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Page 1: Fixed Annuity ING Retirement Plus 403(b) - …myglpagent.com/forms/Older/ING Retirement Plus 403b Fact Sheet.pdf · Waiver of Withdrawal Charges ... comp l e tda isr gn h p rod uct,

GENERAL INFORMATION

Contract Types Available403(b) (Individual and Group), Roth 403(b) (Individual only)

Minimum Premium$200 annually

Maximum Issue Age701

Front End LoadsNone

Sales ChargesNone

Annual FeesNone

Loan ProvisionLoans are only available under traditional 403(b) contracts (notavailable under Roth 403(b)contracts)

Minimum Loan$500

Loan Interest RateCurrently 5.5% (maximum is 8%)

Guaranteed Interest Rate1.0% to 3.0%, depending upon contract issue date. Guaranteed for the lifetime of the contract. See your contract for the applicable rate.

Waiver of Withdrawal Charges

During any 12-month period, youmay withdraw up to 10% of theContract Value without awithdrawal charge.

Expanded Waiver of Withdrawal Provision If a policyholder separates fromservice after attaining age 55 andhas had the contract for five policyyears, the withdrawal charge will bewaived on a greater percentage ofyour account value. The percentageof the cash accumulation value thatcan be withdrawn withoutwithdrawal charge increases to20% in policy year 6, 25% in policyyear 7, 331⁄3% in policy year 8, and50% in policy year 9.

Disability Waiver of Withdrawal Charges If you are disabled and receivingSocial Security disability payments,you may be able to withdraw yourmoney with no withdrawal charge.Availability of this provision may berestricted in certain states.

Loans and Withdrawals

All withdrawals reduce the deathbenefit and may reduce the value of any optional benefits. Earlywithdrawals and other distributionsof taxable amounts may be subjectto ordinary income tax, a surrendercharge and, if taken prior to age59½, an IRS 10% prematuredistribution penalty tax may apply.Consult your tax attorney orqualified tax professional for details.

Bonus Crediting

ING Retirement Plus provides abonus equal to 4% of the premiumpayments you make during the first10 policy or certificate years.

The bonus is placed in a special non-vested account, which vests to you during policy or certificate years11 through 15. Interest is creditedand compounded daily on bothyour premiums and the bonusamount.

For additional information andcomplete details regarding thisproduct, please contact your INGrepresentative.

Withdrawal Charges2

Policy Year 1 2 3 4 5 6 7 8 9 10+Withdrawal Charges (%) 93 9 8 7 6 5 4 3 2 0.0

Withdrawal charges are based on contract date (certificate date for groupcontracts), not purchase payment date. Withdrawal charges are waived ifannuitant dies. Withdrawals may generate an income tax liability, reduceavailable cash value, reduce the death benefit, or cause the policy to lapse.The IRS imposes a 10% premature distribution penalty tax on withdrawalsof taxable funds before age 59½ unless specifically exempted. Consult yourtax attorney or qualified tax professional for details.

Your future. Made easier.®

Fixed Annuity

ING Retirement Plus403(b)

Issued by ReliaStar LifeInsurance Company, amember of the ING familyof companies

1 Maximum issue age for Maryland GroupRetirement Plus TSA (policy form no. 15248) is 55

2 In Indiana, Maryland, New Jersey, andPennsylvania, for issue ages 56 and older,surrender charges start at 8% grading over nine years.

3 In Texas (for policy form no.15248), from issuedate the withdrawal charge is 9.5, 9, 8, 7, 6, 5, 4, 3, 2, 0 based on accumulation value. No withdrawal charge applies after the 10thcontract year.

Page 2: Fixed Annuity ING Retirement Plus 403(b) - …myglpagent.com/forms/Older/ING Retirement Plus 403b Fact Sheet.pdf · Waiver of Withdrawal Charges ... comp l e tda isr gn h p rod uct,

ING RETIREMENT PLUS 403(b)

WWW.ING-USA.COM

3013617.N.P-2 (01/10)

www.ing-usa.com www.ing.com/us/tsaING Retirement Plus Fixed Annuity issued by ReliaStar Life Insurance Company (Minneapolis, MN), member of the ING family of companies. Contract Series # 15218 R8-90 and 15248 5-92, varies by state, and may not be available in all states. © 2010 ING North America Insurance Corporation. Cn51510072010

Roth 403(b)

If offered by your employer, a Roth403(b) allows you to make after-taxcontributions to the Roth 403(b)under your employer’s 403(b) plan.Distributions from the Roth 403(b)will be tax free for federal incometax purposes if they are QualifiedDistributions.

To be a Qualified Distribution, thefollowing criteria must be met:

1) The funds must be held for a5-year holding period, measuredfrom the earlier of (A) the firstyear that contributions weremade on your behalf to any Roth403(b) account under youremployer’s plan, or (B) if a directrollover contribution is madefrom another designated Rothaccount to your employer's plan,the first year contributions weremade to the designated Rothaccount under the other plan,and

2) the distribution must be due toattainment of age 591⁄2, death ordisability.

Distributed earnings from the Roth403(b) before the QualifiedDistribution provisions are satisfiedare subject to taxation.

Annuitizations

AmountThe full amount of your policy,including the bonus account valueminus any loans, is available forannuitization.

Annuity OptionsFixed period only (minimum of fiveyears or after 5th certificate year,

36 months), Life only, Life withguaranteed fixed period (minimumof ten years), Joint and Survivor,and any other option we may offer.

Partial AnnuitizationsAllowed

Other Distribution Options

1) Systematic Withdrawals2) Required Minimum

Distribution (RMD), Planned WithdrawalsThese features allow thepolicyholder access to policyfunds at retirement withoutannuitizing.

Our product offers distributionoptions that are designed tomeet the IRS rules relating toRequired Minimum Distributions.Generally RMDs for 403(b), Roth403(b), and 457(b) plans mustbegin by April 1st of the yearfollowing the later of the year inwhich you turn age 70½ orretire. For IRAs the RMD mustbegin by age 70½. RMD payoutsare recalculated annually basedon your life expectancy(ies).Based upon the accuracy of thedata provided to ReliaStar LifeInsurance Company, thecalculation of your RMD amountis guaranteed by the Companyto comply with IRS guidelines.

IRAs and other qualified plans alreadyprovide tax deferral like that provided byan annuity. Additional features andbenefits such as contract guarantees,death benefits and the ability to receive alifetime income are contained within theannuity for a cost.

Please be sure the features and costs of theannuity are right for you when consideringthe purchase of the annuity. Guaranteesare based on the claims-paying ability ofReliaStar Life Insurance Company, who issolely responsible for all obligations underits policies.

Annuities have limitations. For additionalinformation and complete details regardingthis product, including costs, please contactyour ING representative or the company.These materials are not intended to beused to avoid tax penalties, and wereprepared to support the promotion ormarketing of the matter addressed in thisdocument. The taxpayer should seek advicefrom an independent tax advisor.

For 403(b)(1) annuities, employee deferrals(including earnings) may generally bedistributed only upon your: attainment ofage 59½, severance from employment,death, disability, or hardship. Note:Hardship withdrawals are limited toemployee deferrals made after 12/31/88.Exceptions to the distribution rules: No IRCwithdrawal restrictions apply to ’88 cashvalue (employee deferrals (includingearnings) as of 12/31/88) and employercontributions (including earnings). However,employer contributions made to an annuitycontract issued after December 31, 2008may not be paid or made available before adistributable event occurs. Such amountsmay be distributed to a participant or ifapplicable, the beneficiary: upon theparticipant's severance from employment orupon the occurrence of an event, such asafter a fixed number of years, theattainment of a stated age, or disability.