Annuity Purchase Rates. 13 CONTRACT DATA PAGE ANNUITANT: John Xxxxx XXNTRACT NUMBER: 000 CONTRACT OWNER: John Xxxxx XXFECTIVE DATE: April 1, 1984 INCOME DATE: January 1, 2012 CONTRACT MAINTENANCE CHARGE: Guaranteed never to exceed $30 each year unless changed.* *Prior to the Income Date, the Contract Maintenance Charge is not guaranteed and may be changed for future years. After the Income Date, the amount of the Contract Maintenance Charge will not be changed from the amount of the annual maintenance charge in effect during the Contract year immediately preceding the Income Date. After the Income Date, the Contract Maintenance Charge will be collected on a monthly basis.
Annuity Purchase Rates. Adjusted Age Calendar Year when Income Adjusted Age Payments Commence 1984-1989 Actual Age minus 1 1990-1999 minus 2 2000-2009 minus 3 2010-2019 minus 4 2020-2024 minus 5 2025-2029 minus 6 2030-2934 minus 7 2035-2039 minus 8
Annuity Purchase Rates. 13 [SENTRY LOGO] ANNUITANT: MARK XXXXXX XXNTRACT NUMBER: 379723871 CONTRACT OWNER: MARK XXXXXX XXFECTIVE DATE: 12/27/1996 INCOME DATE: 10/01/2017 CONTRACT MAINTENANCE CHARGE: $30 EACH YEAR UNLESS CHANGED.* GUARANTEED NEVER TO EXCEED $45 PER YEAR. *PRIOR TO THE INCOME DATE, THE CONTRACT MAINTENANCE CHARGE IS NOT GUARANTEED AND MAY BE CHANGED FOR FUTURE YEARS. AFTER THE INCOME DATE, THE AMOUNT OF THE CONTRACT MAINTENANCE CHARGE WILL NOT BE CHANGED FROM THE AMOUNT OF THE ANNUAL MAINTENANCE CHARGE IN EFFECT DURING THE CONTRACT YEAR IMMEDIATELY PRECEDING THE INCOME DATE. AFTER THE INCOME DATE, THE CONTRACT MAINTENANCE CHARGE WILL BE COLLECTED ON A MONTHLY BASIS. MORTALITY AND EXPENSE RISK PREMIUM: EQUAL ON AN ANNUAL BASIS TO 1.2% OF THE DAILY NET ASSET VALUE OF THE VARIABLE ACCOUNT. TRANSFER FEE: $0 PER TRANSACTION. THIS TRANSFER FEE IS NOT GUARANTEED AND MAY BE CHANGED AT ANY TIME. HOWEVER, IT WILL NEVER EXCEED $20. ELIGIBLE MUTUAL FUNDS: NEUBXXXXX XXX BERMXX XXXISERS MANAGEMENT TRUST - GROWTH PORTFOLIO - LIMITED MATURITY BOND PORTFOLIO - LIQUID ASSET PORTFOLIO - BALANCED PORTFOLIO VARIABLE ACCOUNT: SENTRY VARIABLE ACCOUNT I ANNUITY SERVICE OFFICE: P.O. BOX 4792, SYRACUSE, NEW YORK 13221 FOR DETERMINATION OF VARIABLE BENEFITS PLEASE SEE THE VARIABLE ACCOUNT PROVISIONS, PAGE 5, AND THE VARIABLE ANNUITY PROVISION, PAGE 8. FOR USE WITH SENTRY VARIABLE ACCOUNT I A SEPARATE INVESTMENT ACCOUNT OF SENTRY LIFE INSURANCE COMPANY OF NEW YORK
Annuity Purchase Rates. In Xxxxxx Trust, the Court required a mechanism to convert the accumulation funds into guaranteed benefits at retirement at rates set by the contract. According to the Court, without a "guarantee regarding conversion price, plan participants are undeniably at risk…” The minimum annuity purchase rates constitute the kind of conversion mechanism contemplated by Xxxxxx Trust. These principles have also been applied to life insurance contracts with cash values. Before Rule 151, SEC Release 6051 provided that insurance contracts had to assume mortality risk to qualify for the §3(a)(8) exemption, (e.g., through long term guaranteed annuity purchase rates). Such rates were prohibited from being significantly lower than the rates available "commercially;" otherwise the insurer would not be considered to have assumed sufficient risk. Release 6051 allowed contracts to offer alternative settlement options, including lump sum payout or current-rate-if-better options. For group annuity contracts, a five-year annuity purchase rate was deemed generally sufficient. In contrast to Xxxxxx Trust and Release 6051, the SEC determined not to include any kind of mortality risk requirement (such as annuity purchase rates) in Rule 151. However, the agency indicated that it was not concluding that "consideration of mortality risk has no place in a (sec)3(a)(8) analysis outside of the safe harbor."
Annuity Purchase Rates. In Xxxxxx Trust, the Court required a mechanism to convert the accumulation funds into guaranteed benefits at retirement at rates set by the contract. According to the Court, without a "guarantee regarding conversion price, plan participants are undeniably at risk…”
Annuity Purchase Rates. The first payment under an Annuity Option for each $1,000 of Annuity Value applied will be the greater of:
Annuity Purchase Rates. 00 ALPHABETICAL CODE
Annuity Purchase Rates. 13 Section.................................................................... 3.04
