Betterment of Rates Sample Clauses
Betterment of Rates. The amount used to purchase any single premium consideration immediate annuity contract offered by the Company will be equal to cash surrender value of this Contract. Annuity benefits at the time of their consideration will not be less than those that would have been provided to another applicant in the same rating class of annuitants.
Betterment of Rates. The amounts shown in the tables on page 16-17 are the guaranteed amounts. Current amounts offered to individuals of the same class may be obtained from us. Fixed annuity payments at the time of their commencement will not be less than those which would be provided by the application of the Policy Value to purchase any single consideration immediate annuity contract (as described in Section 4223 (a)(1)(E) of the New York Insurance Law) offered by the Company at the time to the same class of Annuitant. Payments under Options 2 and 4 and the first payment under Options 3-V and 5-V are determined based on the adjusted age of the Annuitant. The adjusted age is the Annuitant’s actual age on the Annuitant’s nearest birthday, at the Annuity Commencement Date, adjusted as follows: 2011 - 2019 Actual Age minus 1 2020 - 2026 Actual Age minus 2 2027 - 2033 Actual Age minus 3 2034 - 2040 Actual Age minus 4 After 2040 Actual Age minus 5 Election of Optional Method of Payment Before the Annuity Commencement Date You can elect or change an Income Option. You may elect in a notice You sign which gives us the facts that we need, annuity payments that may be either variable, fixed, or a combination of both. If You elect a combination, You must also tell us what part of the policy proceeds on the Annuity Commencement Date are to be applied to provide each type of payment (You must also specify which Subaccounts,) The amount of a combined payment will be the sum of the variable and fixed payments. Payments under a variable Income Option will reflect the investment performance of the selected Subaccount of the Separate Account AV1396 101 179 1003 Page 12 S1254R Unless You specify otherwise, the Payee shall be the Annuitant, or the beneficiary as defined in the Beneficiary provision in Section 11.
Betterment of Rates. The amounts shown in the tables on page 18-19 are the guaranteed amounts. Current amounts offered to individuals of the same class may be obtained from us. Fixed annuity payments at the time of their commencement will not be less than those which would be provided by the application of the policy value to purchase any single consideration immediate annuity contract (as described in Section 4223 (a)(1)(E) of the New York Insurance Law) offered by the company at the time to the same class of annuitant. Payments under fixed income options 2 and 4 and the first payment under variable income options 3-V and 5-V are determined based on the adjusted age of the annuitant. The adjusted age is the annuitant’s actual age on the annuitant’s nearest birthday, at the annuity commencement date, adjusted as follows:
Betterment of Rates. If it would produce greater benefits for Fixed Annuities, the amount of the Annuitant's monthly payment will be the monthly payment produced by a then currently issued immediate annuity. The immediate annuity shall be of the same form. It shall have a single stipulated payment equal to the Accumulation Value being applied under this Contract. Any commuted values allowed under the settlement provisions will be determined on the basis of the interest rate used to determine the net single premium for such annuities.
Betterment of Rates. The amount of annuity benefits commencing on the Annuity Date will not be less than those that would be provided by the application of an amount to purchase any single consideration immediate annuity contract offered by the Company at the time to the same class of annuitants. Such amount applied to an Annuity Option on the Annuity Date is equal to the Contract Withdrawal Value, as defined in the Withdrawal Provisions of this Contract.
Betterment of Rates. Section 40.4(b) of Regulation No. 139 requires contracts funding defined contribution plans to provide that any annuity benefit purchased with respect to an amount equal to the plan participant’s account value as determined at the time of its commencement shall not be less than that which would be determined by the application of such amount to purchase a single consideration immediate annuity offered by the company to the same class of contracts.
Betterment of Rates. The amount used to purchase any single premium consideration immediate annuity contract offered by the Company will be equal to cash surrender value of this Contract. Annuity benefits at the time of their consideration will not be less than those that would have been provided to another applicant in the same rating class of annuitants. Neither expenses the Company actually incurred, other than taxes on the investment return, nor mortality actually experienced shall adversely affect the dollar amount of variable annuity payments after such payments have commenced.
Betterment of Rates. The amount used to purchase any single consideration immediate annuity contract offered by First Great-West will be equal to cash surrender value of this Contract. Annuity benefits at the time of their commencement will not be less than those that would be provided to another applicant in the same rating class of annuitants.
Betterment of Rates. The amounts shown in the tables on page 16–17 are the guaranteed amounts. Current amounts offered to individuals of the same class may be obtained from us. Fixed annuity payments at the time of their commencement will not be less than those which would be provided by the application of the policy value to purchase any single consideration immediate annuity contract (as described in Section 4223 (a)(1)(E) of the New York Insurance Law) offered by the company at the time to the same class of annuitant. Payments under fixed income options 2 and 4 and the first payment under variable income options 3–V and 5–V are determined based on the adjusted age of the annuitant. The adjusted age is the annuitant’s actual age on the annuitant’s nearest birthday, at the annuity commencement date, adjusted as follows: Before 2010 2010 – 2019 2020 – 2026 2027 – 2033 2034 – 2040 After 2040 Actual Age Actual Age minus 1 Actual Age minus 2 Actual Age minus 3 Actual Age minus 4 Actual Age minus 5
Betterment of Rates. 40.4(b) -- For any group annuity contract funding a defined contribution plan, the contract must provide that any annuity benefit purchased with respect to an amount equal to the plan participant’s account value as determined at the time of its commencement shall not be less than that which would be determined by the application of such amount to purchase a single consideration immediate annuity offered by the company to the same class of contracts.
a) The betterment of rates provision ensures that annuities will be purchased on a new money basis.
b) For single consideration close out contracts, a betterment of rates provision is not necessary because the contractholder will seek the lowest responsible price.
c) For terminal funding contracts that allow for subsequent purchases of annuity benefits as plan participants terminate their employment and retire, a betterment of rates provision is not necessary if the contractholder can shop around for the lowest price (defined benefit plans) or the highest benefit (defined contribution plan).