▇▇ Contract: (i) "regular" ▇▇▇▇ ▇▇▇
contributions; (ii) rollover Contributions from another ▇▇▇▇ ▇▇▇; (iii)
"conversion" rollover contributions from a "traditional" IRA, also referred to
as a "non-▇▇▇▇ ▇▇▇"; or another source of conversion rollover contributions as
described below; or (iv) direct custodian-to custodian transfers from another
▇▇▇▇ individual retirement account or another ▇▇▇▇ individual annuity contract
which meets the requirements of Sections 408 and 408A of the Code.
(a) Regular ▇▇▇▇ ▇▇▇ Contributions; Maximum Permissible Amount. Except in the
case of a direct custodian-to-custodian transfer from another ▇▇▇▇ ▇▇▇, a
"qualified rollover contribution" or a "recharacterization" as defined below in
this Item 4, the total of "regular" ▇▇▇▇ ▇▇▇ contributions to all your ▇▇▇▇ IRAs
for a taxable year does not exceed the "applicable amount" as defined below in
this Item 4, or your "compensation" as defined below in this Item 4, if less,
for that taxable year. The contribution described in the previous sentence that
may not exceed the lesser of the "applicable amount" or your "compensation" is
referred to as a "regular" ▇▇▇▇ ▇▇▇ contribution. A "qualified rollover
contribution" is a rollover contribution that meets the requirements of Section
408(d)(3) of the Code, except the one-rollover-per-year rule of Section
408(d)(3)(B) of the Code does not apply if the rollover contribution is from an
IRA other than a ▇▇▇▇ ▇▇▇ (a "traditional IRA", also referred to as a "non ▇▇▇▇
▇▇▇"). Contributions may be limited under paragraph (c) through paragraph (e) of
this Item 4 below.
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(b) Regular ▇▇▇▇ ▇▇▇ Contributions; Applicable Amount. The applicable amount is
determined under paragraph (b)(i) or (b)(ii) of this Item 4 below:
(b)(i) If you are under age 50, the applicable amount is $4,000 for any
taxable year beginning in 2005 through 2007 and $5,000 for any taxable
year beginning in 2008 and years thereafter.
(b)(ii) If you are 50 or older, the applicable amount is $5,000 for any
taxable year beginning in 2006 through 2007 and $6,000 for any taxable
year beginning in 2008 and years thereafter.
After 2008, the limits in paragraph (b)(i) and (b)(ii) of this Item 4 above will
be adjusted by the Secretary of the Treasury for cost-of-living increases under
Section 219(b)(5)(C) of the Code. Such adjustments will be in multiples of $500.
(c) Regular ▇▇▇▇ ▇▇▇ Contribution Limits Based on Modified Adjusted
Gross Income. If paragraph (c)(i) and/or (c)(ii) of this Item 4 apply,
the maximum regular contribution that can be made to all your ▇▇▇▇ IRAs
for a taxable year is the smaller amount determined under paragraph
(c)(i) or (c)(ii) of this Item 4.
(i) The maximum regular ▇▇▇▇ ▇▇▇ contribution is phased out
ratably between certain levels of modified adjusted gross
income ("modified AGI," defined in paragraph (g) of this Item
4 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 more
of Household and $110,000
Joint Return $150,000 or less Between $150,00 $160,000 or more
or Qualifying and $160,000
Widow(er)
Married - Between $0 and $10,000 or more
Separate Return $0 $10,000
If your 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) of the Code. Such adjustments will be in multiples of $1,000.
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(ii) If you make regular contributions to both ▇▇▇▇ and traditional
IRAs for a taxable year, the maximum regular contribution that can be
made to all your ▇▇▇▇ IRAs for that taxable year is reduced by the
regular contributions made to your traditional IRAs for the taxable
year.
(d) "Qualified Rollover" or "Conversion Rollover" Contribution Modified AGI
Limit. A "qualified" rollover contribution is a rollover contribution of a
distribution from an IRA that meets the requirements of Section 408(d)(3)
of the Code, except the one-rollover-per-year rule of Section 408(d)(3) of
the Code, does not apply if the rollover contribution is from a traditional
IRA. For taxable years beginning after 2005, a qualified rollover
contribution includes a rollover from a designated ▇▇▇▇ account described
in Section 402A of the Code, and for taxable years beginning after 2007, a
qualified rollover contribution also includes a rollover from an eligible
retirement plan described in Section 402e(c)(8)(B) of the Code.
Income Limits on Certain Qualified Rollover Contributions: A "conversion
rollover" from a traditional IRA (or another eligible retirement plan other
than a ▇▇▇▇ ▇▇▇ or a designated ▇▇▇▇ account) cannot be made to this ▇▇▇▇
▇▇▇ Contract if, for the year the amount is distributed from the
traditional IRA or other plan, (i) you are married and file a separate
return, (ii) you are married and have "Modified Adjusted Gross Income" or
"modified AGI" (described in Paragraph (g) of this Item 4 below) in excess
of $100,000 or (ii) you are married and together you and your spouse have
modified AGI in excess of $100,000. For purposes of the preceding sentence,
a husband and wife are not treated as married for a taxable year if they
have lived apart at all times during that taxable year and file separate
returns for the taxable year. For taxable years beginning after 2009, the
income limits in this paragraph do not apply top qualified rollover
contributions.
(e) SIMPLE IRA Limits. No contributions will be accepted under a SIMPLE IRA
plan established by any employer pursuant to Section 408(p) of the Code.
Also, no transfer or rollover of funds attributable to contributions made
by a particular employer under its SIMPLE IRA plan will be accepted 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 you
first participated in that employer's SIMPLE IRA plan.
(f) Recharacterization. A regular contribution to a traditional IRA may be
recharacterized pursuant to the rules in Treasury Regulation Section
1.408A-5, or any successor Regulation, as a regular contribution to this
IRA, subject to the limits in paragraph (c) of this Item 4 above.
(g) Modified AGI. For purposes paragraphs (c) and (d) of this Item 4 above,
an individual's modified AGI for a taxable year is defined in Section
408A(c)(3)(C)(i) of the Code and does not include any amount included in
adjusted gross income as a result of a rollover from a traditional IRA (a
"conversion rollover").
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(h) Definition of Compensation for Purposes of Regular ▇▇▇▇ ▇▇▇
Contributions. For purposes of paragraph (a) of this Item 4 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) of the Code (reduced by the deduction the self-employed
individual takes for contributions made to a self-employed retirement
plan). For purposes of this definition, Section 401(c)(2) of the Code shall
be applied as if the term trade or business for purposes of Section 1402 of
the Code included service described in Section 1402 (c)(6) of the Code.
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. 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's gross income under Section 71 of the Code with respect
to a divorce or separation instrument described in Section 71(b)(2)(A) of
the Code. If you are married and file a joint Federal income tax return
with your spouse, and if your spouse has greater compensation than you do,
you may treat your spouse's compensation as your own compensation, but only
to the extent that your spouse's compensation is not being used for
purposes of the spouse making a contribution to a ▇▇▇▇ ▇▇▇ or a deductible
contribution to a traditional IRA.
(i) Other temporary rules. (1) An individual eligible to do so may make a
repayment of a qualified reservist distribution described in Section
72(t)(2)(G) of the Code during the 2-year period beginning on the day after
the end of the active duty period or by August 17, 2008, if later.
(2) for purposes of determining the applicable amount of a regular ▇▇▇▇ ▇▇▇
contribution in paragraph (b)(i) of this item 4 above, if you were a
participant in a Section 401(k) plan of a certain employer in bankruptcy
described in Section 219(c)(5)(C) of the Code, then the applicable amount
is increased by $3,000. This increase in the applicable amount applies only
for the taxable years 2007, 2008 and 2009. If you make a larger regular
contribution under this provision, you cannot make age 50 or older
contributions under paragraph (b)(ii) of this Item 4 for the same taxable
year.
PART VI - PAYMENT UPON DEATH
5. BENEFICIARY:
The following sentence is added at the end of the third paragraph of the
existing Section:
Unless you specifically elect in writing otherwise, we will treat each
Beneficiary's share of the Death Benefit payable as a separate account for the
benefit of each Beneficiary as
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described in Treasury Regulation Section 1.401(a)(9)-8 Q&A A-2(a)(2) or any
successor Regulation.
6. PAYMENT UPON DEATH The following is added at the end of the existing Section:
Payment upon death is subject to the "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code. See Item 8 of this Endorsement,
"Annuity Benefits and Required Minimum Distributions".
Under either of the following two alternative circumstances, a Death Benefit
payable as described in this Item 6 will not be distributed at your death before
a supplementary contract has been issued and the coverage under this Contract
will continue as described in paragraphs (1) or (2) below, whichever is
applicable. Your death may terminate an optional benefit as described in a Rider
to your ▇▇▇▇ ▇▇▇ Contract.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
[If the Owner and the Annuitant are different because the Owner of the Contract
is a trustee or custodian under Section 408(a) of the Code and pertinent
Regulations, in this Item 6 "you" refers to the Annuitant.]
(1) If you are married at the time of your death, and the only person named
as your Beneficiary is your surviving spouse, and your surviving spouse
elects the "Spousal Continuation" option under your Contract, then no
Death Benefit will become payable until after your surviving spouse's
death.
(2) If the "Beneficiary Continuation Option" described in Item 7 of this
Endorsement is in effect.
Terms Applicable to Spousal Continuation
The spouse who elects to continue the Contract may not make any Contributions to
the Contract. To elect Spousal Continuation your surviving spouse must be Age
[85] or younger at the date of your death. Such election shall be made no later
than the Payment Transaction Date.
Upon your surviving spouse's election to continue the Contract, the Annuity
Account Value of the Contract will be reset, as of the date we receive the
Beneficiary Requirements described in the Section, "Payment Upon Death", to
equal the greater of (i) the Annuity Account Value or (ii) the Guaranteed
Minimum Death Benefit. Any additional amount of Annuity Account Value will be
allocated in accordance with the current allocation instructions on file. If
your surviving spouse elects to continue the Contract no additional
Contributions to the Contract may be made.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
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[If the Owner and the Annuitant are different because the Owner of the Contract
is a trustee or custodian under Section 408(a) of the Code and pertinent
Regulations, in this Item 6 "you" refers to the Annuitant and your spouse can be
named successor Annuitant.]
Effect of Divorce on Required Payments at Death
If the Contract is issued as a Joint Life Contract, you and your spouse named as
Successor Owner subsequently divorce, and the Contract is not split, then the
following applies on your death before a supplementary contract has been issued.
(On your death after a supplementary contract has been issued, any payments will
continue to be made pursuant to the terms of the supplementary contract.)
Payments will be made to the surviving Successor Owner, not the
Beneficiary, in accordance with Item 8 of this Endorsement, "Minimum
Distribution Rules - Required Payments After Death."
The surviving Successor Owner may elect the Beneficiary Continuation
Option described in Item 7 of this Endorsement.
If the surviving Successor Owner elects to take distribution of the
entire interest in the Contract by the end of the calendar year
containing the fifth anniversary of your death, in accordance with
paragraph (b)(3) of Item 8, then he/she has the option to terminate the
Guaranteed Withdrawal Benefit For Life Benefit on written request to
us.
If the former spouse named as the Successor Owner is the first to die, there is
no effect on the payments.
The following Section is added at the end of Part VI:
7. BENEFICIARY CONTINUATION OPTION.
Except as otherwise provided herein, this Item 7 will apply only if you die
before a supplementary contract has been issued and a Death Benefit is payable.
The Beneficiary named in this Contract must be an individual.
With the exception of the following paragraph, this Item 7 does not apply to any
Beneficiary which is not an individual, and that non-individual Beneficiary's
portion of the Death Benefit described in the "Payment Upon Death" Section of
this Contract is payable to the Beneficiary.
This Item 7 applies to a non-individual Beneficiary only if it is a "see-through
trust". A see-through trust is an irrevocable trust, valid under state law, the
only beneficiaries of which are individuals, and which trust has met applicable
documentation requirements under applicable Regulations as we may determine. If
such a "see-through trust"
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described in Treasury Regulation Section, 1.401(a)(9)-4 Q&A A-5, or any
successor Regulation, is the Beneficiary named in the "Beneficiary" Section of
the Contract the individual used as the measuring life for calculating payments
is the oldest beneficiary of such trust.
If this Item 7 applies and there is more than one Beneficiary, the Annuity
Account Value (or if greater, the Guaranteed Minimum Death Benefit on the date
we receive all Beneficiary Requirements) will be apportioned among your
Beneficiaries as you designate pursuant to the "Beneficiary" Section of this
Contract.
If the Beneficiary qualifies to continue this Contract, and we receive that
Beneficiary's completed election no later than September 30 of the calendar year
following the calendar year of your death and before any contrary election is
made, that Beneficiary may continue your Contract pursuant to Item 7 under the
terms set forth in (a) through (h) below. Each such Beneficiary electing to
continue his or her portion of the interest under the Contract is a
"Continuation Beneficiary". For any Beneficiary who does not timely elect to
continue his or her portion of the interest under this Contract, we will pay in
a single sum that Beneficiary's share of the Death Benefit pursuant to the
"Payment Upon Death" Section of this Contract.
a. Each Continuation Beneficiary will automatically become the Owner as
defined in this Contract with respect to that Continuation
Beneficiary's portion of the interest in this Contract. If you have
specifically elected under Item 5 of this Endorsement that we not
separately account for each Beneficiary's portion of the interest in
this Contract, the oldest Continuation Beneficiary will be the
individual used as the measuring life for calculating payments for
purposes of calculating the Required Minimum Distribution payments in
Item 8 of this Endorsement (Minimum Distribution Rules-Required
Payments After Death).
b. If the Annuity Account Value is less than the Guaranteed Minimum Death
Benefit on the date we receive all Beneficiary Requirements, then we
will reset such Annuity Account Value to equal such Guaranteed Minimum
Death Benefit, and the Continuation Beneficiary's share of the interest
in this Contract will be determined after any such reset.
c. The Continuation Beneficiary may transfer amounts among the Investment
Options with respect to the Continuation Beneficiary's share of the
interest in this Contract.
d. The Continuation Beneficiary cannot make any additional Contributions
to this Contract.
e. Distributions to the Continuation Beneficiary with respect to that
Continuation Beneficiary's portion of the interest in this Contract
will be made in accordance with requirements described in Item 8
(Minimum Distribution Rules-Required Payments After Death).
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f. A Continuation Beneficiary may withdraw the Annuity Account Value
apportioned to such Continuation Beneficiary at any time; withdrawals
made after we have received a Continuation Beneficiary's election to
continue this Contract are not subject to a Withdrawal Charge.
g. Upon a Continuation Beneficiary's death, we will make a single sum
payment to the person designated by the deceased Continuation
Beneficiary to receive that deceased Continuation Beneficiary's portion
of the Annuity Account Value, if any remains. In the alternative, the
deceased Continuation Beneficiary's designated Beneficiary may elect to
continue the payment method originally elected by the deceased
Continuation Beneficiary in accordance with paragraph (b)(1) or (b)(2)
of Item 8 (Minimum Distribution Rules-Required Payments After Death).
h. The Continuation Beneficiary may not assign his/her share of the
interest in this Contract. This Contract cannot be assigned and must
continue in your name for benefit of your Continuation Beneficiary.
PART VII - ANNUITY BENEFITS IS CHANGED TO "ANNUITY BENEFITS AND REQUIRED MINIMUM
DISTRIBUTIONS".
The following Section is added at the end of Part VII of the Contract:
8. REQUIRED MINIMUM DISTRIBUTION RULES - REQUIRED PAYMENTS AFTER DEATH:
This Contract is subject to these "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code and the Treasury Regulations which
apply.
No amount is required to be distributed prior to your death.
(a) Notwithstanding any provision of this Contract to the contrary, the
distribution of your interest in this Contract will be made in
accordance with the requirements of Code Section 408(b)(3), as modified
by Code Section 408A(c)(5), and the Regulations thereunder, the
provisions of which are herein incorporated by reference.
Prior to the date that this Contract is annuitized, distribution of
your interest in this Contract (as determined under paragraph (c) of
this Item 8) must satisfy the requirements of Code Section 408(a)(6),
as modified by Section 408A(c)(5) of the Code, and the Regulations
thereunder.
(b) Upon your death your entire interest in this Contract will be
distributed at least as rapidly as follows:
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(1) If the designated Beneficiary is someone other than your
surviving spouse, as described in the immediately following
paragraph, your entire interest will be distributed, starting
by the end of the calendar year following the calendar year of
your death, over the remaining 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 your death. In the alternative,
the Beneficiary may elect to the distribution of your entire
interest, in accordance with paragraph (b)(3) of this Item 8
below.
(2) If your sole designated beneficiary is your surviving spouse,
your entire interest will be distributed, starting by the end
of the calendar year following the calendar year of your
death (or by the end of the calendar year in which you would
have attained age 70 1/2, if later), over your surviving
spouse's life. In the alternative, your surviving spouse may
elect to take distribution of your entire interest in
accordance with paragraph (b)(3) of this Item 8 below. If
your surviving spouse dies before these required
distributions commence to him or her, the remaining interest
will be distributed, starting by the end of the calendar year
following the calendar year of your surviving spouse's death,
over the remaining life expectancy of your surviving spouse's
designated Beneficiary, determined using such beneficiary's
age as of his or her birthday in the year following the death
of your surviving spouse. In the alternative, your surviving
spouse's designated beneficiary may elect to take
distribution of your entire interest in accordance with
paragraph (b)(3) of this Item 8 below. If your surviving
spouse dies after these required distributions commence to
him or her, any remaining interest will continue to be
distributed under the Annuity Benefit or other option under
the Contract.
(3) If there is no individual designated as Beneficiary, or if
applicable by operation of paragraph (b)(1) or (b)(2) of this
Item 8 above, the entire interest will be distributed by the
end of the calendar year containing the fifth anniversary of
your death (or of your surviving spouse's death in the case of
your surviving spouse's death before distributions are
required to begin under paragraph (b)(2) of this Item 8
above).
(4) Life expectancy is determined using the Single Life Table in
Q&A-1 of Treasury Regulation Section 1.401(a)(9)-9 or any
successor Regulation. If distributions are being made to your
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 your surviving 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)(1) or (b)(2) of this Item 8 and reduced by 1
for each subsequent year.
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(c) Your "entire interest" in this Contract includes the amount of any
outstanding rollover, transfer and recharacterization under Q&As-7 and
-8 of Treasury Regulation Section 1.408-8 or any successor Regulation
and, in addition to the dollar amount credited, the actuarial present
value of any additional benefits that will be provided under this ▇▇▇▇
▇▇▇ Contract, such as survivor benefits in excess of the dollar amount
credited.
(d) For purposes of paragraph (b)(2) of this Item 8 above, required
distributions are considered to commence on the date distributions are
required to begin to your 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 Treasury
Regulation Section 1.401(a)(9)-6 or any successor Regulation thereto,
then required distributions are considered to commence on the annuity
starting date.
(e) If the designated beneficiary is your surviving spouse, and the
"Spousal Continuation" option described above in Item 6 is elected, or
if this Contract is issued as a Joint Life Contract, and the Successor
Owner named in this Contract is also your spouse at death, distribution
of your interest need not be made until after your surviving spouse's
death.
PART VIII - CHARGES
9. WITHDRAWAL CHARGES - The following is added at the end of the existing
Section:
We reserve the right to waive the contingent Withdrawal Charge on the Required
Minimum Distribution payments.
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PART IX - GENERAL PROVISIONS
10. STATUTORY COMPLIANCE - The following is added at the end of the existing
Section:
If this Contract fails to qualify as an individual retirement annuity under
Section 408(b) of the Code, we will have the right to terminate this Contract.
We may do so upon receipt of notice of such fact, before the Maturity Date. In
that case, we will pay the Annuity Account Value less a deduction for the part
which applies to any Federal income tax payable by you which would not have been
payable with respect to an individual retirement annuity which meets the terms
of Sections 408(b) and 408A(b) of the Code.
However, we may also, at your request, transfer the Annuity Account Value to
another annuity contract issued by an affiliate, subsidiary or us.
11. REPORTS AND NOTICES - The following is added at the end of the existing
Section:
We will send you a report as of the end of each calendar year showing the status
of this Contract and any other reports required by the Code. We will also send
to you information on Required Minimum Distributions as is prescribed by the
Commissioner of Internal Revenue.
12. ASSIGNMENTS AND TRANSFERABILITY - The existing Section is replaced by the
following:
You may not transfer this Contract.
No portion of your interest in this Contract or your rights under this Contract
may be sold, assigned, pledged or transferred to any person other than the
issuer of this Contract, or discounted, encumbered or pledged as collateral for
a loan or as security for an obligation.
AXA EQUITABLE LIFE INSURANCE COMPANY
/s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇,
-------------------------- ----------------------
▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, Vice President,
Chairman and Chief Executive Officer Secretary and Associate General Counsel
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