Benefit Base. The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b), divided by (c), where:
Benefit Base. For each separate account, the Benefit Base on the Register Date is the product of the following Items (1) and (2):
Benefit Base. For each investment division, the Benefit Base on the Register Date is the product of the following Items (1) and (2):
Benefit Base. The Benefit Base is the remaining amount that You or Your beneficiary will --------- receive from the Contract over time. Your Initial Benefit Base as of the date of issue of this Rider is shown on the Contract Schedule. While this Rider is in force, the Benefit Base will be increased by the amount of each Purchase Payment made on or before the GWB Purchase Payment Date, plus an amount determined by multiplying any applicable GWB Bonus Rate specified on the Contract Schedule to such Purchase Payment. However, the Benefit Base may not be increased above the GWB Maximum Benefit Base specified on the Contract Schedule. The Benefit Base will be decreased by withdrawals from your Contract (including any applicable Withdrawal Charges). If a withdrawal from your Contract is not payable to the Owner or Owner's bank account (or Annuitant or Annuitant's bank account if the Owner is a nonnatural person) or results in cumulative withdrawals for the current Contract Year exceeding the Annual Benefit Payment, and the resulting Benefit Base exceeds the Contract Value, an additional reduction in the Benefit Base will be made. This additional reduction will be equal to the difference between the Benefit Base and the Contract Value after the decrease for withdrawals. The Benefit Base will also be reset as a result of an Automatic or Optional Reset as described below.
Benefit Base. Each Covered Fund has its own Benefit Base. Depending on the Covered Fund, the Benefit Base will be initially set at the Covered Fund Value on either the Business Day the GLWB is “triggered,” or upon the first Contribution allocated to the Covered Fund. For Covered Funds that are Great-West SecureFoundation Lifetime Funds, the “Trigger Date” is the first Business Day of the year 10 years before the “target date” of the Covered Fund (e.g., the Trigger Date for the Great‑West SecureFoundation Lifetime 2030 Fund is the first Business Day of January 2020). For all other Covered Funds, the Benefit Base initially is determined upon the first Contribution allocated to the Covered Fund, and will equal that amount. Because the GLWB is effective upon the initial Contribution to such other Covered Funds, there is no Trigger Date for such other Covered Funds. The Benefit Base cannot exceed the “Benefit Base Cap” listed on the Contract Data Page. Any value over the “Benefit Base Cap” listed on the Contract Data Page will be considered excess Covered Fund Value and will not be used to calculate GAWs or the Guarantee Benefit Fee (described in Section 13.01). The IRA Owner may access any excess Covered Fund Value on a dollar for dollar basis without reducing the Benefit Base. However, if the Covered Fund Value falls below the “Benefit Base Cap” listed on the Contract Data Page based on Excess Withdrawals, the Benefit Base will adjust pursuant to the terms of the Contract.
Benefit Base. The Initial Premium Amount plus applicable Benefit Base Bonus, plus interest credited, minus withdrawals and any applicable charges, which is used to determine the Lifetime Income Withdrawals (it is not an amount that has a cash value that can be paid out to you in a lump sum). Cap Rate – The maximum rate of interest credits that may be applied for a particular interest crediting period. The Cap Rate, if applicable, for each strategy is declared by the Company at the beginning of each Index Term Period. The Cap Rate is guaranteed never to be less than the minimum guaranteed Cap Rate for the respective strategy on page 3. Cash Surrender Value – The greater of the Accumulated Value adjusted for any withdrawals, applicable charges and Market Value Adjustment or the Minimum Guaranteed Contract Value. Contract Year – Contract Years are determined from the Assumed Issue Date. (Ex. If the Contract’s Assumed Issue Date is January 10, 2012, the first Contract Year ends January 9, 2013.) Cumulative Withdrawals – Year over year sum of Free Partial Withdrawals, Required Minimum Distributions, Lifetime Income Withdrawals and Enhanced Income Benefit, if applicable. Death Benefit – The amount paid to the beneficiaries upon death of the annuitant. Equal to the greater of the Accumulated Value or the Minimum Guaranteed Contract Xxxxx.Xx lieu of this lump sum Death Benefit provided by the base contract, prior to the Extended Income Guarantee Phase, the beneficiary can elect to receive the Benefit Base paid out in equal End of Year Age – The end of year age(s) is the age(s) at the beginning of the Contract, plus the number of Contract Years. Initial Premium Amount – The amount paid for the annuity. Lifetime Income Withdrawal - The annual stream of income for life, up to a maximum allowable amount. Minimum Guaranteed Contract Value – The minimum value of the Contract, required by law, while the Contract is in-force. Participation Rate – The Participation Rate determines how much of the net increase in the index, after applicable Annual Spread, will be used to calculate interest credits. The Participation Rate is declared by the Company at the beginning of each Index Term Period. The Participation Rate is guaranteed never to be less than the minimum guaranteed Participation Rate for the respective strategy on page 3. Specified Period - The interest crediting rate assumed for the projected, non-guaranteed Accumulated Value column is based on the Contract’s strategy options sele...
Benefit Base. The amount that is multiplied by the Guaranteed Annual Withdrawal Percentage to calculate the Guaranteed Annual Withdrawal. The Benefit Base is not a cash value; it is used to calculate Installments during the XXX Phase and the Settlement Phase. The Benefit Base increases dollar-for-dollar upon any Contract Contribution and is reduced proportionately for an Excess Withdrawal. The Benefit Base can also increase with positive market performance on the Ratchet Date. Each Covered Fund will have its own Benefit Base. Unless as otherwise described in this Contract, a Covered Fund Benefit Base cannot be transferred to another Covered Fund. Business Day – Any day, and during the hours, on which the New York Stock Exchange is open for trading. Unless as otherwise provided, in the event that a date falls on a non-Business Day, the date of the succeeding Business Day will be used. Code – The Internal Revenue Code of 1986, as amended, and all related laws and regulations which are in effect during the term of the Contract. Contributions – Purchase payments, eligible rollovers, Transfers, and other payments made by or on behalf of the Owner and allocated to the Variable Accounts selected by the Owner.
Benefit Base. We determine the Benefit Base. The Benefit Base is used in calculating the Annual Benefit Amount. When the Rider Date is equal to the Contract Date, the Benefit Base on the Rider Date will be equal to the initial premium payment, excluding any bonus or premium enhancements. When the Rider Date is not equal to the Contract Date, the Benefit Base on the Rider Date equals the Contract Value on the Rider Date. Thereafter, the Benefit Base is recalculated whenever any of the following events occur, but in no event will the Benefit Base be greater than the Maximum Benefit Base specified below.
Benefit Base. During the Accumulation Period
(1) The Benefit Base Rollup Rate, plus
(2) The Weighted Average Credited Rate for the prior Contract Year multiplied by the Weighted Average Credited Rate Multiplier. The Benefit Base will be decreased for any Withdrawals. Any Withdrawals during the Accumulation Period will reduce the Benefit Base in proportion to the decrease in the Accumulation Value. After the Rider Date, the Benefit Base will be increased by any Premiums paid multiplied by the Benefit Base Percentage.
Benefit Base. On the Contract Date, the Benefit Base is equal to the Designated Account value at the end of the prior Business Day. At the end of each Business Day before the Withdrawal Start Date, we increase the Benefit Base by the amount of any Additional Investment and reduce it by the percentage of any Designated Account value withdrawn as an Excess Withdrawal. On the Withdrawal Start Date, we compare the Benefit Base to the Designated Account Value using the values determined at the end of the prior Business Day and increase the Benefit Base to equal this Designated Account Value if it is greater. On and after the Withdrawal Start Date, the Benefit Base only changes as follows: If we increase the Permitted Withdrawal Limit on a Contract Anniversary, we set the Benefit Base on the Contract Anniversary equal to the Designated Account value determined at the end of the prior Business Day · If you make an Additional Investment, we increase the Benefit Base by the dollar amount of the investment, determined at the end of the Business Day we are informed of the investment. · If you take an Excess Withdrawal, we reduce the Benefit Base by the percentage of Designated Account value withdrawn, determined at the end of the Business Day we are informed of the withdrawal. · If you apply the Designated Account value to the Optional Fixed Annuity, we no longer calculate the Benefit Base on or after the Annuity Date. · If we begin paying the Monthly Benefit, we no longer calculate the Benefit Base after the Benefit Determination Date. If this contract terminates and you later reinstate it, on the Reinstatement Date we set the Benefit Base equal to the Designated Account value determined at the end of the prior Business Day. C1000-GA 11
