Retirement Management Account Individual Retirement Account (IRA) CUSTODIAL ACCOUNT AGREEMENT & DISCLOSURE STATEMENT

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1 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY Retirement Management Account Individual Retirement Account (IRA) CUSTODIAL ACCOUNT AGREEMENT & DISCLOSURE STATEMENT

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3 Retirement Management Account IRA Custodial Account Agreement INTRODUCTION SECTION I Definitions The Individual whose name appears on the accompanying enrollment form is establishing a traditional individual retirement account (IRA) under Section 408(a) of the Internal Revenue Code, in order to provide for his or her retirement or for the support of a beneficiary after death. 1.1 Account or Custodial Account means the custodial account established by the Individual to which contributions may be made and in which investments may be held and earnings received in accordance with the terms and conditions of this Agreement. All assets of the Account shall be held by the Custodian for the exclusive benefit of the Individual or, following his or her death, the Beneficiary(ies). 1.2 Agreement means the Retirement Management Account IRA Custodial Account Agreement, including the information and provisions set forth the adoption provision of the enrollment form, as it may be amended from time to time. 1.3 Beneficiary means the person or persons designated in accordance with Section 4.4 to receive any undistributed amount credited to the Account at the time of the Individual s death. 1.4 Code means the Internal Revenue Code of 1986, as amended, or any successor statute. 1.5 Custodian means The MassMutual Trust Company FSB, a bank as described in Section 408(n) under the Code. 1.6 Direct Transfer means a tax-free transfer to the Account as described in or treated under Sections 401(a)(31), 402(e)(6), 403(b)(10) or 457(d) of the Code. 1.7 Massachusetts Mutual Life Insurance Company or MassMutual means the company acting as the Individual s or Beneficiary s agent to provide directions to the Custodian. MassMutual is an affiliate of the Custodian. The Custodian may delegate responsibilities to MassMutual under this Agreement as provided in Section Individual means the person who has entered into this Agreement by completing the Enrollment Form. 1.9 Investment Fund means one or more of the registered investment companies that the Custodian makes available for investment under this Agreement Money Market Shares shall mean any shares issued by a registered investment company under the Investment Company Act of 1940, as amended that are permitted by the Custodian for investment under this Agreement. 1

4 1.11 Flexible Benefits Annuity or FBA means a flexible immediate annuity contract issued by MassMutual that is offered under the RMA Program Retirement Management Account Program or RMA Program means the overall program, of which the IRA established under this Agreement is a part, that is sponsored by MassMutual and that uses a planning tool and provides recommendations for the creation of a personal retirement income plan Rollover Contribution means a contribution that consists of eligible rollover distributions from an IRA, individual retirement annuity, tax-qualified retirement plan, tax sheltered annuity, or a deferred compensation plan of a state or local government and that satisfies the requirements of Section 402(c), 403(a)(4), 403(b)(8) 408(d)(3), or 457(e)(16) of the Code. SECTION II Contributions to Account 2.1 General Limitations. Rollover Contributions, Direct Transfers and annual contributions may be made by or on behalf of the Individual to the Account for any taxable year. If the Individual is using a Rollover Contribution or a Direct Transfer to fund the Account, any required minimum distribution amount must be excluded from the Rollover Contribution or Direct Transfer. 2.2 Annual Contribution. Except in the case of a rollover contribution (as permitted by Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) and 457(e)(16) of the Code) or a contribution made in accordance with the terms of a Simplified Employee Pension (SEP) as described in section 408(k) of the Code, the Individual may make annual cash contributions to this IRA in any amount up to the lesser of 100% of compensation or $4,000 for any taxable year beginning in 2005 through 2007; and $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit 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. 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 the individual first participated in that employer s SIMPLE IRA plan. 2.3 Catch-Up Contributions. If the Individual is at least 50 on December 31 of any year, the Individual may make additional catch-up contributions to this IRA for that year. Under the current law, the amount of the catch-up contribution for 2005 is $500 and for any taxable year beginning in 2006 and years thereafter, $1, Rollover Contributions and Direct Transfers. A Rollover Contribution or Direct Transfer consisting of cash or other assets that are acceptable to the Custodian and are permissible investments under Section 408(a) of the Code may be made by the Individual to the Account at any time. Before making a Rollover Contribution or Direct Transfer, the Individual shall complete and submit any forms that the Custodian may require describing the assets (if any) other than cash that will be included in the Rollover Contribution or Direct Transfer, the source of the Rollover Contribution or Direct Transfer, and all other information as the Custodian may reasonably request. The Custodian shall be under no obligation to accept any Rollover Contribution or Direct Transfer consisting of assets other than cash. The Individual shall have the sole responsibility for determining whether any contribution to the Account, which may be accepted by the Custodian, qualifies as a Rollover Contribution or Direct Transfer. The Custodian will not

5 be responsible for any losses the Individual may incur as a result of the timing of any rollover from another trustee or custodian that is due to circumstances reasonably beyond the control of the Custodian. It shall be the Individual s responsibility to ensure that any minimum distribution required by Section 408(a)(6) of the Code is made prior to giving the Custodian rollover or direct transfer instructions. 2.5 Responsibility of Custodian Regarding Contributions. The Custodian is not responsible for determining whether any contribution to the Account made by or on behalf of the Individual qualifies as a Rollover Contribution or Direct Transfer. 2.6 Timing of Contribution. An annual contribution is deemed to have been made on the last day of the preceding taxable year if the contribution is made by the deadline for filing the Individual s income tax return (not including extensions), or such later date as may be determined by the Department of the Treasury or Internal Revenue Service (IRS), provided the Individual designates, in a form and manner acceptable to the Custodian, the contribution as a contribution for the preceding taxable year. The Custodian will not be responsible under any circumstances for the timing, purpose or propriety of any contribution nor shall the Custodian incur any liability for any tax imposed on account of any contribution. SECTION III Investment of Account 3.1 Investment of Contributions. The Custodian shall invest and reinvest all contributions to the Account according to the investment directions of the Individual or a person authorized to act on the Individual s behalf, according to Section 3.2. If the Custodian receives any contribution to the Account without proper investment directions, the Custodian has the right to refrain from investing the contribution without any liability for loss of income or appreciation until proper investment directions are received. 3.2 Investment Directions; Available Investments. The Individual or, following the Individual s death, the Beneficiary, or a person acting on behalf of the Individual or Beneficiary shall be permitted at all times to direct the Custodian in the investment or reinvestment of the assets of the Account. All investment directions must be made in a form or manner acceptable to the Custodian. Account assets may be invested in shares of one or more of the Investment Funds, in a Flexible Benefits Annuity or in other investments that are eligible for investment under Section 408(a) of the Code and are acceptable to the Custodian as investments under this Agreement. All Account investments shall be registered in the name of the Custodian or its nominee, or shall be retained unregistered or in a form permitting transfer by delivery, provided that the books and records of the Custodian shall at all times show these investments to be part of the Account. 3.3 Prohibitions Concerning Life Insurance, Collectibles, and Commingling. Notwithstanding any provision of this Agreement to the contrary, no assets of the Account will be invested in life insurance contracts or in collectibles (within the meaning of Section 408(m) of the Code), nor will assets of the Account be commingled with other property except in a common trust fund or common investment fund (within the meaning of Section 408(a)(5) of the Code). 3.4 Responsibility of Custodian Regarding Investments (a) Investments in general. In making any investment or reinvestment of the Account assets, the Custodian shall be fully entitled to rely on any investment directions which it reasonably believes to be properly authorized under this Agreement, and shall be under no duty to make any inquiry or investigation with respect thereto. The Individual also acknowledges that the Custodian will not 3

6 provide any investment advice in connection with this Agreement, and that the assets of the Account are to be invested, reinvested and controlled by the Individual or, following his or her death, the Beneficiary all in accordance with the terms and conditions of this Agreement. (b) Investment Fund shares. The Custodian shall be responsible for delivering to the Individual or, following his or her death, the Beneficiary all shareholder notices, reports, and proxies relating to any Investment Fund shares or other securities held in the Account. The Custodian shall vote any such shares at shareholder meetings of the Investment Funds or other securities according to the instructions received from the Individual or Beneficiary. By establishing (or by having established) the Account, the Individual hereby directs the Custodian to vote any Investment Fund shares or shares of other securities held in the Account for which no timely voting instructions are received in proportionately the same manner as shares timely voted by such Investment Fund s other shareholders. By directing (personally or through an agent) that assets of the Account be invested in an Investment Fund, the Individual or Beneficiary shall be deemed to have acknowledged receipt of the current prospectus for such Investment Fund. SECTION IV Distributions from Account 4.1 General Requirements. The Custodian shall distribute amounts from the Account to the Individual at such times and in such manner as the Individual shall direct, subject to the requirements set forth below. (a) (b) (c) Commencement of distribution. The Individual s entire interest in the Account must begin to be distributed no later than April 1 of the calendar year following the calendar year in which the Individual attains age 70 1 /2 (the Individual s required beginning date ) over the life of such individual or the lives of such individual and his or her designated beneficiary. Method of distribution. The Individual s interest in the Account will be distributed in a series of payments determined in accordance with a method of distribution that satisfies the minimum distribution requirements of Section 4.2. Distribution in kind. All distributions from the Account shall be made in cash, with the exception that the Flexible Benefits Annuity or any separable portion thereof may be distributed in kind, in which case the Custodian shall transfer such specific assets into the name of the Individual, and with the further exception that any assets held in the Account, which cannot be sold by the Custodian for cash in the ordinary course of business for purposes of making distributions from the Account, shall be distributed to the Individual in kind. 4.2 Minimum Distribution Requirements (a) Application. Notwithstanding any provision of this Agreement to the contrary, distributions from the Account shall be made in accordance with the minimum distribution requirements of Section 408(a)(6) of the Code and the regulations and other official guidance issued thereunder, all of which are incorporated herein by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements of Q&A-4 of Section 1.401(a)(9)-6 of the Income Tax Regulations, rather than paragraphs (b), (c) and (d) below and Section 4.3. An owner of two or more individual retirement accounts may satisfy these requirements by calculating the required minimum distribution separately for each IRA, totaling such amounts and then taking the total distribution from any one or more of the IRAs in accordance with Q&A-9 of Section of the Income Tax Regulations. 4

7 (b) (c) (d) Annual minimum amount. The minimum amount required to be distributed to the Individual for each calendar year, beginning with the calendar year for which distributions are required under Section 4.l(a) and for each succeeding calendar year through the year of death, is the lesser of the balance of the Individual s entire interest in the Account or the amount determined by dividing the value of the IRA (as determined under Section 4.2(c)) as of the end of the preceding year by the distribution period in the Uniform Lifetime Table in Q&A-2 of Section 1.401(a)(9)-9 of the Income Tax Regulations using the individual s age as of his or her birthday in the year. However, if the individual s sole designated beneficiary is his or her surviving spouse and such spouse is more than 10 years younger than the individual, then the distribution period is determined under the Joint and Last Survivor Table in Q&A-3 of Section 1.401(a)(9)-9, using the ages as of the individual s and spouse s birthdays in the year. Value of IRA. The value of the IRA is the account balance of the IRA as of December 31 of the calendar year immediately preceding the calendar year for which distributions are required to be made. The value of the IRA includes the amount of any outstanding rollover, transfer and recharacterization under Q&As-7 and -8 of Section of the Income Tax Regulations. Timing of minimum distributions. The minimum amount required to be distributed to the Individual for the calendar year in which the Individual attains age 70 1 /2 must be distributed no later than the Individual s required beginning date under Section 4.1(a). The minimum amount required to be distributed to the Individual for each calendar year thereafter must be distributed no later than December 31 of that calendar year. 4.3 Distributions Upon Death. In the event the Individual dies prior to the complete distribution of the Account, the remaining balance of the Account shall be distributed to the Beneficiary in a lump sum payment or in monthly, quarterly, or annual installment payments over a specified period as selected by the Beneficiary in a form or manner acceptable to the Custodian, subject to the following rules: (a) When minimum distributions had commenced. If minimum distributions had commenced prior to the Individual s death, the balance of the Account must be distributed at least as rapidly as follows: (1) If the designated Beneficiary is someone other than the individual s surviving spouse, the balance of the Account will be distributed over the remaining life expectancy of the designated beneficiary, with such life expectancy determined using the beneficiary s age as of his or her birthday in the year following the year of the Individual s death or over the period described in paragraph (a)(3) below, if longer. (2) If the Individual s sole designated beneficiary is the individual s surviving spouse, the balance of the Account will be distributed over such spouse s life expectancy or over the period described in paragraph (a)(3) below, if longer. Any interest remaining after such spouse s death will be distributed over such spouse s remaining life expectancy determined using the spouse s age as of his or her birthday in the year of the spouse s death, or, if the distributions are being made over the period described in paragraph (a)(3) below, over such period. (3) If there is no designated beneficiary, or if applicable by operation of paragraph (a)(1) or (a)(2) above, the remaining interest will be distributed over the Individual s remaining life expectancy determined in the year of the Individual s death. (4) The amount to be distributed each year under paragraph (a)(1), (2) or (3), beginning with the calendar year following the calendar year of the Individual s death is the quotient obtained by dividing the value of the IRA as of the end of the preceding year by the remaining life expectancy specified in such paragraph. Life expectancy is determined using the Single Life Table in Q&A-1 of Section 1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being 5

8 made to a 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 such 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 or Individual s age in the year specified in paragraph (a)(1), (2) or (3) and reduced by one for each subsequent year (b) When minimum distributions had not commenced. If the individual dies before minimum distributions had commenced, the balance of the Account must be distributed at least as rapidly as follows: (1) Installment payments commencing within one year. If the designated beneficiary is someone other than the Individual s surviving spouse, the balance of the Account must be distributed to the Beneficiary over a period not extending beyond the life expectancy of such Beneficiary with such life expectancy determined using the beneficiary s age as of his or her birthday in the year following the year of the individual s death, provided such payments commence on or before December 31 of the calendar year immediately following the calendar year of the Individual s death, or if elected, in accordance with paragraph (b)(3), below. (2) Installment payments to surviving spouse. If the sole designated beneficiary is the surviving spouse of the Individual, the balance of the Account must be distributed to the surviving spouse over a period not extending beyond the life expectancy of the spouse, provided such payments commence by the later of: (1) December 31 of the calendar year immediately following the calendar year of the Individual s death, or (2) December 31 of the calendar year in which the Individual would have attained age 70 1 /2, or, if elected, in accordance with paragraph (b)(3) below. If the surviving spouse dies before distributions begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse s death, over the spouse s designated beneficiary s remaining life expectancy, determined using such beneficiary s age as of his or her birthday in the year following the death of the spouse, or, if elected, in accordance with paragraph (b)(3) below. If the surviving spouse dies after distributions are required to begin, any remaining interest will be distributed over the spouse s remaining life expectancy determined using the spouse s age as of his or her birthday in the year of the spouse s death. (3) Five-year rule. If there is no designated beneficiary, or if applicable by operation of paragraph (b)(1) or (2) above, the entire balance of the Account will be distributed by December 31 of the calendar year that contains the fifth anniversary of the Individual s death (or of the spouse s death in the case of the surviving spouse s death before distributions are required to begin under paragraph (b)(2), above). (4) Determination of Life Expectancy. Life expectancy is determined using the Single Life Table in Q&A-1 of Section 1.401(a)(9)-9 of the Income Tax Regulations. (c) (d) Treatment as spouse s IRA. Notwithstanding (a) or (b) above, if the sole designated beneficiary is the surviving spouse of the Individual, the spouse may elect to treat the Account as his or her own individual retirement account. Such election shall be deemed to have been made if the surviving spouse makes a rollover to or from the Account, or fails to take distributions from the Account as Beneficiary in accordance with (a) or (b) above. When minimum distributions have commenced. For purposes of this Section 4.3, minimum distributions shall be considered to have commenced prior to the Individual s death if distributions were made on account of the Individual s reaching his or her required beginning date under Section 4.1(a). If the Individual received distributions from the Account prior to his or her required beginning date, such distributions shall not be taken into account for purposes of determining whether minimum distributions had commenced to the Individual for purposes of this Section

9 4.4 Designation of Beneficiary. The Individual may designate from time to time any person or persons, entities, such as a trust, or other recipient deemed acceptable by the Custodian as his or her primary or contingent Beneficiaries. The primary Beneficiaries shall be entitled to receive any undistributed amount credited to the Account at the time of the Individual s death. In the event that there are no surviving primary Beneficiaries at the time of the Individual s death, the secondary Beneficiaries shall be entitled to receive any undistributed amount credited to the Account at the time of the Individual s death. Any such Beneficiary designation by the Individual shall be made in writing and in a form or manner prescribed by or acceptable to the Custodian, and shall be effective only when filed with the Custodian during the Individual s lifetime. The Individual may change or revoke his or her Beneficiary designation at any time by filing a new instrument with the Custodian via the designated agent. If the designated Beneficiary (or each of the designated Beneficiaries) predeceases the Individual, the Individual s Beneficiary designation shall be ineffective and the Individual may make a new Beneficiary designation. If no Beneficiary designation is in effect at the time of the Individual s death, the Beneficiary shall be the Individual s estate. If the Individual designates more than one primary beneficiary and one of the primary beneficiaries predeceases the Individual, the deceased primary beneficiary s share of the Individual s IRA will be divided proportionately among the surviving primary beneficiaries. If the Individual designates more than one contingent beneficiary and one of the contingent beneficiaries predeceases the Individual, the deceased contingent beneficiary s share of the Individual s IRA will be divided proportionately among the surviving contingent beneficiaries. For purposes of the required minimum distribution rules of Sections 4.1, 4.2 and 4.3 above, a designated beneficiary must be an individual designated by the individual (or the individual s spouse). If the requirements of Q&A-5 of 1.401(a)(9)-4 are met, the beneficiaries of a trust that is named as the designated beneficiary, and not the trust itself, will be treated as having been designated for purposes of determining the required minimum distribution under Sections 4.1, 4.2 and 4.3 above. The individual must be a beneficiary as of the date of death and must remain a beneficiary as of September 30 of the calendar year following the calendar year of the individual s death (or, in the case of a surviving spouse, as of September 30 of the calendar year following the calendar year of the surviving spouse s death.) 4.5 Responsibility of Custodian Regarding Distributions. In making any distribution from the Account, the Custodian shall be fully entitled to rely on the directions furnished to it by the Individual, Beneficiary, or designated agent, and shall be under no duty to make any inquiry or investigation with respect thereto. The Custodian shall have no responsibility to make any distribution from the Account unless and until directions relating thereto have been received from the Individual, Beneficiary or designated agent in accordance with the terms and conditions of this Agreement. The Custodian shall not have any responsibility for the timing, propriety or income tax consequences to the Individual or Beneficiary of any distribution from the Account pursuant to this Agreement, which matters shall be the exclusive responsibility of the Individual or Beneficiary. SECTION V Transfers 5.1 Transfers to Account. Assets held on behalf of the Individual in another IRA may be transferred by the trustee or custodian of that account directly to the Custodian, in a form or manner acceptable to the Custodian, to be held in the Account on behalf of the Individual under this Agreement. Transfers are generally only permitted between the same types of IRA plans (e.g., traditional IRA to traditional IRA). In accepting any such direct transfer of assets, the Custodian assumes no responsibility for the tax consequences of the transfer, the responsibility for which rests solely with the Individual. 7

10 5.2 Transfers from Account. If so directed by the Individual in a form or manner acceptable to the Custodian, the Custodian shall transfer assets held in the Account directly to the trustee or custodian of another IRA established on behalf of the Individual, to the extent and in a manner consistent with any transfer restrictions applicable to such assets. Transfers are generally only permitted between the same types of IRA plans (e.g., traditional IRA to traditional IRA). In making any such direct transfer of assets, the Custodian assumes no responsibility for the tax consequences of the transfer, the responsibility for which rests solely with the Individual. 5.3 Transfers Incident to Divorce. All or any portion of the Individual s interest in the Account may be transferred to a former spouse pursuant to a divorce decree or written instrument incident to divorce as provided in Section 408(d)(6) of the Code, in which event the transferred portion of the Account shall be held as a separate IRA for the benefit of such spouse in accordance with the terms and conditions of this Agreement. SECTION VI Reporting, Disclosure and Fees 6.1 Information by Individual. The Individual shall furnish the Custodian (or MassMutual, acting on behalf of the Custodian) with all information as may be necessary for the Custodian to prepare any reports required pursuant to Section 408(i) of the Code and the regulations thereunder. 6.2 Annual Reports by Custodian. The Custodian shall render an annual report to the Individual (or, following his or her death, the Beneficiary) on or before January 31 of each calendar year, containing all information with respect to the preceding calendar year as is required to be furnished pursuant to Section 408(i) of the Code and the regulations thereunder and such information concerning required minimum distributions as is prescribed by the Commissioner of Internal Revenue. In addition, the Custodian shall submit all other reports to the IRS and the Individual as may be prescribed by the IRS. SECTION VII 6.3 Fees and Expenses. The Custodian s fees with respect to the establishment and maintenance of the Account, including any fee the Custodian may assess for the Account in connection with a request by the Individual to change the custodian for the Account in accordance with Section 7.2., shall be paid by MassMutual. Amendment and Termination Individual hereby authorizes the Custodian to deduct MassMutual s fee for the RMA Program from the Account upon instructions from MassMutual. MassMutual may change the fee for the RMA Program as provided in the agreement between MassMutual and the Individual with respect to the RMA Program, and the Custodian may in the future charge a separate custodial fee (with or without a corresponding reduction in the RMA Program fee) by amending this Agreement as provided for in Section 7.1 of this Agreement. If a separate Custodian fee is charged, such fee shall be charged to the Account unless paid directly by the Individual at such time and in such manner as the Custodian may prescribe. In any event, Custodian shall be entitled to charge reasonable fees with respect to the establishment and maintenance of the Account, and to receive reimbursement for all reasonable expenses incurred by it in the management of the Account. If sufficient cash is not available in the Account, the Custodian reserves the right to sell any assets in the Account to cover amounts due the Custodian or MassMutual. 7.1 Amendment. The Custodian is authorized to amend the Agreement in any respect and at any time (including retroactively) to comply with the applicable provisions of the Code, the regulations and other 8

11 official guidance issued thereunder. Any other amendment to the Agreement shall require the consent of the Custodian and the Individual. For these purposes, the Individual shall be deemed to have consented to any amendment to the Agreement if the Individual fails to object thereto within 30 days after having received written notice of the amendment from the Custodian. 7.2 Resignation or Removal of Custodian. The Custodian may resign at any time by providing thirty (30) days written notice to the Individual (or, following the Individual s death, the Beneficiary) which notice may be waived by the recipient, and by appointing a successor Custodian who is qualified to serve as trustee of an individual retirement account under Section 408(a)(2) of the Code and section (e) of the Income Tax Regulations. The Custodian may not terminate this agreement in accordance with Section 7.3 until a qualified successor has been appointed. The Individual (or, following the Individual s death, the Beneficiary) may remove the Custodian at any time by providing thirty (30) days written notice to the Custodian (which notice may be waived by the Custodian). In case of the Custodian s removal, the Individual shall appoint a successor Custodian under this Agreement who is qualified to serve as trustee of an individual retirement account under Section 408(a)(2) of the Code and section (e) of the Income Tax Regulations. If within 90 days after the Custodian s removal, or such longer time as the Custodian may agree to, a successor Custodian has not been appointed, the Custodian may terminate this Agreement in accordance with Section 7.3. Upon receipt by the Custodian of written acceptance of such appointment by the successor Custodian, the Custodian shall transfer to the successor Custodian the assets of the Account and all necessary records pertaining thereto, after reserving such reasonable amount, as it deems necessary for payment of its fees and expenses. The Custodian shall substitute another custodian if it no longer meets the requirements of Section 408(a)(2) of the Code. 7.3 Termination. The Individual may at any time terminate this Agreement by delivering to the Custodian a written notice of termination. The Custodian may terminate this Agreement by appointing a successor Custodian or in the event an Individual fails to appoint a successor Custodian, in either case under the circumstances described in Section 7.2. Upon the termination of the Agreement, the assets in the Account shall be distributed to the Individual in a lump-sum payment of cash or in kind in a manner consistent with the terms and conditions of such assets. The income benefits funded by the Flexible Benefits Annuity will continue to be paid in accordance with the provisions of the FBA. SECTION VIII Miscellaneous 8.1 Exclusive Benefit; Nonforfeitability. The Account is established for the exclusive benefit of the Individual or, following his or her death, the Beneficiary. The interest of the Individual in the balance of the Account shall at all times be nonforfeitable. 8.2 Prohibition Against Assignment. Except as may otherwise be provided in Section 5.3, no interest, right, or claim in or to any part of the Account or any payment therefrom shall be assignable, transferable, or subject to sale, mortgage, pledge, hypothecation, commutation, anticipation, garnishment, attachment, execution, or levy of any kind, and the Custodian shall not recognize any attempt to effect any of the preceding, except to the extent required by law. 9

12 8.3 Delegation of Custodian s Responsibilities. To the extent not prohibited by law, Custodian may delegate any of its duties under this Agreement to another person, including to its affiliate MassMutual. 8.4 Prohibited Transactions. Neither the Individual nor any Beneficiary shall engage in any transaction with respect to the Account that is prohibited under Section 4975 of the Code and which, under Section 408(e)(2) of the Code, would cause the Account to no longer qualify as an individual retirement account. 8.5 Governing Law. This Agreement shall be governed, administered and enforced according to the laws of the Commonwealth of Massachusetts except to the extent preempted by federal law. 10

13 Retirement Management Account Individual Retirement Account (IRA) Disclosure Statement INTRODUCTION RIGHT TO CANCEL This Disclosure Statement describes the general requirements and features of a traditional IRA, as well as the specific features of the Retirement Management Account IRA Custodial Account Agreement. The following information is provided to you in accordance with the requirements of the Internal Revenue Code of 1986, as amended (the Code ) and should be reviewed in conjunction with both the Retirement Management Account IRA Custodial Account Agreement and Retirement Management Account IRA Program Agreement. The terms used in this Disclosure Statement have the same meaning as the definitions set forth in Section 1 of the Retirement Management Account IRA Custodial Account Agreement, unless a different meaning is clearly required by the context. Of course you should seek competent tax or legal advice with respect to any and all matters pertaining to this Retirement Management Account IRA, as such matters may result in adverse tax consequences and/or penalties to you. If you do not receive this Disclosure Statement at least seven calendar days prior to the time you establish this IRA, you have the right to cancel this Account within seven (7) calendar days of its establishment. If canceled, you are entitled to a full return of the contribution you made to your IRA. The amount returned to you would not include an adjustment for such items as sales commissions, administrative expenses, or fluctuation in market value. You may make this revocation by mailing or delivering a written or electronic notice to the address listed below. MassMutual Income Management/RMA M Bright Meadow Blvd Enfield, CT If you send your notice by first-class mail, your cancellation will be deemed mailed as of the date of the postmark. If you have any questions about the procedure for canceling your IRA, please call your Advisor. DESCRIPTION OF ACCOUNT AND DESIGNATION OF BENEFICIARY Your IRA is a custodial account created for you or your beneficiary(ies) exclusive benefit. Your interest in the Account is fully vested, nonforfeitable and nontransferable. The assets remaining in your Account will be distributed upon your death in accordance with the Retirement Management Account program you developed and in accordance with the Internal Revenue Code and applicable regulations. Your Beneficiary may be confirmed to you periodically by the Custodian and upon your request, may be changed at any time in a form and manner acceptable to the Custodian. If there is no Beneficiary designated for your Account in the Custodian s records, your Account will be paid to your estate in accordance with the Internal Revenue Code and applicable regulations. Unless otherwise specified by you, if the primary Beneficiary you designated predeceases you, payment of your account will be made to the surviving contingent Beneficiary(ies) designated by you in accordance with the Retirement Management Account program. Unless otherwise specified by you, if a contingent Beneficiary you designated predeceases you, the entire interest in the Account for that deceased Beneficiary will be divided equally among the surviving contingent Beneficiary(ies). 11

14 INVESTMENT OF ACCOUNT TYPES OF IRAS CONTRIBUTIONS 12 The assets in your Retirement Management Account IRA will be invested in accordance with instructions communicated by you (or your Authorized Agent, or, following your death, your Beneficiary, executor, administrator or Authorized Agent). As with any investment, you should read any publicly available information (e.g., prospectuses, annual reports, etc.), as well as any other information to which you have access, which would enable you to make an informed investment decision. Investments you direct through your Retirement Management Account IRA should take into account your overall investment portfolio, your tolerance for risk, and the various tax consequences of your actions. You should periodically review your investments, and make any adjustments that you feel may be necessary. If no investment instructions are received from you, or if the instructions received are, in the opinion of the Custodian, incomplete or unclear, you may be requested to provide further instructions or other information. In the absence of such instructions or information, your investment may be returned to you or may be invested in money market vehicles. Keep in mind that with respect to investments in regulated investment company shares (i.e. mutual funds), or other securities or insurance contracts of any kind held in your account, growth in the value of the account cannot be guaranteed or projected by the Custodian. No part of your IRA assets may be invested in life insurance contracts or collectibles, nor may your IRA assets be commingled with other property except in a common trust fund or common investment fund. Reinvestment of Earnings. All dividends and capital gains received on shares of a mutual fund held in the Investment Portion of your Retirement Management Account IRA that are permitted to be reinvested in additional shares of the fund shall, in the absence of general or specific investment directions by you or your Authorized Agent to the contrary, be automatically reinvested in additional shares of the fund. Traditional IRA You may make a traditional IRA annual contribution of up to the deductible amount under Section 219 of the Code or 100% of your compensation, whichever is less. Earnings and gains on your traditional IRA contributions are not subject to federal income taxes until they are actually distributed. The state tax consequences of your traditional IRA will vary from state to state. You are strongly encouraged to consult a tax advisor to determine the state tax consequences of establishing a traditional IRA. (To determine the amount of your income tax deduction, if any, for your traditional IRA contribution see Limits on Deductible Contributions below). Rollover IRA If you retire or change jobs, you may be eligible for a distribution from your employer s retirement plan. To avoid mandatory withholding of 20% of your distribution for federal income tax, and to preserve the tax-deferred status of the distribution, you can roll over the distribution directly to a Rollover IRA. If you choose to have the distribution paid to you rather than directly to the Rollover IRA, you will be subject to mandatory federal income tax withholding at the rate of 20%. You may still reinvest up to 100% of the total amount of your distribution, which is eligible for rollover in a Rollover IRA by replacing the 20%, which was withheld for taxes with other assets you own. You must reinvest the eligible portion of such distribution proceeds in a Rollover IRA (or conduit IRA) within 60 days of receipt of your distribution. The amount invested in a Rollover IRA, whether as a direct rollover or within 60 days of your receipt of the distribution, can be excluded from your taxable income for the year in which you receive the eligible rollover distribution from your employer s plan. For more detailed information regarding rollovers please read the Rollover Contribution section below. IRA Eligibility: Employees and self-employed individuals who are under age 70 1 /2 and who have compensation (or earned income, in the case of a self-employed individual) are eligible to contribute to an IRA even if they are already covered under another employer-sponsored retirement plan. Employers may contribute to IRAs established by their employees, or to IRAs used as part of a Simplified Employee Pension plan (SEP). General You may make annual cash contributions to an IRA in any amount up to 100% of your compensation for the year or the deductible amount under Section 219 of the Code, whichever is less. The Section 219 contribution limits are

15 provided below. Contributions (other than Rollover Contributions and Direct Transfers described below) must be made in cash and not in-kind. Therefore, securities or other assets already owned cannot be contributed to an IRA but can be converted to cash and then contributed. No part of your contribution may be invested in life insurance or be commingled with other property, except in a common trust fund or common investment fund. Maximum Maximum Annual Contribution Annual Contribution Individual Individual Age 50 Year Under Age 50 or Older 2005 $4,000 $4, $4,000 $5, $4,000 $5, $5,000 $6,000 For years after 2008 the contribution limit will be periodically indexed for inflation in $500 increments. Catch-Up Contributions. If you are at least 50 on December 31 of any year, you will be able to make additional catchup contributions to your IRA for that year. Under the current law, the amount of the catch-up contribution for 2005 is $500. Beginning in 2006 and thereafter, the amount of the catch-up contribution will be $1,000 Compensation refers to wages, salaries, professional fees, or other amounts derived from or received for personal service actually rendered and includes the earned income of a self-employed individual, and any alimony or separate maintenance payment includible in your gross income. It does not include earnings and profits from property such as dividends, interest, or capital gains, or amounts received as a pension or annuity, or as deferred compensation. Adjusted Gross Income is determined prior to adjustments for personal exemptions and itemized deductions. For purposes of determining the IRA deduction (see below) adjusted gross income is modified to take into account taxable benefits under the Social Security and Railroad Retirement Acts and passive loss limitations under Code Section 469, except that you should disregard code sections 135, 137, 221, 222 and 911 and any IRA deduction you may have taken. Timing of Contributions. You may make contributions to your IRA at any time up to and including the due date, excluding extensions, for filing your tax return for the year (generally April 15th) for which the contribution is made. If you do not inform the Custodian of the year for which an IRA contribution is made, the Custodian will assume that the contribution is made for the year in which it is received. You may continue to make annual contributions to your IRA up to (but not including) the calendar year in which you reach age 70 1 /2 (other than rollover contributions and direct transfers). You may continue to make annual contributions to your spouse s IRA up to (but not including) the calendar year in which your spouse reaches age 70 1 /2. Maximum Contributions not Required. You do not have to contribute to your traditional IRA every year, nor are you required to make the maximum contribution for any year. However, if you decide in any year not to make the maximum IRA contribution, you may not make up the missed contribution in later years. Rollover IRA Contributions and Direct Transfers. Qualifying distributions from employer-sponsored retirement plans (for example, 401(k), pension, profit-sharing, and Keogh plans), tax-deferred annuity arrangements or deferred compensation plans of state and local governments under Section 457 of the Code may be eligible for rollover into your IRA. However, strict limitations apply to such rollovers, and you should seek competent tax advice regarding these restrictions. See the following Rollover section for more in-depth information regarding rollovers. Excess Contributions. Contributions (including an improper rollover or direct transfer), which exceed the allowable maximum per year, are considered excess contributions. A non-deductible penalty tax of 6% of the excess amount contributed will be incurred for each year in which the excess contribution remains in your IRA. If you make a 13

16 contribution to your IRA in excess of your allowable maximum for any taxable year, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings, if any, on or before the due date, including extensions, for filing your tax return for that year. The amount of excess contribution withdrawn will not be considered a premature distribution nor be taxed as ordinary income, but any earnings withdrawn will be taxed as ordinary income to you and may be subject to a 10% early withdrawal penalty if you are under age 59 1 /2. Alternatively, excess contributions for one year may be carried forward and reported in the next year to the extent that the excess, when aggregated with your IRA contribution(s) (if any) for the subsequent year, does not exceed the maximum amount for that year. The 6% excise tax will be imposed on excess contributions for each year they are not returned nor applied as contributions. Return of Excess Contribution After Tax Return Due Date. If you make an excess contribution to your IRA for a taxable year and you withdraw the excess contribution after the due date for filing your federal income tax return (including extensions), the returned excess contribution will not be includible in your gross income as an IRA distribution (subject to possible premature distribution penalties) if: (1) your total IRA contributions for the year were not more than the deductible amount in effect under Section 219 of the Code, and (2) you did not deduct the excess contribution on your return (or if the deduction was disallowed by the IRS). However, you must pay the 6% excise tax on the excess contribution for each taxable year that it was still in your IRA at the end of the year. Under this procedure, you are not required to withdraw any earnings attributable to the excess contribution. Applying Excess Contribution to Subsequent Year. You may also eliminate an excess contribution from your IRA in a subsequent year by not contributing the maximum amount for that year and applying the excess contribution to the subsequent year s contribution. You may be entitled to a deduction for the amount of excess contribution that is applied in the subsequent year provided you did not previously deduct the excess contribution (or if the deduction you claimed was disallowed by the IRS). However, if you incorrectly deducted an excess contribution in a closed taxable year (i.e., one for which the period to assess a deficiency has expired), the amount of the excess contribution cannot be deducted again in the subsequent year in which it is applied. DEDUCTIBLE IRA CONTRIBUTIONS Contributions to your traditional IRA may be deductible in whole or in part for federal income tax purposes, as determined by the rules summarized below. You should contact your tax advisor to determine the deductibility of IRA contributions for state income tax purposes. Married Couples. If you are married and file a joint tax return with your spouse, and neither of you is considered an active participant in an employer-sponsored retirement plan, you and your spouse may each make a fully deductible IRA contribution of the deductible amount under Section 219 of the Code or 100% of your combined compensation, whichever is less. If you are a married couple filing jointly with AGI (adjusted gross income) of $150,000 or less for the year for which the contribution relates if only one of you is considered an active participant, the spouse (including a non-wage earning spouse) who is not an active participant in an employer-sponsored retirement plan may make a fully deductible IRA contribution of up to the deductible amount under Section 219 of the Code or 100% of combined compensation. For married couples where one person is considered an active participant, this deduction is phased out for the non-working spouse based on joint AGI between $150,000 - $160,000. For married couples where both are considered active participants and for the working spouse where only one spouse is considered an active participant, the phase-out ranges for deducting an IRA contribution are provided in the chart below. If you are a married couple that lives together at any time during the year but file your income taxes separately, and have more than $10,000 in compensation for the year, you are not eligible for a deductible IRA contribution if either spouse is considered an active participant. Single Taxpayers. If you are not married and are not an active participant in an employer-sponsored retirement plan, you may make a fully deductible IRA contribution in any amount up to 100% of your compensation for the year or the deductible amount under Section 219 of the Code, whichever is less. The phase-out ranges for deducting an IRA contribution for single taxpayers who are considered active participants are provided in the chart below. 14

17 Active Participant Defined. You are considered an active participant if you participate in an employer-sponsored retirement plan. You are an active participant in an employer-sponsored retirement plan even if you do not have a vested right to any benefits under your employer s plan. Whether you are an active participant depends on the type of plan maintained by your employer. You should check with your employer for your status in this regard. Generally, you are considered an active participant in a defined contribution plan if an employer contribution or forfeiture was credited to your account under the plan during the year. You are considered an active participant in a Simplified Employee Pension Plan (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) if an employer contribution, including a salary reduction contribution, was made to your account for a tax year. You are considered an active participant in a defined benefit plan if you are eligible to participate in the plan, even though you may elect not to participate. However, if you have not satisfied the defined benefit plan s minimum age or service conditions required for participation, you are not considered an active participant in the plan. You are also treated as an active participant for a year during which you make a voluntary or mandatory contribution to any type of plan, even though your employer makes no contribution to the plan. An employer-sponsored retirement plan includes any of the following types of retirement plans: a qualified pension, profit-sharing, or stock bonus plan established in accordance with Internal Revenue Code 401(a) or 401(k) a Simplified Employee Pension Plan (SEP) (Internal Revenue Code 408(k) a Saving Incentive Match Plan for Employees (SIMPLE) established in accordance with Internal Revenue Code 408(p) a deferred compensation plan maintained by a governmental unit or agency. tax-sheltered annuities and custodial accounts (Internal Revenue Code 403(b) and 403(b)(7) a qualified annuity under Internal Revenue Code 403(a) Adjusted Gross Income Defined. For purposes of the traditional IRA deduction limits, your adjusted gross income is calculated by taking into account any taxable Social Security benefits and taxable IRA distributions you may receive for the year. However, your adjusted gross income is not reduced by any deductible traditional IRA contributions you may make for the taxable year, employer-provided adoption assistance that is otherwise not taxable, proceeds of U.S. Savings Bonds used for higher education expenses that are otherwise not taxable, any deductible interest on education loans or any deductible qualified tuition or related expenses. Limits on Deductible Contributions. If you (or your spouse, if you are filing a joint tax return) are not eligible for a fully deductible IRA contribution, you may be eligible for a partially deductible IRA contribution if your adjusted gross income does not exceed certain deductibility limits, which are discussed below. For active participants in an employer-sponsored retirement plan, full deduction is phased-out between the following new AGI limits: Married Couples Year Filing Joint Returns Individuals 2005 $70,000 $ 80,000 $50,000 $60, $75,000 $ 85,000 $50,000 $60, $80,000 $100,000 $50,000 $60,000 For the 2005 tax year, the applicable dollar amount is $50,000 for individuals, and $70,000 for married couples filing a joint tax return, with additional increases scheduled for each tax year as indicated above until the year The applicable dollar limit for married individuals filing separate returns is $0. If your adjusted gross income exceeds the applicable 15

18 dollar limit by not more than $10,000 ($20,000 for the 2007 tax year and beyond for married couples filing a joint return), you may make a deductible IRA contribution (but the deductible amount will be less than the deductible amount under Section 219 of the Code). To determine the amount of your deductible contribution, use the following calculation: 1. Subtract the applicable dollar amount from your adjusted gross income. If the result is $10,000 ($20,000 for married couples filing a joint return for the 2007 year and beyond) or more, stop; you can only make a nondeductible contribution. 2. Subtract the above figure from $10,000 ($20,000 for married couples filing a joint return for the 2007 year and beyond). 3. Divide the result from 2 above by $10,000 ($20,000 for married couples filing a joint return for the 2007 year and beyond). 4. Multiply the deductible amount under Section 219 of the Code by the fraction resulting from 3 above. This is your maximum deductible contribution limit. TRANSFERS If the deduction limit is not a multiple of $10, then it is to be rounded up to the next lowest $10 multiple. There is a $200 minimum floor on the deduction limit if your adjusted gross income does not exceed the annual limits in the chart above for individuals or married couples filing jointly. Adjusted gross income for married couples filing a joint tax return is calculated by aggregating the compensation of both spouses. The deduction limitations on IRA contributions, as determined above, then apply to each spouse. Nondeductible IRA Contributions. Even if your income exceeds the limits described above, you may still make a nondeductible IRA contribution up to the lesser of the deductible amount under Section 219 of the Code or 100% of your compensation to a traditional IRA. There are no income limits for making a nondeductible contribution to a traditional IRA. Earnings on any traditional IRA contributions are tax-deferred until withdrawn. You are required to designate on your tax return the extent to which your IRA contribution is nondeductible. Therefore, your designation must be made by the due date (including extensions) for filing your tax return for the year for which the contribution is made by filing Form If you overstate the amount of nondeductible contributions for a taxable year, a penalty of $100 will be assessed for each overstatement unless you can show that the overstatement was due to a reasonable cause. This section discusses options for carrying out a custodian/trustee-to-custodian/trustee asset transfer of your existing IRA to another IRA of the same type (e.g., a transfer from traditional IRA to traditional IRA). Tax-Free Transfer From An Existing IRA to Another IRA. In order to give you greater investment flexibility, you are permitted to transfer IRA assets directly from one trustee or custodian to another on a tax-free basis. If you already have an IRA with another trustee or custodian you may authorize a direct transfer of your IRA assets to a new IRA without paying taxes, subject to the rules and restrictions of your existing account. Transfers are only permitted between the same types of IRA plans (e.g., from a traditional IRA to traditional IRA). You may make such a transfer as often as you wish. Of course, such a transfer of assets is not tax deductible. Transfers Due to Divorce or Legal Separation. If all or any portion of your IRA is awarded to a former spouse pursuant to divorce or legal separation, such portion can be transferred to an IRA in the receiving spouse s name. This transaction can be processed without any tax implications to you provided a written instrument executed by a court incident to the divorce or legal separation in accordance with Section 408(d)(6) of the Code is received by the Custodian, and specifically directs such a transfer. In addition, you must also provide the Custodian with a letter of instruction and account number of the IRA maintained by the receiving spouse, or an IRA application executed by the receiving spouse, if a new IRA will be established. 16

19 ROLLOVER CONTRIBUTIONS As stated before, a rollover contribution is a contribution to your IRA of cash or other assets you receive as a distribution from another individual retirement arrangement, a qualified plan, an annuity plan described in Section 403(a) of the Code, a Section 403(b) account or annuity or a deferred compensation plan of a state or local government under Section 457 of the Code. A rollover transaction is tax free, in that the amounts received as a distribution and properly rolled over to your IRA will not be currently taxable in the year of receipt. Of course, a rollover contribution to your IRA is not tax deductible. Eligible rollover distributions from any of the plans listed above are subject to a mandatory 20% withholding tax unless the distribution is a trustee-to-trustee transfer to another eligible retirement plan. If you elect to receive the distribution directly, before rolling it to another eligible retirement plan, the withheld amount will be subject to tax unless an equal amount is contributed to the plan from another source. In addition, the 10% penalty on premature distributions may also apply to the amount withheld where only the remaining 80% is rolled over. See the following Premature Distribution section for more in-depth information regarding premature distributions. Rollover from an Existing IRA. If you receive a distribution of assets from an existing IRA, you may make a rollover contribution of all or part of the assets you receive tax-free to another IRA. The rollover must be completed within 60 days after you receive the distribution from your existing IRA. You are limited to one such tax-free rollover every 12 months (beginning on the date you receive the IRA distribution, not on the date you make the rollover contribution). You may not roll over a minimum distribution amount you are required to receive from your traditional IRA upon attaining age 70 1 /2. If your distribution consists of property other than cash, you must roll over to your new IRA the same property you received from your old IRA. If you wish to make a rollover contribution of property other than cash to your IRA, you must obtain the prior approval of the Custodian. Note: A tax-free transfer of funds as described in the previous Transfer section is not a rollover since you did not actually receive the distribution from your IRA. Rather it is a direct transfer from one trustee or custodian to another and is not affected by the 12-month waiting period applicable to IRA rollovers. Eligible Rollover Distribution From Employer s Retirement Plan to a Traditional IRA. If you are entitled to receive an eligible rollover distribution from an employer s qualified retirement plan (such as, a 401(k), pension, profit-sharing, or stock bonus plan) or a 403(b) account or annuity or from a deferred compensation plan of a state or local government under Section 457 of the Code, you may make a tax free rollover contribution of the distribution to a traditional IRA. An eligible rollover distribution generally includes any distribution or withdrawal from any plan described above other than: (1) A distribution that is part of a series of substantially equal periodic payments (not less frequently than annually) over a specified period of 10 years or more, or over your life (or life expectancy), or over the joint lives (or joint life and last survivor expectancy) of you and your designated beneficiary; (2) Any portion of a distribution that represents a required minimum distribution to you after age 70 1 /2; (3) Any nontaxable portion of a distribution that represents a return of after-tax contributions (except such amounts may be rolled into an IRA) or (4) Any distribution which is made upon your hardship. If you elect to have an eligible rollover distribution from an employer s qualified retirement plan paid directly to you, your distribution will be subject to 20% federal income tax withholding. You will still have the option of making a taxfree rollover contribution of your eligible rollover distribution to a traditional IRA within 60 days of receipt of your distribution. You may roll over any amount up to 100% of your eligible rollover distribution (including an amount equal to the 20% that was withheld by coming up with additional money to make up for the withheld amount). 17

20 DISTRIBUTIONS Rollovers Due to Divorce or Similar Proceedings. If you are eligible to receive an eligible rollover distribution from an employer s qualified plan in accordance with a qualified domestic relations order resulting from divorce or similar proceedings, you may have all or part of the distribution rolled over to your traditional IRA on a tax-free basis. General. Distributions from your IRA will only be made upon your request (or the request of your Authorized Agent, or, following your death, your Beneficiary, executor, or administrator) in a form and manner acceptable to the Custodian. However, the Custodian may make a distribution from your IRA without your instruction if directed to do so by a court order or levy. Distributions from your IRA can be made at any time, but must begin no later than the April 1 following the year in which you reach age 70 1 /2. Distributions from your Account will generally be included in your gross income and taxed as ordinary income for federal income tax purposes for the year in which you receive them. Premature Distributions. To the extent they are included in income, distributions from your IRA made before you reach age 59 1 /2 will be subject to a nondeductible 10% early withdrawal penalty (in addition to being taxable as ordinary income) unless the distribution is an exempt withdrawal of an excess contribution, or the distribution is rolled over to another employer-sponsored retirement plan, an annuity plan described in section 403(a), a 403(b) account or annuity or a deferred compensation plan of a state or local government under Section 457 of the Code, or the distribution is made on account of your death or disability, or if the distribution is part of a series of substantially equal periodic payments made not less frequently than annually over your life or life expectancy or the joint life expectancies of yourself and your Beneficiary, is for qualified medical expenses in excess of 7.5% of your Adjusted Gross Income (AGI), is to cover qualified health insurance premiums of certain unemployed individuals, is used to acquire a first-time principal residence for you, your spouse, you or your spouse s children, grandchildren or ancestors (subject to a $10,000 lifetime limit), is used to pay qualified higher education expenses for education for you, your spouse, your children, or your grandchildren or any children or grandchildren of your spouse, or is made on account of an IRS levy, as described in Internal RevenueCode Section You should consult with your tax advisor to see if an exception to the early withdrawal penalty applies before requesting any distribution prior to age 59 1 /2. Latest Time to Withdraw. You must begin receiving distributions of the assets in your account when you reach age 70 1 /2. You must receive the required minimum distribution amount from your IRA for the calendar year in which you attain age 70 1 /2 by April 1 of the following year. Distributions must continue to be made by December 31 of each subsequent year. If you maintain more than one IRA (Roth IRAs excluded), you may take from any one or more of your IRAs the aggregate amount to be withdrawn. Minimum Distributions. It is your responsibility to ensure that required distributions are timely and are in amounts, which satisfy IRS requirements. Distributions from your Account will be made in accordance with the minimum distribution requirements of Section 408(a)(6) of the Code and the regulations and other official guidance issued thereunder, all of which are incorporated herein by reference. You may be subject to a 50% excise tax on the amount by which the distribution you actually received in any year falls short of the minimum distribution required for the year. The 50% tax is imposed on the difference between the amount actually distributed from your IRA and the amount required to be distributed. This penalty tax may be waived in certain cases provided you can establish to the satisfaction of the IRS that the deficit in the amount distributed was due to a reasonable error and you are taking steps to remedy the problem. For more information see IRS Publication

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