ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.
ANNUITY PROVISIONS. Annuitization When annuitization occurs, the contract value, less any applicable Market Value Adjustment will be applied to make annuity payments. The first payment will be made as of the retirement date. This date is shown under Contract Data. Before payments begin we will require satisfactory proof that the annuitant is alive. We may also require that you exchange this contract for a supplemental contract which provides the annuity payments.
ANNUITY PROVISIONS. 4.01 Choices ........................................................... 23 4.02
ANNUITY PROVISIONS. 8 Suspension or Deferral of Payments or Transfers from the Separate Account...
ANNUITY PROVISIONS. VARIABLE ANNUITY PAYMENTS The amount of the first Variable Annuity payment is determined by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the appropriate table(s) contained in this Contract. If the table in use by us on the Maturity Date is more favorable to you, we will use that table. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Maturity Date. Subsequent payments will be based on the investment performance of one or more Sub-Accounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Sub-Account. Such number is determined by dividing the portion of the first payment allocated to that Sub-Account by the Annuity Unit value for that Sub-Account determined as of the same date that the Contract Value used to effect annuity payments was determined. This number of Annuity Units for each Sub-Account is then multiplied by the appropriate Annuity Unit value for each subsequent determination date, which is a uniformly applied date not more than 10 business days before the payment is due. MORTALITY AND EXPENSE We guarantee that the dollar amount of each GUARANTEE variable annuity payment will not be affected by changes in mortality and expense experience. ANNUITY UNIT VALUE The value of an Annuity Unit for each Sub-Account for any Valuation Period is determined as follows:
(a) The net investment factor for the Sub-Account for the Valuation Period for which the Annuity Unit value is being calculated is multiplied by the value of the Annuity Unit for the preceding Valuation Period; and
(b) The result is adjusted to compensate for the interest rate assumed in the tables used to determine the first Variable Annuity payment. The dollar value of Annuity Units may increase, decrease or remain the same from one Valuation Period to the next. FIXED ANNUITY PAYMENTS The amount of each Fixed Annuity payment is determined by applying the portion of the Contract Value used to effect a Fixed Annuity measured as of a date not more than 10 business days prior to the Maturity Date (minus any applicable premium taxes) to the appropriate table(s) contained in the Contract. If the table in use by us on the Maturity Date is more favorable to the Owner, we will use that table. We guarantee the dollar amount of Fixed Annuity payments.
ANNUITY PROVISIONS. ANNUITY DATE You may select an Annuity Date at any time during the Accumulation Period. You must notify us of this date at least 30 days prior to the date you wish your annuity payments to begin. The Annuity Date must be the first day of a calendar month. The Annuity Date may not be later than the earlier of when the Annuitant reaches attained age 85 or the maximum date permitted under state law. Prior to the Annuity Date, you may, subject to the above, change the Annuity Date by written request. Any change must be requested at least 30 days prior to the new Annuity Date. SELECTION OF AN ANNUITY OPTION A selection to receive annuity payments under an annuity option described below must be made at least 30 days prior to the Annuity Date. If no option is selected, Option 2 with 120 monthly payments guaranteed will automatically be applied. Prior to the Annuity Date, you may change the Annuity Option selected by written request. Any change must be requested at least 30 days prior to the Annuity Date. If an option is based on life expectancy, proof of the payee's date of birth will be required. ANNUITY OPTIONS You may elect to have a Fixed Annuity, a Variable Annuity, or a combination Fixed Annuity and Variable Annuity. Depending on your election, the Adjusted Account Value will be applied to provide the annuity payment. If no election has been made 30 days prior to the Annuity Date, amounts in fixed investment options will be used to provide a fixed annuity and amounts in variable investment options will be used to provide a variable annuity. The amount of the first annuity payment will depend on the Annuity Option elected and the age of the Annuitant at the time the first payment is due. The Adjusted Account Value will be applied to the applicable Annuity Table based upon the Annuity Option you selected. The Annuity Tables show the amount of the first annuity payments for each $1,000 of Adjusted Account Value. The following Annuity Options, or any other annuity option acceptable to us, may be selected:
ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. If you did not select an Annuity Date in the application for this contract, and you have a Non-Qualified Contract, your Annuity Date will be the later of the Annuitant’s 90th birthday or the tenth (10th)
ANNUITY PROVISIONS. PAYMENTS TO OWNER Unless otherwise requested by the Owner, the Company will make annuity payments to the Owner. If the Owner wants the annuity payments to be made to some other Payee, We will make such payments subject to the following:
(a) A written request must be filed at the Annuity Service Center.
(b) Such request must be filed not later than thirty (30) days before the due date of the first annuity payment. Any such request is subject to the rights of any assignee. No payments available to or being paid to the Payee while the Annuitant is alive can be transferred, commuted, anticipated or encumbered. FIXED ANNUITY PAYMENTS To the extent a fixed Annuity Option has been elected, the proceeds payable under this Contract less any applicable premium taxes, shall be applied to the payment of the Annuity Option elected at whichever of the following is more favorable to the Payee: (a) the annuity rates based upon the applicable tables in the Contract; or (b) the then current rates provided by the Company on Contracts of this type on the Annuity Date. In no event will the fixed annuity payments be changed once they begin. AMOUNT OF FIXED ANNUITY PAYMENTS The amount of each Fixed Annuity payment will be determined by applying the portion of the Contract Value allocated to Fixed Annuity payments less any applicable premium taxes, charges and the MVA to the annuity table applicable to the Annuity Option chosen.
(a) FIRST VARIABLE PAYMENT: The dollar amount of the first monthly annuity payment will be determined by applying the portion of the Contract Value allocated to Variable Annuity Payments, less any applicable premium taxes, to the annuity table applicable to the Annuity Option chosen. If more than one Variable Account has been selected, the value of the Owner's interest in each Variable Account is applied separately to the annuity table to determine the amount of the first annuity payment attributable to the Variable Account.
ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuixxxx’x xxrthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable federal law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable federal law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuixxxx’x xxrthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.
ANNUITY PROVISIONS. ANNUITY DATE The Owner selects an Annuity Date (the date on which annuity payments are to begin) at the time of application. The Owner may change the Annuity Date at any time, at least seven days prior to the Annuity Date, by written notice to the Company at its Annuity Service Center. The Annuity Date must always be the first day of the calendar month and must be at least two years after the Contract Date, but not beyond the later of the Owner's 90th birthday or ten years after the Contract Date. If the Owner is a non-natural person, the latest Annuity Date is the later of the Annuitant's 90th birthday or ten years after the Contract Date. If no Annuity Date is selected, the Annuity Date will be the latest Annuity Date, as set by the Company. PAYMENTS TO OWNER Unless You request otherwise, We will make annuity payments to You. If You want the annuity payments to be made to some other Payee, We will make such payments subject to receipt of a written request filed at the Annuity Service Center no later than thirty (30) days before the due date of the first annuity payment. Any such request is subject to the rights of any assignee. No payments available to or being paid to the Payee while the Annuitant is alive can be transferred, commuted, anticipated or encumbered. FIXED ANNUITY PAYMENTS If a Fixed Annuity payment option has been elected, the proceeds payable under this Contract less any applicable premium taxes, shall be applied to the payment of the Fixed Annuity payment option elected at rates which are at least equal to the annuity rates based upon the applicable tables. In no event will the Fixed Annuity payments be changed once they begin. AMOUNT OF FIXED ANNUITY PAYMENTS The amount of each Fixed Annuity payment will be determined by applying the portion of the Contract Value allocated to Fixed Annuity payments less any applicable premium taxes to the annuity table applicable to the Fixed Annuity payment option chosen. AMOUNT OF VARIABLE ANNUITY PAYMENTS
(a) FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of the first Variable Annuity payment will be determined by applying the portion of the Contract Value allocated to the Subaccount, less any applicable premium taxes, to rates which are at least equal to the annuity rates based upon the annuity table applicable to the Variable Annuity payment option chosen. If the Contract Value is allocated to more than one Subaccount, the value of Your interest in each Subaccount is applied separately to the Var...
