EX-24 21 ex24b858franktemp3amdrstated.htm EX. 24(B)(8.58) FRANK TEMP AMD 3 TO AMEND AND RESTATED PA ex24b858franktemp3amdrstated.htm - Generated by SEC Publisher for SEC Filing
Exhibit 24(b)(8.58)
Amendment No. 3 to
Amended and Restated Participation Agreement
Franklin Templeton Variable Insurance Products Trust
Franklin/Templeton Distributors, Inc.
ING Life Insurance and Annuity Company
ING USA Annuity and LIfe Insurance Company
ReliaStar Life Insurance Company
ReliaStar Life Insurance Company of New York
Directed Services, LLC
ING Financial Advisers, LLC
 
  Franklin Templeton Variable Insurance Products Trust (the “Trust”),
Franklin/Templeton Distributors, Inc. (the “Underwriter,” and together with the Trust, “we” or
“us”), ING Life Insurance and Annuity Company, ING USA Annuity and LIfe Insurance
Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New
York (together the “Company” or “you”), and Directed Services, LLC, your distributor, on
your behalf and on behalf of certain Accounts, have previously entered into an Amended and
Restated Participation Agreement dated December 30, 2005, and subsequently amended June 5,
2007 and November 17, 2011 (the “Agreement”). The parties now desire to amend the
Agreement by this amendment (the “Amendment”).
 
  Except as modified hereby, all other terms and conditions of the Agreement shall
remain in full force and effect. Unless otherwise indicated, the terms defined in the Agreement
shall have the same meaning in this Amendment.
 
A M E N D M E N T
 
  For good and valuable consideration, the receipt of which is hereby acknowledged, the
parties agree to amend the Agreement as follows:
 
1. ING Financial Advisers, LLC is hereby added as a party to the Agreement; consents to
  being added as a party to the Agreement and, as of the date of this Amendment is
  subject to all terms of the Agreement applicable to the Distributor.
 
2. Section 4.4 and Section 6 of the Agreement are amended and restated in their entirety as
  set forth in Attachment A to this Amendment.
 
3. Schedules A, C and G of the Agreement are deleted and replaced in their entirety with
  the Schedules A, C and G attached hereto, respectively.
 
4. All other terms and provisions of the Agreement not amended herein shall remain in full
  force and effect.
 
 
 
 
ING Amd #3 to Restated FPA 2013-08-12.docx

 


 

  IN WITNESS WHEREOF, each of the parties has caused its duly authorized officers to
execute this Amendment as of August 12, 2013.  
 
The Trust: FRANKLIN TEMPLETON VARIABLE INSURANCE
PRODUCTS TRUST
Only on behalf of      
each Portfolio listed      
on Schedule C of      
the Agreement. By: /s/Karen L. Skidmore
    Name: Karen L. Skidmore
    Title: Vice President
 
 
The Underwriter: FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
 
 
    By: /s/Steven M. Kluever
    Name: Steven M. Kluever
    Title: Vice President
The Companies:      
 
ING LIFE INSURANCE AND ANNUITY ING USA ANNUITY AND LIFE INSURANCE
COMPANY   COMPANY
 
 
By: /s/Lisa S. Gilarde   By: /s/Lisa S. Gilarde
Name: Lisa S. Gilarde   Name: Lisa S. Gilarde
Title: Vice President   Title: Vice President
 
 
RELIASTAR LIFE INSURANCE COMPANY RELIASTAR LIFE INSURANCE COMPANY OF
      NEW YORK
 
 
By: /s/Lisa S. Gilarde   By: /s/Lisa S. Gilarde
Name: Lisa S. Gilarde   Name: Lisa S. Gilarde
Title: Vice President   Title: Vice President
 
 
The Distributors:      
DIRECTED SERVICES, LLC.   ING FINANCIAL ADVISERS, LLC
 
 
By: /s/David Pendergrass   By: /s/Patrick J. Kennedy
Name: David Pendergrass   Name: Patrick Kennedy
Title: Vice President   Title: President
 
 
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Attachment A to Amendment to Participation Agreement
 
4. Fees, Expenses, Prospectuses, Proxy Materials and Reports
 
4.4 Designated Portfolio Document means the following documents we create
with respect to each Portfolio and provide to you: (1) a Portfolio’s prospectus, including a
summary prospectus (together, “Prospectus”) if the Trust chooses to create one for a Portfolio
and we and you have signed the necessary Participation Agreement Addendum; (2) its annual
report to shareholders; (3) its semi-annual report to shareholders; (4) amendments or
supplements to any of the foregoing if we direct you to deliver them to Contract owners; and
(5) other shareholder communications including, without limitation, proxy statements, if we
direct you to deliver them to Contract owners.
 
Document Event means (1) with respect to the Prospectus, the effectiveness of a new annual
post-effective amendment to the Prospectus to update financial statements and make other
disclosure changes or other post-effective amendment to the Prospectus; (2) with respect to the
Trust’s annual report and semi-annual reports to shareholders, the Trust’s creation of reports
intended to satisfy the requirements of Section 30(a) of the 1940 Act applicable to the Trust; or
(3) with respect to amendments or supplements to any of the foregoing or other shareholder
communications, the Trust’s creation of such documents and provision of them to you.
 
Printing Expenses means expenses of the physical creation of Designated Portfolio
Documents, and not of their distribution to Contract owners (including, without limitation,
mailing and postage expenses) or the provision of other services.
 
Each time there is a Document Event with respect to a Designated Portfolio Document we
shall, at your option, provide you with one of the following:
 
(1) one copy of the applicable Designated Portfolio Document for each Contract
  owner with investments allocated to a subaccount corresponding to the Portfolio
  before the date of the Designated Portfolio Document (the “Contract Owner
  Recipients”); or
 
(2) a copy suitable for reproduction of such Designated Portfolio Document, in
  which case we will reimburse you, as provided below under “Reimbursement
  Procedures,” for Printing Expenses you incur to create Designated Portfolio
  Documents in sufficient quantity so that one such Designated Portfolio
  Document is available for you to have delivered to each Contract Owner
  Recipient.
 
  Reimbursement Procedures
 
  Routine Reimbursements. Within six months following the delivery date of the
  Designated Portfolio Document (“Delivery Date”), we must receive your request
  for reimbursement and: (i) a statement of the number of Contract Owner
  Recipients; (ii) copies of all printing company invoices applicable to the Printing
  Expenses that you request we reimburse; (iii) a description of the methodology
 
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    used to determine the amount of reimbursement requested; and (iv) your
    representation that the reimbursement request covers only Printing Expenses
    covered by Section 4.4 of this Agreement; the date we have received all these
    items is the “Request Date.” If we are able to validate your request based on the
    information you provided as well as, among other things we believe to be
    appropriate, our analysis of your previous reimbursement requests, if applicable,
    and/or third party industry benchmarking information, then we will reimburse
    you within sixty days of the Request Date.
 
    Reimbursements requiring additional information. If we cannot validate your
    reimbursement request based on the information you have provided to us and
    our analysis described in the preceding paragraph, then we will request
    additional information from you and work with you to validate your request.
 
    Expenses not subject to reimbursement. We will not reimburse expenses related
    to: (1) creation or provision of any Designated Portfolio Document for or to a
    person who is not a Contract Owner Recipient of such document; (2) creation or
    provision of any Designated Portfolio Document to a person accompanying, or
    at the time of the delivery of, a confirmation of their purchase of or exchange
    into subaccount shares corresponding to a Portfolio; (3) posting any Designated
    Portfolio Document on your website; or (4) electronic filing of Designated
    Portfolio Documents or other documents with the Securities and Exchange
    Commission (using its EDGAR or other system).
 
Statement of Additional Information. We shall provide you with a copy of the Trust’s current
statement of additional information, including any amendments or supplements to it (“SAI”), in
a form suitable for reproduction, but we will not pay Printing Expenses or other expenses with
respect to the SAI.
 
6. Sales Material, Information and Trademarks
 
  6.1 Sales Literature/ Promotional Material includes, but is not limited to, portions
of the following that use any logo or other trademark related to the Trust, or Underwriter or its
affiliates, or refer to the Trust: advertisements (such as material published or designed for use
in a newspaper, magazine or other periodical, radio, television, telephone or tape recording,
videotape display, signs or billboards, motion pictures, web-sites and other electronic
communications or other public media), sales literature (i.e., any written communication
distributed or made generally available to customers or the public, including brochures,
circulars, research reports, market letters, form letters, seminar texts, reprints or excerpts or any
other advertisement, sales literature or published article or electronic communication),
educational or training materials or other communications distributed or made generally
available to some or all agents or employees in any media, and disclosure documents,
shareholder reports and proxy materials. “Disclosure Documents” shall mean each item of the
following if prepared, approved or used by you and relating to a Contract, an Account, or a
Portfolio, and any amendments or revisions to such document: registration statements,
prospectuses, statements of additional information, private placement memoranda, retirement
plan disclosure information or other disclosure documents or similar information, as well as
any solicitation for voting instructions.
 
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6.2 You may use the name of the Trust and trademarks and the logo of the
Underwriter in Sales Literature/Promotional Material as reasonably necessary to carry out your
performance and obligations under this Agreement provided that you comply with the
provisions of this Agreement. You agree to abide by any reasonable use guidelines regarding
use of such trademarks and logos that we may give from time to time. You shall, as we may
request from time to time, promptly furnish, or cause to be furnished to us or our designee, one
complete copy of each item of the following: (i) Sales Literature/Promotional Material
prepared, approved or used by you; and (ii) Disclosure Documents.
 
6.3 You and your agents shall not give any information or make any representations
or statements on behalf of the Trust or concerning the Trust, the Underwriter or an Adviser,
other than information or representations contained in and accurately derived from the
registration statement or prospectus for the Trust shares (as such registration statement and
prospectus may be amended or supplemented from time to time), annual and semi-annual
reports of the Trust, Trust-sponsored proxy statements, or in Sales Literature/Promotional
Material created by us for the Trust and provided by the Trust or its designee to you, except as
required by legal process or regulatory authorities or with the written permission of the Trust or
its designee.
 
6.4 You agree, represent and warrant that you are solely responsible for any Sales
Literature/ Promotional Material prepared by you and that such material will: (a) conform to
all requirements of any applicable laws or regulations of any government or authorized agency
having jurisdiction over the offering or sale of shares of the Portfolios or Contracts; (b) be
solely based upon and not contrary to or inconsistent with the written information or materials
provided to you by us or a Portfolio, including the Trust’s prospectus and statement of
additional information; and (c) be made available promptly to us upon our request. You agree
to file any Sales Literature/Promotional Material prepared by you with FINRA, or other
applicable legal or regulatory authority, within the timeframes that may be required from time
to time by FINRA or such other legal or regulatory authority. Unless otherwise expressly
agreed to in writing, it is understood that we will neither review nor approve for use any
materials prepared by you and will not be materially involved in the preparation of, or have any
responsibility for, any such materials prepared by you. You are not authorized to modify or
translate any materials we have provided to you.
 
6.5 You shall promptly notify us of any written customer complaint or notice of any
regulatory investigation or proceeding received by you relating to any Sales
Literature/Promotional Material.
 
6.6 Other than naming you as a Trust shareholder, we shall not give any information
or make any representations or statements on behalf of you or concerning you, the Accounts or
the Contracts other than information or representations contained in and accurately derived
from Disclosure Documents (as such Disclosure Documents may be amended or supplemented
from time to time), or in materials approved by you for distribution, including Sales Literature/
Promotional Material, except as required by legal process or regulatory authorities or with your
written permission.
 
6.7 Except as provided in Section 6.2, you shall not use any designation comprised
in whole or part of the names or marks “Franklin” or “Templeton” or any logo or other
trademark relating to the Trust or the Underwriter without prior written consent, and upon
 
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termination of this Agreement for any reason, you shall cease all use of any such name or mark
as soon as reasonably practicable.
 
6.8 You shall furnish to us ten (10) Business Days prior to its first submission to the
SEC or its staff, any request or filing for no-action assurance or exemptive relief naming,
pertaining to, or affecting, the Trust, the Underwriter or any of the Portfolios.
 
6.9 You agree that any posting of Designated Portfolio Documents on your website
or use of Designated Portfolio Documents in any other electronic format will result in the
Designated Portfolio Documents: (i) appearing identical to the hard copy printed version or
.pdf format file provided to you by us (except that you may reformat .pdf format prospectus
files in order to delete blank pages and to insert .pdf format prospectus supplement files
provided by us to you); (ii) being clearly associated with the particular Contracts in which they
are available and posted in close proximity to the applicable Contract prospectuses; (iii) having
no less prominence than prospectuses of any other underlying funds available under the
Contracts; (iv) in compliance with any statutory prospectus delivery requirements and (v) being
used in an authorized manner. Notwithstanding the above, you understand and agree that you
are responsible for ensuring that participation in the Portfolios, and any website posting, or
other use, of the Designated Portfolio Documents is in compliance with this Agreement and
applicable state and federal securities and insurance laws and regulations, including as they
relate to paper or electronic delivery or use of fund prospectuses. We reserve the right to
inspect and review your website if any Designated Portfolio Documents and/or other Trust
documents are posted on your website and you shall, upon our reasonable request, provide us
timely access to your website materials to perform such inspection and review.
 
In addition, you agree to be solely responsible for maintaining and updating the
Designated Portfolio Documents’ .pdf files and removing and/or replacing promptly any
outdated prospectuses and other documents, as necessary, ensuring that any accompanying
instructions by us, for using or stopping use, are followed. You agree to designate and make
available to us a person to act as a single point of communication contact for these purposes.
We are not responsible for any additional costs or additional liabilities that may be incurred as a
result of your election to place the Designated Portfolio Documents on your website. We
reserve the right to revoke this authorization, at any time and for any reason, although we may
instead make our authorization subject to new procedures.
 
 
 
 
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Schedule A
The Company and its Distributor
THE COMPANY
               
ING Life Insurance and Annuity Company
151 Farmington Avenue
Hartford, Connecticut 06156
               
An insurance company incorporated in Connecticut.
                  
ING USA Annuity and Life Insurance Company
1475 Dunwoody Drive
West Chester, Pennsylvania 19380
                
An insurance company incorporated in Minnesota. Effective December 21, 1993,
changed its state of domicile to Delaware.
                
ReliaStar Life Insurance Company
151 Farmington Avenue
Hartford, Connecticut 06156
               
A life insurance company incorporated in Minnesota.
               
ReliaStar Life Insurance Company of New York
1475 Dunwoody Drive
West Chester, Pennsylvania 19380
                 
A life insurance company incorporated in New York.
                   
THE DISTRIBUTOR
                        
Directed Services, LLC.
1475 Dunwoody Drive
West Chester, Pennsylvania 19380
                     
A corporation incorporated in Delaware.
                        
ING Financial Advisers, LLC
One Orange Way,
Windsor, CT 06095
                      
A corporation incorporated in Delaware.
 
 
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  Schedule C
 
  Available Portfolios and Classes of Shares of the Trust
 
All Classes of Shares of the Trust:
1. Franklin Growth and Income Securities Fund – Classes 1 and 2
2. Franklin Income Securities Fund – Classes 1, 2 and 4
3. Franklin Small Cap Value Securities Fund – Classes 1, 2 and 4
4. Franklin Small-Mid Cap Growth Securities Fund – Classes 1, 2 and 4
5. Franklin U.S. Government Fund – Classes 1 and 2
6. Mutual Shares Securities Fund – Classes 1, 2 and 4
7. Templeton Developing Markets Securities Fund – Classes 1, 2 and 4
8. Templeton Foreign Securities Fund – Classes 1, 2 and 4
9. Templeton Global Bond Securities Fund – Classes 1, 2 and 4
10. Templeton Growth Securities Fund – Classes 1, 2 and 4
11. Franklin Flex Cap Growth Securities Fund – Classes 2 and 4
12. Franklin Global Real Estate Securities Fund- Classes 1 and 2
13. Franklin High Income Securities Fund – Classes 1 and 2
14. Franklin Large Cap Growth Securities Fund – Classes 1 and 2
15. Franklin Large Cap Value Securities Fund – Class 2
16. Franklin Rising Dividends Securities Fund – Classes 1, 2 and 4
17. Franklin Strategic Income Securities Fund – Classes 1, 2 and 4
18. Franklin Templeton VIP Founding Funds Allocation Fund – Classes 1, 2 and 4
19. Mutual Global Discovery Securities Fund – Classes 1, 2 and 4
 
 
 
 
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  Schedule G
 
  Addresses for Notices
 
To the Company: ING Life Insurance and Annuity Company
  ReliaStar Life Insurance Company
  One Orange Way, B3N
  Windsor, CT 06095-4774
  Attention: Jacqueline Salamon
  Legal Department
 
  ING USA Annuity and Life Insurance Company
  ReliaStar Life Insurance Company of New York
  1475 Dunwoody Drive
  West Chester, PA 19380
  Attention: Nicholas Morinigo
  Counsel – Retail Annuities
 
 
To the Distributor Directed Services, LLC
  1475 Dunwoody Drive
  West Chester, Pennsylvania 19380
  Attention: Regina Gordon
  Chief Compliance Officer – Retail Annuities.
 
 
  ING Financial Advisers, LLC
  One Orange Way
  Windsor, CT 06095
  Attention: Dave Kelsey, Vice President
 
 
To the Trust: Franklin Templeton Variable Insurance Products Trust
  One Franklin Parkway, Bldg. 920 2nd Floor
  San Mateo, California 94403
  Attention: Karen L. Skidmore, Vice President
 
 
To the Underwriter: Franklin/Templeton Distributors, Inc.
  100 Fountain Parkway, Bldg. 140, 7th Floor
  St. Petersburg, FL 33716
  Attention: Peter Jones, President
 
 
If to the Trust or Underwriter  
with a copy to: Franklin Templeton Investments
  One Franklin Parkway, Bldg. 920 2nd Floor
  San Mateo, California 94403
  Attention: General Counsel
 
 
 
 
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