Common use of Calculation of Guaranteed Annual Withdrawal Clause in Contracts

Calculation of Guaranteed Annual Withdrawal. The XXX is based on a percentage of the Benefit Base pursuant to the schedule set forth on the Contract Data Page. The XXX is calculated by multiplying the Benefit Base by the XXX percentage (XXX%), based on the age of the Covered Person(s) on the Initial Installment Date. When a request to begin Installments is made in Good Order, Great-West will compare the current Benefit Base to the current Covered Fund Value on the day payment of GAWs begins (i.e., the Initial Installment Date). If the Covered Fund Value exceeds the Benefit Base on the Initial Installment Date, then the Covered Fund Value will become the Benefit Base and the XXX will be based on that amount. The GLWB Participant may request a maximum Installment equal to the XXX divided by the number of payments per year under the elected Installment Frequency Option, as defined in Section 9.02. The GLWB Participant must provide information sufficient for Great-West to determine the age of each Covered Person. Installments will not begin and an Initial Installment Date will not be recorded until Great‑West receives appropriate information about the Covered Person(s) in Good Order.

Calculation of Guaranteed Annual Withdrawal. The XXX is based on a percentage of the Benefit Base pursuant to the schedule set forth on the Contract Data Page. The XXX is calculated by multiplying the Benefit Base by the XXX percentage (XXX%), based on the age of the Covered Person(s) on the Initial Installment Date. When a request to begin Installments is made in Good Order, Great-West of New York will compare the current Benefit Base to the current Covered Fund Value on the day payment of GAWs begins (i.e., the Initial Installment Date). If the Covered Fund Value exceeds the Benefit Base on the Initial Installment Date, then the Covered Fund Value will become the Benefit Base and the XXX will be based on that amount. The GLWB Participant XXX Owner may request a maximum Installment equal to the XXX divided by the number of payments per year under the elected Installment Frequency Option, as defined in Section 9.02. The GLWB Participant Owner must provide information sufficient for Great-West of New York to determine the age of each Covered Person. Installments will shall not begin and an Initial Installment Date will not be recorded until Great‑West Great-West of New York receives appropriate information about the Covered Person(s) in Good Order.

Calculation of Guaranteed Annual Withdrawal. The XXX is based on a percentage of the Benefit Base pursuant to the schedule set forth on the Contract Data Page. The XXX is calculated by multiplying the Benefit Base by the XXX percentage (XXX%), based on the age of the Covered Person(s) on the Initial Installment Date. When a request to begin Installments is made in Good Order, Great-West will compare the current Benefit Base to the current Covered Fund Value on the day payment of GAWs begins (i.e., the Initial Installment Date). If the Covered Fund Value exceeds the Benefit Base on the Initial Installment Date, then the Covered Fund Value will become the Benefit Base and the XXX will be based on that amount. The GLWB Participant IRA Owner may request a maximum Installment equal to the XXX divided by the number of payments per year under the elected Installment Frequency Option, as defined in Section 9.02. The GLWB Participant Owner must provide information sufficient for Great-West to determine the age of each Covered Person. Installments will shall not begin and an Initial Installment Date will not be recorded until Great‑West receives appropriate information about the Covered Person(s) in Good Order.