AMOUNT OF ANNUITY BENEFITS. If you elect pursuant to Section 8.01 to have an Annuity Benefit paid in lieu of the Cash Value, then the amount applied to provide the Annuity Benefit will, unless otherwise stated in the Data Pages or required by applicable laws or regulations, be (i) the Annuity Account Value if the annuity form elected provides payments for a person’s remaining lifetime or (ii) the Cash Value if the annuity form elected does not provide such lifetime payments. The amount applied to provide an Annuity Benefit may be reduced by a charge for any taxes which apply on annuity purchase payments. If we have previously deducted charges for taxes from Contributions, we will not again deduct charges for the same taxes before an Annuity Benefit is provided. The balance will be used to purchase the Annuity Benefit on the basis of either (i) the Tables of Guaranteed Annuity Payments shown in the Data Pages or (ii) our then current individual annuity rates, whichever rates would provide a larger benefit with respect to the payee.
AMOUNT OF ANNUITY BENEFITS. If you elect pursuant to the first or third paragraph of Section 3.03 to have an Annuity Benefit paid in lieu of the Cash Value, the amount applied to provide the Annuity Benefit will be (i) the Annuity Account Value if the annuity form elected involves life contingencies or (ii) the Cash Value if the annuity form elected does not involve life contingencies. The amount applied to provide an Annuity Benefit may be reduced by a charge for any applicable taxes on annuity considerations, as we determine. If we have previously deducted charges for applicable taxes from contributions as provided in Section 2.01, we will not again deduct charges for the same taxes before application to provide an Annuity Benefit, unless a change in applicable law has occurred with respect to this Contract. The balance shall purchase the Annuity Benefit on the basis of either (i) the Table of Guaranteed Annuity Payments shown below or (ii) our current individual annuity rates for payment of proceeds, whichever rates would provide a larger benefit with respect to the payee. Regardless of the basis used, your Contract will be governed by our supplementary contract then in effect. The amount to be applied to provide an Annuity Benefit will in addition to any tax charge reduction, be reduced by an administrative charge. The amount of such charge will be determined from time to time in accordance with our general practices applicable on a uniform basis to all contracts of the same type as this Contract. After the application of an amount to provide an Annuity Benefit, the amounts you have in the Divisions and the Annuity Account Value shall be zero. The Tables of Guaranteed Annuity Payments set forth the minimum amount of monthly income that $1,000 of Annuity Value will provide under the terms of this Contract, as indicated on the Life Annuity Form with Ten Years Certain. The amount of income provided under the Fixed Annuity Benefit payable on the Life Annuity Form with Ten Years Certain is based on 3.5% interest and the 1983 Individual Annuity Table "a". The amounts of income initially provided under the Variable Annuity Benefit payable on the Life Annuity Form with Ten Years Certain is based on the 1983 Individual Annuity Table "a" and on an Assumed Base Rate of Net Investment Return of 3.5% or 5%, whichever applies pursuant to Section 1.22. Amounts required for ages or for annuity forms not shown in the Tables will be calculated by us based on 3.5% interest and the 1983 Individual A...
AMOUNT OF ANNUITY BENEFITS. If you elect pursuant to the Section “Election of Annuity Benefits” to have an Annuity Benefit paid in lieu of the Cash Value, then the amount applied to provide the Annuity Benefit will, unless otherwise stated in the Data Pages or required by applicable laws or regulations, be (i) the Annuity Account Value if the annuity form elected provides payments for a person’s remaining lifetime or (ii) the Cash Value if the annuity form elected does not provide such lifetime payments. The amount applied to provide an Annuity Benefit may be reduced by a charge for any taxes which apply on annuity purchase payments. If we have previously deducted charges for taxes from Contributions, we will not again deduct charges for the same taxes before an Annuity Benefit is provided. The balance will be used to purchase the Annuity Benefit on the basis of either (i) the Table of Guaranteed Annuity Payments included in Appendix B of this Contract, or (ii) our then current individual annuity rates, whichever rates would provide a larger benefit with respect to the payee. The Annuity Benefit at the time of commencement will not be less than that which would be provided by the application of an amount to purchase any single consideration immediate annuity contract of the same form of annuity offered by us at the time to the same class of annuitants. The amount applied to provide a life contingent annuity payout option will be the Annuity Account Value.
AMOUNT OF ANNUITY BENEFITS. If the Annuitant elects an Annuity Benefit, the Amount Applied will be applied as of the Annuitant's Retirement Date to provide the Annuity Benefit. The Amount Applied shall provide the Annuity Benefit on the basis of the Table of Guaranteed Annuity Payments shown in Section 4.06. The amount of income provided under an Annuity Benefit payable on the Life Annuity Form with Ten Years Certain is based on 2.5% interest and the 1983 Individual Annuity Mortality Table "a" projected with modified Scale "G". If a variable annuity form is available from us and elected, then the amounts required will be calculated by us based on the 1983 Individual Annuity Mortality Table "a" projected with a modified Scale "G" and a modified two year age setback and on an Assumed Base Rate of Net Investment Return of 3.5% or 5.0%, whichever will apply, as we will inform you.
AMOUNT OF ANNUITY BENEFITS. If the tax is imposed at a time other than when amounts are applied to an Annuity Benefit, we reserve the right to deduct the charge from Contributions in Part III "Contributions, and Allocations" or withdrawals in Section 5.01A "Withdrawals" and Section 5.04 "Discontinuance of Contributions".
AMOUNT OF ANNUITY BENEFITS. If you elect pursuant to Section 8.01 to have an Annuity Benefit paid in lieu of the Cash Value, the amount applied to provide the Annuity Benefit will, unless otherwise stated in the Data Pages or required by applicable laws or regulations, be (i) the Annuity Account Value if the annuity form elected provides payments for a person's remaining lifetime or (ii) the Cash Value if the annuity form elected does not provide such lifetime payments. The amount applied to provide an Annuity Benefit may be reduced by a charge for any taxes which apply on annuity purchase payments. The balance will be used to purchase the Annuity Benefit on the basis of either (i) the Tables of Guaranteed Annuity Payments or (ii) our then current individual annuity rates, whichever rates would provide a larger benefit with respect to the payee.
AMOUNT OF ANNUITY BENEFITS. If the Employer or Participant elects to have an Annuity Benefit paid in lieu of the Cash Value, the amount applied to provide the Annuity Benefit will, unless otherwise specified by the Employer or required by applicable laws and regulations, be (1) the Annuity Account Value, if the annuity form elected provides payments for a person's remaining lifetime or (2) the Cash Value, if the annuity form elected does not provide such lifetime payments. The amount applied to provide an Annuity Benefit may be reduced by a charge for any taxes, as described under Section 9.08 "Applicable Tax Charges", that apply on annuity purchase payments. If Equitable has previously deducted charges for applicable taxes from Contributions, Equitable will not again deduct charges for the same taxes before an Annuity Benefit is provided. The balance will be used to purchase the Annuity Benefit on the basis of either (1) the Tables of Guaranteed Annuity Payments or (2) Equitable's then current individual annuity rates, whichever rates would provide a larger benefit with respect to the payee, or (3) any Equitable single consideration immediate annuity contract offered at the time to the same class of Participants.
AMOUNT OF ANNUITY BENEFITS. If you elect, pursuant to the first or third paragraph of Section 3.03, to receive an Annuity Benefit in lieu of the Cash Value, the amount applied to provide the Annuity Benefit will be (i) the Annuity Account Value if the annuity form elected involves life contingencies or (ii) the Cash Value if the payments under the annuity form elected does not involve life contingencies. The amount applied to provide an Annuity Benefit may be reduced by any applicable tax charge on annuity considerations, as we determine. If we have previously deducted any applicable tax charges from Contributions as provided in Section 2.01, we will not again deduct charges for the same taxes before application to provide an Annuity Benefit, unless a change in applicable law has occurred with respect to your Contract. The balance shall purchase the Annuity Benefit on the basis of either (i) the Table of Guaranteed Annuity Payments shown below or (ii) our current individual annuity rates for payment of proceeds, whichever rates would provide a larger benefit with respect to the payee. Regardless of the basis used, your Contract will be governed by our supplementary contract then in effect.
AMOUNT OF ANNUITY BENEFITS. 11 3.04 - Payment of Annuity Benefits.......................11 GENERAL PROVISIONS Section 4.01 - Contract..........................................13 4.02 - Statutory Compliance..............................13 4.03 - Nonforfeitability, Nontransferability and Assignments...................................13 4.04 - Beneficiary.......................................14 4.05 - Disqualification..................................14 4.06 - Future Contributions..............................14 4.07 - Deferment.........................................14 4.08 - Annual Notice.....................................14 4.09 - Quarterly Notice..................................14 4.10 - Age...............................................14 4.11 - Right of Employer.................................14 OWNER: ABC STATE DEFERRED COMPENSATION PROGRAM ANNUITANT: XXXX XXX CONTRACT NUMBER: 00 000 000 ISSUE DATE: JAN 1, 1992 CONTRACT DATE: JAN 1, 1992 RETIREMENT DATE: JAN 1, 2020 INITIAL GUARANTEED INTEREST RATE: 7.50% TO MAR 31, 1992 MINIMUM GUARANTEED INTEREST RATE: 6:00% TO DEC 31, 1992 3.00% AFTER DEC 31, 1992 BENEFICIARY: XXXX XXX FORM NUMBER: 92 PEDB ------------------------------------------------------------------------------- TABLE OF GUARANTEED VALUES ISSUE AGE 38 MALE $1000 ANNUAL CONTRIBUTION NUMBER OF YEARS GUARANTEED GUARANTEED PAID-UP MONTHLY SINCE FIRST CONTRIBUTION CASH VALUE ANNUITY AT AGE 65* ------------------------ ---------- ------------------ 1 976 6.62 2 1,946 16.20 3 2,944 26.67 4 3,998 36.83 5 5,064 46.70 6 6,220 56.28 7 7,362 65.58 8 8,538 74.61 9 9,841 83.38 10 11,204 91.89 11 12,628 100.16 12 14,117 108.18 13 15,673 115.97 14 17,143 123.53 15 18,658 131.18 16 20,217 138.63 17 21,824 145.90 18 23,478 152.80 19 25,213 159.69 20 26,999 166.03 24 (Age 62) 34,697 189.57 27 (Age 65) 41,098 205.49 THE TABLES ILLUSTRATE MINIMUM GUARANTEED VALUES AND ASSUME A HYPOTHETICAL $1,000 CONTRIBUTION MADE ANNUALLY ON THE FIRST OF THE MONTH FOLLOWING THE CONTRACT DATE. THE GUARANTEED CASH VALUE TABLE REFLECTS AN ANNUAL ADMINISTRATIVE CHARGE (SEE SECTION 2.10) AND A WITHDRAWAL CHARGE OF UP TO 6% OF THE ANNUITY ACCOUNT VALUE (SEE SECTION 1.05). THE TABLES ASSUME THAT 100% OF ALL CONTRIBUTIONS AND EARNINGS ARE ALLOCATED TO AND REMAIN IN THE GUARANTEED INTEREST DIVISION. YOUR ACTUAL GUARANTEED VALUES MAY DIFFER FROM THOSE SHOWN ABOVE, DEPENDING ON THE LEVEL AND FREQUENCY OF YOUR CONTRIBUTIONS. THE GUARANTEED PAID-UP MONTHLY ANNUITY SHOWN ABOVE WILL BE REDUCED BY ANY CHARGE WE MAKE ...
AMOUNT OF ANNUITY BENEFITS. If a Participant elects to receive an Annuity Benefit in lieu of the Participant's Account Balance, the amount applied to provide the Annuity Benefit will be the Participant's Account Balance on the date of application. The date of application of the Participant's Account Balance will be the Participant's Retirement Date. The amount applied to provide an Annuity Benefit shall be reduced by any applicable State Premium Tax as determined by Equitable. The balance shall purchase the Annuity Benefit on the basis of either (i) the Table of Guaranteed Annuity Payments shown in Section 4.05, or (ii) Equitable's current group annuity rates for payment of proceeds, whichever rates would provide a larger benefit with respect to the payee. If such current group annuity rates are used, such Participant's certificate will be replaced by an Equitable supplemental certificate. After the application of an amount to provide an Annuity Benefit pursuant to the preceding paragraph, the Account maintained for such Participant shall terminate. The Tables of Guaranteed Annuity Payments set forth the minimum amount of monthly income that $1,000 of Participant's Account Balance will provide under the Contract on the Full Cash Refund Annuity Form. Equitable may change, by an amendment to the Contract, the monthly income amounts contained in the Tables of Guaranteed Annuity Payments and the basis for determining such amounts, (i) for new Participants, upon advance notice to the Contract Holder, and (ii) for existing Participants, on the fifth anniversary of the Enrollment Date and at any time thereafter, provided that any changes after the first will be made at intervals of not less than five years.
