Betterment of Rates Statement Sample Clauses

Betterment of Rates Statement. (a)There must be a statement that the annuity benefits at the time of their commencement 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. §4223(a)(1)(E). The amount must be defined in the contract as either (i) or (ii) below. For contracts with cash surrender benefits, “the amount” is the greater of the cash surrender benefit or 95% of what the cash surrender benefit would be if there were no withdrawal charge. (For MVA annuities, the phrase “95% of what the cash surrender benefit would be if there were no withdrawal charge” means 95% of the actual accumulation amount after being adjusted by the MVA.) For contracts without cash surrender benefits, “the amount” is the present value of the paid-up annuity benefit using the mortality table, if any, and interest rate, if any, specified in the contract for determining any guaranteed minimum paid-up annuity benefits (which shall be at least equal to the actual accumulation amount).
Sample 1
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