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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. (File No. ) X
Post-Effective Amendment No.
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. (File No. 811-3500) X
IDS LIFE OF NEW YORK ACCOUNT 4
IDS LIFE OF NEW YORK ACCOUNT 5
IDS LIFE OF NEW YORK ACCOUNT 6
IDS LIFE OF NEW YORK ACCOUNT 9
IDS LIFE OF NEW YORK ACCOUNT 10
IDS LIFE OF NEW YORK ACCOUNT 11
___________________________________________________________________
(Exact Name of Registrant)
IDS Life Insurance Company of New York
___________________________________________________________________
(Name of Depositor)
20 Madison Avenue Extension, Albany, NY 12203
___________________________________________________________________
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code (612) 671-3678
Mary Ellyn Minenko, IDS Tower 10, Minneapolis, MN 55440-0010
___________________________________________________________________
(Name and Address of Agent for Service)
It is proposed that this filing will become effective: as soon as
practicable.
immediately upon filing pursuant to paragraph (b) of Rule 486
on (date) pursuant to paragraph (b) of Rule 486
60 days after filing pursuant to paragraph (a) of Rule 486
on ___________________, pursuant to paragraph (a) of Rule 486
DECLARATION REQUIRED BY RULE 24f-2(a)(1)
An indefinite number shares of securities of the Registrant is
being registered by this Registration Statement.
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The Registrant hereby amends the Registration Statement under the
Securities Act of 1933 on such date or dates as may be necessary to
delay its effective date until the Registrant shall file a further
amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until the
Registration Statement shall become effective on such date as the
Commission acting pursuant to Section 8(a) may determine.
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<TABLE>
<CAPTION>
CROSS REFERENCE SHEET
Cross reference sheet showing location in the prospectus of the information
called for by the items enumerated in Part A and B of Form N-4.
Negative answers omitted from prospectus are so indicated.
PART A PART B
Page Number in
Page Number Statement of
Item No. in Prospectus Item No. Additional Information
<C> <C> <C> <C>
1 4 15 33
2 5 16 34
3(a) 11 17(a) NA
(b) 6-10 (b) NA
(c) 14*
4(a) 11
(b) 12-13 18(a) NA
(c) 12 (b) NA
(c) 38-39
5(a) 14 (d) NA
(b) 14-15 (e) NA
(c) 15-17 (f) 38
(d) 4,17
(e) 29-30 19(a) 38*
(f) NA (b) 20-21*
6(a) 19-21 20(a) 38
(b) 20-21 (b) 38
(c) 21 (c) 38
(d) NA (d) NA
(e) 17
(f) NA 21 35-37
7(a) 17-18 22 NA
(b) 14-15,19,31
(c) 17,21 23(a) NA
(d) 4 (b) NA
8(a) 24-25
(b) 17
(c) 24-25
(d) 28-29
(e) 25
(f) 25-26
9(a) 23
(b) 23
10(a) 17-18,28-29
(b) 28-29
(c) 17-18,28-29
(d) NA
11(a) 21-22
(b) NA
(c) 22
(d) 18
(e) 14
12(a) 26-28
(b) 4
(c) NA
13 NA
14 32
*Designates page number in the prospectus, which is hereby incorporated by
reference in this Statement of Additional Information.
</TABLE>
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IDS Life of New York Employee Benefit Annuity
Prospectus/May __, 1994
This prospectus describes a flexible premium group deferred annuity
contract (the Contract) offered by IDS Life Insurance Company of
New York (IDS Life of New York). Participation in the Contract
will be accounted for separately by the issuance of a Certificate
showing the Participant's interest under the Contract.
The Contract is a group deferred annuity in which purchase payments
are accumulated on a fixed and/or variable basis and retirement
benefits are paid to the Participant on a fixed or variable basis
or a combination of both. It is available for an
employer-sponsored plan and, a salary-reduction plan (the Plan)
that meet the requirements of Section 403(b) of the Internal
Revenue Code of 1986, as amended (the Code).
IDS Life of New York Accounts 4, 5, 6, 9, 10 and 11 Group Deferred
Fixed/Variable Annuity Contracts
Sold by:
IDS Life Insurance Company of New York
20 Madison Avenue Extension
Albany, NY 12203
Telephone: (518) 869-8613
THIS PROSPECTUS SETS FORTH THE INFORMATION ABOUT IDS LIFE OF NEW
YORK ACCOUNTS 4, 5, 6, 9, 10 and 11 THAT SHOULD BE KNOWN BEFORE
INVESTING.
THIS PROSPECTUS IS ACCOMPANIED OR PRECEDED BY THE PROSPECTUS OF IDS
LIFE CAPITAL RESOURCE FUND, IDS LIFE INTERNATIONAL EQUITY FUND, IDS
LIFE AGGRESSIVE GROWTH FUND, IDS LIFE SPECIAL INCOME FUND, INC.,
IDS LIFE MONEYSHARE FUND, INC. AND IDS LIFE MANAGED FUND, INC.
THESE PROSPECTUSES SHOULD BE RETAINED FOR FUTURE REFERENCE.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION, OR ANY STATE SECURITIES
COMMISSION, NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
A Statement of Additional Information dated May __, 1994,
incorporated herein by reference, has been filed with the
Securities and Exchange Commission (SEC), and is available without
charge by contacting IDS Life of New York at the telephone number
or address shown above.
The Table of Contents of the Statement of Additional Information
appears on page __ of this prospectus.
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Definitions
Accounts (Variable Accounts) - IDS Life of New York Account 4, IDS
Life of New York Account 5, IDS Life of New York Account 6, IDS
Life of New York Account 9, IDS Life of New York Account 10 and IDS
Life of New York Account 11. These are the Variable Accounts from
which you may choose. Each Variable Account invests in shares of a
separate mutual fund. IDS Life of New York Account 4 invests in
shares of IDS Life Capital Resource Fund, IDS Life of New York
Account 5 invests in shares of IDS Life Special Income Fund, Inc.,
IDS Life of New York Account 6 invests in shares of IDS Life
Moneyshare Fund, Inc., IDS Life of New York Account 9 invests in
shares of IDS Life Managed Fund, Inc., IDS Life of New York Account
10 invests in shares of IDS Life International Equity Fund and IDS
Life of New York Account 11 invests in shares of IDS Life
Aggressive Growth Fund.
Accumulation Unit - A measure of the net investment results of each
of the Accounts. Prior to the retirement date, these units are
used to calculate the value of the Certificate.
Annuitant - The Participant named in each Certificate on whose life
retirement payments will be based.
Annuity Unit - A measure of the net investment results of each of
the Accounts used to calculate the value of retirement payments
from the Variable Accounts on and after the retirement date.
Certificate - The document delivered to each Participant that
evidences the Participant's coverage under the Contract.
Certificate Value - The total value of the Certificate before any
applicable surrender charge and any administrative charge have been
deducted.
Certificate Year - A period of 12 months, starting on the effective
date of the Certificate and on each anniversary of the effective
date.
Contract Owner (Owner) - The person or party entitled to ownership
rights stated in the Contract and in whose name the Contract is
issued.
Fixed Account - An additional account to which purchase payments
and certificate values can be allocated. It provides guaranteed
values and periodically adjusted interest rates.
Mutual Funds (Funds) - IDS Life Capital Resource Fund (Capital
Resource Fund), IDS Life International Equity Fund (International
Equity Fund), IDS Life Aggressive Growth Fund (Aggressive Growth
Fund), IDS Life Special Income Fund, Inc. (Special Income Fund),
IDS Life Moneyshare Fund, Inc. (Moneyshare Fund) and IDS Life
Managed Fund, Inc. (Managed Fund). These Funds are referred to as
the IDS Life Retirement Annuity Mutual Funds. Purchase payments
can be allocated to an Account investing in shares of one of these
Funds.
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Participant - The person named in the Certificate who is entitled
to exercise all rights and privileges of ownership under the
Certificate, except as reserved by the Owner.
Purchase Payments (Payments) - Payments made to IDS Life of New
York under a Contract by or on behalf of a Participant.
Retirement Date - The date on which the annuitant begins to receive
retirement payments.
Surrender Charge - A deferred sales charge that may be applied if
the Certificate value is surrendered.
Surrender Value - The total value of the Certificate after any
applicable surrender charge and any administrative charge has been
deducted.
Valuation Date - A normal business day, Monday through Friday,
except for the following holidays: New Year's Day, Presidents'
Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day.
Summary of Contents
About the Contract
Purpose of the Contract - The Contract permits investments by or on
behalf of a Participant in any or all of six Variable Accounts, as
well as the Fixed Account. Retirement payments may be variable,
fixed, or a combination of both (page __).
If a Participant returns a Certificate within 10 days after it is
delivered, IDS Life of New York will refund the aggregate purchase
payments (page __).
Who Issues the Contract - IDS Life of New York, a subsidiary of IDS
Life Insurance Company (IDS Life), issues the Contract and related
Certificates (page __).
About the Accounts and Funds
Accounts Available for Investment - There are six separate Variable
Accounts available for investment and a Fixed Account (page __).
About the Accounts - The six Variable Accounts are registered
together as a single unit investment trust under the Investment
Company Act of 1940 (1940 Act) (page __).
Investment Objectives of the Mutual Funds - Each mutual fund has a
different investment objective. Capital Resource Fund invests
primarily in common stocks and securities convertible into common
stocks. International Equity Fund invests primarily in equity
securities of foreign issuers. Aggressive Growth Fund invests
primarily in common stocks of small- and medium-size companies.
Special Income Fund invests primarily in bonds of the four highest
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PAGE 7
ratings or the equivalent. Moneyshare Fund invests in money
marketsecurities. Managed Fund invests in common and preferred
stock, securities convertible into common stock, bonds and
money-market instruments (page __).
Using the Contract and Certificates
Buying the Contract - The Owner may obtain an application for the
Contract from an IDS personal financial planner. A Participant may
obtain an enrollment form for the Certificate from an IDS personal
financial planner. Applications and enrollment forms are subject
to acceptance at IDS Life of New York's office in Albany (page __).
Amount of Purchase Payments - Purchase payments may be made either
in a lump sum payment or installment payments. A lump sum payment
to a Certificate must be at least $1,000. Installment payments to
a Certificate must total at least $300 a year. The maximum amount
of purchase payments is determined by any restrictions imposed by
the Plan and the Code. IDS Life of New York reserves the right to
cancel a Certificate if no purchase payments have been made for a
continuous period of 36 months and less than a total of $600 in
purchase payments has been made to the Certificate (page __).
Allocating Purchase Payments to the Accounts - IDS Life of New York
will allocate purchase payments to the Account(s) the Participant
chooses (page __).
Transferring Money between Accounts - Until the retirement date, a
Participant can give instructions to redistribute an investment
among the six Variable Accounts and, subject to certain
restrictions, to and from the Fixed Account. Transfers must be for
at least $250 or, if less, the entire balance in the Account (page
__).
A Participant also may establish automated transfers of certificate
values among the Fixed and Variable Account(s). This service is
subject to restrictions. IDS Life of New York reserves the right
to suspend or modify transfer privileges (page __).
Charges Against the Contract and Accounts - IDS Life of New York
deducts $30 from the certificate value at the end of each
certificate year for administrative services (page __).
IDS Life of New York charges the Variable Accounts a mortality and
expense risk fee. It is equal to 1 percent of the average daily
net assets of the Variable Accounts annually (page __).
A surrender charge applies to withdrawals within the first 11
certificate years. The surrender charge is 8 percent of the amount
surrendered in the first through fourth certificate years, and then
declines by 1 percent per year from 7 percent in the fifth
certificate year to 1 percent in the eleventh certificate year.
There is no surrender charge on amounts surrendered: after the
eleventh certificate year; due to a Participant's retirement under
the Plan on or after age 55; due to the death of the Participant;
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PAGE 8
or upon settlement of the Certificate under an annuity payment
plan. In no event will the surrender charges exceed 8.5 percent of
aggregate purchase payments made to the Certificate (page __).
The above charges are guaranteed not to increase during the term of
the Contract and related Certificates (page __).
Surrendering a Certificate - Subject to certain restrictions
imposed by the Code and any restrictions imposed by the Plan, a
Participant may surrender all or part of the certificate value at
any time before the retirement date. Federal income tax generally
will be imposed on the amount surrendered. In addition, income tax
withholding may be required at the rate of 20 percent and a 10
percent IRS penalty tax may apply (page __).
The Code imposes restrictions on the right to surrender all or part
of the certificate value (page __).
A partial surrender must be for at least $250. A Participant
cannot make a partial surrender that would reduce the certificate
value to less than $600 (page __).
IDS Life of New York may ask the Participant to return the
Certificate upon a full surrender (page __).
IDS Life of New York will mail a surrender check within seven days
after receipt of the surrender request (page __).
Payment in Case of Death Before Retirement Payments Begin - If the
Participant dies before the retirement date and age 75 while the
Certificate is in force, IDS Life of New York will pay to the
beneficiary the greater of:
o the certificate value; or
o the purchase payments made to the Certificate less any amounts
surrendered.
If death occurs on or after the Participant's 75th birthday, IDS
Life of New York will pay the beneficiary the certificate value
(page __).
Beneficiaries may request that IDS Life of New York make payments
under one of the payment plans IDS Life of New York offers (page
__).
In most cases, the Participant's spouse may keep the Certificate in
force (page __).
Settlement Value of the Certificate - The amount available on the
retirement date to apply to an annuity payment plan equals the
certificate value at that time (page __).
Payout Options at Retirement - The Participant may choose one of
several payment plans at retirement, or make other arrangements
with IDS Life of New York. The payment plan must meet requirements
of the Plan and the Code. If no instructions for paying the
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retirement benefits are given, IDS Life of New York will make
payments under Plan B with 120 monthly payments guaranteed unless
this option is contrary to applicable provisions of the Plan or the
Code (page __).
If monthly payments would be less than $20, IDS Life of New York
has the right to pay the certificate value in one payment (page
__).
Payment in Case of Death After Retirement Payments Begin - If the
annuitant dies after the retirement date, the amount payable, if
any, will be as provided in the annuity payment plan then in effect
(page __).
Transfers Between Accounts after Retirement - Transfers of funds
from one Variable Account to another may be made once each year
(page __).
Restrictions on Changing Ownership - Certain restrictions apply
concerning transfer of ownership of rights under a Contract or
Certificate (page __).
Termination of Payments - If purchase payments made by or on behalf
of the Participant are terminated for any reason prior to the
retirement date, the Participant may elect to surrender the
certificate value in accordance with any applicable provisions of
the Plan or the Code or leave the Certificate in force under the
Contract until the certificate value is surrendered, paid upon the
Participant's death or applied to an annuity payment plan. The
Participant also may transfer the Certificate under a Contract
issued by IDS Life of New York that is held by another Owner (page
__).
Federal Tax Information - According to current interpretations of
federal income tax law, generally there is no federal income tax to
Participants on purchase payments made by the Owner on behalf of
the Participants or on any increase in the certificate value until
distributions are made. Under certain circumstances, there also
may be a 10 percent IRS penalty tax and 20 percent income tax
withholding imposed on distributions (page __).
Additional Information about the Contract and Certificates
Accumulation Units - When IDS Life of New York moves purchase
payments to a Variable Account, the payments are converted into
accumulation units. The accumulation unit value increases or
decreases with the performance of the underlying Mutual Fund (page
__).
Annuity Units - When retirement payments begin under an annuity
payment plan, IDS Life of New York computes the number of annuity
units to be credited to the annuity. The annuity unit value
increases or decreases with the performance of the underlying
Mutual Fund (page __).
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Determining Amounts of Payments - IDS Life of New York calculates
any retirement payments due from each Variable Account and the
Fixed Account and combines the results to determine the total
retirement payment. Payments may vary from month to month (page
__).
About the Funds - IDS Life of New York will vote Fund shares held
by the Separate Accounts at meetings of shareholders of the Funds,
but will follow voting instructions received from persons having
the right to give voting instructions (page __).
Under certain circumstances, IDS Life of New York may substitute
shares of another registered open-end management investment company
both for Fund shares already purchased by the Variable Accounts and
for purchases to be made in the future (page __).
Information on the Fixed Account of the Contract
The Contract allows for purchase payments to be allocated to a
Fixed Account where they will earn interest at a rate guaranteed by
IDS Life of New York. Subject to restrictions, a Participant may
establish automated transfers of certificate values among the Fixed
and Variable Accounts in accordance with the terms of the Plan.
Automated transfers from the Fixed Account may not exceed an amount
that, if continued, would deplete the Fixed Account within 12
months.
A Participant may be able to take a loan from the Fixed Account
certificate value.
This prospectus applies only to the variable features of the
Contract and related Certificates.
Information about the Fixed Account is found on page __.
Contract and Certificate Expenses
The purpose of this table is to explain the various direct and
indirect costs and expenses associated with the Contract and
related Certificates. The table shows the expenses of the Separate
Accounts as well as the underlying Mutual Funds. For more
information about surrender charges, see page __.
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Surrender Charge
(as a percentage amount surrendered)
Certificate Year Percentage
1 8%
2 8
3 8
4 8
5 7
6 6
7 5
8 4
9 3
10 2
11 1
12 and later 0
Annual Administrative Charge $30
(deducted from certificate value of each Certificate)
Separate Account Annual Expenses*
(as a percentage of average daily net assets)
Mortality and Expense Risk Fee 1%
Annual Operating Expenses of Underlying Mutual Funds
<TABLE>
<CAPTION>
(as a percentage of Capital International Aggressive Special
average daily net assets) Resource Equity Growth Income Moneyshare Managed
<S> <C> <C> <C> <C> <C> <C>
Management Fees................. % % % % % %
Other Expenses..................
Total Operating Expenses of
Underlying Mutual Funds......... % % % % % %
Example*
You would pay the following expenses on a $1,000 investment, assuming (1) 5-percent annual return and (2)
surrender at the end of each time period:
1 year.......................... $ $ $ $ $ $
3 years.........................
5 years.........................
10 years........................
You would pay the following expenses on the same investment assuming no surrender:
1 year.......................... $ $ $ $ $ $
3 years.........................
5 years.........................
10 years........................
This example should not be considered a representation of past or future expenses. Actual expenses may be
more or less than those shown.
*In this example, the $30 Annual Certificate Administrative Charge is approximated as a .240 percent charge based
on IDS Life of New York's average contract size.
</TABLE>
Condensed Financial Information (Unaudited)
The tables below give per-unit information about the financial
history of each Account.
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Financial Statements
The SAI dated May __, 1994, contains:
o complete audited financial statements of the variable accounts
including:
- statements of net assets as of Dec. 31, 1993;
- statements of operations for the year ended Dec. 31, 1993;
and
- statements of changes in net assets for the years ended
Dec. 31, 1993 and Dec. 31, 1992 (for Accounts 10 and 11,
the period from Jan. 13, 1992 when they commenced
operations, to Dec. 31, 1992).
o complete audited financial statements for IDS Life including:
- consolidated balance sheets as of Dec. 31, 1993 and Dec.
31, 1992; and
- related consolidated statements of income and cash flows
for each of three years in the period ended Dec. 31, 1993.
Performance Information
Yield
Performance information for the Variable Accounts, including the
simple yield, compound yield and average annual total return for
IDS Life of New York Account 6 (investing in Moneyshare Fund), and
yield and average annual total return for the remaining Accounts,
may appear from time to time in advertisements or sales literature.
For Account 6, simple yield is based on income received by a
hypothetical investment (exclusive of capital change) over a given
seven-day period. This income then is "annualized" by assuming
that the seven-day yield would be received for 52 weeks and is
stated in terms of an annual percentage return on the investment.
The compound yield is calculated in a manner similar to that used
to calculate simple yield. However, when annualized, the income
earned by the investment is assumed to be reinvested. The compound
yield will be slightly higher than the simple yield due to the
compounding effect of this assumed reinvestment.
Yield quotations for the remaining Accounts will be based on all
investment income per accumulation unit earned during a given
30-day period, less expenses accrued during the period (net
investment income). Yield quotations are computed by dividing this
net investment income by the value of an accumulation unit on the
last day of the period.
Total Return
Average annual total return quotations will be expressed in terms
of the average annual compounded rate of return of a hypothetical
investment over a period of one, five and 10 years (or, if less, up
to the life of the Account). The total return quotations will
reflect the deduction of all applicable charges including the
administrative charge and the mortality and expense risk fee.
Total return quotations will be made that reflect the deduction of
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PAGE 13
the applicable surrender charge (assuming a surrender at the end of
the illustrated period). Additional total return quotations may be
made that do not reflect a surrender charge deduction (assuming no
surrender at the end of the illustrated period).
An Account also may use aggregate total return figures for various
periods, representing the cumulative change in value of an
investment in an Account for the specific period (again reflecting
changes in an Account's accumulation unit value and assuming
reinvestment of investment earnings). Aggregate total returns may
be shown by means of schedules, charts or graphs.
Performance information reflects only the performance of a
hypothetical investment in an Account during the particular time
period on which the calculations are based. Performance
information should be considered in light of the investment
objectives and policies, characteristics and quality of the Fund in
which the Account invests, and the market conditions during the
given time period and is not intended to indicate future
performance. Advertised yields and total return figures for the
Accounts include all charges attributable to the Contract and
related Certificates which has the effect of decreasing the
advertised performance of an Account. For this reason, performance
information for an Account should not be compared to that for
mutual funds that sell their shares directly to the public. See
the Statement of Additional Information for a description of the
methods used to determine yield and total return information for
the Accounts.
About the Contract
Purpose of the Contract
The goal of the Contract and related Certificates is to help
Participants build up funds for retirement. The Contract permits
investments by or on behalf of a Participant in any one or more of
six Variable Accounts and/or in the Fixed Account. Each Variable
Account invests only in shares of a single Mutual Fund.
Participants can choose from a variety of retirement payment plans
to make sure that retirement payments continue for their lifetime.
This Contract is a combination variable and fixed annuity. A
variable annuity differs from a fixed annuity in that the amount of
retirement payments varies from month to month. The investor
assumes the risk of gain or loss according to the performance of
the investment. IDS Life of New York cannot guarantee that either
the Certificate's value at the retirement date or the total of the
retirement payments will equal or exceed the total purchase
payments.
This prospectus should be read carefully to decide if the Contract
and related Certificates will help Participants meet their
retirement goals. The separate prospectus on the IDS Life
Retirement Annuity Mutual Funds also should be read to help decide
on the most appropriate investments. These prospectuses should be
kept for future reference.
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PAGE 14
If a Participant returns a Certificate within 10 days after it is
delivered, IDS Life of New York will refund the aggregate purchase
payments you have made. The Certificate must be returned to an IDS
planner or mailed to IDS Life of New York at its Albany office. No
fees or charges will be deducted.
Use of the Contract and related Certificates as funding vehicles
under the Plan will be subject to applicable federal law and any
rules of the Plan itself.
Who Issues the Contract
IDS Life of New York issues this contract and certificate. IDS
Life of New York is a wholly owned subsidiary of IDS Life which
itself is a wholly owned subsidiary of IDS Financial Corporation
(IDS). IDS is a wholly owned subsidiary of the American Express
Company (American Express). American Express is a financial
services company principally engaged through subsidiaries (in
addition to IDS) in travel related services, investment services
and international banking services.
IDS Life of New York is not a bank, and the securities it offers
are not backed or guaranteed by any bank, nor are they insured by
the FDIC.
IDS Life of New York is a stock life insurance company organized in
1972 under the laws of the State New York. It's home office is at
20 Madison Avenue Extension Albany, New York. It's address for
mail is P.O. Box 5144, Albany, NY 12205. IDS Life of New York is
licensed in New York and North Dakota and conducts a conventional
life insurance business in the state of New York.
IDS Financial Services Inc. is the principal underwriter for the
Accounts. Its home office is IDS Tower 10, Minneapolis, MN 55440-
0010. IDS Financial Services Inc. is a wholly owned subsidiary of
IDS.
About the Accounts and Funds
Accounts Available for Investment
Purchase payments may be invested in any or all of six Variable
Accounts and/or in the Fixed Account. Each of the Variable
Accounts invests only in a single Mutual Fund:
o IDS Life of New York Account 4 invests in shares of Capital
Resource Fund;
o IDS Life of New York Account 5 invests in shares of Special
Income Fund;
o IDS Life of New York Account 6 invests in shares of Moneyshare
Fund;
o IDS Life of New York Account 9 invests in shares of Managed
Fund;
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PAGE 15
o IDS Life of New York Account 10 invests in shares of
International Equity Fund; and
o IDS Life of New York Account 11 invests in shares of Aggressive
Growth Fund.
Income, capital gains and capital losses of each Account are
credited or charged to that Account alone. No Account will be
charged with liabilities of any other Account or of IDS Life of New
York's general business.
Accounts 4, 5 and 6 were established on Nov. 12, 1981. Account 9
was established on Feb. 12, 1986 and Accounts 10 and 11 were
established on Oct. 8, 1991. All Accounts were established under
New York law and are registered together as a single unit
investment trust under the 1940 Act. Each Variable Account meets
the definition of a separate account under federal securities laws.
This registration does not involve any supervision of IDS Life of
New York's management or investment practices and policies by the
SEC.
The Internal Revenue Service (IRS) has issued final regulations
relating to the diversification requirements under Section 817(h)
of the Code. Each Mutual Fund intends to comply with those
diversification requirements.
The U.S. Treasury and the IRS have indicated they may provide
additional guidance concerning investment control. The additional
guidance would address the number of variable accounts offered
under a contract and the number of exchanges among the variable
accounts that would be allowed before the contract owner or
participant would be considered to have investment control and thus
would be currently taxed on the income earned on the underlying
separate account assets. It is not clear at this time what the
additional guidance would be, and the timing of further action is
unknown. IDS Life of New York reserves the right to modify the
Contract and related Certificates, as necessary, to prevent the
Owner and/or Participants from being currently taxed as the owner
of the assets of the Variable Accounts for income tax purposes.
IDS Life of New York intends to comply with all U.S. Treasury
guidance to insure that the Contracts and related Certificates
continue to qualify as annuities for federal income tax purposes.
Investment Objectives of the Mutual Funds
The investment objectives of the underlying Mutual Funds are:
o Capital Resource Fund seeks capital appreciation by investing
primarily in U.S. common stocks listed on national securities
exchanges and other securities convertible into common stock.
Stocks and other securities will be selected for capital
appreciation based on the investment manager's assessment of market
conditions. The Fund attempts to reduce overall exposure to risk
from declines in securities prices by spreading its investments
over many different companies in a variety of industries.
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o International Equity Fund seeks capital appreciation by
investing primarily in common stock and securities convertible into
common stock of foreign issuers. The Fund may invest in bonds
issued or guaranteed by countries that are members of the
Organization for Economic Cooperation and Development or bonds
issued or guaranteed by international agencies (such as the World
Bank or the European Investment Bank) if the manager believes they
have a greater potential for capital appreciation than equity
securities. The Fund may enter into foreign currency exchange
transactions.
The securities in which the Fund invests may be thought of as
speculative and may involve substantial risk. Risks arising from
investments in foreign securities include fluctuations in currency
exchange rates, adverse political and economic developments and
lack of comparable regulatory requirements applicable to U.S.
companies.
o Aggressive Growth Fund seeks capital appreciation by investing
primarily in common stock and emphasizes investments in small- and
medium-size companies. The Fund also may invest in warrants or
debt securities or in large well-established companies when the
investment manager believes such investments offer the best
opportunity for capital appreciation.
An investment risk of small companies is that they often have
limited product lines, smaller markets or fewer financial
resources. In addition, many of the companies in which the Fund
invests are without business histories. The securities of small
companies also may be subject to more abrupt or erratic market
movements than the securities of large, more established companies
or market averages in general. Some of the securities in which the
Fund invests may be considered speculative and may involve
substantial risk.
o Special Income Fund seeks a high level of current income while
conserving the value of the investment by investing primarily in
corporate bonds of the four highest ratings, in other corporate
bonds that are not rated but that the Fund believes have the same
investment qualities and in government bonds. Bonds in the top
four ratings are of the highest quality and involve less risk than
bonds with lower ratings. The Fund attempts to reduce overall
exposure to risk from declines in securities prices by spreading
its investments over many different companies in a variety of
industries.
o Moneyshare Fund seeks maximum current income consistent with
liquidity and conservation of capital by investing in money-market
securities. The Fund intends to use the amortized cost method of
valuing portfolio securities to help maintain a constant net asset
value of $1 per share. In doing so, the Fund will not purchase any
security with a remaining maturity of more than 13 months. The
Fund also will maintain a dollar-weighted average portfolio
maturity not exceeding 90 days and will limit its investments to
those that are denominated in U.S. dollars, are of high quality and
present minimal credit risks.
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o Managed Fund seeks to maximize total investment return by
investing primarily in U.S. common stocks listed on national
securities exchanges and other securities convertible into common
stock, warrants, fixed income securities (primarily high-quality
corporate bonds), and money-market instruments. The Fund attempts
to reduce overall exposure to risk from declines in securities
prices by spreading its investments over many different companies
in a variety of industries.
IDS Life of New York does not guarantee that the Funds will meet
their investment objectives. Whether they meet their goals depends
on their management's ability to manage the risks of changing
economic conditions. IDS Life is the investment adviser for each
of the Funds. Detailed information about each Mutual Fund is in a
separate prospectus for the Funds that can be obtained from IDS
Life of New York or an IDS planner. The prospectus for the Funds
should be read carefully. There are deductions from, and expenses
paid out of, the assets of the Funds that are described in the
prospectus.
Using the Contract and Certificates
Buying the Contract
An IDS planner will help the Owner prepare an application for the
Contract. The IDS planner also will help each Participant complete
a participant enrollment form evidencing participation in the
Contract. These forms will be sent to IDS Life of New York's home
office in Albany. If the forms are complete, IDS Life of New York
will apply the purchase payments not later than two days after
receipt. If IDS Life of New York cannot accept an application or
enrollment form within five days, the company will decline the form
and return any related purchase payment. When IDS Life of New York
accepts the application, the company will send the Owner a
Contract. When IDS Life of New York accepts an enrollment form,
the company will send the Participant a Certificate. Purchase
payments will be allocated to the Account(s) selected at the next
close of business after IDS Life of New York accepts the
application or enrollment form or receives the payment, whichever
is later.
When Participants enroll in the Certificate, they select the
Account(s) in which they want the payments made by them or on their
behalf invested. The Owner selects the frequency with which it
wishes to make purchase payments.
Ownership - Unless otherwise provided in the Contract, the Owner
has all rights under the Contract. Participants' interests under
the Contract, as evidenced by their Certificates, are subject to
the terms of the Owner's Contract and the Plan.
Retirement Date - Participants establish their retirement dates
when they enroll in the Certificate subject to the terms of the
Plan. If a Participant needs to change the retirement date,
written instructions must be sent at least 30 days before the
change.
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To avoid penalty taxes, retirement payments generally must not
begin earlier than the date the Participant turns age 59 1/2 or
separates from service after reaching age 55. The maximum
retirement date is the later of:
o April 1 following the calendar year in which the Participant
attains age 70 1/2;
o such other date that satisfies the minimum distribution
requirements under the Code and related regulations and
promulgations; or
o such other date agreed upon by IDS Life of New York.
If the Participant is taking the minimum 403(b) plan distributions
as required by the Code from another tax-qualified investment, or
in the form of partial surrenders under this Contract and related
Certificate, retirement payments may begin the later of the
Certificate anniversary on or preceding the Participant's 85th
birthday or the 10th Certificate anniversary.
Naming a Beneficiary - Each Participant may name a beneficiary in
accordance with the applicable provisions of the Plan and the Code.
If the Participant dies before the retirement date and there is no
beneficiary, then the Participant's estate will be the beneficiary.
Amount of Purchase Payments
Purchase payments may be made either in a lump sum payment or
installment payments. When IDS Life of New York issues a
Certificate, a purchase payment intended as a lump sum must be at
least $1,000. IDS Life of New York will accept installment
payments to a Certificate totaling at least $300 a year. The
maximum amount of purchase payments is determined by any
restrictions imposed by the Plan and the Code.
If IDS Life of New York Receives No Additional Payments - IDS Life
of New York reserves the right to cancel a Certificate if no
purchase payments have been made for a continuous period of 36
months and previous purchase payments total $600 or less. IDS Life
of New York will give the Participant 30 days' written notice of
cancellation. If no additional minimum payment is received by the
end of this notice period, IDS Life of New York will pay out the
total value of the Certificate in a lump sum. This right is
subject to the terms of the Plan and the Code.
Allocating Purchase Payments to the Accounts
IDS Life of New York will allocate purchase payment(s) to the
Account(s) the Participant has selected at the next close of
business, currently the same as the close of the New York Stock
Exchange, after the company accepts the application or enrollment
form or receives the payment, whichever is later.
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Transferring Money between Accounts
Until the retirement date, a Participant may transfer money from
one Account to another by making a written request. There are some
restrictions on transferring to or from the Fixed Account as
discussed in the section called "Information on the Fixed Account
of the Contract." In addition, any restrictions imposed by the Plan
will apply. IDS Life of New York will make the transfer at the
next close of business after receipt of the transfer request.
There is no charge for transfers, but IDS Life of New York does
require that the transfer be for:
o at least $250; or
o the entire balance in that Account, if less.
A Participant also may establish automated transfers of certificate
values among the Fixed and Variable Account(s) through a one-time
written request or another acceptable method. The minimum
automated transfer amount from any Account is $50, and such
transfers may be made on a monthly, quarterly, semi-annual or
annual basis. A Participant may start or stop this service at any
time after the service has been in effect for a period of 12
consecutive months, but must give 30 day's notice to change any
automated transfer instructions that currently are in place.
For information on restrictions on automated transfers of
certificate values between the Fixed and Variable Account(s) see
the section called "Information on the Fixed Account of the
Contract."
Before transferring funds, a Participant should consider the risks
involved in switching investments. Transfers between Accounts
after retirement are described on page __.
IDS Life of New York reserves the right to suspend or modify
transfer privileges at any time.
Charges Against the Contract and Accounts
Administrative Charge - IDS Life of New York deducts a $30 charge
from the certificate value of each Certificate at the end of each
certificate year. This charge is for establishing and maintaining
records for each Certificate under the Contract.
If a Certificate is surrendered, the annual charge will be deducted
at the time of surrender. The annual charge cannot be increased
and does not apply after an annuity payment plan begins. IDS Life
of New York reserves the right to reduce or eliminate the
administrative charge. IDS Life of New York does not expect to
profit from the administrative charge.
Mortality and Expense Risk Fee - This charge is applied daily to
the Variable Accounts. The fee equals 1 percent of the average
daily net assets of the Variable Accounts on an annual basis. It
covers IDS Life of New York's mortality risk and expense risk. IDS
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Life of New York estimates that approximately two-thirds of this
fee is for assumption of the mortality risk, and one-third is for
assumption of the expense risk.
The mortality risk is IDS Life of New York's guarantee to make
retirement payments according to the terms of the Contract, no
matter how long a specific annuitant lives and no matter how long
the entire group of IDS Life of New York annuitants live. If, as a
group, IDS Life of New York annuitants outlive the life expectancy
the company has assumed in its actuarial tables, IDS Life of New
York must take money from its general assets to meet its
obligations. If, as a group, IDS Life of New York annuitants do
not live as long as expected, the company could profit from the
mortality risk fee.
The expense risk is the risk that the administrative charge, which
cannot be increased, will not cover IDS Life of New York's
expenses. Any deficit would have to be made up from IDS Life of
New York's general assets. IDS Life of New York could profit from
the expense risk fee if the annual administrative charge is more
than sufficient to meet expenses. IDS Life of New York does not
plan to profit from the administrative charge. However, IDS Life
of New York hopes to profit from the mortality and expense risk
fee. Any profits realized by IDS Life of New York from this fee
would be available to it for any proper corporate purpose,
including, among other things, payment of distribution (selling)
expenses. IDS Life of New York does not expect that the surrender
charge, which is discussed in the following paragraphs, will cover
sales and distribution expenses incurred by IDS Life of New York in
connection with the Contract and related Certificates.
Surrender Charge - If part or all of a Certificate is surrendered
within the first 11 certificate years, the following surrender
charge applies:
Surrender Charge as
Percent of
Certificate Year Amount Surrendered
1 8%
2 8
3 8
4 8
5 7
6 6
7 5
8 4
9 3
10 2
11 1
12 and later 0
The surrender charge is further limited so that it will never
exceed 8.5 percent of aggregate purchase payments made to the
Certificate. IDS Life of New York reserves the right to reduce or
eliminate the surrender charge.
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In the case of a partial surrender, the surrender charge is
deducted from the certificate value remaining after the Participant
is paid the partial surrender amount requested. For example, if
the Participant requested a partial surrender net check amount of
$1,000 and the surrender charge rate were 5 percent, the
Participant would receive the $1,000 requested and the surrender
charge amount would be $52.63 for a total withdrawal from the
Certificate of $1,052.63.
No Surrender Charge - There is no surrender charge on amounts
surrendered:
o after the eleventh certificate year;
o due to a Participant's retirement under the Plan on or
after age 55;
o due to the death of the Participant; or
o upon settlement of the Certificate under an annuity
payment plan.
Possible Reduction in Charges - In some cases IDS Life of New York
may expect to incur lower sales and administrative expenses or to
perform fewer services due to the size of the group and the average
contribution. Although IDS Life of New York expects this to occur
infrequently, it may be able to reduce or eliminate the contract
administrative and surrender charges.
Surrendering a Certificate
Subject to certain restrictions imposed by the Code and any
restrictions imposed by the Plan, a Participant may surrender all
or part of the certificate value any time before the retirement
date by making a written request. No surrenders may be made after
the retirement date. When making a surrender, the Participant may
have to pay surrender charges as previously explained. A
Participant also may have to pay a 10 percent IRS penalty tax for
surrenders made before reaching age 59 1/2 (unless the Participant
has separated from the service of the employer after reaching age
55). In addition, if the amount surrendered is paid to the
Participant instead of being directly rolled over to an IRA or
another eligible 403(b) Plan, 20 percent income tax withholding may
be imposed.
The Code imposes certain restrictions on a Participant's right to
receive early distributions attributable to salary reduction
contributions to a Certificate under a Contract purchased to fund a
Section 403(b) Plan. Distributions attributable to salary
reduction contributions made after Dec. 31, 1988 (plus the earnings
on them) or to transfers or rollovers of such amounts from other
contracts, may be made only if the Participant has attained age
59 1/2, has become disabled as defined in the Code, has separated
from the service of the employer that purchased the Contract or has
died. Additionally, if the Participant should encounter a
financial hardship (within the meaning of the Code), he or she may
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PAGE 22
receive a distribution of all certificate values attributable to
salary reduction contributions made after Dec. 31, 1988, but not of
the earnings on them. Even though a distribution may be permitted
under these rules (e.g., for hardship or after separation from
service), it may nonetheless be subject to a 10 percent IRS penalty
tax (in addition to income tax) as a premature distribution and 20
percent income tax withholding may be imposed. See the section
called "Federal Tax Information."
This restriction on the right to receive a distribution does not
affect the availability of the certificate values transferred or
rolled over to the Contract as of Dec. 31, 1988. The right to
receive a loan continues to exist. The restrictions do not apply
to transfers or exchanges of certificate values within the
Certificate or to another registered variable annuity contract or
investment vehicle available through the employer. In addition,
for certain types of contributions under the Contract to be
excluded from taxable income, the employer must comply with certain
nondiscrimination requirements.
Partial Surrenders - The minimum amount a Participant may surrender
is $250. A Participant cannot make a partial surrender if it would
reduce the value of the Certificate to less than $600.
If a Participant has a balance in more than one Account and
requests a partial surrender, IDS Life of New York will withdraw
money from all Accounts in the same proportion as the value in each
Account bears to the total certificate value unless otherwise
requested.
Total Surrenders - IDS Life of New York will compute the value of
the Certificate at the close of business, currently the same as the
close of the New York Stock Exchange, after receipt of a request
for a complete surrender. IDS Life of New York may ask the
Participant to return the Certificate.
Receiving Payment - IDS Life of New York will mail payment to the
Participant within seven days after receiving the request.
However, IDS Life of New York may postpone payment if:
o the surrender value includes a purchase payment check that has
not cleared;
o the New York Stock Exchange is closed, except for normal holiday
and weekend closings;
o trading on the New York Stock Exchange is restricted according
to the rules of the SEC;
o an emergency, as defined by the rules of the SEC, makes it
impracticable to sell securities or to value the Accounts' net
assets; or
o the SEC permits IDS Life of New York to delay payment for the
protection of security holders.
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Payment in Case of Death before Retirement Payments Begin
If the Participant dies before the retirement date and age 75 while
the Certificate is in force, IDS Life of New York will pay to the
beneficiary the greater of:
o the certificate value; or
o the purchase payments made to the Certificate less any amounts
surrendered.
If death occurs on or after the Participant's 75th birthday, IDS
Life of New York will pay the beneficiary the certificate value.
If the Spouse is Sole Beneficiary - If the Participant dies before
the retirement date and his or her spouse is the only beneficiary,
the spouse may keep the Certificate in force. To do this, the
spouse must, within 60 days after IDS Life of New York receives
proof of death, give written instructions to keep the Certificate
in force. If the Participant dies before reaching age 70 1/2, the
spouse may keep the Certificate in force until the date on which
the Participant would have reached age 70 1/2.
Paying the Beneficiary - Unless IDS Life of New York has received
other written instructions, IDS Life of New York will pay the
beneficiary in a single payment. If this payment is made to a
surviving spouse instead of being directly rolled over to an IRA it
may be subject to 20 percent income tax withholding. See the
section called "Federal Tax Information." The beneficiary must
elect to receive this payment by December 31 of the year that
contains the fifth anniversary of the Participant's date of death.
However, IDS Life of New York may make payments under any payment
plan available under this Contract if:
o the beneficiary elects a payment plan in writing within 60 days
after IDS Life of New York receives proof of death;
o payments begin no later than one year after death; and
o the payment period does not extend beyond the beneficiary's life
or life expectancy.
When paying the certificate value to the beneficiary, IDS Life of
New York will determine the Certificate's value at the next close
of the New York Stock Exchange after the company receives proof of
death and any other required documentation. Interest, if any, is
paid at a rate no less than that required by applicable law and is
paid from the date of death. IDS Life of New York will mail
payment to the beneficiary within seven days after the company's
death claim requirements are fulfilled.
Settlement Value of the Certificate
The amount available on the retirement date to provide payments
under an annuity payment plan is the current value of the
investment at that time, called the certificate value. Because the
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PAGE 24
Mutual Fund investments fluctuate in value each day, IDS Life of
New York does not guarantee that this certificate value will exceed
or even equal the amount of purchase payments.
Quarterly statements on the value of the investments and statements
on any other required information will be sent at least annually.
Payout Options at Retirement
The Participant has the right to decide how and to whom retirement
payments are to be made. The Participant may select one of the
annuity payment plans outlined below, or the Participant and IDS
Life of New York will mutually agree on other payment arrangements.
Any payment plan selected must meet the requirements of the Code
and the Plan. See the section called "Federal Tax Information."
The Contract and related Certificates allow Participants to
determine whether retirement payments are to be made on a fixed or
variable basis or a combination of both. Retirement payments will
be made under a supplemental immediate annuity in the form
customarily offered by IDS Life of New York at the time. Only
variable payments are described below.
Variable Payments - Amounts of variable payments depend on:
o the table of settlement rates in the Contract and related
Certificates;
o the annuitant's age;
o the annuity payment plan selected; and
o the investment performance of the Account(s) selected.
Because the performance of the underlying Mutual Funds will
fluctuate, payments will vary from month to month.
Annuity Payment Plans - A Participant may choose any one of these
payment plans by giving written instructions at least 30 days
before the retirement date:
o Plan A - Life Annuity - No Refund - Monthly payments are made
until the annuitant's death. Payments end with the last monthly
payment before the annuitant's death; no further payments will be
made. Under this plan, if the annuitant dies after even the first
monthly payment, no more payments will be made.
o Plan B - Life Annuity with Five, 10 or 15 Years Certain -
Monthly payments are made until the annuitant's death. However,
payments are guaranteed for five, 10 or 15 years. If the annuitant
dies before those guaranteed payments have been made, then IDS Life
of New York will continue making payments to a secondary designated
payee. If a secondary payee is not named, or if the secondary
payee dies before the annuitant, then the value of the remaining
guaranteed payments, based on the assumed investment rate, will be
paid to the annuitant's estate.
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PAGE 25
o Plan C - Life Annuity - Installment Refund - Monthly payments
are made until the annuitant's death, with IDS Life of New York's
guarantee that payments will continue for at least the number of
months determined by dividing the amount of the Certificate's value
by the amount of the first monthly payment. If the annuitant dies
before those guaranteed payments have been made, IDS Life of New
York will continue making payments to the designated secondary
payee. If a secondary payee is not named, or if the secondary
payee dies before the annuitant, then the value of the remaining
guaranteed payments, based on the assumed investment rate, will be
paid to the annuitant's estate.
o Plan D - Joint and Last Survivor Life Annuity - No Refund -
Monthly payments are made to the annuitant and a joint annuitant
while both are living. If either annuitant dies, monthly payments
continue at the full amount until the death of the surviving
annuitant. Payments end with the death of the second annuitant,
and no further payments will be made.
Restrictions on Payout Options - Because the Contract was purchased
under the Plan, the Participant must select a payment plan that
provides for payments:
o over the life of the annuitant;
o over the joint lives of the annuitant and designated
beneficiary;
o for a period not exceeding the life expectancy of the annuitant;
or
o for a period not exceeding the joint life expectancies of the
annuitant and designated beneficiary.
If the Participant Does Not Give Instructions - The Participant
must give written instructions for paying retirement benefits at
least 30 days before the annuitant's retirement date. If not, IDS
Life of New York will make payments under Plan B, with 120 monthly
payments guaranteed, unless this option is contrary to applicable
provisions of the Plan or the Code.
If Monthly Payments Would be Less than $20 - IDS Life of New York
will calculate the certificate value at the retirement date. If
the calculations show that monthly payments would be less than $20,
IDS Life of New York has the right to pay the certificate value in
one lump sum.
Death After Retirement Payments Begin - If the annuitant dies after
retirement payments begin, any amount payable to the beneficiary
will be as provided in the retirement payment plan in effect.
Transfers Between Accounts after Retirement
After retirement, the annuitant may transfer the value applied to
the annuity payment plan from one Variable Account to another once
each year. The annuitant must send IDS Life of New York written
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PAGE 26
instructions to do this. IDS Life of New York will make the
exchange at the next close of business, currently the same as the
close of the New York Stock Exchange, after receipt of these
instructions.
Restrictions on Changing Ownership
The Contract and related Certificates cannot be sold, assigned,
transferred, discounted or pledged as collateral for a loan or as
security for the performance of an obligation or for any other
purpose to any person other than IDS Life of New York. The
Participants' vested rights under the Certificate are
nonforfeitable.
Termination of Payments
If purchase payments made by or on behalf of a Participant are
terminated for any reason prior to the retirement date, the
Participant may elect to surrender the certificate value in
accordance with any applicable provisions of the Plan or the Code
or leave the Certificate in force under the Contract until the
certificate value is surrendered, paid upon the Participant's death
or applied to an annuity payment plan. When the Certificate
remains in force under the Contract, any monies allocated to the
Variable Accounts will continue to reflect the net investment
experience of the Funds. If the total certificate value becomes
less than $600, IDS Life of New York reserves the right to pay the
certificate value to the Participant in a lump sum. The
Participant also may transfer the Certificate under a Contract
issued by IDS Life of New York under the same policy form that is
held by another Owner.
Federal Tax Information
The Contracts and related Certificates described in this prospectus
are designed for use in connection with Plans that qualify under
the provisions of Code Section 403(b). The ultimate effect of
federal income taxes on the increase in certificate value, on
retirement payments and on the economic benefit to the Owner, the
Participant, the annuitant, the joint annuitant, the beneficiary or
any other payee may depend upon a number of different factors. The
following discussion is general in nature, is based upon IDS Life
of New York's understanding of current federal income tax laws and
is not intended as tax advice. Either federal tax laws or current
interpretations of them may change. Participants and other payees
should consult qualified tax advisers. IDS Life of New York does
not make any guarantee regarding the tax status, federal, state or
local, of any Contract or related Certificate or any transaction
involving the Contracts or Certificates.
Generally, there is no tax to the Participant on contributions made
to the Certificate or on any increases in the value of the
Certificate as long as the contributions do not exceed applicable
limits provided under the Code and the Plan. When a distribution
to a Participant occurs, the total distribution generally will be
subject to taxation (unless any contributions were made with
after-tax dollars).
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If the Participant surrenders part or all of the Certificate before
the date on which retirement payments begin, that Participant
generally will be taxed on the payments received. Further, the
Participant may have to pay a 10 percent IRS penalty tax for early
withdrawal and 20 percent income tax withholding may be imposed.
If retirement payments begin, the total amount of those payments
generally will be taxable.
As noted above, the Participant may have to pay a 10 percent IRS
penalty tax. This penalty will not apply to any amount received:
o after the Participant reaches age 59 1/2;
o because of the Participant's death;
o because the Participant becomes disabled (as defined in the
Code);
o if the distribution is part of a series of substantially equal
periodic payments made at least annually, over the life or
life expectancy of the Participant (or joint lives or life
expectancies of the Participant and designated beneficiary) after
the Participant separates from the service of the employer; or
o after the Participant separates from service after attaining age
55;
These are the major exceptions to the 10 percent IRS penalty tax.
Other penalties may apply if a Participant surrenders a Certificate
before the Plan specifies that payments can be made under the Plan.
If a Participant receives all or a part of the certificate value,
mandatory 20 percent income tax withholding will be imposed at the
time the payment is made. In addition, federal income tax and the
10 percent IRS penalty tax for early withdrawals may apply to
amounts properly includible in income. This mandatory 20 percent
income tax withholding will not be imposed if:
o instead of receiving the payment, a Participant elects to have
the payment rolled over directly to an IRA or another 403(b) plan;
o the payment is one of a series of substantially equal periodic
payments made at least annually, over the life or life expectancy
of the Participant (or joint lives of life expectancies of the
Participant and designated beneficiary) or made over a period of 10
years or more; or
o the payment is a minimum distribution required under the Code.
These are the major exceptions to the mandatory 20 percent income
tax withholding. Payments made directly to a surviving spouse
instead of being rolled over into an IRA also may be subject to 20
percent income tax withholding. For taxable distributions that are
not subject to the mandatory 20 percent withholding, federal income
tax will be withheld from the taxable part of the distribution
unless you elect otherwise. State withholding also may be imposed
on taxable distributions.
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Unlike life insurance proceeds, the death benefit paid under the
terms of a Certificate is not tax exempt. Payments generally are
taxable as ordinary income to the beneficiary in the year(s) he or
she receives the payments.
A Participant will receive a tax statement for any year in which
IDS Life of New York makes a taxable distribution from the
Certificate.
Additional Information about the Contract and Certificates
Accumulation Units
When purchase payments are allocated to the Variable Account(s),
they are converted into accumulation units. The number of
accumulation units to be credited to a Certificate is determined by
dividing the purchase payment, after deduction of any premium
taxes, by the accumulation unit value.
Accumulation Unit Value - The accumulation unit value for each
Variable Account was originally set at $1. IDS Life of New York
determines the current accumulation unit value by taking the last
accumulation unit value for that Account and multiplying it by the
current net investment factor.
Net Investment Factor - The net investment factor is determined by:
o adding the Fund's net asset value per share and the per-share
amount of any current dividend or capital gain distribution made by
the Fund and held in the Account;
o dividing that sum by the last net asset value per share; and
o subtracting the percentage factor representing the mortality and
expense risk fee from the result.
Because the net investment factor may be greater or less than one,
the accumulation unit value may increase or decrease. The investor
bears this investment risk.
Annuity Units
When retirement payments are to begin, IDS Life of New York will
compute the number of annuity units to be credited to the
annuitant. To do this, IDS Life of New York determines the current
value of the Certificate as of the valuation date seven days before
the retirement date and then deducts any applicable premium tax. A
valuation date is a normal business day, Monday through Friday,
except for the following holidays: New Year's Day, Presidents'
Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day.
The result is applied to the table of settlement rates contained in
the Contract and related Certificates or another table at least as
favorable. IDS Life of New York then calculates lifetime variable
annuity payments according to the annuity payment plan chosen. The
<PAGE>
PAGE 29
table of settlement rates assumes an investment rate of 3.5 percent
and shows the amount of the first monthly payment for each $1,000
of value according to the age of the annuitant. A unisex table of
settlement rates will apply.
These calculations give the total amount of the first monthly
payment. This amount is divided by the annuity unit value on the
valuation date on or next preceding the seventh calendar day before
the retirement date. The result is the number of annuity units to
be credited to the annuitant.
This calculation will be done separately for each of the six
Variable Accounts. Each of the Variable Accounts will have its own
annuity unit value.
Annuity Unit Value - The annuity unit value for each Variable
Account was originally set at $1. IDS Life of New York determines
current annuity unit values by multiplying the last annuity unit
value by the product of:
o the net investment factor; and
o the neutralizing factor. The purpose of the neutralizing factor
is to offset the effect of the assumed investment rate built into
the table of settlement rates. With an assumed investment rate of
3.5 percent, the neutralizing factor is 0.999906 for a one-day
valuation period.
The value of an annuity unit reflects the investment performance of
the Fund and will vary.
Determining Amounts of Payments
The way IDS Life of New York calculates the first monthly payment
is explained in the section "Annuity Units." Subsequent variable
payments will vary according to the investment performance of the
Variable Account(s) in which an annuitant has invested. Amounts of
later monthly payments are calculated by multiplying:
o the annuity unit value on the valuation date on or immediately
preceding the seventh calendar day before the payment is due by
o the fixed number of annuity units credited to an annuitant.
IDS Life of New York makes a separate calculation for each Variable
Account and combines the results, together with any retirement
payments from the Fixed Account, to determine the total payment.
About the Funds
Voting Rights - IDS Life of New York will vote Fund shares held by
the Separate Accounts at meetings of shareholders of the Funds, but
will follow voting instructions received from persons having the
right to give voting instructions. The Owner or Participant is the
person having the right to give voting instructions prior to the
retirement date. Once retirement payments are being made, the
person receiving the payments has voting rights.
<PAGE>
PAGE 30
Before the retirement date, the number of votes a person has is
determined by applying his or her percentage interest in the
Variable Account to the total number of votes allowed to the
Account.
After the retirement date, the number of votes is equal to:
o the reserve held in the Account for the annuity under the
payment plan; divided by
o the net asset value of one share of the applicable underlying
Mutual Fund.
As IDS Life of New York makes retirement payments, the reserve for
an annuity under a payment plan decreases. Therefore, the number
of votes also will decrease.
IDS Life of New York calculates votes separately for each Account
and will do this not more than 60 days before a shareholders'
meeting. Those with voting rights will receive notice of these
meetings, proxy materials and a statement of the number of votes to
which they are entitled.
IDS Life of New York will vote those shares for which it has not
received voting instructions in the same proportion as the votes
for which it has received instructions. IDS Life of New York also
will vote the shares for which it has voting rights in the same
proportion as the votes for which it has received instructions.
Substitution - Shares of any of the underlying Funds may not always
be available for purchase by the Variable Accounts, or IDS Life of
New York may decide that further investment in any such Fund's
shares is no longer appropriate in view of the purposes of the
Variable Account. In either event, shares of another registered
open-end management investment company may be substituted both for
Fund shares already purchased by the Variable Account and for
purchases to be made in the future. In the event of any
substitution pursuant to this provision, IDS Life of New York may
make appropriate endorsement to the Contract and Certificates to
reflect the substitution.
IDS Life of New York reserves the right to split or combine the
value of accumulation units. In effecting such change of unit
values, strict equity will be preserved and no change will have a
material effect on the benefits under the Certificates or on any
other provisions of the Contract and related Certificates.
Information on the Fixed Account of the Contract
In addition to the six Variable Accounts described in this
prospectus, the Contract has a Fixed Account available for
allocation of purchase payments. Generally, the information in the
section called "Using the Contract and Certificates" applies in a
like manner to the Fixed Account. However, there are some
differences.
<PAGE>
PAGE 31
The Fixed Account operates like traditional annuities. Fixed
annuity cash values increase based on interest rates that may
change from time to time but are guaranteed by IDS Life of New
York. Interest is credited daily and compounded annually.
Purchase payments and transfers to the Fixed Account become part of
the general account of IDS Life of New York. In contrast, purchase
payments and transfers to the Variable Accounts go into segregated
asset accounts; they are not mingled with IDS Life of New York's
main portfolio of investments that support fixed annuity
obligations. The gains achieved or losses suffered by the
segregated asset accounts have no effect on the Fixed Account.
The Contract and related Certificates allow Participants to
transfer certificate values between the Fixed and Variable Accounts
by making a written request. Such transfers are restricted as
follows:
1. Subject to any restrictions imposed by the Plan, Participants
may transfer certificate values from the Variable Account(s)
to the Fixed Account except as described in #3 below.
2. Participants may transfer certificate values from the Fixed
Account to the Variable Account(s) once a year.
3. If a transfer is made from the Fixed Account, no transfers
from any Variable Account back to the Fixed Account may be
made until the next eligible transfer period as defined in the
Plan document, if any, or otherwise until the Certificate
anniversary.
4. No transfers may be made to or from the Fixed Account once
retirement payments begin.
At times other than during eligible transfer periods, the Contract
and related Certificates allow Participants to make automated
transfers of certificate values between the Fixed and Variable
Accounts, but such transfers may not exceed an amount that, if
continued, would deplete the Fixed Account within 12 months.
The mortality and expense risk fee does not apply to values
allocated to the Fixed Account.
The Contract and related Certificates contain a provision that
allows Participants to take loans against the certificate values
allocated to the Fixed Account. Loan provisions are described in
detail in the Contract and Certificates.
Because of exemptive and exclusionary provisions, interests in the
Fixed Account have not been registered under the Securities Act of
1933 (1933 Act), nor is the Fixed Account registered as an
investment company under the 1940 Act. Accordingly, neither the
Fixed Account nor any interests therein generally are subject to
the provisions of the 1933 or 1940 Acts, and IDS Life of New York
has been advised that the staff of the SEC has not reviewed the
disclosures in this prospectus that relate to the Fixed Account.
Disclosures regarding the Fixed Account of the Contract and the
general account of IDS Life of New York, however, may be subject to
<PAGE>
PAGE 32
certain generally applicable provisions of the federal securities
laws relating to the accuracy and completeness of statements made
in prospectuses.
Table of Contents of the
Statement of Additional Information
Performance Information................................... p.
Rating Agencies........................................... p.
Principal Underwriter..................................... p.
Independent Auditors...................................... p.
Mortality and Expense Risk Charge......................... p.
Prospectus................................................ p.
Financial Statements -
- IDS Life of New York Accounts 4, 5, 6, 9, 10 and
11.................................................... p.
- IDS Life Insurance Company of New York................ p.
Please check the appropriate box to receive a copy of the Statement
of Additional Information for:
_____IDS Life of New York Employee Benefit Annuity
_____IDS Life Retirement Annuity Mutual Funds
Please return this request to:
IDS Life of New York Annuity Service
IDS Life Insurance Company of New York
P.O. Box 5144
Albany, New York 12205
Your name _______________________________________________________
Address _________________________________________________________
City _________________________ State ______ Zip _______________
<PAGE>
PAGE 33
STATEMENT OF ADDITIONAL INFORMATION
for
EMPLOYEE BENEFIT ANNUITY
IDS LIFE OF NEW YORK ACCOUNTS 4, 5, 6, 9, 10 AND 11
May __, 1994
IDS Life of New York Accounts 4, 5, 6, 9, 10 and 11 are separate
accounts established and maintained by IDS Life Insurance Company
of New York (IDS Life of New York).
This Statement of Additional Information, dated May __, 1994, is
not a prospectus. It should be read together with the accounts'
prospectus, dated May __, 1994, which may be obtained from your IDS
personal financial planner, or by writing or calling IDS Life of
New York Annuity Service at the address or telephone number below.
IDS Life of New York Annuity Service
20 Madison Avenue Extension
Albany, NY 12203
(518) 869-8613
<PAGE>
PAGE 34
TABLE OF CONTENTS
Performance Information.......................................p.
Calculating Annuity Payouts...................................p.
Rating Agencies...............................................p.
Principal Underwriter.........................................p.
Independent Auditors..........................................p.
Mortality and Expense Risk Charge.............................p.
Prospectus....................................................p.
Financial Statements
- IDS Life of New York Accounts 4, 5, 6, 9, 10
and 11............................................p.
- IDS Life Insurance Company of New York............p.
<PAGE>
PAGE 35
PERFORMANCE INFORMATION
Calculation of yield for Account 6
IDS Life of New York Account 6, which invests in IDS Life
Moneyshare Fund, Inc., calculates an annualized simple yield and
compound yield based on a seven-day period.
The simple yield is calculated by determining the net change in the
value of a hypothetical account having the balance of one
accumulation unit at the beginning of the seven-day period. (The
net change does not include capital change, but does include a pro
rata share of the annual contract charges, including the annual
contract administrative charge and the mortality and expense risk
fee.) The net change in the account value is divided by the value
of the account at the beginning of the period to obtain the return
for the period. That return is then multiplied by 365/7 to obtain
an annualized figure. The value of the hypothetical account
includes the amount of any declared dividends, the value of any
shares purchased with any dividend paid during the period and any
dividends declared for such shares. The variable account's
(account) yield does not include any realized or unrealized gains
or losses, nor does it include the effect of any applicable
surrender charge.
The account calculates its compound yield according to the
following formula:
Compound Yield = [(return for seven-day period +1) 365/7 ] - 1
On Dec. 31, 1993, the account's annualized yield was ___% percent
and its compound yield was ___% percent.
The rate of return, or yield, on the account's accumulation unit
may fluctuate daily and does not provide a basis for determining
future yields. Investors must consider, when comparing an
investment in Account 6 with fixed annuities, that fixed annuities
often provide an agreed-to or guaranteed fixed yield for a stated
period of time, whereas the account's yield fluctuates. In
comparing the yield of Account 6 to a money market fund, you should
consider the different services that the annuity provides.
Calculation of yield for non-money market accounts
For an account other than the money market account, quotations of
yield will be based on all investment income earned during a
particular 30-day period, less expenses accrued during the period
(net investment income) and will be computed by dividing net
investment income per accumulation unit by the value of an
accumulation unit on the last day of the period, according to the
following formula:
YIELD = 2[(a-b + 1)6 - 1]
cd
<PAGE>
PAGE 36
where: a = dividends and investment income earned during the
period.
b = expenses accrued for the period (net of
reimbursements).
c = the average daily number of accumulation units
outstanding during the period that were entitled to
receive dividends.
d = the maximum offering price per accumulation unit on
the last day of the period.
Yield on the account is earned from the increase in the net asset
value of shares of the fund in which the account invests and from
dividends declared and paid by the fund, which are automatically
invested in shares of the fund.
Calculation of average annual total return
Quotations of average annual total return for an account will be
expressed in terms of the average annual compounded rate of return
of a hypothetical investment in the annuity contract over a period
of one, five and 10 years (or, if less, up to the life of the
Account), calculated according to the following formula:
P(1+T)n = ERV
where: P = a hypothetical initial payment of $1,000.
T = average annual total return.
n = number of years.
ERV = Ending Redeemable Value of a hypothetical $1,000
payment made at the beginning of the one, five,
or ten year (or other) period at the end of the
one, five, or ten year (or other) period (or
fractional portion thereof).
Account total return figures reflect the deduction of the contract
administrative charge and mortality and expense risk fee.
Performance figures will be shown with and may be shown without the
deduction of a surrender charge. The Securities and Exchange
Commission requires that an assumption be made that the contract
owner surrenders the entire contract at the end of the one, five
and ten year periods (or, if less, up to the life of the account)
for which performance is required to be calculated.
Aggregate total return
Aggregate total return represents the cumulative change in the net
asset value of shares of the fund in which the account invests over
a specified period of time and is computed by the following
formula:
ERV - P
P
<PAGE>
PAGE 37
where: P = a hypothetical initial payment of $1,000.
ERV = Ending Redeemable Value of a hypothetical $1,000
payment made at the beginning of the one, five, or
ten year (or other) period at the end of the one,
five, or ten year (or other) period (or fractional
portion thereof).
Performance of the accounts may be quoted or compared to rankings,
yields, or returns as published or prepared by independent rating
or statistical services or publishers or publications such as The
Bank Rate Monitor National Index, Barron's, Business Week,
Donoghue's Money Market Fund Report, Financial Services Week,
Financial Times, Financial World, Forbes, Fortune, Global Investor,
Institutional Investor, Investor's Daily, Kiplinger's Personal
Finance, Lipper Analytical Services, Money, Mutual Fund Forecaster,
Newsweek, The New York Times, Personal Investor, Stanger Report,
Sylvia Porter's Personal Finance, USA Today, U.S. News and World
Report, The Wall Street Journal and Wiesenberger Investment
Companies Service.
RATING AGENCIES
The following chart provides information on ratings* given to IDS
Life of New York by independent rating agencies that evaluate the
financial soundness of insurance companies. IDS Life of New York
has one of the most liquid and highest quality balance sheets of
the largest insurance companies in the industry.**
Rating Agency Rating Relevance of Rating
A.M. Best A+ Reflects A.M. Best's opinion
(Superior) regarding IDS Life of New York's
strong distribution network,
favorable overall balance sheet
profile, consistently improving
profitability, adequate level of
capitalization and asset-liability
management expertise.
Duff & Phelps AAA Reflects Duff & Phelps' opinion
regarding IDS Life of New York's
consistently excellent
profitability record, stable
operating leverage, leadership
position in chosen markets and
effective use of asset/liability
management techniques.
<PAGE>
PAGE 38
Moody's Aa2 Reflects Moody's opinion regarding
IDS Life of New York's leadership
position in financial planning,
strong asset/liability management
and good capitalization. IDS Life
of New York has a strong market
focus and it greatly emphasizes
quality service.
A.M. Best rates over 1,600 insurance companies on a 15 level scale
with letters ranging from A++ to F to "NA" ratings based on a
company's financial strength and claims paying ability.
Duff & Phelps rates over 125 companies for claims-paying ability
with 19 rating categories from AAA to CCC-.
Moody's rates over 80 companies for financial strength with 19
rating categories ranging from Aaa to C.
* Ratings relate to IDS Life of New York's ability to fulfill its
obligations under its contracts and not to the management or
performance of the separate accounts.
** Measured by comparing the 15 largest life insurance companies'
investments in below investment grade (junk) bonds, mortgages and
real estate to a percentage of those companies' total assets.
PRINCIPAL UNDERWRITER
The principal underwriter for the accounts is IDS Financial
Services Inc. which offers the variable annuities on a continuous
basis.
Surrender charges received by IDS Life of New York for 1993, 1992
and 1991, aggregated ________, $136,471, and $117,959,
respectively. Commissions paid by IDS Life of New York for 1993,
1992 and 1991, aggregated _______, $631,691 and $220,527,
respectively. The surrender charges were applied toward payment of
commissions.
INDEPENDENT AUDITORS
The Financial Statements of the accounts and of IDS Life of New
York appearing in this Statement of Additional Information have
been audited by Ernst & Young, independent auditors, 1400 Pillsbury
Center, Minneapolis, MN 55402, to the extent indicated in their
reports. Ernst & Young are experts in accounting and auditing.
MORTALITY AND EXPENSE RISK CHARGE
IDS Life of New York has represented to the SEC that:
<PAGE>
PAGE 39
IDS Life of New York has reviewed publicly available information
regarding products of other companies. Based upon this review, IDS
Life of New York has concluded that the mortality and expense risk
charge is within the range of charges determined by industry
practice. IDS Life of New York will maintain at its principal
office, and make available on request of the SEC or its staff, a
memorandum setting forth in detail the variable products analyzed
and the methodology, and results of, its comparative review.
IDS Life of New York has concluded that there is a reasonable
likelihood that the proposed distribution financing arrangements
made with respect to the annuities will benefit the variable
account and investors in the annuities. The basis for such
conclusion is set forth in a memorandum which will be made
available to the SEC or its staff on request.
PROSPECTUS
The prospectus dated May __, 1994, is hereby incorporated in this
Statement of Additional Information by reference.
<PAGE>
PAGE 40
PART C.
Item 24. Financial Statements and Exhibits
(a) To be filed by amendment.
(b) Exhibits:
1.1 Resolution of the Executive Committee of the Board of
Directors of IDS Life of New York establishing accounts C, D,
E, F, G, H dated November 12, 1981, filed electronically
herewith.
1.2 Resolution of the Executive Committee of the Board of
Directors of IDS Life of New York establishing Account 9 on
Feb. 12, 1986, filed electronically herewith.
1.3 Resolution of the Board of Directors of IDS Life Insurance
Company of New York establishing Accounts 10 and 11 on Oct. 8,
1991, filed electronically herewith.
2. Not applicable.
3. Form of Variable Annuity and Life Insurance Distribution
Agreement filed electronically herewith.
4.1 Copy of form of Group Deferred Annuity Contract (form 38607)
filed electronically herewith.
4.2 Copy of form of Group Deferred Annuity Participant Certificate
(form 38611) filed electronically herewith.
5.1 Copy of Form of Application for IDS Flexible Annuity Contract
of New York, filed electronically herewith.
6.1 Amendment to Articles of Incorporation (Revised Charter) of
IDS Life of New York dated April, 1992, filed electronically
herewith.
6.2 By-Laws of IDS Life of New York dated May, 1992, filed
electronically herewith.
7. Not applicable.
8. Not applicable.
9. Opinion of counsel to be filed by amendment.
10. Consent of Independent Auditors to be filed by amendment.
11. Not applicable.
12. Not applicable.
13. Not applicable.
<PAGE>
PAGE 41
14.1 Financial Data Schedule to be filed by amendment.
14.2 Powers of Attorney to sign Amendments to this Registration
Statement dated February, 1994, filed electronically herewith.
<PAGE>
PAGE 42
Item 25. Directors and Officers of the Depositor
<TABLE>
<CAPTION>
Positions and Positions and
Name & Principal Offices with Name & Principal Offices with
Business Address Depositor Business Address Depositor
<S> <C> <C> <C>
Gary A. Beller Director James A. Mitchell Chairman of the
American Express Plaza IDS Tower 10 Board, President
New York, NY Minneapolis, MN and Director
John C. Boeder Director, Michael P. Monaco Director
Box 5144 Vice President, Box 5144
Albany, NY 12205 Chief Operating Albany, NY 12205
Officer
Stephen P. Norman Director
Paul V. Bruce Qualified American Express
IDS Tower 10 Actuary Plaza
Minneapolis, MN New York, NY
Michael B. Carlin Claims Officer, Gordon H. Ritz Director
Box 5144 Secretary and 404 WCCO Radio Bldg.
Albany, NY General Counsel Minneapolis, MN
Roger C. Corea Director Michael R. Woodward Director
345 Woodcliff Drive 45 Liberty St.
Fairport, NY 14450 Batavia, NY 14020
Charles A. Cuccinello Director
25 Dogwood Drive
Scarsdale, NY
Francis M. Ellis Director
90 Greene St.
New York, NY 10012
Milton Fenster Director
540 Madison Ave.
New York, NY
Donna Gaglione Treasurer
Box 5144
Albany, NY 12205
Margaret Grogan, M.D. Medical
Bethlehem Terrace Apts Director
Slingerland, NY
David R. Hubers Director
IDS Tower 10
Minneapolis, MN
Richard W. Kling Director
IDS Tower 10
Minneapolis, MN
<PAGE>
PAGE 43
Item 25. Directors and Officers of the Depositor (continued)
Edward Landes Director
30 South 9th Street
Minneapolis, MN
</TABLE>
<PAGE>
PAGE 44
Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant
IDS Life Insurance Company of New York is a wholly owned
subsidiary of IDS Life Insurance Company which is a
wholly owned subsidiary of IDS Financial Corporation.
IDS Financial Corporation is a wholly owned subsidiary of
American Express Company (American Express).
The following list includes the names of major
subsidiaries of American Express.
Jurisdiction
Name of Subsidiary of Incorporation
I. Travel Related Services
American Express Travel Related New York
Services Company, Inc.
II. International Banking Services
American Express Bank Ltd. Connecticut
III. Investment Services
Shearson Lehman Brothers Holdings Inc. Delaware
IV. Companies engaged in Investors Diversified
Financial Services
IDS Financial Corporation Delaware
IDS Certificate Company Delaware
Investors Syndicate Development Corp. Nevada
IDS Financial Services Inc. Delaware
IDS Securities Corporation Delaware
IDS Bank & Trust Minnesota
IDS Real Estate Services, Inc. Delaware
IDS Life Insurance Company Minnesota
IDS Life Insurance Company of New York New York
American Enterprise Life Insurance Company Indiana
IDS International, Inc. Delaware
IDS Fund Management Limited U.K.
IDS Insurance Agency of North Carolina Inc. North Carolina
IDS Insurance Agency of Arkansas Inc. Arkansas
IDS Insurance Agency of Alabama Inc. Alabama
IDS Insurance Agency of Massachusetts Inc. Massachusetts
IDS Insurance Agency of Nevada Inc. Nevada
IDS Insurance Agency of New Mexico Inc. New Mexico
IDS Insurance Agency of Utah Inc. Utah
IDS Insurance Agency of Wyoming Inc. Wyoming
IDS Advisory Group Inc. Minnesota
IDS Property Casualty Insurance Company Wisconsin
IDS Management Corporation Minnesota
IDS Futures Corporation Minnesota
<PAGE>
PAGE 45
Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant (Continued)
Jurisdiction
Name of Subsidiary of Incorporation
IDS Cable Corporation Minnesota
IDS Realty Corporation Minnesota
IDS Partnership Services Corporation Minnesota
IDS Futures III Corporation Minnesota
IDS Cable II Corporation Minnesota
American Express Minnesota Foundation Minnesota
IDS Deposit Corp. Utah
IDS Sales Support Inc. Minnesota
IDS Plan Services of California, Inc. Minnesota
American Enterprise Investment
Services, Inc. Minnesota
IDS Aircraft Services Corporation Minnesota
IDS Capital Holdings Inc. Minnesota
Mankato Ventures
Item 27. Number of Contractowners
Not applicable.
Item 28. Indemnification
The By-Laws of the depositor provide that it shall
indemnify any person made a party to an action or
proceeding by or in the right of the depositor to procure
a judgment in its favor, by reason of the fact that he,
his testator or intestate, is or was a director or
officer or employee of the depositor against the
reasonable expenses, including attorneys' fees, actually
and necessarily incurred by him in connection with the
defense of such action or proceeding, or in connection
with the appeal therein, except in relation to matters as
to which such person is adjudged to have breached his
duty to the depositor; and
The depositor shall indemnify any person made, or
threatened to be made a party to an action or proceeding
other than one by or in the right of the depositor to
procure a judgment in its favor, whether civil or
criminal, including an action by or in the right of any
other corporation of any type or kind domestic or
foreign, which any director or officer or employee of the
depositor served in any capacity at the request of the
depositor, by reason of the fact that he, his testator or
intestate, was a director or officer or employee of the
depositor, or served such other corporation in any
capacity, against judgments, fines, amounts paid in
settlement and reasonable expenses, including attorneys'
fees, actually and necessarily incurred as a result of
such action or proceeding, or any appeal therein, if such
<PAGE>
PAGE 46
person acted in good faith, for a purpose which he
reasonably believed to be in the best interests of the
depositor and, in criminal actions or proceedings, in
addition had no reasonable cause to believe that his
conduct was unlawful.
Item 29. Principal Underwriters.
(a) IDS Financial Services Inc. acts as principal underwriter for
the following investment companies:
IDS Blue Chip Advantage Fund; IDS Bond Fund, Inc.; IDS
California Tax-Exempt Fund; IDS Cash Management Fund, Inc.;
IDS Discovery Fund, Inc,; IDS Diversified Equity Income Fund;
IDS Equity Plus Fund, Inc.; IDS Extra Income Fund, Inc.; IDS
Federal Income Fund, Inc.; IDS Global Bond Fund, Inc.; IDS
Global Growth Fund; IDS Growth Fund, Inc.; IDS High Yield Tax-
Exempt Fund, Inc.; IDS Insured Tax-Exempt Fund; IDS
International Fund, Inc.; IDS Managed Retirement Fund, Inc.;
IDS Massachusetts Tax-Exempt Fund; IDS Michigan Tax-Exempt
Fund; IDS Minnesota Tax-Exempt Fund; IDS Mutual; IDS New
Dimensions Fund, Inc.; IDS New York Tax-Exempt Fund; IDS Ohio
Tax-Exempt Fund; IDS Planned Investment Account; IDS Precious
Metals Fund, Inc.; IDS Progressive Fund, Inc.; IDS Selective
Fund, Inc.; IDS Stock Fund, Inc.; IDS Strategy Fund, Inc.; IDS
Tax-Exempt Bond Fund, Inc.; IDS Tax-Free Money Fund, Inc.; IDS
Utilities Income Fund, Inc. and IDS Certificate Company.
(b) As to each director, officer or partner of the principal
underwriter:
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Ronald G. Abrahamson Vice President- None
IDS Tower 10 Field Administration
Minneapolis, MN 55440
Douglas A. Alger Vice President- None
IDS Tower 10 Total Compensation
Minneapolis, MN 55440
Jerome R. Amundson Vice President and None
IDS Tower 10 Controller-Mutual Funds
Minneapolis, MN 55440 Operations
Peter J. Anderson Senior Vice President- None
IDS Tower 10 Advisory Group and
Minneapolis, MN 55440 Equity Management
Alvan D. Arthur Region Vice President- None
IDS Tower 10 Pacific Region
Minneapolis, MN 55440
Kent L. Ashton Vice President-Group None
IDS Tower 10 Management Office,
Minneapolis, MN 55440 Banking and Certificates
<PAGE>
PAGE 47
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Timothy V. Bechtold Vice President-Insurance None
IDS Tower 10 Product Development
Minneapolis, MN 55440
John D. Begley Region Vice President- None
Olentangy Valley Center Mid-Central Region
Suite 300
7870 Olentangy River Rd.
Columbus, OH 43235
Carl E. Beihl Vice President- None
IDS Tower 10 Strategic Technology
Minneapolis, MN 55440 Planning
Alan F. Bignall Vice President- None
IDS Tower 10 Financial Planning
Minneapolis, MN 55440 Systems
Brent L. Bisson Region Vice President- None
Seafirst Financial Northwest Region
Center, Suite 1730
601 W. Riverside Ave.
Spokane, WA 99201
Karl J. Breyer Senior Vice President None
IDS Tower 10 and Special Counsel
Minneapolis, MN 55440
Thomas J. Brakke Vice President-
IDS Tower 10 Investment Services and
Minneapolis, MN 55440 Investment Research
John L. Burbidge Vice President- None
IDS Tower 10 Government Relations
Minneapolis, MN 55440
Harold E. Burke Vice President None
IDS Tower 10 and Assistant
Minneapolis, MN 55440 General Counsel
Orison Y. Chaffee III Vice President-Field None
IDS Tower 10 Real Estate
Minneapolis, MN 55440
James E. Choat Senior Vice President- None
Suite 124 Central Region
6210 Campbell Rd.
Dallas, TX 75248
Kenneth J. Ciak Vice President and None
IDS Tower 10 General Manager-
Minneapolis, MN 55440 IDS Property Casualty
<PAGE>
PAGE 48
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Roger C. Corea Region Vice President- None
345 Woodcliff Drive Northeast Region
Fairport, NY 14450
Kevin F. Crowe Region Vice President-
IDS Tower 10 Atlantic Region
Minneapolis, MN 55440
Alan R. Dakay Vice President- None
IDS Tower 10 Institutional Insurance
Minneapolis, MN 55440 Marketing
William F. Darland Region Vice President- None
Suite 108C South Central Region
301 Sovereign Court
Manchester, MO 63011
William H. Dudley Director, Executive None
IDS Tower 10 Vice President and
Minneapolis MN 55440 Investment and Brokerage
Operations
Roger S. Edgar Senior Vice President- None
IDS Tower 10 Information Systems
Minneapolis, MN 55440
Gordon L. Eid Senior Vice President None
IDS Tower 10 and General Counsel
Minneapolis, MN 55440
Edwin W. Elder III Vice President-
IDS Tower 10 Operations/IDS Property
Minneapolis, MN 55440 Casualty
Mark A. Ernst Vice President- None
IDS Tower 10 Tax and Business Services
Minneapolis, MN 55440
Gordon M. Fines Vice President- None
IDS Tower 10 Mutual Fund Equity
Minneapolis MN 55440 Investments
Louis C. Fornetti Senior Vice President- None
IDS Tower 10 Corporate Controller
Minneapolis, MN 55440
Douglas L. Forsberg Vice President- None
IDS Tower 10 Securities Services
Minneapolis, MN 55440
<PAGE>
PAGE 49
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Carl W. Gans Region Vice President-
IDS Tower 10 North Central Region
Minneapolis, MN 55440
Robert G. Gilbert Vice President- None
IDS Tower 10 Real Estate
Minneapolis, MN 55440
John J. Golden Vice President- None
IDS Tower 10 Field Compensation
Minneapolis, MN 55440 Development
Morris Goodwin Jr. Vice President and None
IDS Tower 10 Corporate Treasurer
Minneapolis, MN 55440
David A. Hammer Vice President None
IDS Tower 10 and Marketing
Minneapolis, MN 55440 Controller
Robert L. Harden Region Vice President None
Suite 403 Mid-Atlantic Region
8500 Leesburg Pike
Vienna, VA 22180
Lorraine R. Hart Vice President- None
IDS Tower 10 Insurance Investments
Minneapolis, MN 55440
Mark S. Hays Vice President-Senior None
IDS Tower 10 Portfolio Manager, IDS
Minneapolis, MN 55440 International
Robert H. Healy Vice President- None
IDS Tower 10 Senior Portfolio
Minneapolis, MN 55440 Manager
Brian M. Heath Region Vice President-
IDS Tower 10 Southwest Region
Minneapolis, MN 55440
James G. Hirsh Vice President and None
IDS Tower 10 Assistant General
Minneapolis, MN 55440 Counsel
Raymond E. Hirsch Vice President-Senior None
IDS Tower 10 Portfolio Manager
Minneapolis, MN 55440
Kevin P. Howe Vice President- None
IDS Tower 10 Government and
Minneapolis, MN 55440 Customer Relations
<PAGE>
PAGE 50
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
David R. Hubers Senior Vice President- None
IDS Tower 10 Finance and Chief
Minneapolis, MN 55440 Financial Officer
Marietta Johns Senior Vice President- None
IDS Tower 10 Acuma Ltd.
Minneapolis, MN 55440
Douglas R. Jordal Vice President-Taxes None
IDS Tower 10
Minneapolis, MN 55440
Craig A. Junkins Vice President-
IDS Tower 10 IDS 1994 Implementation
Minneapolis, MN 55440 Planning and Financial
Planning Development
Susan D. Kinder Senior Vice President- None
IDS Tower 10 Human Resources
Minneapolis, MN 55440
Richard W. Kling Vice President- None
IDS Tower 10 Insurance Marketing
Minneapolis, MN 55440 and Products
Harold Knutson Vice President- None
IDS Tower 10 System Services
Minneapolis, MN 55440
Paul F. Kolkman Vice President- None
IDS Tower 10 Corporate Actuary
Minneapolis, MN 55440
Claire Kolmodin Vice President- None
IDS Tower 10 Service Quality
Minneapolis, MN 55440
David S. Kreager Vice President-
IDS Tower 10 Field Management
Minneapolis, MN 55440 Development
Christopher Kudrna Vice President- None
IDS Tower 10 Systems and Technology
Minneapolis, MN 55440 Development
Steven C. Kumagai Director, Senior Vice None
IDS Tower 10 President- Associate
Minneapolis, MN 55440 General Sales Manager
Mitre Kutanouski Region Vice President-
IDS Tower 10 Midwest Region
Minneapolis, MN 55440
<PAGE>
PAGE 51
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Edward Labenski Vice President- None
IDS Tower 10 Senior Portfolio
Minneapolis, MN 55440 Manager
Peter L. Lamaison Vice President- None
One Broadgate IDS International
London, England Division
Kurt A. Larson Vice President- None
IDS Tower 10 Senior Portfolio
Minneapolis, MN 55440 Manager
Ryan R. Larson Vice President- None
IDS Tower 10 Annuity Product
Minneapolis, MN 55440 Development
Douglas A. Lennick Director, Senior Vice None
IDS Tower 10 President and General
Minneapolis, MN 55440 Sales Manager
Mary J. Malevich Vice President- None
IDS Tower 10 Senior Portfolio
Minneapolis, MN 55440 Manager
William J. McKinney Vice President- None
IDS Tower 10 Field Management
Minneapolis, MN 55440 Support
Thomas Medcalf Vice President- None
IDS Tower 10 Senior Portfolio Manager
Minneapolis, MN 55440
William C. Melton Vice President- None
IDS Tower 10 Chief Economist
Minneapolis, MN 55440
Janis E. Miller Vice President-Mutual None
IDS Tower 10 Funds Products and
Minneapolis, MN 55440 Marketing
James A. Mitchell Senior Vice President- None
IDS Tower 10 Insurance Operations
Minneapolis, MN 55440
Pamela J. Moret Vice President and None
IDS Tower 10 Assistant General
Minneapolis, MN 55440 Counsel
Robert J. Neis Vice President- None
IDS Tower 10 EDP Services
Minneapolis, MN 55440
<PAGE>
PAGE 52
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Vernon F. Palen Region Vice President- None
Suite D-222 Rocky Mountain Region
7100 E. Lincoln Drive
Scottsdale, AZ 85253
James R. Palmer Vice President- None
IDS Tower 10 Insurance Operations
Minneapolis, MN 55440
George M. Perry Vice President- None
IDS Tower 10 Corporate Strategy
Minneapolis, MN 55440 and Development
Susan B. Plimpton Vice President- None
IDS Tower 10 American Express
Minneapolis, MN 55440 Marketing
Ronald W. Powell Vice President and None
IDS Tower 10 Assistant General
Minneapolis, MN 55440 Counsel
James M. Punch Vice President- None
IDS Tower 10 TransAction Services
Minneapolis, MN 55440
Frederick C. Quirsfeld Vice President-Taxable None
IDS Tower 10 Mutual Fund Investments
Minneapolis, MN 55440
Roger B. Rogos Region Vice President- None
Suite 15, Parkside
Place Great Lakes
945 Boardman-Canfield
Rd Region
Youngstown, Ohio 44512
ReBecca K. Roloff Vice President- None
IDS Tower 10 Insurance
Minneapolis, MN 55440 Operations
Stephen W. Roszell Vice President-
IDS Tower 10 Advisory Institutional
Minneapolis, MN 55440 Marketing
Robert A. Rudell Vice President- None
IDS Tower 10 Sales and Marketing,
Minneapolis, MN 55440 IDS Institutional
Marketing
John P. Ryan Vice President and None
IDS Tower 10 General Auditor
Minneapolis, MN 55440
<PAGE>
PAGE 53
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
Erven A. Samsel Senior Vice President- None
45 Braintree Hill Park Eastern Region
Braintree, MA 02184
R. Reed Saunders Director and Senior None
IDS Tower 10 Vice President-
Minneapolis, MN 55440 Chief Marketing Officer
Stuart A. Sedlacek Vice President- None
IDS Tower 10 Quantitative
Minneapolis, MN 55440 Investment Management
F. Dale Simmons Vice President-Senior None
IDS Tower 10 Portfolio Manager
Minneapolis, MN 55440 Insurance Investments
Judy P. Skoglund Vice President-Human
IDS Tower 10 Resources and Organization
Minneapolis, MN 55440 Development
Julian W. Sloter Region Vice President- None
9040 Roswell Rd. Southeast Region
River Ridge-Suite 600
Atlanta, GA 30350
William A. Smith Vice President- None
IDS Tower 10 Finance and CFO/UK
Minneapolis, MN 55440
James B. Solberg Vice President- None
IDS Tower 10 Advanced Financial
Minneapolis, MN 55440 Planning
James W. Sowles Vice President- None
IDS Tower 10 Certificate
Minneapolis, MN 55440 Administration
Bridget Sperl Vice President-
IDS Tower 10 Human Resources Management
Minneapolis, MN 55440 Services
Jeffrey E. Stiefler Director, Chairman, None
IDS Tower 10 Chief Executive Officer
Minneapolis, MN 55440 and President
Lois Stilwell Vice President- None
IDS Tower 10 Sales Training and
Minneapolis, MN 55440 Communications
William A. Stoltzmann Vice President and None
IDS Tower 10 Assistant General
Minneapolis, MN 55440 Counsel
<PAGE>
PAGE 54
Item 29. (Continued)
Positions and
Name and Principal Position and Offices Offices with
Business Address with Underwriter Registrant
James J. Strauss Vice President- None
IDS Tower 10 Corporate Planning
Minneapolis, MN 55440 and Analysis
Jeffrey J. Stremcha Vice President-
IDS Tower 10 Information Resource
Minneapolis, MN 55440 Management/ISD
Neil Taylor Vice President-
IDS Tower 10 IDS 1994
Minneapolis, MN 55440
John R. Thomas Senior Vice President- Director/
IDS Tower 10 Mutual Funds Operations Trustee
Minneapolis, MN 55440
Melinda S. Urion Vice President-
IDS Tower 10 Insurance Controller
Minneapolis, MN 55440
Charles R. Utoft Vice President-
IDS Tower 10 Equity and Fixed Income
Minneapolis, MN 55440 Trading
Wesley W. Wadman Vice President- None
IDS Tower 10 Senior Portfolio
Minneapolis, MN 55440 Manager
Norman Weaver Jr. Senior Vice President- None
Suite 215 Western Region
1501 Westcliff Drive
Newport Beach, CA 92660
Michael L. Weiner Vice President- None
IDS Tower 10 Corporate Tax
Minneapolis, MN 55440 Operations
William N. Westhoff Senior Vice None
IDS Tower 10 President-Fixed
Minneapolis, MN 55440 Income Management
Edwin Wistrand Vice President and None
IDS Tower 10 Assistant General
Minneapolis, MN 55440 Counsel
Michael Woodward Senior Vice President- None
45 Liberty St. North Region
Batavia, NY 14020
<PAGE>
PAGE 55
<TABLE>
<CAPTION>
(c) Name of Net Underwriting
Principal Discounts and Compensation on Brokerage Other
Underwriter Commissions Redemption Commissions Compensation
<S> <C> <C> <C> <C>
IDS Financial
Services Inc. None $151,536* None None
</TABLE>
Item 30. Location of Accounts and Records
IDS Life Insurance Company of New York
20 Madison Avenue Extension
Albany, NY 12203
Item 31. Management Services
Not applicable.
Item 32. Undertakings
(a) Registrant undertakes that it will file a post-
effective amendment to this registration statement
as frequently as is necessary to ensure that the
audited financial statements in the registration
statement are never more than 16 months old for so
long as payments under the variable annuity
contracts may be accepted.
(b) Registrant undertakes that it will include either
(1) as part of any application to purchase a
contract offered by the prospectus, a space that an
applicant can check to request a Statement of
Additional Information, or (2) a post card or
similar written communication affixed to or included
in the prospectus that the applicant can remove to
send for a Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of
Additional Information and any financial statements
required to be made available under this Form
promptly upon written or oral request to IDS Life
Contract Owner Service at the address or phone
number listed in the prospectus.
(d) Registrant represents that it is relying upon the
no-action assurance given to the American Council of
Life Insurance (pub. avail. Nov. 28, 1988).
Further, Registrant represents that it has complied
with the provisions of paragraphs (1)-(4) of that
no-action letter.
<PAGE>
PAGE 56
SIGNATURES
As required by the Securities Act of 1933 and the Investment
Company Act of 1940, IDS Life Insurance Company of New York, on
behalf of the Registrant has caused this Registration Statement to
be signed on its behalf, in the City of Minneapolis, and State of
Minnesota, on the 8th day of March, 1994.
IDS LIFE ACCOUNT 4
IDS LIFE ACCOUNT 5
IDS LIFE ACCOUNT 6
IDS LIFE ACCOUNT 9
IDS LIFE ACCOUNT 10
IDS LIFE ACCOUNT 11
(Registrant)
By IDS Life Insurance Company of New York
(Sponsor)
By /s/ James A. Mitchell*
James A. Mitchell
President
As required by the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the
capacities indicated on the 8th day of March, 1994.
Signature Title
/s/ James A. Mitchell* Director, Chairman of the
James A. Mitchell Board and Chief Executive
Officer
/s/ Gary A. Beller* Director
Gary A. Beller
/s/ John C. Boeder* Director, President,
John C. Boeder* Chief Operating Officer
/s/ Roger C. Corea* Director
Roger C. Corea
/s/ Charles A. Cuccinello* Director
Charles A. Cuccinello
/s/ Milton Fenster* Director
Milton Fenster
/s/ Richard W. Kling* Director
Richard W. Kling
/s/ Edward Landes* Director
Edward Landes
<PAGE>
PAGE 57
Signature Title
/s/ Michael P. Monaco* Director
Michael P. Monaco
/s/ Steven P. Norman* Director
Steven P. Norman
/s/ Louise M. Parent* Director
Louise M. Parent
/s/ Gordon H. Ritz* Director
Gordon H. Ritz
/s/ Michael R. Woodward* Director
Michael R. Woodward
*Signed pursuant to Power of Attorney filed electronically
herewith.
______________________________
Mary Ellyn Minenko
<PAGE>
PAGE 58
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement is comprised of the following papers
and documents:
The Cover Page.
Cross-reference sheet.
Part A.
The prospectus.
Part B.
Statement of Additional Information.
Part C.
Other Information.
The signatures.
Exhibits.
<PAGE>
PAGE 1
IDS LIFE OF NEW YORK ACCOUNTS 4, 5, 6, 9, 10 AND 11
EXHIBIT INDEX
Exhibit 1.1 Resolution of the Executive Committee of the Board of
Directors.
Exhibit 1.2 Resolution of the Executive Committee of the Board of
Directors.
Exhibit 1.3 Resolution of the Board of Directors of IDS Life
Insurance Company of New York.
Exhibit 3 Form of Variable Annuity and Life Insurance
Distribution Agreement.
Exhibit 4.1 Form of Group Deferred Annuity Contract.
Exhibit 4.2 Form of Group Deferred Annuity Participant
Certificate.
Exhibit 5.1 Form of Application for IDS Flexible Annuity Contract
of New York.
Exhibit 6.1 Amendment to Articles of Incorporation (Revised
Charter).
Exhibit 6.2 By-Laws of IDS Life of New York.
Exhibit 14.2 Powers of Attorney to sign Amendments to this
Registration Statement.
<PAGE>
PAGE 1
MINUTES OF A MEETING OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF DIRECTORS
OF IDS LIFE INSURANCE COMPANY OF NEW YORK
November 12, 1981
Pursuant to the call of the Chairman and written notice duly given,
a meeting of the Executive Committee of the Board of Directors of
IDS Life Insurance Company of New York was held at 10:30 A.M. on
November 12, 1981, at the IDS Tower, Minneapolis, Minnesota.
Members present were Messrs. Ceithaml, Franchot, Pickering, and
Taylor. Richard J. O'Brien was also present and recorded the
minutes of the meeting.
Following a discussion, upon motion duly made and seconded, the
following resolutions were unanimously adopted:
WHEREAS, This Executive Committee of the Board of Directors
has determined that it is desirable for the Corporation to
issue variable annuity contracts, the values and benefits of
which will vary with the investment performance of certain
mutual funds("the Funds") established by the parent company,
IDS Life Insurance Company, now, therefore, be it
RESOLVED, That the six separate accounts set forth below are
hereby established in accordance with Section 227, New York
Insurance Law and New York Insurance Law and New York
Insurance Regulation 47:
IDS Life of New York Account C, to invest in shares
of IDS Life Capital Resource Fund I, Inc.
IDS Life of New York Account D, to invest in shares
of IDS Life Special Income Fund I, Inc.
IDS Life of New York Account E, to invest in shares
of IDS Life Moneyshare Fund, Inc.
IDS Life of New York Account F, to invest in shares
of IDS Life Capital Resource Fund II, Inc.
IDS Life of New York Account G, to invest in shares
of IDS Life Special Income Fund II, Inc.
IDS Life of New York Account H, to invest in shares
of IDS Life Moneyshare Fund, Inc.
RESOLVED FURTHER, That the President of the Corporation is
hereby authorized, subject to any necessary approval by the
Superintendent of Insurance of the State of New York, to cause
the transfer of so much of the Corporation's funds from its
general account to the separate accounts as may be necessary
to comply with Section 14 of the Investment Company Act of
1940. Such funds shall be held therein until this Executive
Committee or the Board of Directors authorizes its retransfer
to the general account; and
<PAGE>
PAGE 2
RESOLVED FURTHER, That the proper officers of the Corporation
are hereby authorized and directed to accomplish all filings
and registrations necessary for the commencement of the sale
of variable annuity contracts based on the Accounts, and,
without limiting the generality of the foregoing, to execute
the following instruments on behalf of the Corporation:
a) Investment Company Act Notification and Registration
Statements of a unit investment trust comprised of
Accounts C, D, and E, and a unit investment trust
comprised of Accounts F, G. and H.
b) Securities Act Registration Statements of both unit
investment trusts.
c) Such application for exemptive or other orders under
federal securities laws, and all other instruments, as
counsel deems necessary or desirable.
There being no further business, the meeting was duly adjourned.
/s/ Richard J. O'Brien
Secretary
<PAGE>
PAGE 3
MINUTES OF THE MEETING OF
THE BOARD OF DIRECTORS
IDS LIFE INSURANCE COMPANY
OF NEW YORK
March 10, 1982
Pursuant to notice duly given, a regular meeting of the Board of
Directors of IDS Life Insurance Company of New York was held at
9:00 A.M. on March 10, 1982, in the IDS Tower, Minneapolis,
Minnesota. The following directors were present:
Joseph R. Pickering, Chairman
Amberson H. Birckhead
George F. Ceithaml
Douglas W. Franchot, III
Albert M. Frost
George A. Horton, III
Charles K. Morgan
Francis G. Perry
John P. Ryan
Walter D. Scott
Also present were: Richard N. Latzer, Investment Officer, Lee D.
McKenzie, Treasurer, and Arlyn Ruesink and Darryl Briley of Peat,
Marwick, Mitchell & Co. (PMM).
The Board then considered a proposal that the names of the Separate
Accounts established by the Executive Committee on November 12,
1981, be changed. Mr. Pickering stated that the accounts had been
designated alphabetically to correspond with the parent company's
separate accounts, but this was now perceived as a source of
potential confusion and that numeric names would be preferable.
Upon motion made and duly seconded, the following resolution was
adopted:
RESOLVED, that the name of each separate account of the
Corporation is changed to a numeric, rather than alphabetic,
designation, with Account C becoming Account 1 and seriately
thereafter.
<PAGE>
PAGE 1
MINUTES OF A SPECIAL MEETING
OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS
OF IDS LIFE INSURANCE COMPANY OF NEW YORK
A special meeting of the Executive Committee of the Board of
Directors of IDS Life Insurance Company of New York was held at
10:30 A.M., on February 12, 1986, at the office of James A.
Mitchell, 2900 IDS Tower, Minneapolis, Minnesota. All members of
the Executive Committee were present. Following discussion, the
following resolutions were duly adopted:
WHEREAS, This Committee has determined that it is desirable
for the Corporation to provide for the acquisition of shares
of IDS Life Managed Fund under its variable annuity contracts,
now, therefore, be it
RESOLVED, That the action taken by this Executive Committee on
April 17, 1985, with respect to establishing separate accounts
for IDS Life Managed Fund, Inc., is hereby rescinded.
RESOLVED FURTHER, That the separate account set forth below is
hereby established in accordance with Section 4240, New York
Insurance Law and New York Insurance Regulation 47:
IDS Life of New York Account 9, to invest in shares of
IDS Life Managed Fund Inc.
RESOLVED FURTHER, That the Unit Investment Trust comprised of
IDS Life of New York Accounts 4, 5, and 6 is hereby
reconstituted as IDS Life of New York Accounts 4, 5, 6, and 9.
RESOLVED FURTHER, That these resolutions be ratified by the
full Board of Directors of the Corporation at their next
regular meeting.
RESOLVED FURTHER, That the proper officers of the Corporation
are hereby authorized and directed to accomplish all filings
and registrations necessary to carry the foregoing into
effect.
There being no further business, the meeting was duly adjourned.
/s/ Paul D. Sabby
Assistant Secretary
<PAGE>
PAGE 1
CONSENT IN WRITING IN LIEU OF MEETING OF BOARD OF DIRECTORS
TO THE SECRETARY OF
IDS LIFE INSURANCE COMPANY OF NEW YORK
By this consent in writing in lieu of a meeting of the Board of
Directors of IDS Life Insurance Company of New York, a New York
corporation, we the Directors of said Corporation do hereby consent
to and authorize the adoption of the following resolution to be
effective immediately upon receipt by the Secretary of the
Corporation:
WHEREAS, This Board of Directors has determined that it is
desirable for the Corporation to provide for the acquisition
of shares of IDS Life International Equity Fund and IDS Life
Aggressive Growth Fund under its variable annuity contracts.
Now, therefore, be it
RESOLVED, That the two separate accounts set forth below are
hereby established in accordance with Section 4240, New York
Insurance Law:
IDS Life of New York Account 10, to invest in shares of
IDS Life International Equity Fund; and
IDS Life of New York Account 11, to invest in shares of
IDS Life Aggressive Growth Fund.
RESOLVED FURTHER, That the proper officers of the Corporation
are hereby authorized to accomplish all filings,
registrations, and applications for exemptive relief necessary
to carry the foregoing into effect.
/s/ Gary A. Beller /s/ Edward Landes
Gary A. Beller Edward Landes
/s/ John C. Boeder /s/ James A. Mitchell
John C. Boeder James A. Mitchell
/s/ Roger C. Corea /s/ M. P. Monaco
Roger C. Corea Michael P. Monaco
/s/ Charles A. Cuccinello /s/ Stephen P. Norman
Charles A. Cuccinello Stephen P. Norman
/s/ Milton R. Fenster /s/ Gordon H. Ritz
Milton R. Fenster Gordon H. Ritz
/s/ David R. Hubers
David R. Hubers Michael F. Weinberg
/s/ R. W. Kling /s/ Michael R. Woodward
Richard W. Kling Michael R. Woodward
/s/ Francis M. Ellis
Francis M. Ellis
<PAGE>
PAGE 2
Received by the Secretary
October 8, 1991
/s/ Michael B. Carlin
Michael B. Carlin
<PAGE>
PAGE 1
VARIABLE ANNUITY AND LIFE INSURANCE DISTRIBUTION AGREEMENT
This Variable Annuity and Life Insurance Distribution Agreement
("Agreement") by and between IDS Life Insurance Company of New York
("IDSLNY"), a New York corporation, and IDS Financial Services,
Inc. ("IDS"), a Delaware corporation, with respect to the sale of
variable annuity and life insurance contracts in the State of New
York, all in consideration of the premises and the mutual
agreements herein contained,
WITNESSETH THAT:
1. IDSLNY is licensed in the State of New York by the New
York Insurance Department to conduct a life insurance, annuities,
and accident and health insurance business. IDS Life of New York
has established several separate accounts, ("the Accounts"), for
the purpose of providing variable annuity contracts and life
insurance policies. IDSLNY was organized under the laws of the
State of New York and will secure all necessary approvals from the
Superintendent of Insurance to sell its variable annuity contracts
in New York.
2. IDS is registered with the National Association of
Securities Dealers, Inc. ("NASD") as a broker-dealer under the
Securities Exchange Act of 1934 ("1934 Act") and is qualified to do
business as a foreign corporation in the State of New York. It
will seek approval from the New York Superintendent of Insurance to
sell variable annuity contracts and life insurance policies as
agent for IDSLNY.
3. IDSLNY hereby appoints IDS to solicit and procure,
within the State of New York, applications for variable annuity
contracts and life insurance policies to be issued by IDS Life of
New York through the Accounts. As used herein, the term "variable
annuity contract" or "variable life insurance policy" means any
annuity contract or life insurance policy under which all or any
part of the benefits may be paid on a variable basis.
4. No person affiliated with IDS shall offer or sell
IDSLNY variable annuity contracts or life insurance policies unless
duly licensed (a) as an "associated person" of IDS pursuant to the
1934 Act, and not subject to a bar or suspension order thereunder
and (b) as an insurance agent for IDSLNY under the New York
Insurance Law. Such qualification and licensing shall be the sole
responsibility of IDS.
5. Sales compensation of IDS managers and financial
planners with respect to each IDSLNY variable annuity contract or
life insurance policy sold shall be paid in accordance with
compensation schedules published from time to time by IDS. Any
compensation payable shall be subject to the terms and conditions
contained in the form of agreements between IDS and its managers
and financial planners, as amended.
<PAGE>
PAGE 2
6. It is agreed, with respect to those services which are
to be provided to IDSLNY upon an allocated cost basis by IDS, that
any such method of allocation or classification of expenses
incurred or services rendered shall be in conformance with
Regulation 33 of the New York Insurance Department. If at any time
either IDSLNY or IDS can reasonably demonstrate that any method of
allocation is more equitable in conformance with such Regulation
33, the current method of allocation shall then be subject to
renegotiation. In any event, review of all expenses for the year
will be made annually, to make all necessary adjustments in the
amounts billed hereunder in order to conform them with the amount
of such expenses actually incurred.
7. For the solicitation of applications by IDS through its
financial planners, and for the motivational and supervisory
services and field training services performed by IDS, IDSLNY will
reimburse IDS for the compensation it becomes obligated, by reason
of IDSLNY's variable annuity or life insurance business, to pay to
its financial planners, supervisors, managers and field trainers,
pursuant to written agreements with such persons; provided,
however, that such agreements have been approved in advance by
IDSLNY and comply in all respects with the insurance laws and
regulations of the State of New York; and provided, further, that
IDS hereby agrees that any such agreement will be terminated or
modified by it upon direction of IDSLNY. IDS agrees to hold IDSLNY
harmless from any claim for compensation by any such financial
planner or field trainer, or by any manager or supervisor with
respect to his services on behalf of IDS as contemplated in this
agreement.
8. IDSLNY agrees to pay IDS its allocated portion of IDS's
cost with respect to variable annuities and life insurance in
maintaining and providing so many division sales offices as may
reasonably be required, suitably located and appointed; staffing
each such office with personnel capable of providing secretarial,
filing, and telephone answering services to the sales force;
providing communication services, such as telephone, distribution
of mail, mailing, maintenance of supplies of forms and sales
literature, etc.,; conducting training schools and sales office
training,as needed; supplying the services of the IDS training and
development staff in providing technical assistance and training
with respect to employer-related marketing efforts; developing and
producing audiovisual training aids, and providing technical
assistance in the use thereof; providing technical assistance and
training with respect to special markets; and, generally, providing
complete training service and monitoring of field training
activities.
9. In recognition of the fact that IDS, as a trainer for
IDSLNY, incurs certain overhead or "cost of doing business"
expenses which are not directly allocable to specific variable
annuity or life insurance services provided by it to IDSLNY, IDSLNY
agrees to pay IDS a subsistence fee, determined on an equitable and
uniform allocation in conformance with Regulation 33 of the New
York Insurance Department, but without any provision for profit by
IDS. It is agreed that the amount of such fee should be included
<PAGE>
PAGE 3
in all amounts billed to IDSLNY under this agreement, and shall be
subject to annual or more frequent review and negotiation by
IDSLNY.
10. IDS assumes full responsibility for the supervision of
its associated persons in all their activities covered by this
agreement.
11. IDSLNY may conduct training programs for IDS sales
managers and financial planners at times and places to be agreed
upon, for the purpose of familiarizing IDS personnel with the
provisions of IDSLNY contracts, desirable sales techniques and
administrative procedures.
12. IDSLNY will supply IDS with reasonable quantities of
current prospectuses as filed with the Securities and Exchange
Commission, quarterly reports, and other sales material. In
selling IDSLNY contracts, IDS shall use only sales material which
has been approved by IDSLNY and filed with the NASD.
13. Purchase applications, IDSLNY prospectus receipts,
other IDSLNY forms and payments received by IDS financial planners
will be promptly forwarded to the appropriate IDS division office.
IDS will conduct a review to determine the suitability of the sale.
IDS financial planners shall follow established IDSLNY procedures
regarding forms, applications, prospectus receipts, and other such
matters of administration. After IDS has conducted its review, it
will forward all relevant material, including any of its own
completed forms, to IDSLNY's home office. IDSLNY will then make a
decision whether to accept or reject the variable annuity or life
insurance application.
14. Upon issuance, each variable annuity contract or life
insurance policy sold through IDS will be mailed directly from IDS
Life of New York to the appropriate IDS Division Office or to the
financial planner for personal delivery to the policyholder.
15. Except as otherwise provided in the Agreement, all
standard IDSLNY administrative procedures will be followed. IDSLNY
will, whenever appropriate, advise IDS of such procedures.
16. This agreement may be terminated at any time by mutual
agreement of the parties, or by thirty day notice given by either
to the other.
17. This agreement shall become effective July 1st, 1987,
subject to applicable regulatory approvals, and shall supersede all
prior agreements between the parties hereto regarding the
distribution of variable insurance policies or contracts.
18. This agreement shall be governed by New York Law.
<PAGE>
PAGE 4
IDS Life Insurance Company of New York
BY /s/ David P. Morency
Vice-President
IDS Financial Services, Inc.
BY /s/ Louis C. Fornetti
Vice-President
Dated________________________
<PAGE>
PAGE 1
GROUP DEFERRED ANNUITY CONTRACT
- - Employer Plan
- - Group Deferred Annuity - Individual Allocation
- - Optional fixed dollar or variable accumulation values and annuity
payments.
- - This contract is nonparticipating. Dividends are not payable.
This is a deferred annuity contract. It is a legal contract between
you, as the owner, and us, IDS Life Insurance Company of New York,
a Stock Company, Albany, New York. PLEASE READ YOUR CONTRACT
CAREFULLY.
We agree: to pay annuity benefits provided in this contract and; to
provide you and the Participants and Beneficiaries with the rights
and benefits contained in this contract.
ACCUMULATION VALUES AND ANNUITY PAYMENTS, WHEN BASED ON THE
INVESTMENT RESULTS OF THE SEPARATE ACCOUNTS, ARE VARIABLE AND NOT
GUARANTEED AS TO FIXED DOLLAR AMOUNT. SEE PAGE 10 FOR VARIABLE
PROVISIONS.
We issue this contract in consideration of your application and the
payment of the purchase payments for allocation to Participant
certificates as directed.
Signed for an issued by IDS Life Insurance Company of New York in
Albany, New York, as of the date shown under Contract Data.
President
/s/John C. Boeder
Secretary
/s/Michael B. Carlin
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PAGE 2
GUIDE TO CONTRACT PROVISIONS
Definitions Important words and meanings/Page 3
General Provisions Entire contract; Certificates;
Incontestable; Benefits based upon
incorrect data; State laws; Periodic
reports; Evidence of survival;
Protection of proceeds; Payments by
us; Voting rights; Changes in
plan/Page 5
Ownership and Beneficiary Owner rights; Trust or custodial
ownership; Change of ownership;
Beneficiary; Change of
Beneficiary/Page 6
Payments to Beneficiary Describes options and amounts payable
upon death/Page 7
Purchase Payments Purchase payments; Amounts and
intervals; Payment limits; Allocation
of purchase payments; Termination of
payments/Page 8
Certificate Value Provisions Certificate value; Fixed account
certificate value; Interest to be
credited; Variable accounts
certificate value; Administrative
charge; Premium tax charges;
Transfers of certificate values/
Page 9
Fixed and Variable Accounts Fixed account; Variable accounts;
Investments of the variable accounts;
Valuation of assets; Accumulation
units and values; Net investment
factor; Mortality and expense risk
charge; Annuity unit value/Page 10
Surrender Provisions Surrender; Surrender value; Surrender
Charge; Rules for surrender/Page 11
Suspension or Delay in Payment;
Surrenders May Be Taxed; Surrender
Restrictions/Page 12
Loan Provisions Loan amount; Loan interest; Loan
period and repayment; Effect of loan
on certificate value; Transfers and
partial surrenders during loan
period; Tax status/Page 13
Annuity Provisions When annuity payments begin;
Different ways to receive annuity
payments; Determination of payment
amounts/Page 14
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PAGE 3
Table of Settlement Rates Tables showing the amount of the
first variable annuity payment and
fixed annuity payments for the
various payment plans/Page 16
<PAGE>
PAGE 4
CONTRACT DATA
Contract Date: February 1, 1993
Contract Number: Sample
Contract Owner: ABC School
Group Deferred Annuity Contract for 403(b) Employer-Sponsored Plans
Accounts Available for Allocation of Purchase Payments:
Variable
Accounts Mutual Fund
4 IDS Life Capital Resource Fund
5 IDS Life Special Income Fund
6 IDS Life Moneyshare Fund
9 IDS Life Managed Fund
10 IDS Life International Equity Fund
11 IDS Life Aggressive Growth Fund
Fixed Account
Surrender Charge: Applies to each certificate. See page 11.
Surrender Charge
as % of Amount
Certificate Year Surrendered
1 8%
2 8
3 8
4 8
5 7
6 6
7 5
8 4
9 3
10 2
11 1
12 and later 0
Surrender charges will not exceed 8 1/2% of purchase payments with
respect to each certificate.
Administrative Charge: $30 deducted from each certificate's value
at the end of each certificate year. See
page 9.
Fixed Account Guaranteed Interest Rate: 3% Annual Effective Rate.
Loan Interest Rate Charged: 5.7% annually in advance.
See page 13.
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PAGE 5
In order for the dollar amount of variable annuity payments not to
decrease, the assets of the variable accounts must have an annual
net rate of investment return of 3 1/2%. This is equal to a 4 1/2%
gross investment return minus the 1% risk charge.
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PAGE 6
DEFINITIONS
The following words are used often in this contract. When we use
these words, this is what we mean:
Annuitant
The Participant named in each certificate on whose life annuity
payments will be based.
Participant
An eligible employee or other person named in the certificate who
is entitled to benefits under the Plan as determined and reported
to us by the Owner.
You, Your
The owner of this contract.
We, Our, Us
IDS Life Insurance Company of New York (IDS Life of New York).
Contract Owner
The employer or other organization which makes application for this
contract.
Participant Enrollment Form
The document or application signed by each Participant that serves
as his or her application for enrollment under the contract.
Plan
The retirement plan under which the contract is issued and which
meets the particular requirements of Section 403(b) of the Internal
Revenue Code of 1986, as amended ("Code").
Purchase Payment (Payment)
An amount paid to Us by or on behalf of a participant as
consideration for the benefits provided by the contract and related
certificates.
Certificate
The document for each Participant which evidences the coverage of
the Participant under the contract.
Certificate Year
Any period of one year commencing with the issue date of a
Participant's certificate and each anniversary thereafter.
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PAGE 7
Certificate Anniversary
The first day of any certificate year.
Accumulation Unit
An accumulation unit is an accounting unit of measure. It is used
to calculate a Participant's certificate value prior to settlement.
Annuity Unit
An annuity unit is an accounting unit of measure. It is used to
calculate the value of annuity payments from the variable accounts
on and after the retirement date.
Contract Date
The date from which contract anniversaries, contract years, and
contract months are determined. Your contract date is shown under
Contract Data.
Contract Anniversary
The same day and month as the contract date each year that the
contract remains in force.
Certificate Value
The sum of the: (1) Fixed Account certificate value; and (2)
Variable Account certificate value .
Retirement Date
The date elected by the Participant on which annuity payments are
to begin. This date may be changed as provided in this contract.
The participant will be notified prior to the retirement date in
order to select an appropriate annuity payment plan.
Settlement
The application of a Participant's certificate value to provide
annuity payments.
Valuation Date
A valuation date is each day the New York Stock Exchange is open
for trading.
Valuation Period
A valuation period is the interval of time commencing at the close
of business on each valuation date and ending at the close of
business on the next valuation date.
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PAGE 8
Fixed Account
The fixed account is made up of all our assets other than those in
any separate account.
Variable Accounts
The variable accounts are named under Contract Data. Each is a
separate investment account of ours.
Fixed Annuity
A fixed annuity is an annuity with payments which are guaranteed by
us as to dollar amount during the annuity payment period.
Variable Annuity
A variable annuity is an annuity with payments which (1) are not
predetermined or guaranteed as to dollar amount; and (2) vary in
amount with the investment experience of one or more of the
variable accounts.
Written Request
A request in writing signed by you or a Participant and delivered
to us.
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PAGE 9
GENERAL PROVISIONS
Entire Contract
This contract form is the entire contract between you and us.
No one except one of our corporate officers (President, Vice
President, Secretary or Assistant Secretary) can change or waive
any of our rights or requirements under this contract. That person
must do so in writing. None of our representatives or other persons
has the authority to change or waive any of our rights or
requirements under this contract.
Certificates
We shall issue an individual certificate setting forth in substance
the benefits to which each Participant is entitled under this
contract. Nothing in the group annuity contract invalidates or
impairs any right granted to the certificate holder required by
law. Such certificate is not a part of this contract.
Incontestable
The contract and certificates are incontestable from their date of
issue.
Benefits Based on Incorrect Data
If the amount of benefits is determined by data as to a person's
age that is incorrect, benefits will be recalculated on the basis
of the correct data. Any underpayments made by us will immediately
be paid in a single sum with an interest credit of 6% per annum.
Any overpayments made by us will be subtracted from the future
payments together with an interest charge of 6% per annum.
State Laws
This contract is governed by the law of the state in which it is
delivered. The values and benefits of this contract are at least
equal to those required by such state.
Periodic Reports
Statements will be sent to the Owner and Participant quarterly, or
more frequently as the Code may require, showing the number, type
and value of the fixed amounts and accumulation units credited to
the contract and the Participant's certificate. The statement shall
be accurate as of a date not more than two (2) months prior to the
date of mailing. Statements reflecting transactions in each
Participant's certificate as may be required by applicable laws,
rules and regulations will also be sent.
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PAGE 10
Evidence of Survival
Where any payments under this contract depend on the recipient or
annuitant being alive on a given date, proof that such condition
has been met may be required by us. Such proof may be required
prior to making the payments.
Protection of Proceeds
Payments under this contract are not assignable by any beneficiary
prior to the time they are due. To the extent allowed by law,
payments are not subject to the claims of creditors or to legal
process.
Payments By Us
All sums payable by us are payable at our home office. Any payment
of a variable annuity or surrender based on the variable contract
value shall be payable only from the variable accounts.
Voting Rights
We will vote mutual fund shares held by the variable accounts at
meetings of shareholders of the fund(s), in accordance with
instructions received from the Owner, Participants, or other
authorized party. Notice will be given to each person who may be
entitled to vote on any matter. Such notice will specify the
matters upon which the person may be entitled to vote and the
method of determining the number of votes which may be cast at any
such meeting. Fund shares held in each variable account for which
no timely voting instructions are received and fund shares that are
not otherwise attributable to Owners, Participants, or other
authorized party will be voted by the Company in the same
proportion as the shares for which voting instructions are
received.
Changes in Plan
Evidence may be requested that the Plan meets the requirements of
qualification under Section 403(b) of the Code. You agree to
provide notification immediately if, at any time, the Plan fails to
meet the requirements of that Section of the Code.
<PAGE>
PAGE 11
OWNERSHIP AND BENEFICIARY
Owner's Rights
Unless otherwise provided in this contract, you may exercise all
rights and privileges provided in this contract or allowed by us.
Participants rights under the contract are subject to the terms of
the Owner's Plan.
Trust or Custodial Ownership
If you are a tax qualified trust or tax qualified custodial
account, then your trustees or custodian (or their successors)
properly named by your trust or custodial agreement may exercise
all rights and privileges provided in this contract or allowed by
us.
Change of Ownership (Restricted)
Your right to change the ownership of this contract is restricted.
This contract may not be sold, assigned, transferred, discounted or
pledged as collateral for a loan or as security for the performance
of an obligation or for any other purpose to any person other than
to us. The Participants vested rights under this contract are
nonforfeitable and this contract or the rights under it may not be
transferred to any person other than to us.
Beneficiary
Beneficiaries are those named by the Participant in accordance with
applicable provisions of the Plan and the Code, in a form
satisfactory to us, to receive benefits of the certificate if the
Participant dies while the certificate is in force.
Unless you have provided otherwise, only those beneficiaries who
are living on the date of death may share in the benefits, if any.
If no beneficiary is then living, we will pay the benefits to the
Participant's estate.
Change of Beneficiary
The Participant may change the beneficiary anytime while the
annuitant is living by satisfactory written request. Once the
change is received by us, it will take effect as of the date of
your request, subject to any action taken or payment made before
the recording.
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PAGE 12
PAYMENTS TO BENEFICIARY
Death Benefit Before the Retirement Date
If the Participant dies before the retirement date and age 75 while
the certificate is in force we will pay to the beneficiary the
greater of:
1. the certificate value; or
2. the purchase payments paid less any amounts surrendered.
If the Participant dies before the retirement date and on or after
the Participant's 75th birthday, while the certificate is in force,
we will pay to the beneficiary the certificate value.
The above amount will be payable in a lump sum upon the receipt of
due proof of death of the Participant. The beneficiary may elect to
receive payment anytime within 5 years after the date of death of
the Participant.
In lieu of a lump sum, payment may be made under an Annuity Payment
Plan, provided:
1. the beneficiary elects the plan within 60 days after we
receive due proof of death; and
2. payments begin no later than one year after the date of death;
and
3. the plan provides payments over a period which does not exceed
the life of the beneficiary, or the life expectancy of the
beneficiary.
In this event, the reference to "annuitant" in the Annuity
Provisions shall apply to the beneficiary.
Any amounts payable or applied by us as described in this section
will be based on the certificate value as of the valuation date on
or next following the date on which due proof of death is received
at our home office.
Spouse Option to Continue Certificate Upon Annuitant's Death
If the Participant dies prior to the retirement date, a spouse who
is designated as sole beneficiary may elect in writing to forego
receipt of the death benefit and instead continue the certificate
in force. The election by the spouse must be made within 60 days
after we receive due proof of death. The spouse may not make
additional purchase payments to the certificate.
In this event, the retirement date may not be later than the
April 1 following the calendar year in which the Participant would
have attained age 70 1/2, or such other date which allows the
spouse to satisfy the minimum distribution requirements under the
Code, its regulations and/or promulgations by the Internal Revenue
Service.
<PAGE>
PAGE 13
Annuitant's Death After the Retirement Date
If the annuitant dies after the retirement date, the amount
payable, if any, will be as provided in the Annuity Payment Plan
then in effect.
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PAGE 14
PURCHASE PAYMENTS
Purchase Payments
Purchase payments are the payments made by, or on behalf of, the
participant under this contract for the benefits it provides.
Purchase payments must be paid or mailed to us or to an authorized
agent. If requested, we'll give you a receipt for your purchase
payments. Upon payment to us, purchase payments become our
property.
Net purchase payments are that part of the purchase payments
applied to the certificate value. A net purchase payment is equal
to the purchase payment less any applicable premium tax charge.
Amount and Intervals
Purchase payments may be paid in a single sum or in installments
until the earlier of: (1) the date a Participant's certificate
terminates by surrender or otherwise; or (2) the date on which
annuity payments begin for the Participant.
Subject to the Payment Limits Provision the Participant may: (1)
stop and/or restart purchase payments; or (2) increase or decrease
the amount of purchase payments; or (3) change the interval of
purchase payments.
Payment Limits Provision
Maximum Purchase Payments - The maximum purchase payments in the
first or later years may not exceed the applicable limits allowed
under the Code and Plan.
Minimum Purchase Payments - The minimum purchase payment is $25 per
month which on an annualized basis equals $300.
We also reserve the right to cancel a certificate if both of the
following conditions exist at the same time: (1) no purchase
payments have been paid for a continuous period of 36 months; and
(2) less than $600 in purchase payments have been paid under the
certificate. In this event we will give the Participant 30 days
written notice of our intent to cancel the certificate. Upon such
cancellation we will pay the Participant the certificate value in
one sum. The certificate will then terminate.
Allocation of Purchase Payments
Participants shall give instructions on how purchase payments are
to be allocated among the fixed account and variable accounts.
Choices for each account may be made in any whole percent from 0%
to 100% as long as the total adds up to 100%. A participants'
Allocation instructions as of the certificate date will be shown in
the certificate. By written request, or by another method agreed
upon, participants may change their choice of accounts or
percentages. The first net purchase payment will be allocated as of
the end of the valuation period during which we make an affirmative
decision to issue the certificate. Net purchase payments after the
first will be allocated as of the end of the valuation period
during which we receive the payment at our home office.
<PAGE>
PAGE 15
Termination of Payments
If purchase payments made by or on behalf of a Participant are
terminated for any reason prior to the retirement date, the
Participant may elect to surrender the certificate value in
accordance with any applicable provisions of this contract, the
Plan or the Code or leave the certificate in force under the
contract until the certificate value is surrendered, paid upon the
Participant's death or applied to an annuity payment plan. When the
certificate remains in force under the contract, any monies
allocated to the variable accounts will continue to reflect the net
investment experience of the funds. If the total certificate value
becomes less than $600, we reserve the right to pay the certificate
value to the Participant in a lump sum.
The Participant also may transfer the certificate under a group
deferred annuity contract held by another contract owner that is
issued by us under the same policy form.
<PAGE>
PAGE 16
CERTIFICATE VALUE PROVISIONS
Certificate Value
A participant's certificate value at any time is the sum of (1) the
Fixed Account certificate value; and (2) the Variable Account
certificate value.
If: (1) part or all of the certificate value is surrendered; or (2)
charges described herein are made against the certificate value;
then a number of accumulation units from the variable accounts and
an amount from the fixed account will be deducted to equal such
amount. For surrenders, deductions will be made from the fixed or
variable accounts that are specified. Otherwise, the number of
units from the variable accounts and the amount from the fixed
account will be deducted in the same proportion that the
participants' interest in each bears to the total certificate
value.
Fixed Account Certificate Value
The fixed account certificate value at any time will be: (1) the
sum of all amounts credited to the fixed account under the
certificate; less (2) any amounts deducted for charges or
surrenders.
Interest to be Credited
We will credit interest to the fixed account certificate value.
Interest will begin to accrue on the date the purchase payments
which are received in our home office become available to us for
use. Such interest will be credited at rates that we determine from
time to time. However, we guarantee that the rate will not be less
than the Guaranteed Interest Rate shown under Contract Data.
Variable Account Certificate Value
The variable account certificate value at any time will be: (1) the
sum of the value of all variable account accumulation units under
the certificate resulting from purchase payments so allocated, or
transfers among the variable and fixed accounts; less (2) any units
deducted for charges or surrenders.
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PAGE 17
Administrative Charge
We charge a fee for establishing and maintaining our records for
each certificate under this contract. The charge is shown under
Contract Data and is deducted from the certificate value at the end
of each certificate year or, if earlier, when the certificate is
surrendered. The charge does not apply after annuity payments begin
for each participant. We reserve the right to reduce or eliminate
the administrative charge.
Premium Tax Charges
We reserve the right to deduct an amount from a participant's
certificate value for any applicable premium taxes not previously
deducted.
Transfers of Certificate Values
While a certificate is in force prior to the settlement date,
transfers of certificate account values may be made as outlined
below:
1. Subject to provisions of the Plan, Participants may transfer
all or a part of the values held in one or more of the
variable accounts to another one or more of the variable
accounts. Subject to item 2, participants may also transfer
values held in one or more of the variable accounts to the
fixed account.
2. Once per year subject to provisions of the Plan, Participants
may transfer values from the fixed account to one or more of
the variable accounts. If such a transfer is made, no
transfers from a variable account to the fixed account may be
made until the next eligible period as defined in the Plan.
Participants may make a transfer by written request. There is no
fee or charge for these transfers. However, the minimum transfer
amount is $250, or if less, the entire value in the account from
which the transfer is being made.
In lieu of the above, participants can set up scheduled transfers
on a monthly or quarterly basis. The minimum transfer amount is
$50. The maximum scheduled transfer from the fixed account, when it
is established, is limited to the current value of the fixed
account divided by 12.
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PAGE 18
FIXED AND VARIABLE ACCOUNTS
The Fixed Account
The fixed account is our general account. It is made up of all of
our assets other than: (1) those in the variable accounts; and (2)
those in any other segregated asset account.
The Variable Accounts
The variable accounts are separate investment accounts of ours.
They are named under Contract Data. We have allocated a part of our
assets for this and certain other contracts to the variable
accounts. Such assets remain our property. However, they may not be
charged with the liabilities from any other business in which we
may take part.
Investments of the Variable Accounts
Purchase payments applied to the variable accounts will be
allocated as specified by the Participant. Each variable account
will buy, at net asset value, shares of the fund shown for that
account under Contract Data or as later added or changed.
Valuation of Assets
Mutual fund shares in the variable accounts will be valued at their
net asset value.
Variable Account Accumulation Units
The number of accumulation units for each of the variable accounts
is found by dividing: (1) the net amount allocated to the account;
by (2) the accumulation unit value for the account for the
valuation period during which we received the purchase payment.
Variable Account Accumulation Unit Value
The value of an accumulation unit for each of the variable accounts
was arbitrarily set at $1 when the first mutual fund shares were
bought. The value for any later valuation period is found as
follows:
The accumulation unit value for each variable account for the
last prior valuation period is multiplied by the net
investment factor for the same account for the next following
valuation period. The result is the accumulation unit value.
The value of an accumulation unit may increase or decrease
from one valuation period to the next.
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PAGE 19
Net Investment Factor
The net investment factor is an index applied to measure the
investment performance of a variable account from one valuation
period to the next. The net investment factor may be greater or
less than one; therefore, the value of an accumulation unit may
increase or decrease.
The net investment factor for any such account for any valuation
period is determined by: dividing (1) by (2) and subtracting (3)
from the result. This is done where:
(1) is the sum of:
a. the net asset value per share of the mutual fund held in
the variable account determined at the end of the current
valuation period; plus
b. the per share amount of any dividend or capital gain
distributions made by the mutual fund held in the
variable account, if the "ex-dividend" date occurs during
the current valuation period.
(2) is the net asset value per share of the mutual fund held in
the variable account, determined at the end of the last prior
valuation period.
(3) is a factor representing the mortality and expense risk
charge.
Mortality and Expense Risk Charge
In calculating accumulation unit values we will deduct a mortality
and expense risk charge from the variable accounts equal, on an
annual basis, to 1.00% of the daily net asset value. This deduction
is made to compensate us for assuming the mortality and expense
risks under contracts of this type. We estimate that approximately
2/3 of this charge is for assumption of mortality risk and 1/3 is
for assumption of expense risk. The deduction is: (1) made from
each variable account; and (2) computed on a daily basis.
Annuity Unit Value
The value of an annuity unit for each variable account was
arbitrarily set at $1 when the first mutual funds were bought. The
value for any later valuation period is found as follows:
1. The annuity unit value for each variable account for the last
prior valuation period is multiplied by the net investment
factor for the account for the valuation period for which the
annuity unit value is being calculated.
2. The result is multiplied by an interest factor. This is done
to neutralize the assumed investment rate which is built into
the annuity tables on page 16.
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PAGE 20
SURRENDER PROVISIONS
Surrender
By written request and subject to requirements under the Plan and
the rules below a Participant may:
1. surrender the certificate for the total surrender value; or
2. partially surrender the certificate for a part of the
surrender value.
Surrender Value
The surrender value at any time will be:
1. the certificate value;
2. minus the administrative charge;
3. minus any surrender charge.
Surrender Charge
The surrender charge shall apply to surrenders by each participant
and is based on:
1. the amount surrendered; and
2. the certificate year in which a surrender is made.
The schedule of surrender charges is shown under Contract Data. We
reserve the right to reduce or eliminate the surrender charges.
Surrender charges shall not apply if amounts are distributed due to
the following:
1. a Participant's retirement under the Plan on or after Age 55,
or
2. death of the Participant, or
3. settlement of the certificate under an Annuity Payment Plan
as described herein.
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PAGE 21
Rules For Surrender
All surrenders will have the following conditions:
1. The Participant must apply by written request or other method
agreed to by us: (a) while the certificate is in force; and
(b) prior to the earlier of the retirement date or the death
of the Participant.
2. The Participant must surrender an amount equal to at least
$250. The certificate value after a partial surrender must be
at least $600.
3. The amount surrendered, less any charges, will normally be
paid to the Participant within seven days of the receipt of
written request and the certificate, if required. For
surrenders from the fixed account, we have the right to defer
payment for up to 6 months from the date we receive the
request.
4. For partial surrenders, if the Participant does not specify
from which accounts the surrender is to be made, the surrender
will be made from the variable accounts and fixed account in
the same proportion as the Participant's interest in each
bears to the certificate value.
Upon surrender for the full surrender value the certificate will
terminate. We may require return of the certificate to us before we
pay the full surrender value.
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PAGE 22
SURRENDER PROVISIONS (Continued)
Suspension or Delay in Payment of Surrender
We have the right to suspend or delay the date of any surrender
payment from the variable accounts for any period:
1. When the New York Stock Exchange is closed; or
2. When trading on the New York Stock Exchange is restricted; or
3. When an emergency exists as a result of which: (a) disposal of
securities held in the variable accounts is not reasonably
practicable; or (b) it is not reasonably practicable to fairly
determine the value of the net assets of the variable account;
or
4. During any other period when the Securities and Exchange
Commission, by order, so permits for the protection of
security holders.
Rules and regulations of the Securities and Exchange Commission
will govern as to whether the conditions set forth in 2 and 3
exist.
Surrenders May Be Taxed
The earnings portion of any surrender is subject to tax as income,
possible penalty charges and 20% withholding according to the
Internal Revenue Code.
Surrender Restrictions Before Age 59 1/2
Section 403(b) of the Code prohibits any distributions from the
contract or certificate unless the Participant has:
1. attained age 59 1/2; or
2. separated from service of the employer; or
3. died; or
4. become disabled (as defined in Section 72(m)(7) of the Code;
or
5. encountered hardship (within the meaning of Section 403(b) of
the Code;
and then only such amounts that the Code may provide.
We shall require satisfactory written proof of the event(s) in
items 1 through 5 above prior to any distribution.
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PAGE 23
LOAN PROVISIONS
Loan Amount
We may make loans from the Fixed Account Certificate Value to the
Participant at any time before retirement payments begin. The
security for the loan will be the Fixed Account Certificate Value.
A loan cannot exceed $50,000 or one-half of the Certificate Value,
whichever is less. In no event will such amount exceed 93 % of the
Fixed Account Certificate Value. If the Participant has taken a
plan loan in the past, the $50,000 limit may be reduced. The
reduction equals $50,000 minus the excess, if any of (a) the
highest loan balances owed during the prior one-year period, over
(b) the balances currently owed. If one-half of the Certificate
Value is less than $10,000, we may make a loan in such other amount
provided in the loan agreement and permitted under applicable law.
Loans of less than $600 will not be permitted.
Loan Interest
During the loan term, the fixed account certificate value equal to
the value of the loan will continue to earn interest at a rate of
4% per year compounded annually in lieu of the current interest
rate. Loan interest will be charged on the outstanding loan balance
at a rate of 5.7% per year payable annually in advance, unless a
different rate is required by applicable federal law. In no event
will the rate exceed the maximum rate prescribed for
contracts/certificates of this type in the state where the
certificate is issued.
Loan Period and Repayment
Loans plus interest must be repaid within 5 years unless the loan
request and supplemental loan agreement specify that the loan
period will be 10 years and is agreed to by us.
Loan repayments will be due at the times set forth in the loan
agreement. If the loan balance outstanding, plus interest, is not
repaid by the end of the loan period or prior to surrender or
settlement of the certificate, the loan balance, plus interest and
any surrender charge, will be deducted from the Fixed Account
Certificate Value and paid to us. The loan balance plus interest
will be treated as a surrender. (Caution: such a surrender before
age 59 1/2 may result in a tax penalty.)
The loan may be repaid in full or in part as provided in the loan
agreement before the certificate is surrendered or retirement
payments begin.
<PAGE>
PAGE 24
Effect of Loan on Certificate Value
If the Certificate is surrendered while there is an outstanding
loan, the surrender value will be reduced by the amount of the loan
outstanding plus pro rata loan interest and the surrender charge.
Upon death of the Participant, the beneficiary will receive the
death benefit reduced by the amount of the loan outstanding plus
pro rata loan interest. If retirement payments start while there is
an outstanding loan, the fixed account certificate value will be
reduced by the amount of the loan outstanding plus pro rata loan
interest.
Transfers and Partial Surrenders During Loan Period
While there is an existing loan, transfers or partial surrenders
from the fixed account may be made (if otherwise permitted under
the certificate) but only with fixed account values that exceed an
amount determined by dividing the debt by 93 %. In addition, the
certificate value, less any debt, after a partial surrender must be
at least $600.
Tax Status
Loans taken under the terms above together with the Loan Request
and Supplemental Loan Agreement are intended to meet the
requirements under Section 72(p) of the Internal Revenue Code (the
Code) as it now exists or may later be amended. With respect to
remaining so qualified, we reserve the right to modify this
contract to comply with: future changes in the Code; any
regulations or rulings issued under the Code; and any other
requirements imposed by the Internal Revenue Service. We will
provide you notice and copy of any such modifications.
<PAGE>
PAGE 25
ANNUITY PROVISIONS
Settlement
When settlement occurs with respect to a Participant, the
certificate value will be applied to make annuity payments under
one of the Annuity Plans described below. The first payment will be
made as of the retirement date. This date is specified in each
Certificate. Before payments begin we will require satisfactory
proof that the annuitant is alive. We may also require the
Participant to exchange the Certificate for a supplemental contract
which provides the annuity payments.
Change of Retirement Date
A Participant may change the retirement date by written request.
The maximum Retirement Date is the later of:
1. April 1 following the calendar year in which the annuitant
attains age 70 1/2; or
2. such other date which satisfies the minimum distribution
requirements under the Code, its regulations and/or
promulgations by the Internal Revenue Service; or
Notwithstanding the above, the maximum Retirement Date is the later
of:
1. The certificate anniversary on or preceding the Participant's
85th birthday; or
2. the 10th certificate anniversary.
Also, if the Participant selects a new retirement date, it must be
at least 30 days after written request is received.
Annuity Payment Plans
Subject to the terms of the Plan and the Code, annuity payments may
be made on a fixed-dollar basis, a variable basis or a combination
of both. The Participant can schedule receipt of annuity payments
according to one of the Plans A through E below or another plan
agreed to by us provided:
1. the Plan selected provides for payments over the life of the
annuitant or over the life of the annuitant and a designated
beneficiary; or
2. the Plan selected provides for payments over a period which
does not exceed the life expectancy of the annuitant, or the
life expectancy of the annuitant and a designated beneficiary;
and
<PAGE>
PAGE 26
3. the Plan selected meets the minimum death incidental benefit
requirements under the Code.
Plan A - This provides monthly annuity payments during the
lifetime of the annuitant. No payments will be made after the
annuitant dies.
Plan B - This provides monthly annuity payments during the
lifetime of the annuitant with a guarantee by us that payments
will be made for a period of at least five, ten or fifteen
years. You must select the guaranteed period.
Plan C - This provides monthly annuity payments during the
lifetime of the annuitant with a guarantee by us that
payments will be made for a certain number of months. We
determine the number of months by dividing the amount applied
under this Plan by the amount of the first monthly annuity
payment.
Plan D - Monthly payments will be paid during the lifetime of
the annuitant and a joint annuitant. When either the annuitant
or the joint annuitant dies we will continue to make monthly
payments during the lifetime of the survivor. No payments will
be paid after the death of both the annuitant and joint
annuitant.
Plan E - (Installment for a specified period) This provides
monthly fixed dollar annuity payments for a period of years.
The period of years may be no less than 10 nor more than 30.
By written request at least 30 days before the Retirement Date, the
Participant may select the Plan. If at least 30 days before the
Retirement Date the Participant has not selected a Plan, we will
make fixed-dollar payments according to Plan B with payments
guaranteed for ten years unless this option is contrary to
applicable provisions of the Plan or the Code.
If you select a Plan that has a payment amount that is the same as
another Plan having a longer guarantee period, then the Plan with
the longer guarantee period will be deemed to have been chosen.
If the amount to be applied to a Plan would not provide an initial
monthly payment of at least $20, we have the right to make a lump
sum payment of the certificate value.
<PAGE>
PAGE 27
ANNUITY PROVISIONS
(Continued)
Fixed Annuity
A fixed annuity is an annuity with payments that are guaranteed by
us as to dollar amount. Fixed annuity payments after the first
payment will never be less than the amount of the first payment. At
settlement, the fixed account certificate value will be applied to
the applicable Annuity Table. This will be done in accordance with
the Payment Plan chosen. The amount payable for each $1,000 so
applied is shown in Table B on page 17.
Variable Annuity
A variable annuity is an annuity with payments which: (1) are not
predetermined or guaranteed as to dollar amount; and (2) vary in
amount with the investment experience of the variable accounts.
Determination of First Variable Annuity Payment
At settlement, the variable account certificate value will be
applied to the applicable Annuity Table. This will be done: (1) on
the valuation date on or next preceding the seventh calendar day
before the retirement date; and (2) in accordance with the Payment
Plan chosen. The amount payable for the first payment for each
$1,000 so applied is shown in Table A on page 16.
Variable Annuity Payments After the First Payment
Variable annuity payments after the first payment vary in amount.
The amount changes with the investment performance of the variable
accounts. The dollar amount of variable annuity payments after the
first is not fixed. It may change from month to month. The dollar
amount of such payments is determined as follows:
1. The dollar amount of the first annuity payment is divided by
the value of an annuity unit as of the valuation date on or
next preceding the seventh calendar day before the retirement
date. This result establishes the fixed number of annuity
units for each monthly annuity payment after the first
payment. This number of annuity units remains fixed during the
annuity payment period.
2. The fixed number of annuity units is multiplied by the annuity
unit value as of the valuation date on or next preceding the
seventh calendar day before the date the payment is due. This
result establishes the dollar amount of the payment.
We guarantee that the dollar amount of each payment after the first
will not be affected by variations in expenses or mortality
experience.
Exchange of Annuity Units
Annuity units of any variable account may be exchanged for units of
any of the other variable accounts. This may be done no more than
once a year. Once annuity payments start no exchanges may be made
to or from any fixed annuity.
<PAGE>
PAGE 28
TABLE OF SETTLEMENT RATES
Annuity payments for each $1,000 of value applied under a Payment
Plan will be based on our table of settlement rates in effect on
the date of settlement. The amount of the first monthly variable
annuity payment, based on a 3 1/2% assumed investment return, is
guaranteed to be not less than the amount shown in Table A for the
adjusted age of the annuitant(s). The amount of the first and all
subsequent fixed dollar annuity payments is guaranteed to be not
less than the amount shown in Table B for the adjusted age of the
annuitant(s). Adjusted Age shall be equal to the age nearest
birthday minus an "adjustment" depending on the calendar year of
birth of the annuitant as follows:
Calendar Calendar
Year of Year of
Annuitant's Adjust- Annuitant's Adjust-
Birth ment Birth ment
Prior to 1920 0 1945 through 1949 6
1920 through 1924 1 1950 through 1959 7
1925 through 1929 2 1960 through 1969 8
1930 through 1934 3 1970 through 1979 9
1935 through 1939 4 1980 through 1989 10
1940 through 1944 5 After 1989 11
<PAGE>
PAGE 29
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
TABLE A Dollar Amount of First Monthly Variable Annuity Payment Per $1,000 Applied
_____________________________________________________________________________________________________________________________
PLAN A PLAN B PLAN C PLAN D-Joint and Survivor
Adjusted age of Joint Annuitant
_____________________________________________________________________________________________________________________________
Adj. Life 5 Years 10 Years 15 Years With Adj. 10 Years 5 Years Same 5 Years 10 Years
Age* Income Certain Certain Certain Refund Age* Younger Younger Age Older Older
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 3.73 3.73 3.72 3.71 3.69 40 3.34 3.41 3.48 3.54 3.59
41 3.76 3.76 3.76 3.75 3.72 41 3.36 3.44 3.51 3.57 3.62
42 3.80 3.80 3.80 3.78 3.76 42 3.39 3.46 3.53 3.60 3.65
43 3.84 3.84 3.84 3.82 3.80 43 3.41 3.48 3.56 3.63 3.69
44 3.89 3.88 3.88 3.86 3.83 44 3.43 3.51 3.59 3.66 3.73
45 3.93 3.93 3.92 3.91 3.87 45 3.45 3.54 3.62 3.70 3.76
46 3.98 3.98 3.97 3.95 3.92 46 3.48 3.57 3.66 3.74 3.80
47 4.03 4.03 4.02 4.00 3.96 47 3.50 3.60 3.69 3.78 3.85
48 4.08 4.08 4.07 4.05 4.01 48 3.53 3.63 3.73 3.82 3.89
49 4.14 4.13 4.12 4.10 4.06 49 3.56 3.66 3.77 3.86 3.94
50 4.20 4.19 4.18 4.15 4.11 50 3.59 3.70 3.81 3.91 3.99
51 4.26 4.25 4.24 4.21 4.16 51 3.62 3.74 3.85 3.96 4.04
52 4.32 4.32 4.30 4.26 4.22 52 3.65 3.78 3.90 4.01 4.10
53 4.39 4.38 4.36 4.33 4.27 53 3.69 3.82 3.95 4.06 4.16
54 4.46 4.46 4.43 4.39 4.34 54 3.73 3.86 4.00 4.12 4.22
55 4.54 4.53 4.51 4.46 4.40 55 3.76 3.91 4.05 4.18 4.29
56 4.62 4.61 4.58 4.53 4.47 56 3.80 3.96 4.11 4.25 4.36
57 4.71 4.70 4.66 4.60 4.54 57 3.85 4.01 4.17 4.31 4.44
58 4.80 4.79 4.75 4.68 4.62 58 3.89 4.06 4.23 4.39 4.52
59 4.90 4.88 4.84 4.76 4.70 59 3.94 4.12 4.30 4.47 4.60
60 5.00 4.99 4.93 4.84 4.78 60 3.99 4.18 4.37 4.55 4.70
61 5.11 5.09 5.03 4.93 4.87 61 4.04 4.25 4.45 4.64 4.79
62 5.23 5.21 5.14 5.02 4.96 62 4.10 4.31 4.53 4.73 4.90
63 5.36 5.33 5.25 5.12 5.06 63 4.16 4.39 4.62 4.83 5.01
64 5.49 5.46 5.37 5.21 5.17 64 4.22 4.47 4.71 4.94 5.13
65 5.64 5.60 5.50 5.31 5.28 65 4.29 4.55 4.81 5.05 5.26
66 5.79 5.75 5.63 5.42 5.39 66 4.36 4.64 4.92 5.18 5.40
67 5.95 5.91 5.77 5.53 5.52 67 4.44 4.73 5.03 5.31 5.54
68 6.13 6.08 5.91 5.63 5.65 68 4.52 4.83 5.15 5.45 5.70
69 6.32 6.26 6.07 5.74 5.79 69 4.60 4.94 5.28 5.61 5.87
70 6.53 6.46 6.23 5.86 5.94 70 4.70 5.05 5.43 5.77 6.06
71 6.75 6.67 6.40 5.97 6.09 71 4.79 5.18 5.58 5.95 6.25
72 6.99 6.89 6.58 6.08 6.26 72 4.90 5.31 5.74 6.14 6.47
73 7.26 7.13 6.76 6.18 6.44 73 5.01 5.45 5.92 6.35 6.70
74 7.54 7.39 6.95 6.29 6.29 74 5.13 5.61 6.11 6.58 6.96
75 7.85 6.67 7.14 6.39 6.83 75 5.26 5.77 6.32 6.82 7.22
_____________________________________________________________________________________________________________________________
* Adjusted age of annuitant.
_____________________________________________________________________________________________________________________________
Table A above is based on the "1983 Individual Female Annuitant Mortality Table A." Settlement rates for any age not shown above,
will be calculated on the same basis as those rates shown in the table above. Such rates will be furnished by us upon request.
</TABLE>
<PAGE>
PAGE 30
<TABLE>
<CAPTION>
Fixed dollar annuity payments will not be less than those shown in Table B. In addition, the amount of
such payments will not be less than that which would be provided if a single premium immediate
annuity contract then offered by us to annuitant's in the same class was to be purchased with the
greater of: (1) the surrender value of this contract; or (2) 95% of the contract value of this
contract.
_________________________________________________________________________________________________________
TABLE B Dollar Amount of Each Monthly Fixed Dollar Annuity Payment Per $1,000 Applied
_________________________________________________________________________________________________________
PLAN A PLAN B PLAN C PLAN D-Joint and Survivor
Adjusted Age of Joint Annuitant
_________________________________________________________________________________________________________
Adj. Life 5 Years 10 Years 15 Years With Adj. 10 Years 5 Years Same 5 Years 10 Years
Age* Income Certain Certain Certain Refund Age* Younger Younger Age Older Older
_________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 3.42 3.42 3.42 3.41 3.38 40 3.03 3.10 3.17 3.24 3.29
41 3.46 3.46 3.46 3.45 3.42 41 3.05 3.13 3.20 3.27 3.32
42 3.50 3.50 3.50 3.49 3.45 42 3.07 3.15 3.23 3.30 3.36
43 3.54 3.54 3.54 3.53 3.49 43 3.10 3.18 3.26 3.33 3.39
44 3.59 3.59 3.58 3.57 3.53 44 3.12 3.21 3.29 3.37 3.43
45 3.63 3.63 3.63 3.61 3.57 45 3.15 3.24 3.33 3.41 3.47
46 3.68 3.68 3.67 3.66 3.61 46 3.17 3.27 3.36 3.44 3.51
47 3.73 3.73 3.72 3.71 3.66 47 3.20 3.30 3.40 3.48 3.56
48 3.79 3.79 3.77 3.76 3.70 48 3.23 3.33 3.44 3.53 3.60
49 3.84 3.84 3.83 3.81 3.75 49 3.26 3.37 3.48 3.57 3.65
50 3.90 3.90 3.89 3.86 3.80 50 3.29 3.41 3.52 3.62 3.71
51 3.97 3.96 3.95 3.92 3.86 51 3.32 3.44 3.56 3.67 3.76
52 4.03 4.03 4.01 3.98 3.91 52 3.36 3.48 3.61 3.72 3.82
53 4.10 4.10 4.08 4.04 3.97 53 3.39 3.53 3.66 3.78 3.88
54 4.18 4.17 4.15 4.11 4.03 54 3.43 3.57 3.71 3.84 3.94
55 4.25 4.25 4.22 4.18 4.10 55 3.47 3.62 3.77 3.90 4.01
56 4.34 4.33 4.30 4.25 4.17 56 3.51 3.67 3.83 3.97 4.08
57 4.42 4.41 4.38 4.32 4.24 57 3.56 3.72 3.89 4.04 4.16
58 4.52 4.50 4.47 4.40 4.31 58 3.60 3.78 3.95 4.11 4.24
59 4.61 4.60 4.56 4.48 4.39 59 3.65 3.84 4.02 4.19 4.33
60 4.72 4.70 4.66 4.57 4.48 60 3.71 3.90 4.10 4.28 4.42
61 4.83 4.81 4.76 4.66 4.56 61 3.76 3.97 4.17 4.36 4.52
62 4.95 4.93 4.86 4.75 4.66 62 3.82 4.04 4.26 4.46 4.63
63 5.07 5.05 4.98 4.85 4.75 63 3.88 4.11 4.35 4.56 4.74
64 5.21 5.18 5.10 4.95 4.86 64 3.94 4.19 4.44 4.67 4.86
65 5.35 5.32 5.22 5.05 4.97 65 4.01 4.28 4.54 4.79 4.99
66 5.51 5.47 5.36 5.16 5.08 66 4.08 4.36 4.65 4.91 5.13
67 5.67 5.63 5.50 5.26 5.20 67 4.16 4.46 4.76 5.04 5.28
68 5.85 5.80 5.65 5.37 5.33 68 4.24 4.56 4.89 5.19 5.43
69 6.04 5.98 5.80 5.49 5.47 69 4.33 4.67 5.02 5.34 5.61
70 6.25 6.18 5.96 5.60 5.61 70 4.42 4.79 5.16 5.51 5.79
71 6.47 6.39 6.14 5.71 5.76 71 4.52 4.91 5.31 5.69 5.99
72 6.71 6.62 6.31 5.83 5.93 72 4.63 5.04 5.48 5.88 6.20
73 6.97 6.86 6.50 5.94 6.10 73 4.74 5.19 5.66 6.09 6.43
74 7.26 7.12 6.69 6.04 6.28 74 4.86 5.34 5.85 6.32 6.68
75 7.56 7.39 6.89 6.14 6.48 75 4.99 5.51 6.06 6.56 6.96
_________________________________________________________________________________________________________
*Adjusted age of annuitant.
_________________________________________________________________________________________________________
Table B above is based on the "1983 Individual Annuitant Mortality Table A" assuming a 3% annual
effective interest rate. Settlement rates for any age not shown above, or any combination of ages not
shown above, will be calculated on the same basis as those rates shown in the table above. Such rates
will be furnished by us upon request. Amounts shown in the Table below are based on assuming a 3%
annual effective interest rate.
</TABLE>
<TABLE>
<CAPTION>
_________________________________________________________________________________________________________
PLAN E Dollar Amount of Each Monthly Fixed Dollar Annuity Payment Per $1,000 Applied
_________________________________________________________________________________________________________
Years Monthly Years Monthly Years Monthly
Payable Payment Payable Payment Payable Payment
<C> <C> <C> <C> <C> <C>
10 $ 9.61 17 $ 6.23 24 $ 4.84
11 8.86 18 5.96 25 4.71
12 8.24 19 5.73 26 4.59
13 7.71 20 5.51 27 4.47
14 7.26 21 5.32 28 4.37
15 6.87 22 5.15 29 4.27
16 6.53 23 4.99 30 4.18
</TABLE>
<PAGE>
PAGE 31
GROUP DEFERRED ANNUITY CONTRACT
- - Employer Plan
- - Group Deferred Annuity
- - Individual Allocation - Optional fixed dollar or variable
accumulation values and annuity payments.
- - This contract is nonparticipating. Dividends are not payable.
IDS Life Insurance Company
of New York
Box 5144
Albany, New York 12205
<PAGE>
PAGE 1
GROUP DEFERRED ANNUITY
PARTICIPANT CERTIFICATE
- - Employer Plan
- - Group Deferred Annuity - Individual Allocation
- - Optional fixed dollar or variable accumulation values and annuity
- - Nonparticipating. Dividends are not payable.
Participant: John Doe Certificate Date: February 1, 1993
Certificate Number: 9310-Sample Retirement Date: February 1, 2023
This is a certificate of participation which evidences your (the
Participant) interest in the Group Annuity Contract issued by us,
IDS Life Insurance Company of New York, a Stock Company, Albany,
New York. PLEASE READ YOUR CERTIFICATE CAREFULLY.
We agree: to pay annuity benefits provided in this certificate and;
to provide you and your beneficiaries with the rights and benefits
contained in this certificate, all of which are subject to
provisions of the group contract.
Signed for and issued by IDS Life Insurance Company of New York in
Albany, New York, as of the certificate date shown above.
ACCUMULATION VALUES AND ANNUITY PAYMENTS, WHEN BASED ON THE
INVESTMENT RESULTS OF THE SEPARATE ACCOUNTS, ARE VARIABLE AND NOT
GUARANTEED AS TO FIXED DOLLAR AMOUNT. SEE PAGE 10 FOR VARIABLE
PROVISIONS.
NOTICE OF YOUR RIGHT TO EXAMINE THIS CERTIFICATE FOR 10 DAYS
If for any reason you are not satisfied with this certificate,
return it to us or our representative within 10 days after you
receive it. We will then cancel this certificate and refund all
premiums which you have paid. This certificate will then be
considered void from its start.
President
/s/ John C. Boeder
Secretary
/s/ Michael B. Carlin
<PAGE>
PAGE 2
GUIDE TO CERTIFICATE PROVISIONS
Definitions Important words and meanings/Page 3
General Provisions Certificates; Incontestable; Benefits
based upon incorrect data; State
laws; Periodic reports; Evidence of
survival; Protection of proceeds;
Payments by us; Voting rights;
Changes in plan/Page 5
Ownership and Beneficiary Owner rights; Change of ownership;
Beneficiary; Change of
Beneficiary/Page 6
Payments to Beneficiary Describes options and amounts payable
upon death/Page 7
Purchase Payments Purchase payments; Amounts and
intervals; Payment limits; Allocation
of purchase payments; Termination of
payments/Page 8
Certificate Value Provisions Certificate value; Fixed account
certificate value; Interest to be
credited; Variable accounts
certificate value; Administrative
charge; Premium tax charges;
Transfers of certificate values/
Page 9
Fixed and Variable Accounts Fixed account; Variable accounts;
Investments of the variable accounts;
Valuation of assets; Accumulation
units and values; Net investment
factor; Mortality and expense risk
charge; Annuity unit value/Page 10
Surrender Provisions Surrender; Surrender value; Surrender
Charge; Rules for surrender/Page 11
Suspension or Delay in Payment;
Surrenders May Be Taxed; Surrender
Restrictions/Page 12
Loan Provisions Loan amount; Loan interest; Loan
period and repayment; Effect of loan
on certificate value; Transfers and
partial surrenders during loan
period; Tax status/Page 13
Annuity Provisions When annuity payments begin;
Different ways to receive annuity
payments; Determination of payment
amounts/Page 14
<PAGE>
PAGE 3
Table of Settlement Rates Tables showing the amount of the
first variable annuity payment and
fixed annuity payments for the
various payment plans/Page 16
<PAGE>
PAGE 4
CERTIFICATE DATA
Participant: John Doe
Certificate Number: 9310-Sample
Contract Owner: ABC School
Certificate Date: February 1, 1993
Retirement Date: February 1, 1993
Group Deferred Annuity Certificate for 403(b) Employer-Sponsored
Plans
Accounts Available for Allocation of Purchase Payments:
Variable Purchase Payments
Accounts Mutual Fund Allocation Percentage
4 IDS Life Capital Resource Fund 20%
5 IDS Life Special Income Fund 20%
6 IDS Life Moneyshare Fund 20%
9 IDS Life Managed Fund 10%
10 IDS Life International Equity Fund 10%
11 IDS Life Aggressive Growth Fund 10%
Fixed Account 10%
Surrender Change: See page 11.
Surrender Charge
as % of Amount
Certificate Year Surrendered
1 8%
2 8
3 8
4 8
5 7
6 6
7 5
8 4
9 3
10 2
11 1
12 and later 0
Surrender charges will not exceed 8 1/2% of purchase payments with
respect to each certificate.
Administrative Charge: $30 deducted from the certificate
value at the end of each certificate
year. See page 9.
<PAGE>
PAGE 5
Fixed Account Guaranteed Interest Rate: 3% Annual Effective Rate.
Loan Interest Rate Charged: 5.7% annually in advance.
See page 13.
In order for the dollar amount of variable annuity payments not to
decrease, the assets of the variable accounts must have an annual
net rate of investment return of 3 1/2%. This is equal to a 4 1/2%
gross investment return minus the 1% risk charge.
<PAGE>
PAGE 6
DEFINITIONS
The following words are used often in this certificate. When we use
these words, this is what we mean:
Annuitant
The Participant named in each certificate on whose life annuity
payments will be based.
Participant
An eligible employee or other person named in the certificate who
is entitled to benefits under the Plan as determined and reported
to us by the Owner.
You, Your
The Participant.
We, Our, Us
IDS Life Insurance Company of New York (IDS Life of New York).
Contract Owner
The employer or other organization which owns the contract under
which this certificate is issued.
Participant Enrollment Form
The document or application signed by each Participant that serves
as his or her application for enrollment under the contract.
Plan
The retirement plan under which the contract is issued and which
meets the particular requirements of Section 403(b) of the Internal
Revenue Code of 1986, as amended ("Code").
Purchase Payment (Payment)
An amount paid to us by or on your behalf as consideration for the
benefits provided by the contract and related certificates.
Certificate
The document which evidences your coverage under the contract.
Certificate Year
Any period of one year commencing with the issue date of the
certificate and each anniversary thereafter.
<PAGE>
PAGE 7
Certificate Anniversary
The first day of any certificate year.
Accumulation Unit
An accumulation unit is an accounting unit of measure. It is used
to calculate your certificate value prior to settlement.
Annuity Unit
An annuity unit is an accounting unit of measure. It is used to
calculate the value of annuity payments from the variable accounts
on and after the retirement date.
Certificate Date
The date from which certificate anniversaries, certificate years,
and certificate months are determined. Your certificate date is
shown under Certificate Data.
Certificate Value
The sum of the: (1) Fixed Account certificate value; and (2)
Variable Account certificate value.
Retirement Date
The date, shown under Certificate Data, on which annuity payments
are to begin. This date may be changed as provided in this
certificate. You will be notified prior to the retirement date in
order to select an appropriate annuity payment plan.
Settlement
The application of your certificate value to provide annuity
payments.
Valuation Date
A valuation date is each day the New York Stock Exchange is open
for trading.
Valuation Period
A valuation period is the interval of time commencing at the close
of business on each valuation date and ending at the close of
business on the next valuation date.
<PAGE>
PAGE 8
Fixed Account
The fixed account is made up of all our assets other than those in
any separate account.
Variable Accounts
The variable accounts are named under Certificate Data. Each is a
separate investment account of ours.
Fixed Annuity
A fixed annuity is an annuity with payments which are guaranteed by
us as to dollar amount during the annuity payment period.
Variable Annuity
A variable annuity is an annuity with payments which (1) are not
predetermined or guaranteed as to dollar amount; and (2) vary in
amount with the investment experience of one or more of the
variable accounts.
Written Request
A request in writing signed by you and delivered to us.
<PAGE>
PAGE 9
GENERAL PROVISIONS
Certificates
We have issued this individual certificate setting forth in
substance the benefits to which each Participant is entitled under
the contract. Such certificate is not a part of the contract.
The contract, together with the application thereof if a copy of
such application is attached to the contract when issued, shall
constitute the entire contract between the contract owner and us.
Nothing in the group annuity contract invalidates or impairs any
right granted to the certificate holder required by law.
Incontestable
The certificate is incontestable from the date of issue.
Benefits Based on Incorrect Data
If the amount of benefits is determined by data as to a person's
age that is incorrect, benefits will be recalculated on the basis
of the correct data. Any underpayments made by us will immediately
be paid in a single sum with an interest credit of 6% per annum.
Any overpayments made by us will be subtracted from the future
payments together with an interest charge of 6% per annum.
State Laws
The certificate is governed by applicable state laws. The values
and benefits of this contract are at least equal to those required
by such laws.
Periodic Reports
Statements will be sent to you quarterly, or more frequently as the
Code may require, showing the number, type and value of the fixed
amounts and accumulation units credited to your certificate. The
statement shall be accurate as of a date not more than two (2)
months prior to the date of mailing. Statements reflecting
transactions in your certificate as may be required by applicable
laws, rules and regulations will also be sent to you.
Evidence of Survival
Where any payments under this certificate depend on the recipient
or annuitant being alive on a given date, proof that such condition
has been met may be required by us. Such proof may be required
prior to making the payments.
Protection of Proceeds
Payments under this certificate are not assignable by any
beneficiary prior to the time they are due. To the extent allowed
by law, payments are not subject to the claims of creditors or to
legal process.
<PAGE>
PAGE 10
Payments By Us
All sums payable by us are payable at our home office. Any payment
of a variable annuity or surrender based on the variable
certificate value shall be payable only from the variable accounts.
Voting Rights
We will vote mutual fund shares held by the variable accounts at
meetings of shareholders of the fund(s), in accordance with
instructions received from the Owner, Participants, or other
authorized party. Notice will be given to each person who may be
entitled to vote on any matter. Such notice will specify the
matters upon which the person may be entitled to vote and the
method of determining the number of votes which may be cast at any
such meeting. Fund shares held in each variable account for which
no timely voting instructions are received and fund shares that are
not otherwise attributable to Owners, Participants, or other
authorized party will be voted by us in the same proportion as the
shares for which voting instructions are received.
Changes in Plan
Evidence may be requested that the Plan meets the requirements of
qualification under Section 403(b) of the Code. The contract owner
agrees to provide notification immediately if, at any time, the
Plan fails to meet the requirements of that Section of the Code.
<PAGE>
PAGE 11
OWNERSHIP AND BENEFICIARY
Participant's Rights
Unless otherwise provided in the contract, you may exercise all
rights and privileges provided in this certificate or allowed by
us. Your rights under the contract are subject to the terms of the
Owner's Plan.
Change of Ownership (Restricted)
Your rights under the contract and certificate may not be sold,
assigned, transferred, discounted or pledged as collateral for a
loan or as security for the performance of an obligation or for any
other purpose to any person other than to us. Your vested rights
under the contract and certificate are nonforfeitable. The contract
and certificate or the rights thereunder may not be transferred to
any person other than to us.
Beneficiary
Beneficiaries are those you name in accordance with applicable
provisions of the Plan and the Code, in a form satisfactory to us,
to receive benefits of the certificate if you die while this
certificate is in force.
Unless you have provided otherwise, only those beneficiaries who
are living on the date of death may share in the benefits, if any.
If no beneficiary is then living, we will pay the benefits to your
estate.
Change of Beneficiary
You may change the beneficiary anytime while the annuitant is
living by satisfactory written request. Once the change is received
by us, it will take effect as of the date of your request, subject
to any action taken or payment made before the recording.
<PAGE>
PAGE 12
PAYMENTS TO BENEFICIARY
Death Benefit Before the Retirement Date
If you die before the retirement date and age 75 while the
certificate is in force, we will pay to the beneficiary the greater
of:
1. the certificate value; or
2. the purchase payments paid less any amounts surrendered.
If you die before the retirement date and on or after your 75th
birthday, while the certificate is in force, we will pay to the
beneficiary the certificate value.
The above amount will be payable in a lump sum upon the receipt of
due proof of death. The beneficiary may elect to receive payment
anytime within 5 years after the date of death.
In lieu of a lump sum, payment may be made under an Annuity Payment
Plan, provided:
1. the beneficiary elects the plan within 60 days after we
receive due proof of death; and
2. payments begin no later than one year after the date of death;
and
3. the plan provides payments over a period which does not exceed
the life of the beneficiary, or the life expectancy of the
beneficiary.
In this event, the reference to "annuitant" in the Annuity
Provisions shall apply to the beneficiary.
Any amounts payable or applied by us as described in this section
will be based on the certificate value as of the valuation date on
or next following the date on which due proof of death is received
at our home office.
Spouse Option to Continue Certificate Upon Annuitant's Death
If you die prior to the retirement date, your spouse who is
designated as sole beneficiary may elect in writing to forego
receipt of the death benefit and instead continue the certificate
in force. The election by the spouse must be made within 60 days
after we receive due proof of death. The spouse may not make
additional purchase payments to the certificate.
In this event, the retirement date may not be later than the April
1 following the calendar year in which you would have attained age
70 1/2, or such other date which allows the spouse to satisfy the
minimum distribution requirements under the Code, its regulations
and/or promulgations by the Internal Revenue Service.
<PAGE>
PAGE 13
Annuitant's Death After the Retirement Date
If the annuitant dies after the retirement date, the amount
payable, if any, will be as provided in the Annuity Payment Plan
then in effect.
<PAGE>
PAGE 14
PURCHASE
Purchase Payments
Purchase payments are the payments made by you, or on your behalf,
for this certificate and the benefits it provides. Purchase
payments must be paid or mailed to us or to an authorized agent. If
requested, we'll give you a receipt for your purchase payments.
Upon payment to us, purchase payments become our property.
Net purchase payments are that part of the purchase payments
applied to the certificate value. A net purchase payment is equal
to the purchase payment less any applicable premium tax charge.
Amount and Intervals
Purchase payments may be paid in a single sum or in installments
until the earlier of: (1) the date the certificate terminates by
surrender or otherwise; or (2) the date on which annuity payments
begin.
Subject to the Payment Limits Provision you may: (1) stop and/or
restart purchase payments; or (2) increase or decrease the amount
of purchase payments; or (3) change the interval of purchase
payments.
Payment Limits Provision
Maximum Purchase Payments - The maximum purchase payments in the
first or later years may not exceed the applicable limits allowed
under the Code and Plan.
Minimum Purchase Payments - The minimum purchase payment is $25 per
month which on an annualized basis equals $300.
We also reserve the right to cancel a certificate if both of the
following conditions exist at the same time: (1) no purchase
payments have been paid for a continuous period of 36 months; and
(2) less than $600 in purchase payments have been paid under the
certificate. In this event we will give you 30 days written notice
of our intent to cancel the certificate. Upon such cancellation we
will pay the certificate value in one sum. The certificate will
then terminate.
Allocation of Purchase Payments
You shall instruct us on how purchase payments are to be allocated
among the fixed account and variable accounts. Choices for each
account may be made in any whole percent from 0% to 100% as long as
the total adds up to 100%. Your allocation instructions as of the
certificate date are shown under Certificate Data. By written
request, or by another method agreed upon, you may change your
choice of accounts or percentages. The first net purchase payment
will be allocated as of the end of the valuation period during
which we make an affirmative decision to issue the certificate. Net
purchase payments after the first will be allocated as of the end
of the valuation period during which we receive the payment at our
home office.
<PAGE>
PAGE 15
Termination of Payments
If purchase payments are terminated for any reason prior to the
retirement date, you may elect to surrender the certificate value
in accordance with any applicable provisions of the Contract, the
Plan or the Code or leave the certificate in force under the
contract until the certificate value is surrendered, paid upon
death or applied to an annuity payment plan. When the certificate
remains in force under the contract, any monies allocated to the
variable accounts will continue to reflect the net investment
experience of the funds. If the total certificate value becomes
less than $600, we reserve the right to pay the certificate value
to you in a lump sum.
You also may transfer the certificate under a group deferred
annuity contract held by another contract owner that is issued by
us under the same policy form.
<PAGE>
PAGE 16
CERTIFICATE VALUE PROVISIONS
Certificate Value
Your certificate value at any time is the sum of: (1) the Fixed
Account certificate value; and (2) the Variable Account certificate
value.
If: (1) part or all of the certificate value is surrendered; or (2)
charges described herein are made against the certificate value;
then a number of accumulation units from the variable accounts and
an amount from the fixed account will be deducted to equal such
amount. For surrenders, deductions will be made from the fixed or
variable accounts that are specified. Otherwise, the number of
units from the variable accounts and the amount from the fixed
account will be deducted in the same proportion that your interest
in each bears to the total certificate value.
Fixed Account Certificate Value
The fixed account certificate value at any time will be: (1) the
sum of all amounts credited to the fixed account under the
certificate; less (2) any amounts deducted for charges or
surrenders.
Interest to be Credited
We will credit interest to the fixed account certificate value.
Interest will begin to accrue on the date the purchase payments
which are received in our home office become available to us for
use. Such interest will be credited at rates that we determine from
time to time. However, we guarantee that the rate will not be less
than the Guaranteed Interest Rate shown under Certificate Data.
Variable Account Certificate Value
The variable account certificate value at any time will be: (1) the
sum of the value of all variable account accumulation units under
the certificate resulting from purchase payments so allocated, or
transfers among the variable and fixed accounts; less (2) any units
deducted for charges or surrenders.
Administrative Charge
We charge a fee for establishing and maintaining our records for
each certificate under the contract. The charge is shown under
Certificate Data and is deducted from the certificate value at the
end of each certificate year or, if earlier, when the certificate
is surrendered. The charge does not apply after annuity payments
begin.
Premium Tax Charges
We reserve the right to deduct an amount from the certificate value
for any applicable premium taxes not previously deducted.
<PAGE>
PAGE 17
Transfers of Certificate Values
While a certificate is in force prior to the settlement date,
transfers of certificate account values may be made as outlined
below:
1. Subject to provisions of the Plan, you may transfer all or a
part of the values held in one or more of the variable
accounts to another one or more of the variable accounts.
Subject to item 2, you may also transfer values held in one or
more of the variable accounts to the fixed account.
2. Once per year subject to provisions of the Plan, you may
transfer values from the fixed account to one or more of the
variable accounts. If such a transfer is made, no transfers
from a variable account to the fixed account may be made until
the next eligible period as defined in the Plan.
You may make a transfer by written request. There is no fee or
charge for these transfers. However, the minimum transfer amount is
$250, or if less, the entire value in the account from which the
transfer is being made.
In lieu of the above, you can set up scheduled transfers on a
monthly or quarterly basis. The minimum transfer amount is $50. The
maximum scheduled transfer from the fixed account, when it is
established, is limited to the current value of the fixed account
divided by 12.
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PAGE 18
FIXED AND VARIABLE
The Fixed Account
The fixed account is our general account. It is made up of all of
our assets other than: (1) those in the variable accounts; and (2)
those in any other segregated asset account.
The Variable Accounts
The variable accounts are separate investment accounts of ours.
They are named under Certificate Data. We have allocated a part of
our assets for this and certain other contracts to the variable
accounts. Such assets remain our property. However, they may not be
charged with the liabilities from any other business in which we
may take part.
Investments of the Variable Accounts
Purchase payments applied to the variable accounts will be
allocated as specified by you. Each variable account will buy, at
net asset value, shares of the fund shown for that account under
Certificate Data or as later added or changed.
Valuation of Assets
Mutual fund shares in the variable accounts will be valued at their
net asset value.
Variable Account Accumulation Units
The number of accumulation units for each of the variable accounts
is found by dividing: (1) the net amount allocated to the account;
by (2) the accumulation unit value for the account for the
valuation period during which we received the purchase payment.
Variable Account Accumulation Unit Value
The value of an accumulation unit for each of the variable accounts
was arbitrarily set at $1 when the first mutual fund shares were
bought. The value for any later valuation period is found as
follows:
The accumulation unit value for each variable account for the
last prior valuation period is multiplied by the net
investment factor for the same account for the next following
valuation period. The result is the accumulation unit value.
The value of an accumulation unit may increase or decrease
from one valuation period to the next.
Net Investment Factor
The net investment factor is an index applied to measure the
investment performance of a variable account from one valuation
period to the next. The net investment factor may be greater or
less than one; therefore, the value of an accumulation unit may
increase or decrease.
<PAGE>
PAGE 19
The net investment factor for any such account for any valuation
period is determined by: dividing (1) by (2) and subtracting (3)
from the result. This is done where:
(1) is the sum of:
a. the net asset value per share of the mutual fund held in
the variable account determined at the end of the current
valuation period; plus
b. the per share amount of any dividend or capital gain
distributions made by the mutual fund held in the
variable account, if the "ex-dividend" date occurs during
the current valuation period.
(2) is the net asset value per share of the mutual fund held in
the variable account, determined at the end of the last prior
valuation period.
(3) is a factor representing the mortality and expense risk
charge.
Mortality and Expense Risk Charge
In calculating accumulation unit values we will deduct a mortality
and expense risk charge from the variable accounts equal, on an
annual basis, to 1.00% of the daily net asset value. This deduction
is made to compensate us for assuming the mortality and expense
risks under the contract. We estimate that approximately 2/3 of
this charge is for assumption of mortality risk and 1/3 is for
assumption of expense risk. The deduction is: (1) made from each
variable account; and (2) computed on a daily basis.
Annuity Unit Value
The value of an annuity unit for each variable account was
arbitrarily set at $1 when the first mutual funds were bought. The
value for any later valuation period is found as follows:
1. The annuity unit value for each variable account for the last
prior valuation period is multiplied by the net investment
factor for the account for the valuation period for which the
annuity unit value is being calculated.
2. The result is multiplied by an interest factor. This is done
to neutralize the assumed investment rate which is built into
the annuity tables on page 16.
<PAGE>
PAGE 20
SURRENDER PROVISIONS
Surrender
By written request and subject to requirements under the Plan and
the rules below you may:
1. surrender the certificate for the total surrender value; or
2. partially surrender the certificate for a part of the
surrender value.
Surrender Value
The surrender value at any time will be:
1. the certificate value;
2. minus the administrative charge;
3. minus any surrender charge.
Surrender Charge
The surrender charge is based on:
1. the amount surrendered; and
2. the certificate year in which a surrender is made.
The schedule of surrender charges is shown under Certificate Data.
Surrender charges shall not apply if amounts are distributed due to
the following:
1. your retirement under the Plan on or after Age 55; or
2. your death; or
3. settlement of the certificate under an Annuity Payment Plan as
described herein.
Rules For Surrender
All surrenders will have the following conditions:
1. You must apply by written request or other method agreed to by
us: (a) while the certificate is in force; and (b) prior to
the earlier of the retirement date or the date of your death.
2. You must surrender an amount equal to at least $250. The
certificate value after a partial surrender must be at least
$600.
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PAGE 21
3. The amount surrendered, less any charges, will normally be
paid within seven days of the receipt of written request and
the certificate, if required. For surrenders from the fixed
account, we have the right to defer payment for up to 6 months
from the date the request is received.
4. For partial surrenders, if you do not specify from which
accounts the surrender is to be made, the surrender will be
made from the variable accounts and fixed account in the same
proportion as your interest in each bears to the certificate
value.
Upon surrender for the full surrender value the certificate will
terminate. We may require return of the certificate to us before we
pay the full surrender value.
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PAGE 22
SURRENDER PROVISIONS
(Continued)
Suspension or Delay in Payment of Surrender
We have the right to suspend or delay the date of any surrender
payment from the variable accounts for any period:
1. When the New York Stock Exchange is closed; or
2. When trading on the New York Stock Exchange is restricted; or
3. When an emergency exists as a result of which: (a) disposal of
securities held in the variable accounts is not reasonably
practicable; or (h) it is not reasonably practicable to fairly
determine the value of the net assets of the variable account;
or
4. During any other period when the Securities and Exchange
Commission, by order, so permits for the protection of
security holders.
Rules and regulations of the Securities and Exchange Commission
will govern as to whether the conditions set forth in 2 and 3
exist.
Surrenders May Be Taxed
The earnings portion of any surrender is subject to tax as income,
possible penalty charges, and 20% withholding according to the
Internal Revenue Code.
Surrender Restrictions Before Age 59 1/2
Section 403(b) of the Code prohibits any distributions from the
certificate unless you have:
1. attained age 59 1/2; or
2. separated from service of the employer; or
3. died; or
4. become disabled (as defined in Section 72(m)(7) of the Code;
or
5. encountered hardship (within the meaning of Section 403(b) of
the Code;
and then only such amounts that the Code may provide.
We shall require satisfactory written proof of the event(s) in
items 1 through 5 above prior to any distribution.
<PAGE>
PAGE 23
LOAN PROVISIONS
Loan Amount
We may make loans from the Fixed Account Certificate Value to you
at any time before retirement payments begin. The security for the
loan will be the Fixed Account Certificate Value. A loan cannot
exceed $50,000 or one-half of the Certificate Value, whichever is
less. In no event will such amount exceed 93% of the Fixed Account
Certificate Value. If you have taken a plan loan in the past, the
$50,000 limit may be reduced. The reduction equals $50,000 minus
the excess, if any of (a) the highest loan balances owed during the
prior one-year period, over (b) the balances currently owed. If
one-half of the Certificate Value is less than $10,000, we may make
a loan in such other amount provided in the loan agreement and
permitted under applicable law. Loans of less than $600 will not be
permitted.
Loan Interest
During the loan term, the fixed account certificate value equal to
the value of the loan will continue to earn interest at a rate of
4% per year compounded annually in lieu of the current interest
rate. Loan interest will be charged on the outstanding loan balance
at the rate of 5.7% per year payable annually in advance, unless a
different rate is required by applicable federal law. In no event
will the rate exceed the maximum rate prescribed for
contracts/certificates of this type in the state where the
certificate is issued.
Loan Period and Repayment
Loans plus interest must be repaid within 5 years unless the loan
request and supplemental loan agreement specify that the loan
period will be 10 years and is agreed to by us.
Loan repayments will be due at the times set forth in the loan
agreement. If the loan balance outstanding, plus interest, is not
repaid by the end of the loan period or prior to surrender or
settlement of the certificate, the loan balance, plus interest and
any surrender charge, will be deducted from the Fixed Account
Certificate Value and paid to us. The loan balance plus interest
will be treated as a surrender. (Caution: such a surrender before
age 59 1/2 may result in a tax penalty.)
The loan may be repaid in full or in part as provided in the loan
agreement before the certificate is surrendered or retirement
payments begin.
<PAGE>
PAGE 24
Effect of Loan on Certificate Value
If the Certificate is surrendered while there is an outstanding
loan, the surrender value will be reduced by the amount of the loan
outstanding plus pro rata loan interest and the surrender charge.
Upon your death, the beneficiary will receive the death benefit
reduced by the amount of the loan outstanding plus pro rata loan
interest. If retirement payments start while there is an
outstanding loan, the Fixed Account Certificate Value will be
reduced by the amount of the loan outstanding plus pro rata loan
interest.
Transfers and Partial Surrenders During Loan Period
While there is an existing loan, transfers or partial surrenders
from the fixed account may be made (if otherwise permitted under
the certificate) but only with fixed account values that exceed an
amount determined by dividing the debt by 93%. In addition, the
certificate value, less any debt, after a partial surrender must be
at least $600.
Tax Status
Loans taken under the terms above together with the Loan Request
and Supplemental Loan Agreement are intended to meet the
requirements under Section 72(p) of the Internal Revenue Code (the
Code) as it now exists or may later be amended. With respect to
remaining so qualified, we reserve the right to modify this
certificate to comply with: future changes in the Code; any
regulations or rulings issued under the Code; and any other
requirements imposed by the Internal Revenue Service. We will
provide you notice and copy of any such modifications.
<PAGE>
PAGE 25
ANNUITY PROVISIONS
Settlement
When settlement occurs, the certificate value will be applied to
make annuity payments under one of the Annuity Plans described
below. The first payment will be made as of the retirement date.
This date is shown under Certificate Data. Before payments begin we
will require satisfactory proof that the annuitant is alive. We may
also require you to exchange the Certificate for a supplemental
contract which provides the annuity payments.
Change of Retirement Date
You may change the retirement date by written request. The maximum
Retirement Date is the later of:
1. April 1 following the calendar year in which the annuitant
attains age 70 1/2; or
2. such other date which satisfies the minimum distribution
requirements under the Code, its regulations and/or
promulgations by the Internal Revenue Service; or
Notwithstanding the above, the maximum Retirement Date is the later
of:
1. The certificate anniversary on or preceding your 85th
birthday; or
2. the 10th certificate anniversary.
Also, if the you select a new retirement date, it must be at least
30 days after written request is received.
Annuity Payment Plans
Subject to the terms of the Plan and the Code, annuity payments may
be made on a fixed-dollar basis, a variable basis or a combination
of both. You can schedule receipt of annuity payments according to
one of the Plans A through E below or another plan agreed to by us
provided:
1. the Plan selected provides for payments over the life of the
annuitant or over the life of the annuitant and a designated
beneficiary; or
2. the Plan selected provides for payments over a period which
does not exceed the life expectancy of the annuitant, or the
life expectancy of the annuitant and a designated beneficiary;
and
3. the Plan selected meets the minimum death incidental benefit
requirements under the Code.
Plan A - This provides monthly annuity payments during the
lifetime of the annuitant. No payments will be made after the
annuitant dies.
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PAGE 26
Plan B - This provides monthly annuity payments during the
lifetime of the annuitant with a guarantee by us that payments
will be made for a period of at least five, ten or fifteen
years. You must select the guaranteed period.
Plan C - This provides monthly annuity payments during the
lifetime of the annuitant with a guarantee by us that payments
will be made for a certain number of months. We determine the
number of months by dividing the amount applied under this
Plan by the amount of the first monthly annuity payment.
Plan D - Monthly payments will be paid during the lifetime of
the annuitant and a joint annuitant. When either the annuitant
or the joint annuitant dies we will continue to make monthly
payments during the lifetime of the survivor. No payments will
be paid after the death of both the annuitant and joint
annuitant.
Plan E - (Installment for a specified period) This provides
monthly fixed dollar annuity payments for a period of years.
The period of years may be no less than 10 nor more than 30.
By written request at least 30 days before the Retirement Date, you
may select the Plan. If at least 30 days before the Retirement Date
you have not selected a Plan, we will make fixed dollar payments
according to Plan B with payments guaranteed for ten years unless
this option is contrary to applicable provisions of the Plan or the
Code.
If you select a Plan that has a payment amount that is the same as
another Plan having a longer guarantee period, then the Plan with
the longer guarantee period will be deemed to have been chosen.
If the amount to be applied to a Plan would not provide an initial
monthly payment of at least $20, we have the right to make a lump
sum payment of the certificate value.
<PAGE>
PAGE 27
ANNUITY PROVISIONS
(Continued)
Fixed Annuity
A fixed annuity is an annuity with payments that are guaranteed by
us as to dollar amount. Fixed annuity payments after the first
payment will never be less than the amount of the first payment. At
settlement, the fixed account certificate value will be applied to
the applicable Annuity Table. This will be done in accordance with
the Payment Plan chosen. The amount payable for each $1,000 so
applied is shown in Table B on page 17.
Variable Annuity
A variable annuity is an annuity with payments which: (1) are not
predetermined or guaranteed as to dollar amount; and (2) vary in
amount with the investment experience of the variable accounts.
Determination of First Variable Annuity Payment
At settlement, the variable account certificate value will be
applied to the applicable Annuity Table. This will be done: (1) on
the valuation date on or next preceding the seventh calendar day
before the retirement date; and (2) in accordance with the Payment
Plan chosen. The amount payable for the first payment for each
$1,000 so applied is shown in Table A on page 16.
Variable Annuity Payments After the First Payment
Variable annuity payments after the first payment vary in amount.
The amount changes with the investment performance of the variable
accounts. The dollar amount of variable annuity payments after the
first is not fixed. It may change from month to month. The dollar
amount of such payments is determined as follows:
1. The dollar amount of the first annuity payment is divided by
the value of an annuity unit as of the valuation date on or
next preceding the seventh calendar day before the retirement
date. This result establishes the fixed number of annuity
units for each monthly annuity payment after the first
payment. This number of annuity units remains fixed during the
annuity payment period.
2. The fixed number of annuity units is multiplied by the annuity
unit value as of the valuation date on or next preceding the
seventh calendar day before the date the payment is due. This
result establishes the dollar amount of the payment.
We guarantee that the dollar amount of each payment after the first
will not be affected by variations in expenses or mortality
experience.
Exchange of Annuity Units
Annuity units of any variable account may be exchanged for units of
any of the other variable accounts. This may be done no more than
once a year. Once annuity payments start no exchanges may be made
to or from any fixed annuity.
<PAGE>
PAGE 28
TABLE OF SETTLEMENT RATES
Annuity payments for each $1,000 of value applied under a Payment
Plan will be based on our table of settlement rates in effect on
the date of settlement. The amount of the first monthly variable
annuity payment, based on a 3 1/2% assumed investment return, is
guaranteed to be not less than the amount shown in Table A for the
adjusted age of the annuitant(s). The amount of the first and all
subsequent fixed dollar annuity payments is guaranteed to be not
less than the amount shown in Table B for the adjusted age of the
annuitant(s). Adjusted Age shall be equal to the age nearest
birthday minus an "adjustment" depending on the calendar year of
birth of the annuitant as follows:
Calendar Calendar
Year of Year of
Annuitant's Adjust- Annuitant's Adjust-
Birth ment Birth ment
Prior to 1920 0 1945 through 1949 6
1920 through 1924 1 1950 through 1959 7
1925 through 1929 2 1960 through 1969 8
1930 through 1934 3 1970 through 1979 9
1935 through 1939 4 1980 through 1989 10
1940 through 1944 5 After 1989 11
<PAGE>
PAGE 29
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
TABLE A Dollar Amount of First Monthly Variable Annuity Payment Per $1,000 Applied
_____________________________________________________________________________________________________________________________
PLAN A PLAN B PLAN C PLAN D-Joint and Survivor
Adjusted age of Joint Annuitant
_____________________________________________________________________________________________________________________________
Adj. Life 5 Years 10 Years 15 Years With Adj. 10 Years 5 Years Same 5 Years 10 Years
Age* Income Certain Certain Certain Refund Age* Younger Younger Age Older Older
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 3.73 3.73 3.72 3.71 3.69 40 3.34 3.41 3.48 3.54 3.59
41 3.76 3.76 3.76 3.75 3.72 41 3.36 3.44 3.51 3.57 3.62
42 3.80 3.80 3.80 3.78 3.76 42 3.39 3.46 3.53 3.60 3.65
43 3.84 3.84 3.84 3.82 3.80 43 3.41 3.48 3.56 3.63 3.69
44 3.89 3.88 3.88 3.86 3.83 44 3.43 3.51 3.59 3.66 3.73
45 3.93 3.93 3.92 3.91 3.87 45 3.45 3.54 3.62 3.70 3.76
46 3.98 3.98 3.97 3.95 3.92 46 3.48 3.57 3.66 3.74 3.80
47 4.03 4.03 4.02 4.00 3.96 47 3.50 3.60 3.69 3.78 3.85
48 4.08 4.08 4.07 4.05 4.01 48 3.53 3.63 3.73 3.82 3.89
49 4.14 4.13 4.12 4.10 4.06 49 3.56 3.66 3.77 3.86 3.94
50 4.20 4.19 4.18 4.15 4.11 50 3.59 3.70 3.81 3.91 3.99
51 4.26 4.25 4.24 4.21 4.16 51 3.62 3.74 3.85 3.96 4.04
52 4.32 4.32 4.30 4.26 4.22 52 3.65 3.78 3.90 4.01 4.10
53 4.39 4.38 4.36 4.33 4.27 53 3.69 3.82 3.95 4.06 4.16
54 4.46 4.46 4.43 4.39 4.34 54 3.73 3.86 4.00 4.12 4.22
55 4.54 4.53 4.51 4.46 4.40 55 3.76 3.91 4.05 4.18 4.29
56 4.62 4.61 4.58 4.53 4.47 56 3.80 3.96 4.11 4.25 4.36
57 4.71 4.70 4.66 4.60 4.54 57 3.85 4.01 4.17 4.31 4.44
58 4.80 4.79 4.75 4.68 4.62 58 3.89 4.06 4.23 4.39 4.52
59 4.90 4.88 4.84 4.76 4.70 59 3.94 4.12 4.30 4.47 4.60
60 5.00 4.99 4.93 4.84 4.78 60 3.99 4.18 4.37 4.55 4.70
61 5.11 5.09 5.03 4.93 4.87 61 4.04 4.25 4.45 4.64 4.79
62 5.23 5.21 5.14 5.02 4.96 62 4.10 4.31 4.53 4.73 4.90
63 5.36 5.33 5.25 5.12 5.06 63 4.16 4.39 4.62 4.83 5.01
64 5.49 5.46 5.37 5.21 5.17 64 4.22 4.47 4.71 4.94 5.13
65 5.64 5.60 5.50 5.31 5.28 65 4.29 4.55 4.81 5.05 5.26
66 5.79 5.75 5.63 5.42 5.39 66 4.36 4.64 4.92 5.18 5.40
67 5.95 5.91 5.77 5.53 5.52 67 4.44 4.73 5.03 5.31 5.54
68 6.13 6.08 5.91 5.63 5.65 68 4.52 4.83 5.15 5.45 5.70
69 6.32 6.26 6.07 5.74 5.79 69 4.60 4.94 5.28 5.61 5.87
70 6.53 6.46 6.23 5.86 5.94 70 4.70 5.05 5.43 5.77 6.06
71 6.75 6.67 6.40 5.97 6.09 71 4.79 5.18 5.58 5.95 6.25
72 6.99 6.89 6.58 6.08 6.26 72 4.90 5.31 5.74 6.14 6.47
73 7.26 7.13 6.76 6.18 6.44 73 5.01 5.45 5.92 6.35 6.70
74 7.54 7.39 6.95 6.29 6.29 74 5.13 5.61 6.11 6.58 6.96
75 7.85 6.67 7.14 6.39 6.83 75 5.26 5.77 6.32 6.82 7.22
_____________________________________________________________________________________________________________________________
* Adjusted age of annuitant.
_____________________________________________________________________________________________________________________________
Table A above is based on the "1983 Individual Female Annuitant Mortality Table A." Settlement rates for any age not shown above,
will be calculated on the same basis as those rates shown in the table above. Such rates will be furnished by us upon request.
</TABLE>
<PAGE>
PAGE 30
<TABLE>
<CAPTION>
Fixed dollar annuity payments will not be less than those shown in Table B. In addition, the amount of
such payments will not be less than that which would be provided if a single premium immediate
annuity contract then offered by us to annuitant's in the same class was to be purchased with the
greater of: (1) the surrender value of this contract; or (2) 95% of the contract value of this
contract.
_________________________________________________________________________________________________________
TABLE B Dollar Amount of Each Monthly Fixed Dollar Annuity Payment Per $1,000 Applied
_________________________________________________________________________________________________________
PLAN A PLAN B PLAN C PLAN D-Joint and Survivor
Adjusted Age of Joint Annuitant
_________________________________________________________________________________________________________
Adj. Life 5 Years 10 Years 15 Years With Adj. 10 Years 5 Years Same 5 Years 10 Years
Age* Income Certain Certain Certain Refund Age* Younger Younger Age Older Older
_________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 3.42 3.42 3.42 3.41 3.38 40 3.03 3.10 3.17 3.24 3.29
41 3.46 3.46 3.46 3.45 3.42 41 3.05 3.13 3.20 3.27 3.32
42 3.50 3.50 3.50 3.49 3.45 42 3.07 3.15 3.23 3.30 3.36
43 3.54 3.54 3.54 3.53 3.49 43 3.10 3.18 3.26 3.33 3.39
44 3.59 3.59 3.58 3.57 3.53 44 3.12 3.21 3.29 3.37 3.43
45 3.63 3.63 3.63 3.61 3.57 45 3.15 3.24 3.33 3.41 3.47
46 3.68 3.68 3.67 3.66 3.61 46 3.17 3.27 3.36 3.44 3.51
47 3.73 3.73 3.72 3.71 3.66 47 3.20 3.30 3.40 3.48 3.56
48 3.79 3.79 3.77 3.76 3.70 48 3.23 3.33 3.44 3.53 3.60
49 3.84 3.84 3.83 3.81 3.75 49 3.26 3.37 3.48 3.57 3.65
50 3.90 3.90 3.89 3.86 3.80 50 3.29 3.41 3.52 3.62 3.71
51 3.97 3.96 3.95 3.92 3.86 51 3.32 3.44 3.56 3.67 3.76
52 4.03 4.03 4.01 3.98 3.91 52 3.36 3.48 3.61 3.72 3.82
53 4.10 4.10 4.08 4.04 3.97 53 3.39 3.53 3.66 3.78 3.88
54 4.18 4.17 4.15 4.11 4.03 54 3.43 3.57 3.71 3.84 3.94
55 4.25 4.25 4.22 4.18 4.10 55 3.47 3.62 3.77 3.90 4.01
56 4.34 4.33 4.30 4.25 4.17 56 3.51 3.67 3.83 3.97 4.08
57 4.42 4.41 4.38 4.32 4.24 57 3.56 3.72 3.89 4.04 4.16
58 4.52 4.50 4.47 4.40 4.31 58 3.60 3.78 3.95 4.11 4.24
59 4.61 4.60 4.56 4.48 4.39 59 3.65 3.84 4.02 4.19 4.33
60 4.72 4.70 4.66 4.57 4.48 60 3.71 3.90 4.10 4.28 4.42
61 4.83 4.81 4.76 4.66 4.56 61 3.76 3.97 4.17 4.36 4.52
62 4.95 4.93 4.86 4.75 4.66 62 3.82 4.04 4.26 4.46 4.63
63 5.07 5.05 4.98 4.85 4.75 63 3.88 4.11 4.35 4.56 4.74
64 5.21 5.18 5.10 4.95 4.86 64 3.94 4.19 4.44 4.67 4.86
65 5.35 5.32 5.22 5.05 4.97 65 4.01 4.28 4.54 4.79 4.99
66 5.51 5.47 5.36 5.16 5.08 66 4.08 4.36 4.65 4.91 5.13
67 5.67 5.63 5.50 5.26 5.20 67 4.16 4.46 4.76 5.04 5.28
68 5.85 5.80 5.65 5.37 5.33 68 4.24 4.56 4.89 5.19 5.43
69 6.04 5.98 5.80 5.49 5.47 69 4.33 4.67 5.02 5.34 5.61
70 6.25 6.18 5.96 5.60 5.61 70 4.42 4.79 5.16 5.51 5.79
71 6.47 6.39 6.14 5.71 5.76 71 4.52 4.91 5.31 5.69 5.99
72 6.71 6.62 6.31 5.83 5.93 72 4.63 5.04 5.48 5.88 6.20
73 6.97 6.86 6.50 5.94 6.10 73 4.74 5.19 5.66 6.09 6.43
74 7.26 7.12 6.69 6.04 6.28 74 4.86 5.34 5.85 6.32 6.68
75 7.56 7.39 6.89 6.14 6.48 75 4.99 5.51 6.06 6.56 6.96
_________________________________________________________________________________________________________
*Adjusted age of annuitant.
_________________________________________________________________________________________________________
Table B above is based on the "1983 Individual Annuitant Mortality Table A" assuming a 3% annual
effective interest rate. Settlement rates for any age not shown above, or any combination of ages not
shown above, will be calculated on the same basis as those rates shown in the table above. Such rates
will be furnished by us upon request. Amounts shown in the Table below are based on assuming a 3%
annual effective interest rate.
</TABLE>
<TABLE>
<CAPTION>
_________________________________________________________________________________________________________
PLAN E Dollar Amount of Each Monthly Fixed Dollar Annuity Payment Per $1,000 Applied
_________________________________________________________________________________________________________
Years Monthly Years Monthly Years Monthly
Payable Payment Payable Payment Payable Payment
<S> <C> <C> <C> <C> <C>
10 $ 9.61 17 $ 6.23 24 $ 4.84
11 8.86 18 5.96 25 4.71
12 8.24 19 5.73 26 4.59
13 7.71 20 5.51 27 4.47
14 7.26 21 5.32 28 4.37
15 6.87 22 5.15 29 4.27
16 6.53 23 4.99 30 4.18
_________________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 31
GROUP DEFERRED ANNUITY
PARTICIPANT CERTIFICATE
- - Employer Plan
- - Group Deferred Annuity - Individual Allocation
- - Optional fixed dollar or variable accumulation values and annuity
payments.
- - Nonparticipating. Dividends are not payable.
IDS Life Insurance Company
of New York
Box 5144
Albany, New York 12205
<PAGE>
PAGE 1
IDS Life Insurance Company ANNUITY
of New York APPLICATION
Box 5144
Albany, New York 12205
<TABLE>
<CAPTION>
A Clients
__________________________________________________________________________________________
1 Annuitant
a Name (first) _______________________ (mi) _________ (last) _____________________________
b Home address (street, city, state, zip) ________________________________________________
___________________________________________ Phone no. ( ) ___________________________
c Social Security No. ______________________ ____ Male ____ Female
d Birth date _____/____/______ Age ________ (submit proof of age for immediate annuity)
e Citizenship ____ U.S. ____ Other __________________________________________________
f Relationship to the representative _____________________________________________________
g Is this annuity intended to replace existing annuities or life insurance? ___ Yes ___ No
If Yes, see State Requirements Section of the Reference Manual for required papers.
2 Joint Annuitant (for Immediate Joint Annuity only)
a Name (first) _______________________ (mi) _________ (last) _____________________________
b Social Security No. ______- ____-_________ ____ Male ____ Female
c Birth date _____/____/______ Age ________ (submit proof of age)
3 Owner
a Will the Annuitant own this Annuity? (must be Yes for IRA)
____ Yes
Mailing address if correspondence should not go to Annuitant's home
(street, city, state, zip) ________________________________________________________
______________________________________ and Phone no. ( ) ________________________
____ No (complete the following six (o) items)
Joint ownership and designation of a successor owner are not allowed
o Owner's name(s) ____ IDS Trust Co. ____ Other ______________________________
________________________________________________________________________________
o Type of ownership (check one)
____ Trustee ____ Sole Proprietorship
____ Custodian ____ Partnership
____ Individual ____ Corporation (State of incorporation) ____________
____ Other _____________________________________________________________________
o Trust or Custodial ownership basis (complete one if applicable)
____ Retirement Plan (name) ____________________________________________________
____ Trust (name) ______________________________ Trust Date ____________________
____ Purchased under Uniform Gifts to Minors Act of (state) ____________________
o Owner's address (street, city, state, zip) _____________________________________
____________________________________ Phone no. ( ) ___________________________
o Owner's Social Security or Taxpayer Identification No. _________________________
o If ownership is individual, give owner's birth date ____/___/_____ Age _________
Relationship to Annuitant ________________ and to Representative _______________
b Other ownership information and instructions ___________________________________________
________________________________________________________________________________________
<PAGE>
PAGE 2
B Purchase Basis (complete only one of the eight (o) responses on this page)
See New Business Section of Reference Manual for required papers
o ____ Non-qualified individual purchase
o ____ Non-qualified 1035 exchange
o ____ Non-qualified deferred compensation plan (non-governmental)
o ____ Non-qualified Gift under Uniform Gifts to Minor's Act. (If Donor is not custodian,
give Donor's name, Soc. Sec. No., residence state and relationship to Annuitant.)
_____________________________________________________________________________________
o ____ Other non-qualified:_________________________________________________________________
o ____ IRA (complete all that apply)
1 ____ Regular(active)IRA
a Type ____ Personal ____ Spousal ____ SEP Group no. of SEP_________________
(1) (2) (3) Name of employer_________________
Address__________________________
b Amount paid with this application for prior year $______________________
c Amount paid with this application for current year $______________________
2 ____ Rollover IRA (Rollover qualifications are specified in Your Guide to IRAs)
a Source ____ IRA/Sep distribution. ____ Deductible voluntary employee contribution.
____ Trusted or Custodial plan, Tax-Sheltered Annuity or Custodial Account.
b Amount paid, with this application, for rollover $______________________
c Does client want a rollover account which cannot take active, add-on contributions?
____ Yes Client maintains the right to roll back into another Trusted or Custodial
plan, TSA or TSCA if the distribution was from one of those sources.
____ No Rollover amount cannot be rolled back to a plan of the same kind.
3 ____ Transfer IRA (submit"Request for Transfer" form. Send no money with application)
o ____ Tax-qualified Retirement Plan
1 Type ____ Profit Sharing (05) ____ Assumed/Target Benefit (04) ____ 401(k) (02)
____ Money Purchase (06) ____ Defined Benefit Pension (01) ____ Other (10) ____
2 Plan Fiscal Year-end Mo._____Day_______ Plan Starting Date Mo._____Yr._____
3 Is the Plan an IDS Financial Services prototype? ____ Yes ____ No
4 Plan administrative assistance by IDS Financial Services? ____ Yes ____ No
5 If Custodial Plan, identify participant (Annuitant) as ____ Employer/Sponsor
____ Other participant
6 Source of employee contribution to Participant Account
____ Deductible Voluntary ____ Salary Reduction ____ Non-deductible Voluntary
____ Transfer/Rollover
7 Plan Entry Date for Participant (Annuitant) Mo._____Yr._____
o ____ Other Tax-qualified Plan
1 Type of Plan ____ 403(b) TSA ____ 457/Government (07) ____ Other_________________
2 Type of group ____ Public Schools and Universities ____ State or subdivision
____ 501(c)(3) Non-profit ____ Other_______________________
3 ____ This is a 1035 TSA exchange.
4 403(b) Participant (Annuitant) information
a Current annual salary from employer $_________________
b Employment date ____/____/____ Has employment been continuous? ____ Yes ____ No
c Total contributions to other tax-sheltered plans while employed with present employer
were $____________ through end of last taxable year (usually Dec.31)
d Is Annuitant covered by employer's retirement plan? ____ Yes ____ No
If Yes, give name of plan______________________________________________
e Will the Annuitant be electing an alternative calculation under Section 415 of the
Internal Revenue Code? ____ Yes ____ No If Yes, state which _______________________
<PAGE>
PAGE 3
C Annuity Applied For
1 Type (complete one) Purchase payment Annuitant's Retirement* Other
____ Combination Deferred Annual $_________________ Date _____/_____/______ (Complete C2)
____ Variable Deferred Single $_________________ Date _____/_____/______ (Complete C2)
____ Fixed Deferred Single $_________________ Age __________________ Bailout? ____ Yes ____ No
Initial Guarantee Period __ 1-yr __ 3-yr __ 5-yr
____ Fixed Immediate Single $_________________ (Complete C3)
(not for IRA)
____ Other _______________________________________________________________________________________________________
*If omitted, later of 65th birthday or 10th contract anniversary, will be assumed.
2 Combination and Variable annuity information
a Payment allocation
Fixed Account (available with
combination annuity only) ___________% Special Income Fund _____________%
Moneyshare Fund _____________________% Capital Resource Fund ___________%
_____________________________________% _________________________________% Total = 100%
b ____ Owner requests Statement of Additional Information, per Annuity Prospectus.
c ____ The Owner requests to make transfers by telephone between the Account/Funds within
this one contract.
3 Immediate annuity information
a Payout option:____ Individual Annuitant
____ Joint and full to survivor ____ Joint and 2/3 to survivor
b Payout mode: ____Nonrefund____Installment refund (not available with Joint and 2/3 option)
____ 5 years certain ____ 10 years certain ____ 15 years certain
c Payout checks to be received on ____ day of each month
D Future Payments
1 Frequency of payment
____ Monthly ____ Quarterly ____ Semi-annual ____ Annual
____ Other - Specify months __ Jan __ Feb __ March __ April __ May __ June
__ July __ Aug __ Sept __ Oct __ Nov __ Dec
2 Payments to start (or first notice to be received) Mo.__________ Day__________
If omitted, the Home Office will establish a starting date.
3 Method of payment:
____ Add to existing bank authorization with IDS account no.____________________
____ New bank authorization (submit form 38905)
____ Individual direct billing
____ Other allowed method____________________________________
E Beneficiary
Either check a "standard designation" (A or B) and give the name of the Annuitant's
spouse, or check "other designation" and give the complete wording of the designation,
using the examples supplied with this form, as a guide.
____ Standard designation (see page 4) __ A __ B for (Spouse's name) _________________
____ Other designation (unless stated otherwise, proceeds will be paid equally to
surviving beneficiaries) ____________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
<PAGE>
PAGE 4
Definitions of standard beneficiary designations
A Beneficiary is: Annuitant's designated Spouse, if living,otherwise the beneficiaries are
the living lawful children of the Annuitant and they will receive equal shares of the
proceeds.
B Beneficiary is: Annuitant's designated Spouse, if living, otherwise the beneficiaries
are the lawful children of the Annuitant and they will receive equal shares of the
proceeds. If a child of the Annuitant has died before the Annuitant, that child's share
of the proceeds will be paid to his or her living lawful children in equal shares.
F Remarks and Instructions to the Home Office
Send contract to: ____ Representative ____ Owner
___________________________________________________________________________________________
___________________________________________________________________________________________
G Home Office Corrections and Additions
___________________________________________________________________________________________
___________________________________________________________________________________________
Agreement and Signatures
1 Agreement. By signing this application and checking each statement that pertains to your
annuity, you understand and acknowledge the following:
a All Annuities
____ Changes. Only the Company has authority to accept any representation or information
not contained in this application or to modify any annuity contract or waive any
requirement in the application.
Except where prohibited by law, acceptance of any annuity issued on this application
will constitute a ratification of any change in the Home Office Corrections and
Additions section of this application. However, the applicant must agree in
writing to any change in amount, issue age, plan or benefit.
____ Taxes. Earnings credited to the contract are usually not taxable until they are
actually received through surrender or monthly income payments. Under an IRA
annuity, all earnings are sheltered from taxes until distributed.
____ Earnings. The fixed and/or variable earnings basis for your particular contract has
been explained to you.
____ Release of information. Unless you indicate on your application or in writing to us
that you object, we may give information about you to another company so that it can
inform you about a product or service.
b IRA applications
____ Disclosure. You have received a copy of Your Guide to IRAs and understand the terms
contained in it.
____ Responsibility. You assume all responsibility for any tax consequences and
penalties that may result from making contributions to, transactions with, and
distributions from this IRA.
c Immediate Annuity
____ Access to contract value. The contract value of an immediate annuity may not be
surrendered or loaned. Also, there is no death benefit under the non-refund payout
mode.
<PAGE>
PAGE 5
d Deferred Annuity (Please read all three headings, because several categories may apply
to your type of contract)
1 Combination, Variable and Fixed Deferred Annuity
____ Purpose. You understand that the basic purpose of an annuity is to provide
lifetime income at retirement and it should be purchased for this purpose.
Surrender of a contract may result in a loss to you because of the fees and
charges mentioned below.
____ Surrender. The contract value may be surrendered in full or in part before
annuity payments begin, but not after.
____ Fees and charges. The fees and charges (including possible surrender charges and
state or federal taxes) and the bail-out provision, if applicable, have been
explained to you. They are explained in detail in the contract.
2 Combination and Variable Annuity
____ Adequate information. You have received the current prospectuses for the annuity
applied for and any funds involved.
____ Variable values. Earnings, values and monthly income benefits based on the
performance of a Variable Fund are not guaranteed and may both increase and
decrease.
____ Transfers. A combination annuity may allow for transfers of value between the
fixed account and the Variable funds prior to retirement.
3 Variable and Fixed Deferred Annuity
____ Premium payments. You cannot make additional premium payments to a single premium
contract.
e Consolidated Statement
IDS Periodically sends out informational Statements, for each of its accounts, which are
consolidated into one Statement covering all accounts owned by members of the same
household. If you don't want this account reported that way, check here __.
f Declaration
You declare that each of the statements and answers given in this application is true and
complete to the best of your knowledge and belief and will be the basis of any annuity
issued from this application.
2 Signatures
Signatures of all Annuitants x_______________________________________________
x_______________________________________________
Owner's signature
(omit if owner already signed as an Annuitant)
x_______________________________________________
Other applicant's signature (if required) x_______________________________________________
Signed at (city) _________________________ (state)______________, on (date) ____/____/____
<PAGE>
PAGE 6
Representatives Report
1 Declaration and signature. You certify that you personally solicited this application and
witnessed its signing. The application and this report are complete and accurate tot he
best of your knowledge and belief.
This application ____ does ____ does not involve replacement of existing insurance or
annuities.
Representative's
Signature_____________________________No.________________DSO______________________________
Representative's
name (print)__________________________Phone ( )________________________
____ Junior ____ Trainer
name______________________________________________No._____________________
2 Immediate non-refund annuity report. Give any required explanation here or in a separate
letter attached to this application.
To the best of your knowledge:
a Are the Annuitants in good physical condition?
____ Yes ____ No If No,
explain______________________________________________________________
b Is any Annuitant now under a doctor's care?
____ Yes ____ No If Yes, explain. Be sure to give physician's name and address.
_________________________________________________________________
c Do the Annuitants fully understand this contract?
____ Yes ____ No If No, explain_____________________________________________________
d Are the finances of each Annuitant, not including proceeds from this annuity, adequate
to meet emergencies?
____ Yes ____ No If No, explain_____________________________________________________
e Does the Annuitant have an advisor, attorney, accountant, clergyman, etc. with whom he
or she consults concerning the management of financial affairs?
____ Yes ____ No If Yes, explain. Be sure to give their names and addresses and state
whether the purchase of this annuity was discussed with them.
______________________________________________________________________________
f Give names and addresses of close relative and identify those with whom the Annuitant
has discussed the purchase of this annuity.
________________________________________________________________________________________
________________________________________________________________________________________
g Attach a signed statement by the Annuitant, in the Annuitant's handwriting, indicating
his or her understanding that the contract does not provide for a death benefit, loan or
surrender.
For Home Office Use
<S> <C> <C>
Amount submitted IOM amount IOM date
$_______________________________________$_____________________________________/_____/________________________________________
Purchase date Accepted by
__________/_____/____________________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 1
REVISED CHARTER OF IDS LIFE INSURANCE COMPANY OF NEW YORK
Revised As Of April, 1992
WE, the undersigned, all being natural persons of full age, and
at least two-thirds of us citizens of the United States, and at
least three (3) of us being residents of the State of New York, do
hereby declare our intention to form a stock corporation for the
purpose of doing the kinds of insurance business authorized by
Paragraphs "1", "2", and "3", respectively, of Section 1113 of the
Insurance Law of the State of New York, and for that purpose do
hereby adopt the following charter:
CHARTER
ARTICLE I
The name of this Corporation shall be:
IDS LIFE INSURANCE COMPANY OF NEW YORK
ARTICLE II
The principal office of this Corporation shall be located in the
County of Albany in the State of New York.
ARTICLE III
SECTION 1. The kind or kinds of insurance to be transacted by
the Corporation are those kinds specified in Paragraphs "1", "2",
and "3", Section 1113, of Article IV of the Insurance Law of the
State of New York, as follows:
1. Life insurance," meaning every insurance upon the lives of
human beings and every insurance appertaining thereto. The
business of life insurance shall be deemed to include the granting
of endowments benefits; additional benefits in the event of death
by accident or accidental means; additional benefits operating to
safeguard the contract from lapse, or to provide a special
surrender value, in the event of total and permanent disability of
the insured; and optional modes of settlement of proceeds. Amounts
paid to the Corporation for life insurance and proceeds applied
under optional modes of settlement or under dividend options may be
allocated by the Corporation to one or more separate accounts
pursuant to Section 4240.
2. "Annuities," meaning all agreements to make periodical
payments where the making or continuance of all or of some of a
series of such payments, or the amount of any such payment, is
dependent upon the continuance of human life, except payments made
under the authority of paragraph one. Amounts paid to the
Corporation to provide annuities and proceeds applied under
optional modes of settlement or under dividend options may be
allocated by the Corporation to one or more separate accounts
pursuant to Section 4240.
<PAGE>
PAGE 2
3. "Accident and health insurance," meaning (a) insurance
against death or personal injury by accident or by any specified
kind or kinds of accident and insurance against sickness, ailment
or bodily injury, including insurance providing disability benefits
pursuant to article nine of the workmen's compensation law, except
as specified in subparagraph (b) following; and (b) Non-cancelable
disability insurance, meaning insurance against disability
resulting from sickness, ailment or bodily injury (but not
including insurance solely against accidental injury) under any
contract which does not give the insurer the option to cancel or
otherwise terminate the contract at or after one year from its
effective date or renewal date.
SECTION 2. The Corporation may also engage in the
reinsurance of the kinds of insurance business it is authorized to
do.
SECTION 3. The foregoing enumeration of specific kinds of
insurance shall not be held to limit or restrict the powers of the
Corporation to carry on any other business to the extent
necessarily or properly incidental to such kinds of insurance.
SECTION 4. The Corporation shall have full power and
authority to cede and assume reinsurance of any risks subject to
the Insurance Law and the rules and regulations of the Insurance
Department of the State of New York.
SECTION 5. The Corporation shall have and may exercise such
other powers as are conferred upon it by law.
ARTICLE IV
The mode and manner in which the corporate powers of the
Corporation shall be exercised is through a Board of Directors and
through such Committees of the Board of Directors, officers and
agents as such Board and the By-Laws of the Corporation shall
empower.
ARTICLE V
SECTION 1. The number of the directors of the Corporation
shall be not less than thirteen (13) nor more than twenty-three
(23) and shall be determined by the provisions of the By-Laws. In
no case shall the number of directors be less than thirteen (13).
In no case shall a decrease in the number of directors shorten the
term of any incumbent director.
SECTION 2. The directors shall be elected at each annual
meeting of the stockholders of the Corporation, and the directors
so elected shall hold office for one year and until their
respective successors shall have been elected and shall have
qualified. The directors shall be chosen and elected by a
plurality of the whole number of shares voted.
SECTION 3. Any director may be removed with or without cause
by the majority vote of the stockholders present in person or by
proxy at any meeting of stockholders. Not less than one-third of
the directors may call a Special Meeting for the purpose of
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PAGE 3
removing any director for cause and at such Special Meeting so
called, such director may be removed by the affirmative vote of
two-thirds of the remaining directors.
SECTION 4. Whenever any vacancy in the Board of Directors
shall occur by death, resignation, removal or otherwise, and
whenever the number of directors is increased, such vacancy may be
filled and such additional directors may be elected, for the
remainder of the term in which such event shall happen, by a
majority vote of the directors then in office in such manner as may
be prescribed by the By-Laws.
SECTION 5. If the directors shall not be elected in any year
at the annual meeting of stockholders as hereinabove provided, or
if, because of a vacancy or vacancies on the Board of Directors,
the Number of the Board shall be less than thirteen (13), the
Corporation shall not for that reason be dissolved, but every
director shall continue to hold office and discharge his duties
until his successor shall have been elected.
SECTION 6. At all times a majority of the directors shall be
citizens and residents of the State of New York or of adjoining
states, not less than three (3) thereof shall be residents of the
State of New York, and each director shall be at least twenty-one
(21) years of age.
ARTICLE VI
INDEMNIFICATION OF CORPORATION PERSONNEL
To the extent permitted and in the manner prescribed by law, the
Corporation shall indemnify any person made, or threatened to be
made, a party to any action, suit or proceeding, civil or criminal,
by reason of the fact that he, his testator or intestate, is or was
Director or Officer of the Corporation or of any other corporation
of any type or kind, domestic or foreign, which he served in any
capacity at the request of the Corporation, against judgements,
fines, amounts paid in settlement and reasonable expenses (which
the Corporation may advance), including attorneys' fees, actually
and necessarily incurred as a result of such action, suit or
proceeding, or any appeal therein. The foregoing right of
indemnification shall not be exclusive of any other right to which
any such person may be entitled. Neither the adoption of this
resolution nor any modification or repeal hereof, or of any
provision of any applicable law shall, unless otherwise required by
law, enlarge or diminish any right of indemnification of a Director
or Officer as it existed at the time of accrual of the alleged
cause of action asserted in the threatened or pending action, suit
or proceeding in which the expenses were incurred or other amount
was paid.
INDEMNIFICATION OF OTHER PERSONNEL
The Board, in its discretion, may authorize the Corporation to
indemnify any person, other than a Director or Officer, for
expenses incurred or other amounts paid in any civil or criminal
action, suit or proceeding, to which such person was, or was
threatened to be, made a party by reason of the fact that he, his
testator or intestate, is or was an employee or agent of the
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PAGE 4
Corporation or of any other corporation of any type or kind,
domestic or foreign, which he served in any capacity at the request
of the Corporation, against judgements, fines, amounts paid in
settlement and reasonable expenses (which the Corporation may
advance), including attorney's fees, actually and necessarily
incurred as a result of such action, suit or proceeding, or any
appeal therein.
ARTICLE VII
Except as otherwise provided by law, the presence in person or
by proxy at any meeting of stockholders of the holders of a
majority of shares of the capital stock of the Corporation issued
and outstanding and entitled to vote thereat shall constitute a
quorum. If, however, such majority shall not be represented at any
meeting of the stockholders, the holders of a majority of the
shares present or represented and entitled to vote thereat shall
have power to adjourn the meeting from time to time without notice
until the requisite amount of shares entitled to vote at such
meeting shall be represented. At such adjourned meeting at which
the requisite number of shares entitled to vote thereat shall be
represented, any business may be transacted which might have been
transacted at the meeting as originally notified.
ARTICLE VIII
The names and post office residence addresses of the directors,
who shall serve until the first annual meeting of the Corporation,
are as follows,
POST OFFICE RESIDENCE ADDRESSES
GARY A. BELLER 114 E. 72nd St.,
New York, New York 10021
JOHN C. BOEDER 9 Ridge Court,
Saratoga Springs, New York 12866
ROGER C. COREA 42 Harwood Lane,
East Rochester, New York 14445
CHARLES A. CUCCINELLO 25 Dogwood Drive,
Scarsdale, New York 10583
FRANCIS M. ELLIS 90 Greene St.,
New York, New York 10012
MILTON R. FENSTER 1000 Park Avenue,
New York, New York 10028
DAVID R. HUBERS 72 E. Golden Lake Rd.,
Circle Pines, Minnesota 55014
RICHARD W. KLING 3790 Country Rd. #44,
Minnetrista, Minnesota 55364
EDWARD LANDES 5780 Schafer Rd.,
Edina, Minnesota 55436
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PAGE 5
JAMES A. MITCHELL 2685 North Shore Drive,
Wayzata, Minnesota 55391
MICHAEL P. MONACO 1735 York Avenue,
New York, New York 10128
STEPHEN P. NORMAN 6 Highland Park Place,
Rye, New York 10580
GORDON H. RITZ 560 Indian Mound, Apt. 4A,
Wayzata, Minnesota 55391
MICHAEL R. WOODWARD 2707 Lockport Rd.,
Oakfield, New York 14125
ARTICLE IX
The duration of the corporate existence of this Corporation
shall be perpetual.
ARTICLE IX
The holders of stock of the Corporation shall not have any pre-
emptive, preferential or other right to subscribe for or purchase
or acquire any shares of any class of stock or any other securities
of the Corporation, whether now or hereafter authorized, and
whether or not convertible into, or evidencing or carrying the
right to purchase, shares of stock of any class or any other
securities now or hereafter authorized and whether the same shall
be issued for cash, services or property, or by way of dividend, or
otherwise, other than such right, if any, as the Board of Directors
in its discretion from time to time may determine; but all such
shares of stock or other securities may be issued and disposed of
by the Board of Directors, to the extent permitted by law, in such
manner to such person or persons, on such terms, for such
consideration and for such corporate purposes as the Board of
Directors may deem advisable.
ARTICLE XI
The amount of the authorized capital of this Corporation shall
be TWO MILLION ($2,000,000) DOLLARS, to consist of TWO HUNDRED
THOUSAND (200,000) shares of stock of the par value of TEN ($10.00)
DOLLARS per share.
ARTICLE XII
The Corporation may establish, maintain and operate offices and
agencies and conduct business outside of the State of New York and
in other states, countries, territories, dependencies,
protectorates and in the District of Columbia, in such form and
manner as the Board of Directors may determine.
ARTICLE XIII
The Board of Directors shall adopt By-Laws for its own
regulation and that of the conduct of the business of the
Corporation, which By-Laws shall nor be inconsistent with this
Charter or with the laws of the State of New York, and which By-
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PAGE 6
Laws may be modified, rescinded or amended from time to time by
majority vote of the Board of Directors at any special meeting
called for that purpose, or at any regular meeting.
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PAGE 1
AMENDED BY-LAWS AS OF MAY 1992
OF
IDS LIFE INSURANCE COMPANY OF NEW YORK
ARTICLE I
LOCATION
Section 1. The principal office of the Corporation shall be in
the County of Albany and State of New York. The Corporation may,
in addition to the principal office, establish and maintain such
other office or offices, whether in the State of New York or
otherwise, as the Board of Directors may from time to time
designate or the business of the Corporation may require.
ARTICLE II
CORPORATE SEAL
Section 1. The Corporation shall have a seal. The corporate
seal shall have inscribed thereon the name of the Corporation. The
corporate seal shall be in seal form and have inscribed thereon
such additional words and symbols as the Board of Directors may
from time to time prescribe. The seal may be used by causing it or
a facsimile thereof to be impressed or affixed or otherwise
reproduced.
ARTICLE III
MEETINGS OF SHAREHOLDERS
Section 1. Time and Place. All meetings of the shareholders
for the election of directors and all meetings of shareholders for
that or any other purpose may be held at such place within or
without the State of New York, and at such time as may be
designated in the notice of the meeting.
Section 2. Annual Meetings. The annual meeting of shareholders
shall be held on the Thursday following the first Tuesday on or
after the nineteenth day of April in each year, if not a legal
holiday, and if a legal holiday, then on the next succeeding
business day, at 10:30 o'clock a.m. or at such other day or hour as
may from time to time be designated by the Board of Directors.
Section 3. Special Meetings. Except as otherwise provided by
statute, special meetings of shareholders may be called for any
purpose or purposes at any time by the Chairman of the Board of
Directors, the President, the Board of Directors, or by the
President or Secretary upon the written request of one or more
shareholders holding a majority in interest of the stock of the
Corporation issued and outstanding and entitled to vote at such
meeting. Any such request shall state the purpose or purposes of
the proposed meeting.
Section 4. Notice of Meetings. Notice of the time and place of
holding each annual and special meeting of the shareholders shall
be in writing and signed by the President or a Vice President or
the Secretary or an Assistant Secretary and a copy thereof shall be
served, either personally or by mail, upon each shareholder
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PAGE 2
entitled to vote at such meeting, not less than ten or more than
fifty days before the meeting, and if mailed, it shall be directed
to such shareholder at his address as it appears on the books of
the Corporation a written request that notices intended for him be
mailed to some other address, in which case it shall be mailed to
the address designated in such request.
The notice of every special meeting, besides stating the time
and place of such meeting, shall state the purpose or purposes
thereof, and no business other than that specified in such notice
or germane thereto shall be transacted at the meeting.
Section 5. Waiver of Notice. Notice of meeting need not be
given (1) to any shareholder who submits a signed waiver of notice,
in person or by proxy, whether before or after the meeting, or (2)
to any shareholder who is in attendance at any meeting, in person
or by proxy, without protesting prior to the conclusion of the
meeting the lack of notice of such meeting.
Section 6. Quorum. At every meeting of the shareholders of the
Corporation, except as otherwise provided by law, the holders of a
majority of the issued and outstanding shares of capital stock of
the Corporation, present in person or by proxy and entitled to vote
thereat, shall constitute a quorum for the transaction of business.
In the absence of a quorum a majority in interest of the
shareholders so present or represented and entitled to vote thereat
may adjourn the meeting from time to time and place to place until
a quorum is obtained, and the meeting may be held as adjourned
without further notice. At any such adjourned meeting at which a
quorum is present any business maybe transacted which might have
been transacted at the meeting as originally called. The
shareholders present at a duly called or held meeting at which a
quorum is present may continue to transact business until a final
adjournment, notwithstanding the withdrawal of enough shareholders
to leave less than a quorum.
Section 7. Voting. At all meetings of shareholders every
shareholder entitled to vote thereat shall be entitled to one vote,
in person or by proxy, for each share of stock outstanding in his
name on the books of the Corporation on the date for the
determination of shareholders entitled to vote at such meetings.
Every proxy must be executed in writing by the shareholder or by
his duly authorized attorney and must be delivered to the secretary
of the meeting. No proxy shall be valid after the expiration of
eleven months from the date of its execution unless the shareholder
executing it shall have specified therein a longer duration. At
all meetings of the shareholders, a quorum being present, all
matters except as otherwise provided by law, or the Charter of the
Corporation, or these By-Laws shall be decided by a majority in
interest of the shareholders of the Corporation present in person
or by proxy and entitled to vote. All elections of directors may,
but need not be, held by ballot.
Section 8. Organization. Meetings of the shareholders shall be
presided over by the Chairman of the Board of Directors or, if he
is not present, by the President or, if none of the foregoing is
present, by a chairman to be chosen by a majority of the
shareholders entitled to vote who are present in person or by proxy
at the meeting. The Secretary of the Corporation, or in his
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PAGE 3
absence an Assistant Secretary, shall act as secretary of every
meeting, but if neither the Secretary nor an Assistant Secretary is
present, the meeting shall choose any person present to act as
secretary of the meeting.
Section 9. Consents. Whenever by any provision of law or of
the Charter of this Corporation, the vote of shareholders at a
meeting thereof is required or permitted to be taken in connection
with any corporate action, the meeting and vote of shareholders may
be dispensed with, if all the shareholders who would have been
entitled to vote upon the action if such meeting were held, shall
consent in writing to such action being taken. However, this
section shall not be construed to alter or modify any provision of
law or of the Charter under which the written consent of the
holders of less than all outstanding shares is sufficient for
corporate action.
ARTICLE IV
BOARD OF DIRECTORS
Section 1. Election and Qualification of Directors. Directors
shall be elected at the annual meeting of shareholders by a
plurality of the votes cast and shall hold office for one year
until their respective successors shall have been elected and shall
have qualified. All directors shall be of full age and at least a
majority shall be citizens and residents of the State of New York
or of adjoining states and not less than three (3) shall be
residents of the State of New York. Directors need not be
shareholders.
Section 2. Number of Directors. The number of directors shall
not be less than thirteen (13) nor more than twenty-three (23)
subject to change by action of the shareholders or by resolution of
the Board of Directors, the number of directors of the Corporation
shall be fourteen (14). Any change in the number of directors made
by resolution of the Board of Directors shall require the
affirmative cote of a majority of all directors then in office but
no decrease in the number of directors so made shall shorten the
term of any incumbent directors.
Section 3. Vacancies. A vacancy or vacancies in the Board
resulting from death, resignation or removal of any director or
from the increase in the number of directors, or for any other
cause, may be filled for the remainder of the term by majority vote
of the remaining directors at any regular meeting of the Board or
at any special meeting called for that purpose. A director so
elected shall not take office or exercise the duties thereof until
ten (10) days after written notice of his election shall have been
filed in the office of the Superintendent of Insurance of the State
of New York.
Section 4. Duties and Powers. The Board of Directors shall
have control and management of the affairs and property of the
Corporation and may adopt such rules and regulations for the
conduct of their meetings and the management of the Corporation as
they deem proper and not inconsistent with law or with the Charter
of the Corporation or with these By-Laws.
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PAGE 4
Section 5. Meetings. Meetings of the Board of Directors shall
be held at such place within or without the State of New York as
may from time to time be fixed by resolution of the Board of
Directors, or as may be specified in the notice of the meeting.
Regular meetings of the Board of Directors shall be held at such
times as may from time to time be fixed by resolution of the Board
of Directors, and special meetings may be held at any time upon the
call of the Chairman of the Board of Directors, the President or
any Vice President or the Secretary or an Assistant Secretary or
any two directors by oral, telegraphic or written notice duly
served on or sent or mailed to each director not less than two days
before such meeting. A meeting of the Board of Directors may be
held without notice immediately after the annual meeting of
shareholders. Notice need not be given of regular meetings of the
Board of Directors. Meetings may be held at any time without
notice if all the directors are present, or if at any time before
or after the meeting those not present waive notice of the meeting
in writing.
Section 6. Quorum. A majority of the Board of Directors then
in office at a meeting duly assembled shall be necessary to
constitute a quorum for the transaction of business. Except as
otherwise provided by law or by the Charter of the Corporation, the
act of a majority of directors present at such meeting shall be the
act of the Board.
Section 7. Resignations. Any director of the Corporation may
resign at any time by giving written notice to the Board or to the
President or to the Secretary of the Corporation. Such resignation
shall take effect at the time specified therein; and unless
otherwise specified therein the acceptance of such resignation
shall not be necessary to make it effective.
Section 8. Removal. Any one or more of the directors may be
removed either with or without cause at any time by a vote of a
majority of the shares issued and outstanding and entitled to vote.
Not less than one-third of the directors may call a special meeting
for the purpose of removing for cause any other director and at
such special meeting so called, such director may be removed by the
affirmative vote of a majority of the remaining directors present
at such meeting. Immediately following each vote by which a
director is removed the Board of Directors shall declare the office
of the removed director to be vacant.
Section 9. Compensation of Directors. Directors may, by
resolution of the Board of Directors, be allowed a fixed sum for
serving as directors and expenses for attendance at regular or
special meetings of the Board of Directors; provided that nothing
herein contained shall be construed to preclude any director from
servicing the Corporation in any other capacity and receiving
compensation therefor. Members of special or standing committees,
and others who attend pursuant to direction, may, by vote of the
Board of Directors, be allowed a fixed sum and expenses for
attending committee meetings.
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PAGE 5
ARTICLE V
COMMITTEES
Section 1. Executive Committee. The Board of Directors may, by
resolution adopted by a majority of the entire Board, designate an
Executive Committee from among its members consisting of five (5)
or more directors as it may, in its discretion, think proper and
shall so designate by resolution.
The Executive Committee shall have and may exercise, when the
Board is not in session, so far as may be permitted by law, all of
the rights and powers of the Board of Directors in the management
of the business and affairs of the Corporation, except to the
extent such powers of the Board are by resolution of the Board or
by these by-laws are reserved to the Board or to other committees
of the Board, and shall have power to authorize the seal of the
Corporation to be affixed to all papers which may require it; but
the Executive Committee shall not have power to fill vacancies in
any committee of the Board, or to make or amend the By-Laws of the
Corporation.
The Board shall have the power at any time to fill vacancies in,
to change the membership of, to change the number of members of, to
designate one or more alternate members of, or to dissolve, the
Executive Committee. The Executive Committee may make rules for
the conduct of its business and may appoint such committees and
assistants as it shall from time to time deem necessary.
The Committee shall keep a record of its proceedings and shall
adopt its own rules of procedure except that a quorum shall consist
of at least three (3) members, not more than two (2) of whom may be
officers or salaries employees of the Corporation. The Committee
shall submit copies of its minutes to the Board of Directors.
Section 2. Investment Committee. The investments of the
Corporation shall be managed and controlled by an Investment
Committee. The Investment Committee shall consist of at least five
(5) members who shall be appointed by the Board of Directors from
its own membership at the annual meeting of the Board of Directors
to serve until the next succeeding annual meeting and until their
successors on the Committee have been appointed. The Board shall
have the power at any time to fill vacancies in, to change the
membership of, to change the number of members of, to designate one
or more alternative members of, or to dissolve, the Investment
Committee.
The Investment Committee shall have and may exercise, when the
Board is not in session, all the rights and powers of the Board of
Directors to make, supervise, and control the investments of the
Corporation, inclusive of all real and personal property acquired
by the virtue of or incidental to any investment, to sell, assign,
exchange, lease or otherwise dispose of such investments and
property, and to do and perform all things deemed necessary and
proper in relation to such investments and property.
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PAGE 6
The Committee shall keep a record of its proceedings and shall
adopt its own rules of procedure except that a quorum shall consist
of at least three (3) members not more than two (2) of whom may be
officers or salaries employees of the Corporation. The Committee
shall submit copies of its minutes to the Board of Directors.
Section 3. Other Committees. The Board of Directors may from
time to time by resolution create such other committee or
committees of Directors, officers, employees or other persons
designated by the Board, to advise the Board, the Executive
Committee and the officers and employees of the Corporation in all
such matters as the Board shall deem advisable, and with such
functions and duties as the Board shall by resolution prescribe. A
majority of all members of any such committee may determine its
action and fix the time and place of its meetings, unless the Board
of Directors shall otherwise provide. The Board of Directors shall
have power to change the members of any such committee at any time,
and to discharge any such committee, either with or without cause
at any time.
ARTICLE VI
OFFICERS
Section 1. Officers. The Board of Directors shall, immediately
after the organization of the Corporation, and thereafter at their
first meeting following the annual election of directors, shall
elect from their number a Chairman of the Board, and shall also
elect a President, Secretary and a Treasurer, who need not be
members of the Board of Directors. The Board may, at any time,
also elect one or more Vice Presidents and such Assistant
Treasurers or Assistant Secretaries, or other officers, as it may
deem proper. More than one office may be held by the same person,
except that the offices of President and Secretary may not be held
by the same person.
Section 2. Term. Each officer of the Corporation elected by
the Board of Directors shall hold office until his successor is
chosen and qualified, or until he shall have died or resigned or
shall have been removed as hereinafter provided. A vacancy in any
office arising from any cause may be filled by the Board of
Directors.
Section 3. Duties of the Chairman of the Board. The Chairman
of the Board shall preside at all meetings of the shareholders and
of the Board of Directors. He shall have such other powers and
perform such other duties as may be assigned to him by the Board of
Directors.
Section 4. Duties of the President. The President shall be the
Chief Executive Officer of the Corporation. He shall have general
and active supervision and direction over the business offices of
the Corporation, subject to the control of the Board of Directors
whose policies he shall execute. He shall see that all orders and
resolutions of the Board of Directors are carried into effect and
shall, in the absence of the Chairman of the Board, preside at all
meetings of shareholders and of the Board of Directors. Except
when inconsistent with the Corporation's Charter, these By-Laws, or
with the orders and resolutions of the Board of Directors, he shall
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PAGE 7
have the power to employ, fix the duties, and discharge such
employees as he may deem necessary and proper. The President shall
make such reports to the Board of Directors as it may require.
Section 5. Duties of Vice President. Each Vice President shall
undertake such of the duties of the President, or such other
duties, as may be delegated to him from time to time by the
President or by the Board of Directors.
Section 6. Duties of Secretary. The Secretary shall attend all
meetings of the shareholders, of the Board of Directors, and of the
Executive Committee of the Board, and record their proceedings in a
book kept for that purpose. He shall perform other duties incident
to his office and such other duties as may be delegated to him by
the Board of Directors or the President. He shall see that proper
notice is given to all meetings of the shareholders of the
Corporation and of the Board of Directors, and he shall have charge
of the corporate seal, the minutes books, and such other Corporate
records as are not otherwise provided for. He shall affix the seal
to any instrument requiring the same. Any Assistant Secretary may
perform the duties of the Secretary in his absence and such of the
duties of the Secretary as may be delegated to him by that officer
or by the Board of Directors or the President.
Section 7. Duties of Treasurer. The Treasurer shall be charged
with supervision of the keeping of the funds and books of account
of the Corporation and with their safekeeping shall carry out such
duties as are incident to his office and shall further perform such
other duties as may be delegated to him by the Board of Directors
or by the President. Any Assistant Treasurer may perform the
duties of the Treasurer in his absence, and such of the duties of
the Treasurer as may be delegated to him by that officer or by the
Board of Directors or the President.
Section 8. Removal. Any officer may be removed either with or
without cause at any time by a vote of a majority of the Directors.
ARTICLE VII
SHARE CERTIFICATES
Section 1. Form of Certificates. The shares of the Corporation
shall be represented by certificates, in such form as the Board of
Directors may from time to time prescribe, signed by the Chairman
of the Board of Directors, the President or a Vice President and
the Secretary or an Assistant Secretary or the Treasurer or an
Assistant Treasurer, and sealed with the seal of the Corporation.
Such seal may be a facsimile, engraved or printed. Where any such
certificate is signed by a transfer agent or transfer clerk and by
a registrar, the signatures of any such Chairman of the Board of
Directors, President, Vice President, Secretary, Assistant
Secretary, Treasurer, or Assistant Treasurer upon such certificates
may be facsimiles, engraved or printed. In case any such officer
who has signed or whose facsimile signature has been placed upon
such certificate shall have ceased to be such before such
certificate is issued, it may be issued by the Corporation with the
same effect as if such officer had not ceased to be such at the
date of its issue.
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PAGE 8
Every certificate representing shares issued by the Corporation
shall plainly state upon the face thereof the number, kind and
class of shares which it represents.
Section 2. Transfers. Transfers of shares shall be made only
upon the books of the Corporation by the registered holders in
person or by power of attorney duly executed and acknowledged and
filed with the Secretary of the Corporation, or with a duly
appointed Transfer Agent acting for and on behalf of the Secretary,
and upon the surrender of the certificate or certificates for such
shares.
Section 3. Lost Certificates. If any certificate of shares
shall be lost, the holder thereof shall forthwith notify the
Corporation of the facts and the Board of Directors or the
Executive Committee may then authorize a new certificate to be
issued to him. The Board of Directors or the Executive Committee
may in its discretion require, as a condition precedent, deposit of
a bond in such amount and in such form and with surety or sureties
as the Board or the said Committee may direct.
Section 4. Closing Share Books. The Board of Directors or the
Executive Committee may by resolution prescribe a period not less
than ten (10) nor more than fifty (50) days prior to any meeting of
shareholders during which no transfer of shares on the books of the
Corporation may be made; or in lieu of prohibiting the transfer of
shares may fix a day and hour not less than ten (10) nor more than
fifty (50) days prior to the folding of any meeting of shareholders
as the time as of which shareholders entitled to notice of and to
vote at such meeting shall be determined or for the taking of a
dividend list. The share books may also be closed for the payment
of dividends for such like period, if any, as may be prescribed by
resolution of the Board of Directors or the Executive Committee.
Section 5. Transfer Agent and Registrar. The Board of
Directors may appoint one or more transfer clerks or one or more
transfer agents and one or more registrars, and may require all
certificates for shares to bear the signature or signatures of any
of them.
ARTICLE VIII
INDEMNIFICATION OF CORPORATE PERSONNEL
To the extent permitted and in the manner prescribed by law, the
Corporation shall indemnify any person made, or threatened to be
made, a party to any action, suit or proceeding, civil or criminal,
by reason of the fact that he, his testator or intestate, is or was
Director or Officer of the Corporation or of any other corporation
of any type or kind, domestic or foreign, which he served in any
capacity at the request of the Corporation, against judgements,
fines, amounts paid in settlement and reasonable expenses (which
the Corporation may advance), including attorneys' fees, actually
and necessarily incurred as a result of such action, suit or
proceeding, or any appeal therein.
The foregoing right of indemnification shall not be exclusive of
any other right to which any such person may be entitled. Neither
the adoption of this provision nor any modification or repeal
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PAGE 9
hereof, or of any provision of any applicable law shall, unless
otherwise required by law, enlarge or diminish any right of
indemnification of a Director or Officer as it existed at the time
of accrual of the alleged cause of action asserted in the
threatened or pending action, suit or proceeding in which the
expenses were incurred or other amount was paid.
INDEMNIFICATION OF OTHER PERSONNEL
The Board, in its discretion, may authorize the Corporation to
indemnify any person, other than a Director or Officer, for
expenses incurred or other amounts paid in any civil or criminal
action, suit or proceeding, to which such person was, or was
threatened to be, made a party by reason of the fact that he, is
testator or intestate, is or was an employee or agent of the
Corporation or of any other corporation of any type or kind,
domestic or foreign, which he served in any capacity at the request
of the Corporation, against judgements, fines, amounts paid in
settlement and reasonable expenses (which the Corporation may
advance), as a result of such action, suit or proceeding, or any
appeal therein.
ARTICLE IX
CONFLICT OF INTERESTS
No director or officer, of the Corporation shall receive, in
addition to his fixed salary of compensation, any money or valuable
things, either directly or indirectly, or through any substantial
interest in any other corporation or business unit, for
negotiating, procuring, recommending or aiding in any purchase or
sale of property, or loan, made by the Corporation or any affiliate
or subsidiary thereof; nor shall he be pecuniarily interested,
either as principal, co-principal, agent or beneficiary, either
directly or indirectly, or through any substantial interest in any
other corporation or business unit, in any such purchase, sale or
loan.
ARTICLE X
AMENDMENTS
Section 1. Power to Amend. These By-Laws may be altered,
repealed, or amended in whole or in part by the Board of Directors
at any regular meeting of the Board of Directors, or at a special
meeting called for that purpose, provided that notice of the
proposed change is incorporated in the notice of such special
meeting.
Section 2. Notice to Shareholders. If any By-Law regulating an
impending election of directors is adopted, amended or repealed by
the Board of Directors, there shall be set forth in the notice of
the next meeting of shareholders for the election of directors the
By-Law so adopted, amended or repealed, together with a concise
statement of the changes made.
<PAGE>
PAGE 1
IDS LIFE INSURANCE COMPANY OF NEW YORK
IDS LIFE OF NEW YORK ACCOUNTS 4, 5, 6, 9, 10 and 11
Group Allocated Variable Annuity Contract
POWER OF ATTORNEY
City of Albany
State of New York
Each of the undersigned, as a director or a director and officer of
IDS Life Insurance Company of New York, sponsor of the unit
investment trust consisting of IDS Life of New York Accounts 4, 5,
6, 9, 10 and 11, in connection with the filing of a registration
statement on Form N-4 under the Securities Act of 1933 and the
Investment Company Act of 1940, hereby constitutes and appoints
William A. Stoltzmann, Mary Ellyn Minenko and Colleen Curran or any
one of them, as his/her attorney-in-fact and agent, to sign for
him/her in his/her name, place and stead any and all filings,
applications (including applications for exemptive relief),
periodic reports, registration statements (with all exhibits and
other documents required or desirable in connection therewith),
other documents, and amendments thereto and to file such filings,
applications periodic reports, registration statements, other
documents, and amendments thereto with the Securities and Exchange
Commission, and any necessary states, and grants to any or all of
them the full power and authority to do and perform each and every
act required or necessary in connection therewith.
/s/ Gary A. Beller February 25, 1994
Gary A. Beller
/s/ John C. Boeder February 28, 1994
John C. Boeder
/s/ Roger C. Corea February 23, 1994
Roger C. Corea
/s/ Charles A. Cuccinello February 21, 1994
Charles A. Cuccinello
/s/ Milton R. Fenster February 22, 1994
Milton R. Fenster
/s/ Richard W. Kling February 18, 1994
Richard W. Kling
/s/ Edward Landes February 25, 1994
Edward Landes
/s/ James A. Mitchell February 17, 1994
James A. Mitchell
<PAGE>
PAGE 2
/s/ Michael P. Monaco February 27, 1994
Michael P. Monaco
/s/ Stephen P. Norman February 23, 1994
Stephen P. Norman
/s/ Louise M. Parent February 23, 1994
Louise M. Parent
/s/ Gordon H. Ritz February 23, 1994
Gordon H. Ritz
/s/ Michael R. Woodward February 18, 1994
Michael R. Woodward
