Common use of CONTRACT ANNIVERSARY Clause in Contracts

CONTRACT ANNIVERSARY. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. If you did not select an Annuity Date in the application for this Contract and you have a Qualified Contract, distribution at an earlier age may be required. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the later of the Annuitant’s 90th birthday or the tenth (10th) Contract Anniversary, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You should consult with your Qualified Plan administrator before you elect an Annuity Date.