Excess Withdrawals. An Excess Withdrawal is a withdrawal taken after GAWA payments have begun, which causes cumulative withdrawals during that Contract Year to exceed the GAWA. An Excess Withdrawal will reduce both the Ratchet Base and the GAWA on a pro rata basis. This means we will calculate the percentage of the Annuity Account Value that is withdrawn and reduce the Ratchet Base and the GAWA by the same percentage. If only a portion of the withdrawal exceeds the GAWA, only that portion (not the full withdrawal amount) is an Excess Withdrawal.
Excess Withdrawals. 4.4.1 A Certificate Owner will have an Excess Withdrawal by Withdrawing more than the Withdrawal Guarantee in a given Withdrawal Year. Excess Withdrawals reduce the Certificate Owner’s Withdrawal Guarantee.
Excess Withdrawals. The Company shall promptly return (or instruct the Trustee to return) to the Reinsurer any assets withdrawn from the Trust Account (and interest paid or accrued thereon) in excess of the actual amounts required for Section 9.8, and such excess amount shall bear additional interest calculated at a rate equal to the Three-Month LIBOR plus thirty (30) basis points per annum as computed on the basis of (i) a 360-day year composed of twelve (12) 30-day months and (ii) daily compounding, from the time that such excess amount is outstanding until such excess amount is returned to the Reinsurer. Pending such return, the Company shall hold all such amounts separate and apart from its other assets in trust for the benefit of the Reinsurer.
Excess Withdrawals. An Excess Withdrawal is a withdrawal that exceeds the Guaranteed Annual Withdrawal Amount in a Contract Year. An Excess Withdrawal Amount, as applicable to any individual withdrawal within each Contract Year, is equal to the total amount withdrawn, minus the Guaranteed Annual Withdrawal Amount remaining prior to the withdrawal. ICC11-GLWB-C Any time an Excess Withdrawal is taken, the Withdrawal Benefit Base will be reduced by the greater of (a) and (b) where:
Excess Withdrawals.
(a) The Ceding Company shall return to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable), amounts which are withdrawn in excess of amounts required or permitted under Section 7.03 or otherwise in this Agreement (“Excess Withdrawals”) immediately upon becoming aware of such Excess Withdrawal. In the event of an Excess Withdrawal, the Ceding Company shall return to the Account or Trust Account from which such amounts were withdrawn the specific assets withdrawn in excess of the amounts required or permitted under Section 7.03, together with any realized interest or other income thereon, all in a manner such that the Reinsurer is restored to the position it would have been in if the Excess Withdrawal had not occurred. To the extent that the Excess Withdrawal was composed of cash, the Ceding Company shall return the amount of such cash plus interest thereon at a rate per annum equal to Delayed Payment Rate, from the date of withdrawal to but excluding the date on which the Excess Withdrawal is returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable). Until such amounts are so returned, such amounts shall be deemed to be held in trust by the Ceding Company for the benefit of the Reinsurer.
(b) The balance of the amount held or required to be so held in trust separate and apart as of any date of determination shall be an amount (the “Excess Withdrawal Amount”) equal to (i) the amount withdrawn from the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable) in excess of amounts required or permitted under Section 7.03 minus (ii) any amounts applied by the Ceding Company therefrom for purposes required or permitted under Section 7.03 or returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable) plus (iii) any realized interest or other income on the withdrawn assets plus interest on any cash amount as determined in accordance with Section 8.04(a).
Excess Withdrawals. When computing the Premium Protection rider Death Benefit, the GMDB amount also is reduced by any excess withdrawals. An excess withdrawal is the amount a withdrawal exceeds the maximum annual withdrawal you may take under the GLWB rider you own. For example, assume the maximum annual withdrawal you may withdraw is $5,000 under your GLWB rider and in one contract year you withdraw $6,000. The $1,000 difference between the $6,000 withdrawn and the $5,000 maximum annual withdrawal limit would be an excess withdrawal. Allowable annual withdrawals begin under the GLWB riders when the annuitant reaches 59½, so any withdrawal before the annuitant is 59½ is an excess withdrawal for the Premium Protection rider as well as for the GLWB riders. An excess withdrawal will reduce the GMDB amount by the greater of (a) the same percentage the excess withdrawal reduces your Contract Value (i.e. pro-rata) or (b) the dollar amount of the excess withdrawal. For example, assume your GMDB amount is $100,000 at the beginning of the contract year and your maximum annual withdrawal under your GLWB rider is $5,000. Assume your Contract Value is $90,000 and you withdraw $6,000. First we process that portion of the withdrawal up to your maximum annual withdrawal, which is $5,000. Your GMDB amount decreases to $95,000 and your Contract Value decreases to $85,000. Then we process that portion of the withdrawal in excess of your maximum annual withdrawal under the GLWB rider, which is $1,000. Your GMDB amount will be reduced to $93,882, i.e. $95,000 x (1 — $1,000/$85,000) because the pro-rata reduction of $1,118 is greater than the dollar amount of your $1,000 excess withdrawal. Your Contract Value will be reduced to $84,000. For another example, assume the same facts above except your Contract Value prior to the withdrawal is $120,000. After we process the maximum annual withdrawal portion of your withdrawal, which is $5,000, your GMDB amount is $95,000 and your Contract Value is $115,000. After we process the portion of your withdrawal in excess of your maximum annual withdrawal, your GMDB amount will be reduced to $94,000 ($95,000 — $1,000) because the dollar for dollar reduction of $1,000 is greater than the pro-rata reduction of $826 ($1,000/$115,000 x $95,000). Your Contract Value will be reduced to $114,000. Because the allowable annual withdrawals under the GLWB riders begin when the annuitant is 59½, any withdrawal under the contract prior to the annuitant reaching age 59½ is ...
Excess Withdrawals. 4.4.1 You will have an Excess Withdrawal by Withdrawing more than the Withdrawal Guarantee in a given Withdrawal Year. Excess Withdrawals reduce your Withdrawal Guarantee.
4.4.2 For any Withdrawal after the withdrawal age as shown on the Data Pages, the Excess Withdrawal amount is equal to the greater of zero and the remainder of (a) minus (b) minus (c), where:
(a) is the Withdrawal plus all previous Withdrawals during the Withdrawal Year;
(b) is the Withdrawal Guarantee; and
(c) is the previous Excess Withdrawals during the Withdrawal Year.
4.4.3 The adjusted Withdrawal Guarantee, after an Excess Withdrawal is made, is the lesser of (a) and (b), where:
(a) is the Withdrawal Guarantee on the Valuation Day, prior to the Withdrawal; and
(b) is equal to (i) multiplied by (ii), where:
(i) is the Account Value, subject to the Account Limit; and
(ii) is the Withdrawal Guarantee Factor for the Attained Age.
4.4.4 In the event of an Excess Withdrawal, we will restore the Withdrawal Guarantee if, within 30 days the Certificate Owner both: (i) makes Additions equal to or greater than the Excess Withdrawal amount; and (ii) requests a restoration of the Withdrawal Guarantee. The Contract Owner may make this request on the Certificate Owner’s behalf.
Excess Withdrawals. Any withdrawal during the Vesting Period is an Excess Withdrawal. Any amount withdrawn on or after the end of the Vesting Period that exceeds the Income Amount for the Income Year in which that withdrawal occurs is an Excess Withdrawal.
Excess Withdrawals. Withdrawals or transfers must be backed with actual available funds in your Xxxxxx FCU Share Draft/ Checking or Share Savings Accounts. If you have been approved for overdraft protection on your Share Draft/ Checking account, we will transfer funds in $25 increments from your designated overdraft protection source sufficient to cover any negative account balance due to EFT withdrawals up to your available balance in your account, depending on the overdraft protection source(s) you have. Overdraft protection is only available on Share Draft/ Checking accounts. Remember that Regular Share Savings accounts designated as overdraft protection sources are subject to a limit of six preauthorized transfers per month. Funds to cover overdrafts will be taken from the sources and in the order you designate on your Membership Application & Account Agreement or separate Overdraft Authorization. Unless you have overdraft protection, a transaction may not be permitted if available funds in the accessible accounts are not sufficient. It is your responsibility not to attempt to process a transaction against deposits that have not yet cleared in the time permitted by the law and Xxxxxx FCU procedures. In rare cases, a system malfunction may result in your being able to electronically withdraw funds from an account that does not have sufficient funds to cover the transaction and on which you do not have overdraft protection. If this happens, you are responsible for restoring any amount by which your account is overdrawn. If you do not, our Right to Offset and our right to obtain reimbursement for Collection Costs apply (see Your Truth-In-Savings Disclosure for details).
Excess Withdrawals. On the date that any Excess Withdrawal occurs, an immediate pro rata reduction will be applied to the MGWB Base. The proportion of any such pro rata reduction will equal: Where: A is the amount of the Excess Withdrawal; B is the Accumulation Value immediately prior to the Withdrawal; and C is the total amount of the current Withdrawal. This means the MGWB Base is reduced by the same percentage that the Accumulation Value is reduced by the Excess Withdrawal. Any change in ownership will cause the termination of the Minimum Guaranteed Withdrawal Benefit and no payments under the Minimum Guaranteed Withdrawal Benefit will be payable thereafter, except for the following specifically allowed transactions:
