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RETURN INSTRUCTIONS

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Ally Bank

PO Box 13625

Philadelphia, PA 19101

Fax

Subject Line: Operations

Fax Number: 866-699-2969

INHERITED TRADITIONAL IRA APPLICATION TO PARTICIPATE

Married (including legally separated) Unmarried (single, divorced, widowed)

NAME SSN / TAX ID NUMBER DATE OF BIRTH

ADDRESS PERSONAL PHONE

WORK PHONE (OPTIONAL)

CITY STATE ZIP CODE

Successor Primary Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Successor Primary Beneficiary Successor Contingent Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Successor Primary Beneficiary Successor Contingent Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Ally Bank Member FDIC

QUESTIONS? CALL 1-877-247-2559 OR VISIT ALLY.COM

UPDATED 6/2020

Page 1 of 3

Decedent Information

DECEDENT NAME

SSN / TAX ID NUMBER DATE OF BIRTH DATE OF DEATH RELATIONSHIP

Print your responses in the data fields, including the Spousal Consent section (if applicable).

Return the completed, signed form (all three pages) to Ally Bank at PO Box 13625, Philadelphia, PA 19101-9946 OR fax to 866-699-2969 with subject line:

Operations.

OCCUPATION EMPLOYER

Inherited IRA Owner Information

Successor Beneficiary Designation

l Primary and/or Contingent beneficiary allocations must

equal 100% for each

benef

iciary

typ

Successor Primary Beneficiary Successor Contingent Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Successor Primary Beneficiary Successor Contingent Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Signatures

I, the undersigned IRA Owner, hereby designate the above persons/entities as my primary and contingent beneficiary(ies) for this Inherited IRA Plan,

payable by reason of my death. (If a trust is a named beneficiary, a copy of the trust document must be provided.) If primary or contingent is not indicated,

each beneficiary will be designated a primary. Unless otherwise requested herein, each payment made pursuant to this designation: (a) shall be paid to

the primary beneficiary(ies) who are living at the time of my death; or (b) if no primary beneficiary(ies) shall be living at the time of my death, such payment

shall be made to the contingent beneficiary(ies) who are then living. I have the right to change this beneficiary designation at any time. If a beneficiary is

not properly designated or if no primary or contingent beneficiary survives the IRA owner, payments shall be made to my surviving spouse or, if I do not

have a surviving spouse, to my estate.

I certify that the information provided by me is true, complete and accurate, and that I have received a copy of the Application to Participate, Custodial

Account Agreement and Disclosure Statement, Financial Disclosure and the Deposit Account Agreement (collectively the “Documents”). I have read the

Documents and agree to be bound by their terms and conditions. I understand that the designation of the tax year for my contribution and my election to

treat a contribution as a rollover (if applicable) are irrevocable. I have not received any tax or legal advice from Ally Bank (“Custodian”) and assume sole

responsibility for all tax consequences associated with my contributions and distributions, determining that I am eligible for all IRA deposits (contributions,

transfers or rollovers) to this IRA, and ensuring that such deposits are in compliance with all tax laws. I will seek the advice of my tax professional when

appropriate. I understand that within seven (7) days from the date I open this IRA I may revoke it without penalty as described in the Documents. I will

not, nor will my spouse, heir, beneficiaries, or any other party, hold the Custodian liable for any adverse consequences that may result from my actions

or designations. I release the Custodian and agree to hold the Custodian harmless against any and all claims and situations arising from actions taken

by me.

INHERITED IRA OWNER SIGNATURE

DATE

Ally Bank Member FDIC

QUESTIONS? CALL 1-877-247-2559 OR VISIT ALLY.COM

UPDATED 6/2020

INHERITED TRADITIONAL IRA APPLICATION TO PARTICIPATE

Page 2 of 3

Successor Primary Beneficiary Successor Contingent Beneficiary

NAME ADDRESS CITY STATE ZIP CODE

PERCENTAGE (%) DATE OF BIRTH SSN / TAX ID NUMBER RELATIONSHIP

Successor Beneficiary Designation (continued)

click to sign

signature

click to edit

Spousal Consent

For use in community/marital property states AZ, CA, ID, LA, NV, NM, TX, WA, WI (marital property state)

and AK (a married couple can make a community property election)

IRA OWNER

I am married. I understand that if I want to name a primary beneficiary other than my spouse, my spouse’s notarized signature appears below.

I am not married. I understand that if I become married in the future, I must complete an IRA Change of Beneficiary form which includes spousal

consent documentation.

IRA OWNER SPOUSE (IF APPLICABLE)

I acknowledge and agree that my s

pouse, the IRA Owne

has

and

will name a primary beneficiary or a percentage of less than 100% to someone other

than me for the inherited IRA Plan noted above. By signing below, I transfer any and all interest I may have in this IRA Plan to my spouse, the IRA

owner. I agree to seek the advice of a legal or tax professional, as needed.

SIGNATURE OF SPOUSE DATE

Ally B

ank Member FDIC

QUESTIONS? CALL 1-877-247-2559 OR VISIT ALLY.COM

UPDATED 6/2020

INHERITED TRADITIONAL IRA APPLICATION TO PARTICIPATE

Page 3 of 3

State of: _______________________

County of: ______________________

On this the _____ day of _________________ , ___________ , before me, ________________________ , the undersigned Notary Public, personally

appeared __________________________________ ,

Personally known to me

Proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and has hereby

acknowledged to me that he/she/they have executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the

instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

_______________________________________________

Notary Signature

click to sign

signature

click to edit

click to sign

signature

click to edit

Introduction

The Depositor named on the Application to Participate is establishing a Traditional Individual

Retirement Account under section 408(a) to provide for his or her retirement and for the support of

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ARTICLE I

Except in the case of a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8),

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ARTICLE II

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ARTICLE III

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ARTICLE IV

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Traditional Individual Retirement Custodial Account

(Under section 408(a) of the Internal Revenue Code)

General Instructions

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Purpose of Form

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$FFRXQW7UDGLWLRQDO,5$LVHVWDEOLVKHGDIWHUWKHIRUPLVIXOO\H[

HFXWHGE\ERWKWKHLQGLYLGXDO'HSRVLWRUDQGWKH&XVWRGLDQ7RPDNH

DUHJXODUFRQWULEXWLRQWRD7UDGLWLRQDO,5$IRUD\HDUWKH,5$PXVWEH

established no later than the due date of the individual’s income tax

UHWXUQIRUWKHWD[\HDUH[FOXGLQJH[WHQVLRQV7KLVDFFRXQWPXVWEH

FUHDWHGLQWKH8QLWHG6WDWHVIRUWKHH[FOXVLYHEHQH¿WRIWKH'HSRVLWRU

DQGKLVRUKHUEHQH¿FLDULHV

Do not ¿OH )RUP $ ZLWK WKH ,56 ,QVWHDG NHHS LW ZLWK

\RXUUHFRUGV

GHWHUPLQHGDVIROORZV

(a)

7KHUHTXLUHGPLQLPXPGLVWULEXWLRQXQGHUSDUDJUDSKEIRUDQ\\HDUEHJLQQLQJZLWKWKH\HDU

WKH'HSRVLWRUUHDFKHVDJHòLV WKH 'HSRVLWRUVDFFRXQWYDOXHDWWKHFORVHRIEXVLQHVVRQ

'HFHPEHURIWKHSUHFHGLQJ\HDUGLYLGHGE\WKHGLVWULEXWLRQSHULRGLQWKHXQLIRUPOLIHWLPH

WDEOHLQ5HJXODWLRQVVHFWLRQD+RZHYHULIWKH'HSRVLWRUVGHVLJQDWHGEHQH¿FLDU\

LVKLVRUKHUVXUYLYLQJVSRXVHWKHUHTXLUHGPLQLPXPGLVWULEXWLRQIRUD\HDUVKDOOQRWEHPRUH

WKDQWKH'HSRVLWRUVDFFRXQWYDOXHDWWKHFORVHRIEXVLQHVVRQ'HFHPEHURIWKHSUHFHGLQJ\HDU

GLYLGHGE\WKHQXPEHULQWKHMRLQWDQGODVWVXUYLYRUWDEOHLQ5HJXODWLRQVVHFWLRQD

7KHUHTXLUHGPLQLPXPGLVWULEXWLRQIRUD\HDUXQGHUWKLVSDUDJUDSKDLVGHWHUPLQHGXVLQJWKH

'HSRVLWRUVRULIDSSOLFDEOHWKH'HSRVLWRUDQGVSRXVHVDWWDLQHGDJHRUDJHVLQWKH\HDU

(b)

7KHUHTXLUHGPLQLPXPGLVWULEXWLRQXQGHUSDUDJUDSKVDDQGELIRUD\HDUEHJLQQLQJZLWK

WKH\HDUIROORZLQJWKH\HDURIWKH'HSRVLWRUVGHDWKRUWKH\HDUWKH'HSRVLWRUZRXOGKDYHUHDFKHG

age 70½, if applicable under paragraph 3(b)(i)) is the account value at the close of business on

'HFHPEHURIWKHSUHFHGLQJ\HDUGLYLGHGE\WKHOLIHH[SHFWDQF\LQWKHVLQJOHOLIHWDEOHLQ

5HJXODWLRQVVHFWLRQDRIWKHLQGLYLGXDOVSHFL¿HGLQSDUDJUDSKVDDQGEL

(c) 7KHUHTXLUHGPLQLPXPGLVWULEXWLRQIRUWKH\HDUWKHGHSRVLWRUUHDFKHVDJHòFDQEHPDGH

DVODWHDV$SULORIWKHIROORZLQJ\HDU7KHUHTXLUHGPLQLPXPGLVWULEXWLRQIRUDQ\RWKHU\HDU

PXVWEHPDGHE\WKHHQGRIVXFK\HDU

6.7KHRZQHURIWZRRUPRUH7UDGLWLRQDO,5$VPD\VDWLVI\WKHPLQLPXPGLVWULEXWLRQUHTXLUHPHQWV

GHVFULEHGDERYHE\WDNLQJIURPRQH7UDGLWLRQDO,5$WKHDPRXQWUHTXLUHGWRVDWLVI\WKHUHTXLUHPHQW

IRUDQRWKHULQDFFRUGDQFHZLWKWKHUHJXODWLRQVXQGHUVHFWLRQD

ARTICLE V

1.7KH'HSRVLWRUDJUHHVWRSURYLGHWKH&XVWRGLDQZLWKDOOLQIRUPDWLRQQHFHVVDU\WRSUHSDUHDQ\

UHSRUWVUHTXLUHGE\VHFWLRQLDQG5HJXODWLRQVVHFWLRQVDQG

2.7KH&XVWRGLDQDJUHHVWRVXEPLWWRWKH,QWHUQDO5HYHQXH6HUYLFH,56DQG'HSRVLWRUWKHUHSRUWV

SUHVFULEHGE\WKH,56

ARTICLE VI

1RWZLWKVWDQGLQJDQ\RWKHUDUWLFOHVZKLFKPD\EHDGGHGRULQFRUSRUDWHGWKHSURYLVLRQVRI$UWLFOHV

,WKURXJK,,,DQGWKLVVHQWHQFHZLOOEHFRQWUROOLQJ$Q\DGGLWLRQDODUWLFOHVLQFRQVLVWHQWZLWKVHFWLRQ

DDQGWKHUHODWHGUHJXODWLRQVZLOOEHLQYDOLG

ARTICLE VII

7KLVDJUHHPHQWZLOOEHDPHQGHGDVQHFHVVDU\WRFRPSO\ZLWKWKHSURYLVLRQVRIWKH&RGHDQGWKH

UHODWHGUHJXODWLRQV2WKHUDPHQGPHQWVPD\EHPDGHZLWKWKHFRQVHQWRIWKHSHUVRQVZKRVHVLJQDWXUHV

DSSHDURQWKH$SSOLFDWLRQWR3DUWLFLSDWH

ARTICLE VIII

1. Amendments—7KH&XVWRGLDQKDVWKHULJKWWRDPHQGWKLV&XVWRGLDO$JUHHPHQWDWDQ\WLPHWR

FRPSO\ZLWKQHFHVVDU\ODZVDQGUHJXODWLRQVZLWKRXWWKHFRQVHQWRIWKH'HSRVLWRU6XFKDPHQGPHQWV

PD\EHPDGHUHWURDFWLYHO\WRFRPSO\ZLWKVWDWXWRU\RUUHJXODWRU\FKDQJHV7KH&XVWRGLDQDOVRKDV

WKHULJKWWRDPHQGWKLV&XVWRGLDO$JUHHPHQWIRUDQ\RWKHUUHDVRQ7KH'HSRVLWRULVGHHPHGWRKDYH

DXWRPDWLFDOO\FRQVHQWHGWRDQ\DPHQGPHQWXQOHVVWKH'HSRVLWRUQRWL¿HVWKH&XVWRGLDQLQZULWLQJ

WKDWWKH'HSRVLWRUGRHVQRWFRQVHQWWRWKHDPHQGPHQWZLWKLQGD\VDIWHUWKH&XVWRGLDQPDLOVDFRS\

RIWKHDPHQGPHQWWRWKH'HSRVLWRU

2. Responsibilities—The &XVWRGLDQVKDOOUHFHLYHDOOFRQWULEXWLRQVVKDOOPDNHGLVWULEXWLRQVDQG

SD\EHQH¿WVIURPWKHFXVWRGLDODFFRXQWVKDOO¿OHVXFKVWDWHPHQWVRUUHSRUWVDVPD\EHUHTXLUHGDQG

GRRWKHUWKLQJVDVPD\EHUHTXLUHGRID7UDGLWLRQDO,5$FXVWRGLDQ,IDSSOLFDEOHDQGXQOHVVRWKHUZLVH

VSHFL¿HGE\WKH'HSRVLWRUKLVVSRXVHRUKLVEHQH¿FLDULHVWKH&XVWRGLDQDWLWVVROHGLVFUHWLRQIURP

WLPHWRWLPHVKDOOFDVWDQ\YRWHVWKDWPD\EHDWWULEXWDEOHWRWKH'HSRVLWRU¶VLQWHUHVWXQGHUWKLVDJUHH

PHQW7KH&XVWRGLDQVKDOOXVHUHDVRQDEOHFDUHVNLOOSUXGHQFHDQGGLOLJHQFHLQWKHDGPLQLVWUDWLRQDQG

LQYHVWPHQWRIWKHFXVWRGLDODFFRXQWDQGLQH[HFXWLQJDQ\ZULWWHQLQVWUXFWLRQVE\WKH'HSRVLWRUDQG

VKDOOEHHQWLWOHGWRUHO\RQLQIRUPDWLRQVXEPLWWHGE\WKH'HSRVLWRU7KH&XVWRGLDQVKDOOKDYHQRGXWLHV

XQGHUWKLVDJUHHPHQWDQGQRUHVSRQVLELOLW\IRUWKHDGPLQLVWUDWLRQRIWKHFXVWRGLDODFFRXQWH[FHSWIRU

VXFKGXWLHVLPSRVHGE\ODZRUWKLVDJUHHPHQW7KH&XVWRGLDQLVDXWKRUL]HGWRLQYHVWDOORUSDUWRIWKH

SODQ¶VDVVHWVLQGHSRVLWVRIWKH¿QDQFLDORUJDQL]DWLRQDFWLQJDV&XVWRGLDQRIWKLV7UDGLWLRQDO,5$7KH

&XVWRGLDQKDVQRUHVSRQVLELOLW\RUGXW\WRGHWHUPLQHZKHWKHUFRQWULEXWLRQVWRRUGLVWULEXWLRQVIURP

WKLV,5$ FRPSO\ZLWKWKHODZVRUUHJXODWLRQVRUWKLV&XVWRGLDO$JUHHPHQW 7KH&XVWRGLDQLVQRW

UHVSRQVLEOHIRUWLPHO\SD\LQJWKHUHTXLUHGPLQLPXPGLVWULEXWLRQ,IWKH&XVWRGLDQIDLOVWRHQIRUFHDQ\

RIWKHSURYLVLRQVRIWKLV$JUHHPHQWVXFKIDLOXUHVKDOOQRWEHFRQVWUXHGDVDZDLYHURIVXFKSURYLVLRQV

RURIWKH&XVWRGLDQVULJKWWKHUHDIWHUWRHQIRUFHHDFKDQGHYHU\VXFKSURYLVLRQ

3. Resignation, Removal and Appointment of Custodian—7KH&XVWRGLDQPD\UHVLJQDWDQ\WLPH

E\JLYLQJGD\VSULRUZULWWHQQRWLFHRIVXFKUHVLJQDWLRQWRWKH'HSRVLWRU7KH'HSRVLWRUVKDOO¿OODQ\

YDFDQF\LQWKHRI¿FHRI&XVWRGLDQ,IDIWHUGD\VIURPQRWLFHRIUHVLJQDWLRQWKH'HSRVLWRUGRHVQRW

QRWLI\WKH&XVWRGLDQLQZULWLQJRIWKHDSSRLQWPHQWRIDVXFFHVVRU&XVWRGLDQRIWKH7UDGLWLRQDO,5$

WKHUHVLJQLQJ&XVWRGLDQKDVWKHULJKWWRDSSRLQWDVXFFHVVRU&XVWRGLDQRIWKH,5$RUDWLWVVROHGLVFUH

WLRQWKHUHVLJQLQJ&XVWRGLDQPD\WUDQVIHUWKH7UDGLWLRQDO,5$WRDVXFFHVVRU&XVWRGLDQRUGLVWULEXWH

WKH7UDGLWLRQDO,5$DVVHWVWRWKH'HSRVLWRU7KH&XVWRGLDQLVDXWKRUL]HGWRUHVHUYHVXFKIXQGVLWGHHPV

QHFHVVDU\WRFRYHUDQ\IHHVRUFKDUJHVDJDLQVWWKH7UDGLWLRQDO,5$

4. Applicable Law— 7KLV$JUHHPHQWLVVXEMHFWWRDOODSSOLFDEOHIHGHUDODQGVWDWHODZVDQGUHJXOD

WLRQV,ILWLVQHFHVVDU\WRDSSO\DQ\VWDWHODZWRLQWHUSUHWDQGDGPLQLVWHUWKLV$JUHHPHQWWKHODZRI

WKH&XVWRGLDQVGRPLFLOHVKDOOJRYHUQ

5. Severability— ,IDQ\SDUWRIWKLV$JUHHPHQWLVKHOGWREHXQHQIRUFHDEOHRULQYDOLGWKHUHPDLQLQJ

SDUWVVKDOOQRWEHDIIHFWHG7KHUHPDLQLQJSDUWVVKDOOEHHQIRUFHDEOHDQGYDOLGDVLIDQ\XQHQIRUFHDEOH

RULQYDOLGSDUWVZHUHQRWFRQWDLQHGKHUHLQ

)RUPRUHLQIRUPDWLRQRQ,5$VLQFOXGLQJWKHUHTXLUHGGLVFORVXUHV

WKH&XVWRGLDQPXVWJLYHWKH'HSRVLWRUVHHPub. 590-A&RQWULEX

tions to Individual Retirement Arrangements (IRAs), and Pub. 590-

B'LVWULEXWLRQVIURP,QGLYLGXDO5HWLUHPHQW$UUDQJHPHQWV,5$V

'H¿QLWLRQV

Custodian. 7KH&XVWRGLDQPXVWEHDEDQNRUVDYLQJVDQGORDQDV

VRFLDWLRQDVGH¿QHGLQVHFWLRQQRUDQ\SHUVRQZKRKDVWKH

DSSURYDORIWKH,56WRDFWDVFXVWRGLDQ

Depositor. The 'HSRVLWRULVWKHSHUVRQZKRHVWDEOLVKHVWKHFXV

WRGLDODFFRXQW

Traditional IRA for Nonworking Spouse

)RUP$PD\EHXVHGWRHVWDEOLVKWKH,5$FXVWRGLDODFFRXQW

IRUDQRQZRUNLQJVSRXVH

&RQWULEXWLRQV WR DQ,5$ FXVWRGLDO DFFRXQW IRUD QRQZRUNLQJ

spouse must be made to a separate IRA custodial account established

E\WKHQRQZRUNLQJVSRXVH

6SHFL¿F,QVWUXFWLRQV

Article IV. 'LVWULEXWLRQVPDGHXQGHUWKLVDUWLFOHPD\EHPDGHLQ

D VLQJOH VXP SHULRGLF SD\PHQW RU D FRPELQDWLRQ RI ERWK 7KH

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reaches age 70½ to ensure that the requirements of section 408(a)

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(Rev. April 2017)

Department of the Treasury

Internal Revenue Service

Form

DO NOT File

With the Internal

Revenue Service

5305-A

Inherited Traditional Individual Retirement Custodial Account Disclosure Statement

Introduction

This disclosure statement describes the statutory and regulatory provisions applicable to the

operation and tax treatment of the inherited Traditional Individual Retirement Account (inherited

Traditional IRA). It is intended to provide you with a clear explanation of the rules governing

the inherited Traditional IRA. Please review the disclosure carefully.

Because of the complexity of the rules, you should consult with your own tax advisor if you

have any questions about this material. Additional information concerning Traditional IRAs can

be obtained from any district oce of the Internal Revenue Service (IRS).

Revocation of Account

Procedure. IRS regulations require that this disclosure statement be given to you at least seven

days before the account is established, or on the date the account is established if you may

revoke the account within at least seven days after it is established. The inherited Traditional

IRA described in this statement provides for delivery of the required disclosure statement at

the time the inherited Traditional IRA is established. Accordingly, you are entitled to revoke

the inherited Traditional IRA for any reason within seven days after the date it is established.

Such revocation may be made only by written notice mailed or delivered to the person and the

Financial Institution at the address indicated in the Revocation box on the inherited Traditional

IRA Application to Participate. If mailed, the revocation notice shall be deemed mailed on

the date of the postmark if deposited in the mail in the United States in an envelope or other

appropriate wrapper with rst-class postage prepaid. If sent by registered or certied mail, the

date of registration or certication will be the date on which it is deemed mailed. Upon revoca-

tion within the seven-day period, you are entitled to a return of the entire amount paid into the

inherited Traditional IRA without adjustment for administrative expenses, penalties, commissions

or uctuations in market value.

If you have any questions concerning a revocation of your inherited Traditional IRA, please call

the Custodian’s contact person at the phone number indicated on the Application to Participate.

Qualied Custodial Account. This Individual Retirement Custodial Account uses the precise

language of Form 5305-A provided by the IRS (including any additional language permitted

by such form) and is treated as approved. IRS approval represents a determination as to form

and not to the merits thereof.

Rollover Contributions

WRP-to-Traditional IRA Rollovers. If you are the beneciary of a deceased WRP participant,

you may roll over those assets to an inherited Traditional IRA. The administrator of the WRP is

required to provide you with a notice regarding rollover treatment. You may directly roll over

inherited WRP funds to an inherited Traditional IRA.

If you are scheduled to receive an eligible rollover distribution over $200, the employer must

allow you to have the assets rolled over directly from the distributing plan to the receiving

inherited Traditional IRA or other eligible plan. If you do not choose to have the assets directly

rolled over to an inherited Traditional IRA or other eligible plan in this manner, the assets will

be paid to you, subject to mandatory federal income tax withholding of 20%. If you are the

surviving spouse of a WRP participant, you may roll over the rollover-eligible amount distributed

(including an amount equal to the federal income tax withheld) within 60 days of the date the

distribution is received (unless an exception applies).

Transfers

Traditional IRA-to-Traditional IRA Transfers. You may transfer all or any portion of the as-

sets from one inherited Traditional IRA (including this one) to another inherited Traditional IRA.

Investment

Investment of Contributions. Contributions to this Traditional IRA are held in a custodial ac-

count for your exclusive benet, or that of your surviving spouse or successor beneciaries who

may include your estate, your dependents, or any other persons or entities you may designate,

in writing, to the Custodian. Your interest in the account is fully vested and nonforfeitable. The

funds in this plan shall be invested in savings accounts, certicates of deposit, and any other

investments that are, or may become, legal for the Custodian to make available for investment.

The assets of the custodial account may not be commingled with other property except in a

common trust fund or common investment fund (within the meaning of section 408(a)(5) of the

Internal Revenue Code). At no time may any portion of the funds be invested in life insurance

contracts or collectibles. The prohibition against investment in collectibles does not apply to

certain gold, silver, and platinum coins minted by the government of the United States or any

state thereof and to certain gold, silver, platinum, and palladium bullion.

Death Benet Options

If the Deceased IRA Holder Died Before 2020:

Any beneciary withdrawing funds from this Traditional IRA should rst seek the advice of

a tax advisor as to the tax consequences of each option available. The options available to the

beneciary depend on whether the deceased IRA holder reached his or her required beginning

date (generally, April 1 of the year following the year he or she attained age 70½).

Before Required Beginning Date. If the deceased IRA holder died before his or her required

beginning date, you may elect one of the following options: 1) to receive the balance in the

account by December 31 of the fth year following the year of the deceased IRA holder's death

(the ve-year rule), or 2) if you are an individual, the remaining funds may be distributed in

accordance with the life-expectancy rule. If you are the deceased IRA holder's surviving spouse,

your single life expectancy is based on your attained age in the year for which the distribution

is being paid and the distributions must begin by the end of the year the deceased IRA holder

would have attained age 72 (age 70½ before 2020), or December 31 of the year following the

year of the deceased IRA holder's death, whichever is later. If you are an individual who is

not the deceased IRA holder's surviving spouse, your single life expectancy is based on your

attained age in the year following the year of the deceased IRA holder's death and then reduced

by one for each subsequent year thereafter. The distributions must begin by December 31 of the

year following the year of the deceased IRA holder's death. If you die after 2019 and you are an

individual (spouse or non-spouse), the successor beneciary(ies) must receive the entire balance

in the account by December 31 of the tenth year following the year of your death. If you are not

a person (e.g., an estate, a charity, or other non-person), you are not considered a “designated

beneciary” and, thus, the ve-year rule is the only death distribution option.

On or After Required Beginning Date. If the deceased IRA holder died on or after his or her

required beginning date, and the deceased IRA holder had taken the RMD for the year of his or

her death, you may, but are not required to, take a distribution in the year of the deceased IRA

holder's death. If the deceased IRA holder died on or after the required beginning date, and the

deceased IRA holder had not taken the RMD for the year of his or her death, you must take an

amount equal to, or in excess of, the amount of the deceased IRA holder's RMD for the year of

death that the deceased IRA holder did not take prior to death.

For years after the year of the deceased IRA holder's death, you must continue to receive a death

distribution each year until the inherited Traditional IRA is depleted. The amount of the death

distribution for each year after the year of the deceased IRA holder's death is determined by

dividing the value in the inherited Traditional IRA each year by your single life expectancy factor.

If you are the deceased IRA holder's surviving spouse, the appropriate single life expectancy

factor is the longer of: the single life expectancy factor, based on your attained age on your

birthday each year, or the single life expectancy factor determined using the deceased IRA holder's

attained age on his or her birthday in the year of death, and reduced by one each year thereafter.

If you are an individual who is not the deceased IRA holder's surviving spouse, the appropriate

single life expectancy factor is the longer of: the single life expectancy factor determined using

your attained age on your birthday in the year following the year of the deceased IRA holder's

death, and reduced by one each year thereafter, or the single life expectancy factor determined

using the deceased IRA holder's attained age on his or her birthday in the year of death, and

reduced by one each year thereafter.

If you die after 2019 and you are an individual (spouse or non-spouse), the successor

beneciary(ies) must receive the entire balance in the account by December 31 of the tenth

year following the year of your death.

If you are not an individual, the appropriate single life expectancy factor is the single life ex-

pectancy factor determined using the deceased IRA holder's attained age on his or her birthday

in the year of death, and reduced by one each year thereafter.

Additional Options Available to the Surviving Spouse. In addition to the options available

above, if you are the deceased IRA holder's surviving spouse, you may elect to treat the inherited

Traditional IRA as your own Traditional IRA. The result of such an election is that you will

then be considered the Traditional IRA holder. The election may be made by redesignating the

Traditional IRA in your own name as the Traditional IRA holder, rather than the beneciary.

The election will be deemed to have been made if either of the following occurs: 1) you do not

receive a required death distribution in any calendar year following the year of the deceased

IRA holder's death, or 2) you contribute any additional amounts to the account.

Congratulations

The earnings and/or investment gain on the inherited Traditional IRA accumulate tax-deferred until distributed. This means you pay no federal income tax on the inherited Traditional IRA

earnings and/or investment gain until you withdraw the inherited Traditional IRA funds.

This booklet, containing the inherited Traditional IRA Custodial Agreement and Disclosure Statement, is yours to keep. Please read it over carefully to understand the rules relating

to the inherited Traditional IRA.

Thank you for allowing us to maintain the inherited Traditional IRA. We’re here to help you in any way we can. If you have any questions, or if we can assist you on any other mat-

ter, please let us know.

Application to Participate

The Application is used to record all of the participant information necessary to establish

the inherited Traditional IRA. It is important that all of the information be completed.

Traditional Individual Retirement Custodial Account Agreement

This is the legal document that denes the Internal Revenue Service’s rules and regula-

tions for Traditional IRAs. The Custodial Agreement, together with a fully completed

Application to Participate, establishes the inherited Traditional IRA with our organization.

Disclosure Statement

The Disclosure Statement is a nontechnical description of the rules governing this inher-

ited Traditional IRA. It is easy to understand, because it’s written in layman’s language.

Explanations are separated by headings that help you locate specic rules about the

inherited Traditional IRA.

If the Deceased IRA Holder Died After 2019:

Any beneciary withdrawing funds from this Traditional IRA should rst seek the advice of a

tax advisor as to the tax consequences of each option available. Starting with deaths after 2019,

the options available to the beneciary depend on whether the beneciary is not a designated

beneciary (generally, not an individual), a designated beneciary (generally, an individual

who is not an eligible designated benecary), or an eligible designated beneciary (generally,

the deceased IRA holder's surviving spouse, the deceased IRA holder's minor child, a disabled

individual, a chronically ill individual, or an individual who is not more than ten years younger

than the deceased IRA holder).

Not a Designated Beneciary. Generally, the beneciary (and any successor beneciary) must

receive the entire balance in the account by December 31 of the fth year following the year of

the deceased IRA holder's death.

Designated Beneciary Who is not an Eligible Designated Beneciary. The deceased IRA

holder's beneciary (and any successor beneciary) must receive the entire balance in the ac-

count by December 31 of the tenth year following the year of the deceased IRA holder's death.

Eligible Designated Beneciary. The deceased IRA holder's beneciary may choose 1) to

receive the entire balance in the account by December 31 of the tenth year following the year

of the deceased IRA holder's death, or 2) to have the remaining funds distributed in accordance

with the life-expectancy rule. If the eligible designated beneciary is the deceased IRA holder's

surviving spouse, the single life expectancy is based on his or her attained age in the year for

which the distribution is being paid. The distributions to the deceased IRA holder's surviving

spouse must begin by the end of the year the deceased IRA holder would have attained age 72,

or December 31 of the year following the year of the deceased IRA holder's death, whichever is

later. If the eligible designated beneciary is an individual who is not the deceased IRA holder's

surviving spouse, the eligible designated beneciary’s single life expectancy is based on his

or her attained age in the year following the year of the deceased IRA holder's death and then

reduced by one for each subsequent year thereafter. The distributions must begin by December

31 of the year following the year of the deceased IRA holder's death. If the eligible designated

beneciary is the deceased IRA holder's minor child, he or she may continue to receive the single

life expectancy distributions until the year he or she reaches the age of majority, then he or she

must receive the entire balance in the account by December 31 of the tenth year following the

year he or she reaches the age of majority. Upon the death of the eligible designated beneciary,

the successor beneciary(ies) must receive the entire balance in the account by December 31 of

the tenth year following the year of the eligible designated beneciary's death.

Additional Options Available to the Surviving Spouse. In addition to the options available

above, the deceased IRA holder's surviving spouse beneciary may elect to treat his or her

interest in the deceased IRA holder's Traditional IRA as his or her own Traditional IRA. The

result of such an election is that the surviving spouse will then be considered the Traditional IRA

holder. The election may be made by the deceased IRA holder's surviving spouse redesignat-

ing the Traditional IRA in his or her own name as the Traditional IRA holder, rather than the

beneciary. The election will be deemed to have been made if either of the following occurs:

1) the deceased IRA holder's surviving spouse does not receive a required death distribution in

any calendar year following the year of the deceased IRA holder's death, or 2) any additional

amounts are contributed to the account by the deceased IRA holder's surviving spouse.

Tax Treatment of Distributions

Federal Income Tax. Generally, distributions from an inherited Traditional IRA are taxable to

the recipient at ordinary income tax rates. However, if this inherited Traditional IRA, or any

other Traditional IRA you inherited from the same deceased individual, contains previously taxed

funds, such as nondeductible contributions or a rollover of after-tax funds from a WRP, most

distributions from the inherited Traditional IRA will consist of a nontaxable portion (e.g., return

of nondeductible contributions) and a taxable portion (e.g., return of deductible contributions,

if any, and account earnings).

Qualied Charitable Distributions. If you are age 70½ or older, you can make a qualied

charitable distribution (QCD) of otherwise taxable assets directly from the inherited Traditional

IRA (not an ongoing SEP IRA) to a qualied charity. This special distribution rule allows you

to donate up to $100,000 annually to charitable organizations completely tax-free. A QCD can

be used to satisfy your required minimum distribution for the year.

Reporting. If you receive a distribution from the inherited Traditional IRA that includes a

nontaxable portion, you must le Form 8606 with your tax return to determine the nontaxable

portion of the distribution. Failure to le Form 8606, if required, will result in a nondeductible

penalty of $50 for each failure.

Federal Income Tax Withholding. Amounts distributed from a Traditional IRA are subject

to federal income tax withholding unless you or, after your death, your successor beneciary,

elect in writing not to have tax withholding apply. Once the election is made, it applies to all

future distributions until all of the funds are distributed from the Traditional IRA, or until the

election is revoked or a new election is led with the Custodian. The amount to be withheld

from a distribution is determined without regard to whether all or a portion of the distribution

represents the return of nondeductible contributions.

Federal Estate and Gift Tax. The full value of the inherited Traditional IRA is includible in your

estate for federal estate tax purposes. Exercise of an option whereby an annuity or other payment

becomes payable to any beneciary is not considered a transfer for federal gift tax purposes.

Transactions Subject to Excise Taxes/Disqualication

Prohibited Transactions. The plan prohibits you from engaging in a prohibited transaction

(within the meaning of the Internal Revenue Code section 4975) with respect to the Traditional

IRA. In addition, the Custodian or any other disqualied party may not engage in a prohibited

transaction with respect to the Traditional IRA. If such a transaction is engaged in, the Traditional

IRA will cease to be qualied, and will lose its exemption from taxation. The full Traditional

IRA balance will be treated as having been distributed to you, subject to the income and penalty

taxes discussed above.

Penalty for Using Plan Assets as Security for Loans. If you use all or any portion of your

interest in the Traditional IRA as security for a loan, the portion of the Traditional IRA so used

will be treated as if it were distributed to you, subject to the income and penalty taxes discussed

above. As a result, this Traditional IRA specically prohibits pledging the Traditional IRA assets

as security for a loan.

Penalty for Borrowing Traditional IRA Assets. If you borrow money from your inherited

Traditional IRA, it will cease to be a Traditional IRA as of the rst day of the tax year in which

the loan was made. Disqualication of the account triggers a constructive distribution to you

equal to the fair market value of all of the assets of the account as of the rst day of such tax

year and will be subject to the income and penalty taxes discussed above.

Penalty for Excess Accumulations. If the required minimum distributions described in the sec-

tion titled “Death Benet Options” do not occur within the time required by law, a penalty tax

may be incurred equal to 50% of the dierence between the amount required to be distributed

and the amount actually distributed each year. The Secretary of the Treasury may waive the

penalty if the inadequate distribution is due to reasonable error and reasonable steps are being

taken to correct the situation.

Taxpayer Reporting for Excise Tax/Disqualication. If a transaction has occurred for which

a penalty tax is imposed, such as an excess accumulation, you may be required by the Internal

Revenue Service to attach Form 5329 to your federal income tax return.

Financial Disclosure

Projection of Future Balance. The balance in an individual retirement account increases as a

direct result of both the level of contribution and the investment return. The tables on the next

page provide a projection of the amount of money that would be available for withdrawal from

the inherited Traditional IRA if a projection can be reasonably made. These amounts are pro-

jections only and do not necessarily reect the amounts that you could withdraw in all events

at the end of each year. The rate of interest payable on the investments is subject to change

for the duration of the inherited Traditional IRA and cannot be guaranteed at a constant rate.

Time Deposit Account. If the inherited Traditional IRA is invested in a xed-term time deposit

account, early withdrawal penalties could be imposed if the funds are withdrawn prior to the

maturity of the account. The penalties would aect the amount of money that would be avail-

able if the funds were withdrawn from the inherited Traditional IRA. The table on the next

page projects the accumulated balance without penalty as well as the amount of money that

would be available if a 1-, 3-, or 6-month early withdrawal penalty were imposed on the entire

amount withdrawn. The penalty may vary on the term of the account and the early withdrawal

policy in eect at the time the account is established or renewed. You will be provided with the

rules for each time deposit account in which the inherited Traditional IRA funds are invested.

Variable Rate Account. If the inherited Traditional IRA funds are invested in a variable rate

account in which the rate of return is frequently adjusted, the projected value of the inherited

Traditional IRA in future years cannot be reasonably made. The growth in the value of the

inherited Traditional IRA is neither guaranteed nor projected. You will receive the appropriate

rules for the account which state the method for computing and allocating account earnings, a

description of each type of charge, and the amount thereof, that may be made against the account,

and the method used in computing the penalties.

Custodial Fees. The Custodian may charge reasonable fees for administering the Custodial

Account, preparing reports, keeping records, and other services. Such fees may include, but

are not limited to, opening fees, administration fees, transaction fees, transfer fees, closing fees,

and investment commissions. The Custodian may also charge the Custodial Account the reason-

able costs of duciary insurance, counsel fees, and reasonable compensation for its services as

Custodian. Such fees, if any, may be: 1) charged directly to and deducted from the Custodial

Account, and would reduce the account value of this Traditional IRA, or 2) billed directly to you.

If the Custodian has a fee policy at the time this Traditional IRA is established, the Custodian

will provide a separate fee schedule to you. The Custodian will give you at least 30 days prior

notice before imposing a new fee or changing an existing fee.

If the fee will be deducted from the Custodial Account, either Method 2 on the next page will

be completed or a separate nancial projection will be attached and made part of this Disclosure

Statement. Method 1, on the next page, assumes that either there is no custodial fee, or custodial

fees are billed directly to you.

Projection of Future Balance (Use Method 1 or Method 2)

Method 2

The following projection of account values represents the amounts that would be available in the

inherited Traditional IRA at the end of each of the rst ve years and at the end of the years in

which you attain ages 60, 65, and 70. These balances are not guaranteed. The actual balances

will depend on many factors, including the interest rates and terms of future investments. The

following balances, which are only projections, are based on the custodial fees discussed on

the previous page, if any, and the initial and only deposit to your inherited Traditional IRA is

$1,000 on the rst day of the year.

Investment annual percentage yield

Penalty for early withdrawal of investment

End of year

Account Value

End of year

you attain age

Account Value

Account Values

Number

of Years

Penalty

1-Month

Penalty

3-Month

Penalty

6-Month

Penalty

$1,001.00

$1,002.00

$1,003.00

$1,004.01

$1,005.01

$1,006.02

$1,007.02

$1,008.03

$1,009.04

$1,010.05

$1,011.06

$1,012.07

$1,013.08

$1,014.09

$1,015.11

$1,016.12

$1,017.14

$1,018.15

$1,019.17

$1,020.19

$1,021.21

$1,022.23

$1,023.25

$1,024.28

$1,025.30

$1,026.33

$1,027.35

$1,028.38

$1,029.41

$1,030.44

$1,031.47

$1,032.50

$1,033.53

$1,034.57

$1,035.60

$1,036.64

$1,037.67

$1,038.71

$1,039.75

$1,040.79

$1,041.83

$1,042.87

$1,043.92

$1,044.96

$1,046.00

$1,047.05

$1,048.10

$1,049.15

$1,050.19

$1,051.24

$1,052.30

$1,053.35

$1,000.92

$1,001.92

$1,002.92

$1,003.92

$1,004.93

$1,005.93

$1,006.94

$1,007.94

$1,008.95

$1,009.96

$1,010.97

$1,011.98

$1,012.99

$1,014.01

$1,015.02

$1,016.04

$1,017.05

$1,018.07

$1,019.09

$1,020.11

$1,021.13

$1,022.15

$1,023.17

$1,024.19

$1,025.22

$1,026.24

$1,027.27

$1,028.30

$1,029.32

$1,030.35

$1,031.38

$1,032.42

$1,033.45

$1,034.48

$1,035.52

$1,036.55

$1,037.59

$1,038.63

$1,039.66

$1,040.70

$1,041.74

$1,042.79

$1,043.83

$1,044.87

$1,045.92

$1,046.96

$1,048.01

$1,049.06

$1,050.11

$1,051.16

$1,052.21

$1,053.26

$1,000.75

$1,001.75

$1,002.75

$1,003.76

$1,004.76

$1,005.76

$1,006.77

$1,007.78

$1,008.78

$1,009.79

$1,010.80

$1,011.81

$1,012.83

$1,013.84

$1,014.85

$1,015.87

$1,016.88

$1,017.90

$1,018.92

$1,019.94

$1,020.96

$1,021.98

$1,023.00

$1,024.02

$1,025.05

$1,026.07

$1,027.10

$1,028.12

$1,029.15

$1,030.18

$1,031.21

$1,032.24

$1,033.28

$1,034.31

$1,035.34

$1,036.38

$1,037.41

$1,038.45

$1,039.49

$1,040.53

$1,041.57

$1,042.61

$1,043.65

$1,044.70

$1,045.74

$1,046.79

$1,047.84

$1,048.88

$1,049.93

$1,050.98

$1,052.03

$1,053.09

$1,000.50

$1,001.50

$1,002.50

$1,003.50

$1,004.51

$1,005.51

$1,006.52

$1,007.52

$1,008.53

$1,009.54

$1,010.55

$1,011.56

$1,012.57

$1,013.58

$1,014.60

$1,015.61

$1,016.63

$1,017.65

$1,018.66

$1,019.68

$1,020.70

$1,021.72

$1,022.74

$1,023.77

$1,024.79

$1,025.81

$1,026.84

$1,027.87

$1,028.90

$1,029.92

$1,030.95

$1,031.99

$1,033.02

$1,034.05

$1,035.08

$1,036.12

$1,037.16

$1,038.19

$1,039.23

$1,040.27

$1,041.31

$1,042.35

$1,043.39

$1,044.44

$1,045.48

$1,046.53

$1,047.57

$1,048.62

$1,049.67

$1,050.72

$1,051.77

$1,052.82

Method 1

This table has been prepared assuming the initial and only deposit to your inherited Traditional IRA is $1,000 on the rst day of the year, with an annual percentage yield of

0.1%. For example, if you attain age 40 in the year in which you inherit $1,000 in the inherited Traditional IRA, you will have been in the plan 21 years at the end of the year

in which you attain age 60, 26 years at age 65, and 31 years at age 70. Using the assumptions stated above, you can read across the table and see that the account value without

penalty would be $1,021.21 at age 60, $1,026.33 at age 65, and $1,031.47 at age 70.

Inherited Traditional IRA Projection

TR-INHERITED SNAP-PAC CUSTODIAL REV. 2/2020

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