ANNUITY OPTION. A set of provisions that form the basis for making Annuity Payments. Please see "Annuity Options" on page 19. ANNUITY PAYMENTS Payments made beginning on the Annuity Start Date according to the provisions of the Annuity Option selected. Annuity Payments are made on the same day of each month, on a monthly, quarterly, semiannual or annual basis. ANNUITY START DATE The date on which Annuity Payments begin as elected by the Owner. ANNUITY UNIT A unit of measure used to compute Variable Annuity Payments.
ANNUITY OPTION. Option 2 -------------------------------------------------------------------------------- FIRST PURCHASE PAYMENT....................... $10,000 MINIMUM SUBSEQUENT PURCHASE PAYMENT.......... $500 ($50 under an automatic investment program) FREE WITHDRAWAL PERCENTAGE................... 10% GUARANTEED RATE.............................. 3% SEPARATE ACCOUNT............................. Variable Annuity Account XIV ADMINISTRATION CHARGE........................ 0.15% Annually ACCOUNT ADMINISTRATION CHARGE................ $30 Annually* WITHDRAWAL CHARGE Age of Purchase Payment in Years........... 1 2 3 4 5 6 7 8 Withdrawal Charge.......................... 7% 7% 6% 5% 4% 3% 2% 0% MORTALITY AND EXPENSE RISK CHARGE CONTRACT VALUE Less than $25,000........................ 0.85% Annually At least $25,000 but less than $100,000.. 0.70% Annually $100,000 or more......................... 0.60% Annually ("Minimum Charge") AFTER ANNUITY START DATE FOR OPTIONS 1-4, 7 & 8................... 1.25% Annually RIDER CHARGES - None Selected; or [Any Rider(s) selected by the Applicant will print on this Contract Data Page. Available Riders are listed on Exhibit "A."] MAXIMUM RIDER CHARGE......................... 1.00% Annually BASIS OF ANNUITY TABLES...................... 1983 (a) Mortality Table with mortality improvement under Projection Scale G ASSUMED INTEREST RATE........................ 3.5% annually SUBACCOUNTS:
ANNUITY OPTION. A set of provisions that form the basis for making Annuity Payments. Please see "Annuity Options" on page 17. ANNUITY PAYMENTS Payments made beginning on the Annuity Start Date according to the provisions of the Annuity Option selected. Annuity Payments are made on the same day of each month, on a monthly, quarterly, semiannual or annual basis. ANNUITY START DATE The date on which Annuity Payments begin as elected by the Owner. ANNUITY UNIT A unit of measure used to compute Variable Annuity Payments. AUTOMATIC TRANSFERS Transfers among the Subaccounts made automatically. FSBL makes Automatic Transfers on a periodic basis at the written request of the Owner. FSBL may discontinue, modify or suspend Automatic Transfers.
ANNUITY OPTION. An Annuity Option is a set of provisions that form the basis for making Annuity Payments. The Annuity Option is set prior to the Annuity Payout Date. Please see "Annuity Options" on pages 18 and 19. ANNUITY PAYOUT DATE The Annuity Payout Date is the date on which Annuity Payments are scheduled to begin. This date may be changed by the Owner. The Annuity Payout date is shown on page 3. Please see "Annuity Payout Date" on page 15. ANNUITY UNIT The Annuity Unit is a unit of measure used to compute Variable Annuity Payments for Annuity Options 1 through 4. AUTOMATIC EXCHANGES Automatic Exchanges are Exchanges among the Subaccounts and the Fixed Account. Such exchanges are made automatically on a periodic basis by the Company at the written request of the Owner.
ANNUITY OPTION. A set of provisions that form the basis for making Annuity Payments. Please see "Annuity Options" on page 19.
ANNUITY OPTION. If the beneficiary is the surviving spouse of the deceased Owner, he or she may choose to receive payments under any of the Annuity Options of this Contract. For any other beneficiary, only those options are available that provide for full payment of such Owner's interest in the Contract:
(a) Within five years of the date of such Owner's death;
(b) Over the lifetime of such beneficiary of this Contract; or
(c) Over a period that does not exceed the life expectancy, as defined by Internal Revenue Service regulations, of such beneficiary of this Contract. Subparagraphs (b) and (c) apply only to individuals, and such payments must start within one year of the date of such Owner's death. For IRAs, any annuity option chosen must meet the requirements of the Internal Revenue Code.
ANNUITY OPTION. The number of Annuity Units canceled from the variable Annuity Option will be equal in value to the amount of the Annuity Reserve transferred out of the Variable Account. The Annuity Reserve transferred out of the Variable Account is defined as the present value of the current variable payment discounted with mortality at the Assumed Investment Return. The amount transferred will purchase fixed Annuity Payments at current payout rates under the Annuity Option in effect and based on the Age and sex of the Annuitant, (where allowed), at the time of the transfer.
ANNUITY OPTION. The method chosen for making annuity payments.
ANNUITY OPTION. If the employee waives health insurance coverage with proof of health insurance elsewhere, he/she may elect to receive, in addition to the dental, vision and life insurance benefits described above, a cash stipend of $240 each pay per contract year. This dollar amount may, at the election of the employee, be applied toward any insurance carrier options chosen by the employee and offered by the Board or may be received as a cash option under the terms of the Union City Community Schools Cafeteria Plan. If the employee elects to receive this cash option he/she may also separately direct this dollar amount to a tax-deferred annuity Section 403b of the Internal Revenue Code offered by the Board as a voluntary and elective contribution made through salary reduction.
ANNUITY OPTION. The Annuity Option shown on Page 3 may be changed to any other option available upon Written Notice prior to the Maturity Date. If a variable account annuity payment option is chosen, the Owner must include in the Written Notice the Sub-Account allocation of the Annuity Proceeds as of the Maturity Date.
