Common use of General Withdrawal Provisions Clause in Contracts

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter), the Contractholder may direct us to withdraw all or a portion of your Account Value pursuant to Section 5.2 to provide a single-sum payment to the Contractholder to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the contract which is transferred directly by us pursuant to the Contractholder's or your instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for you; and any such withdrawal is subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3). The Contractholder grants to you the right to direct the withdrawal and direct transfer of your voluntary Elective Deferrals (as determined by the Contractholder) to another Code Section 403(b) tax-deferred annuity funding vehicle. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your compliance with the requirements above. Any withdrawal request submitted by the Contractholder must include certification as to the purpose of the withdrawal. The Contractholder assumes full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's representations made in the withdrawal request. (g) [Withdrawals from your Participant Account FIA share may not be made in an amount less than the smaller of $500 or your Participant Account entire FIA share. If a withdrawal reduces your Participant Account FIA share to less than $500, such remaining share shall also be withdrawn.] GB10.OM-C [(SBR)] 12 (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later). (i) We will pay any cash lump-sum to the Contractholder or its designee within [7 days] from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.

Appears in 1 contract

Sources: Guaranteed Benefit Employer Sponsored Tda and Qualified Plan (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter)Contract termination, the Contractholder may direct us to withdraw all or a portion of your Account Value pursuant to Section 5.2 and 5.3 to provide a single-sum cash payment to the Contractholder to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the contract Contract which is transferred directly by us pursuant to the Contractholder's or your instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for you; and any such withdrawal is subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3)5.3. The Contractholder hereby grants to you the right to direct the withdrawal and direct transfer of your voluntary Elective Deferrals (as determined by the Contractholder) to another Code Section 403(b) tax-deferred annuity funding vehicle. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining the Contractholder's or your compliance with the requirements above. Any withdrawal request submitted by the Contractholder must include certification as to the purpose of the withdrawal. The Contractholder assumes full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's representations made in the withdrawal request. . (g) [Withdrawals from your Participant Account FIA share of any Investment Option may not be made in an amount less than the smaller of $500 or your Participant Account entire FIA shareshare of the Investment Option. If a withdrawal reduces your Participant Account FIA share of an Investment Option to less than $500, such remaining share shall also be withdrawn.] GB10.OM-C [(SBR)] 12 (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 5.2, 5.3, or 5.4 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later).. P-GB-C-ERTDAMFVA.10 (i) We will pay any cash lump-sum to the Contractholder or its designee to whomever the Contractholder directs within [7 days] days from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] months after we receive the withdrawal request. (j) Withdrawals from your share of the FIA will be made on a first-in/first-out basis under Section 3.6.

Appears in 1 contract

Sources: Insurance Contract (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter), the Contractholder you may direct us to withdraw all or a portion of your a Participant's Account Value pursuant to Section 5.2 to provide a single-sum payment to the Contractholder you to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have the Participant has either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the this contract which is transferred directly by us pursuant to the Contractholder's your or your Participant instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for youthat Participant; and any such withdrawal is shall be subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3). The Contractholder grants You hereby grant to you a Participant the right to direct the withdrawal and direct transfer of your his voluntary Elective Deferrals (as determined by the Contractholderyou) to another Code Section 403(b) tax-deferred annuity funding vehicle. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your a Participant's compliance with the requirements above. Any withdrawal request submitted by the Contractholder you must include certification as to the purpose of the withdrawal. The Contractholder assumes You assume full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's your representations made in the withdrawal request. (g) [Withdrawals from your a Participant Account Account's FIA share may not be made in an amount less than the smaller of $500 or your the Participant Account Account's entire FIA share. If a withdrawal reduces your the Participant Account Account's FIA share to less than $500, such remaining share shall also be withdrawn.] GB10.OM-C [(SBR)] 12] (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 is determined, on the Business Day that we receive a proper withdrawal request (or due GB10.OM-K [(SBR)] 11 proof of death, if received later). (i) We will pay any cash lump-sum to the Contractholder you or its your designee within [7 days] from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.

Appears in 1 contract

Sources: Guaranteed Benefit Employer Sponsored Tda and Qualified Plan (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter), [the Contractholder Plan Sponsor] may direct us to withdraw all or a portion of your the Account Value of a Participant [in its Plan] pursuant to Section 5.2 to provide a single-sum payment to [the Contractholder Plan Sponsor] to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have the Participant has either attained age 59 1/2, separated from servicesevered employment, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the this contract which is transferred directly by us pursuant to the Contractholder's [Plan Sponsor] or your Participant instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for youthat Participant; and any such withdrawal is shall be subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3). [The Contractholder Plan Sponsor] hereby grants to you a Participant the right to direct the withdrawal and direct transfer of your his voluntary Elective Deferrals (as determined by [the ContractholderPlan Sponsor]) to another Code Section 403(b) 403(b)[(9)] tax-deferred annuity funding vehicle, subject to Plan provisions. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your a Participant's compliance with the requirements above. Any withdrawal request submitted by the Contractholder must include certification as to the purpose of the withdrawal. [The Contractholder Plan Sponsor] assumes full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular its Plan. We may rely solely upon [the Contractholder's Plan Sponsor's] representations made in the withdrawal request. (g) [Withdrawals from your a Participant Account Account's FIA share may not be made in an amount less than the smaller of $500 or your the Participant Account Account's entire FIA share. If a withdrawal reduces your the Participant Account Account's FIA share to less than $500, such remaining share shall also be withdrawn.] GB10.OM-C [(SBR)] 12] (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later).. GBErTDA.OM-ChuK [(SBR)] 11 (i) We will pay any cash lump-sum to [the Contractholder Plan Sponsor or its designee designee] within [7 days] from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.

Appears in 1 contract

Sources: Tda Contract (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter)termination, the Contractholder you may direct us to withdraw all or a portion of your a Participant's Account Value pursuant to Section Sections 5.2 and 5.3 to provide a single-sum cash payment to the Contractholder you to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have the Participant has either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the this contract which is transferred directly by us pursuant to the Contractholder's your or your Participant instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for youthat Participant; and any such withdrawal is shall be subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3)5.3. The Contractholder grants You hereby grant to you a Participant the right to direct the withdrawal and direct transfer of your his voluntary Elective Deferrals (as determined by the Contractholderyou) to another Code Section 403(b) tax-deferred annuity funding vehicle. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your a Participant's compliance with the requirements above. Any withdrawal request submitted by the Contractholder you must include certification as to the purpose of the withdrawal. The Contractholder assumes You assume full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's your representations made in the withdrawal request. . (g) [Withdrawals from your a Participant Account FIA Account's share of any Investment Option may not be made in an amount less than the smaller of $500 or your the Participant Account Account's entire FIA share. If a withdrawal reduces your Participant Account FIA share to less than $500, such remaining share shall also be withdrawn.] GB10.OMP-C [(SBR)] 12GB-K-ERTDAMFVA.9 (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 Sections 5.2, 5.3, or 5.4 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later). (i) We will pay any cash lump-sum to the Contractholder you or its designee to whomever you direct within [7 days] days from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] months after we receive the withdrawal request. (j) Withdrawals from a Participant Account's share of the FIA will be made on a first-in/first- out basis under Section 3.6.

Appears in 1 contract

Sources: Insurance Contract (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter), the Contractholder you may direct us to withdraw all or a portion of your a Participant's Account Value pursuant to Section 5.2 to provide a single-sum payment to the Contractholder you to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have the Participant has either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the this contract which is transferred directly by us pursuant to the Contractholder's your or your Participant instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for youthat Participant; and any such withdrawal is shall be subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3). The Contractholder grants You hereby grant to you a Participant the right to direct the withdrawal and direct transfer of your his voluntary Elective Deferrals (as determined by the Contractholderyou) to another Code Section 403(b) tax-deferred annuity funding vehicle. . (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your compliance with the requirements above. Any withdrawal request submitted by the Contractholder must include certification as to the purpose of the withdrawal. The Contractholder assumes full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's representations made in the withdrawal request. (g) [Withdrawals from your Participant Account FIA share may not be made in an amount less than the smaller of $500 or your Participant Account entire FIA share. If a withdrawal reduces your Participant Account FIA share to less than $500, such remaining share shall also be withdrawn.] GB10.OM-C [(SBR)] 12 (h) A withdrawal request is effective, and the Account Value to be applied pursuant to Section 5.2 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later). (i) We will pay any cash lump-sum to the Contractholder or its designee within [7 days] from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.

Appears in 1 contract

Sources: Guaranteed Benefit Employer Sponsored Tda Contract (Aul American Unit Trust)

General Withdrawal Provisions. Subject to the following provisions of this Section, and prior to notification of contract termination (but not thereafter), the Contractholder may direct us to withdraw all or a portion of your Account Value pursuant to Section 5.2 to provide a single-sum payment to the Contractholder to pay Plan benefits. (a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn to provide such benefits. (b) Amounts attributable to Code Section 403(b) Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits. (c) Amounts attributable to Code Section 403(b) Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn to provide such benefits, provided that the withdrawal is made to provide a loan or that any distribution of such amount shall not occur until you have either attained age 59 1/2, separated from service, died, become totally disabled (as defined by the Plan), or experienced a hardship (as defined by the Plan). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn. (d) Withdrawal of any amount from the contract Contract which is transferred directly by us pursuant to the Contractholder's Contractholder or your instructions to another Code Section 403(b) tax-deferred annuity funding vehicle under applicable IRS rules and regulations is not the provision of a Plan benefit for purposes of Section 5.2, but instead is a Contract termination as to that amount for you; , and any such withdrawal is subject to application of the Withdrawal Charge pursuant to Section 5.2(a)(3). The Contractholder hereby grants to you the right to direct the withdrawal and direct transfer of your voluntary Elective Deferrals (as determined by the Contractholder) to another Code Section 403(b) tax-deferred annuity funding vehicle. (e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover. (f) We are not responsible for determining your compliance with the requirements above. Any withdrawal request submitted by the Contractholder must include certification as to the purpose of the withdrawal. The Contractholder assumes full responsibility for determining whether any withdrawal is permitted under applicable law and under the terms of a particular Plan. We may rely solely upon the Contractholder's representations made in the withdrawal request. (g) [Withdrawals from your Participant Account FIA share may not be made in an amount less than the smaller of $500 or your Participant Account entire FIA share. If a withdrawal reduces your Participant Account FIA share to less than $500, such remaining share shall must also be withdrawn.] GB10.OM-C [(SBR)] 12] (h) A withdrawal request is effective, and the your Account Value to be applied pursuant to Section 5.2 is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later). (i) We will pay any cash lump-sum to the Contractholder or its designee within [7 days] from the appropriate Business Day as determined in Subsection (h) above, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.

Appears in 1 contract

Sources: Guaranteed Benefit Employer Sponsored Tda Contract (Aul American Unit Trust)