Group Annuity Contract Sample Clauses

Group Annuity Contract. RemainCo and SpinCo will cooperate and use their commercially reasonable efforts to replicate the RemainCo Annuity Contract such that all remaining benefits payable thereunder to each Former SpinCo Employee (and each beneficiary or alternate payee of such person) shall be governed under a new annuity contract by and between SpinCo or its Subsidiary and the insurance company effective as of the Employee Transfer Date. In the event it cannot be determined prior to the Employee Transfer Date whether an individual with a remaining benefit under the RemainCo Annuity Contract is a Former SpinCo Employee or beneficiary or alternate payee of such person, on the one hand, or a Former RemainCo Employee or beneficiary or alternate payee of such person, on the other hand, then such individual shall be deemed to be a Former SpinCo Employee for purposes of this Section 5.5.
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Group Annuity Contract. Any policy or contract, except a joint, reversionary or survivorship annuity contract, whereby annuities are payable dependent upon the continuance of the lives of more than one person. Section 4238(a).
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Group Annuity Contract. An executable copy of the Contract, including its annuity exhibit, is attached hereto as Schedule 1.
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Group Annuity Contract. SINGLE CONTRIBUTION NON CONTRIBUTORY NON-PARTICIPATING ANNUITIES Chairman and CEO Secretary /s/ Xxxxxx Xxxxx Countersignature TABLE OF CONTENTS ARTICLE PAGE I. DEFINITIONS 1
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Group Annuity Contract. The Company agrees, subject to the terms and conditions of this Contract, to provide the benefits described herein while this Contract is in force and to provide any other benefits, rights and privileges specified in this Contract. ALLOCATED GROUP VARIABLE DEFERRED ANNUITY CONTRACT SEPARATE ACCOUNT NONPARTICIPATING Signed for the Company /s/ Dxxxxx X. Xxxxx President /s/ Cxxxxxx X. Xxxxxxx, III Secretary ALL VALUES PROVIDED BY THIS CONTRACT ARE VARIABLE AND MAY INCREASE, DECREASE OR REMAIN THE SAME AND ARE NOT GUARANTEED AS TO A FIXED DOLLAR AMOUNT. THIS CONTRACT IS NOT COVERED BY AN INSURANCE GUARANTY FUND OR OTHER SOLVENCY PROTECTION ARRANGEMENT BECAUSE THIS CONTRACT IS A CONTRACT UNDER WHICH THE RISK IS BORNE BY THE POLICYHOLDER. AN-701 Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. TABLE OF CONTENTS ARTICLE PAGE CONTRACT SPECIFICATIONS 3 ARTICLE 1 – DEFINITIONS 4 ARTICLE 2 – FUNDING AND WITHDRAWALS 6 ARTICLE 3 – ANNUITY BENEFITS 8 ARTICLE 4 - GUARANTEED WITHDRAWAL BENEFIT 8 ARTICLE 5 - GUARANTEED WITHDRAWAL BENEFIT ROLLOVER PRIVILEGE 13 ARTICLE 6 – CONTRACT DISCONTINUANCE 14 ARTICLE 7 – GENERAL PROVISIONS 15 ARTICLE 8 - ANNUITY PAYMENT OPTIONS AND ANNUITY PURCHASE RATES 16 ARTICLE 9 - BENEFICIARY 17 AN-701 2 CONTRACT SPECIFICATIONS
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Group Annuity Contract. The Company has issued this Group Annuity Contract to the Group Contractholder in consideration of the Application and payment of the initial Contribution.
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Group Annuity Contract. The Contract will be in substantially the form of the group annuity contract attached hereto as Schedule 1.
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Group Annuity Contract. This Contract makes provision for the accumulation of contract values in the General Account of the Company to provide fixed annuity accumulations and benefits and in the Separate Accounts of the Company to provide variable annuity accumulations and benefits. Actual annuity payout commencing on the Annuity Commencement Date may be on a variable basis (Separate Account) and/or on a fixed basis (General Account) as determined by the Contract Owner. Nonparticipating ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO A FIXED DOLLAR AMOUNT. DETAILS OF THE VARI- ABLE PROVISIONS ARE DESCRIBED UNDER THE SECTION ENTITLED: ‘VALUATION PROVISIONS’ BEGINNING ON PAGE 15. HL-15420 SPECIMEN Printed in U.S.A. CONTRACT SPECIFICATIONS CONTRACT OWNER: SPECIMEN CONTRACT EFFECTIVE DATE: SPECIMEN CONTRACT JURISDICTION: SPECIMEN CONTRACT NUMBER: GC-XXXXXX GROUP ANNUITY CONTRACT General Account Guaranteed Interest Rates prior to and including the Annuity Commencement Date: Contributions shall be credited with interest at a rate declared for the calendar quarter in which they are received. The declared interest rate for any quarter shall be determined by the Company and may be changed for any subsequent quarter at the discretion of the Company. The declared interest rate applicable to any quarter will be guaranteed to the end of the applicable calendar year. Any change in the declared interest rate will be declared before the start of the quarter. For each subsequent calendar year, Contributions will be credited with interest at a rate guaranteed for the entire year (the “Guaranteed Interest Rate”) which rate will never be less than 3%. The Guaranteed Interest Rate for a calendar year will be determined at the end of the preceding calendar year. The Company may, from time to time, credit interest rates in excess of the Guaranteed Interest Rate. Separate Account(s) The Separate Account(s) of the Company supporting the Contract are entitled Separate Account Eleven. The various Separate Account Eleven Sub-Accounts under this Contract and the corresponding investment Funds for each Sub-Account are set forth in the most recent Administrative Notice which is attached to and made part of this Contract. Assets for the Investment Option Sub-Accounts in Group(s) A or B are valued using Method One as defined in Section 6, “Valuation Provisions” of this Contract. The Company reserves the right,...
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Related to Group Annuity Contract

  • ANNUITY 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • ANNUITY PAYMENTS If you elect to receive Annuity Payments, you may apply your Contract Value to any Annuity Payment option in accordance with your contract terms. If you apply less than the entire Contract Value to provide Annuity Payments under an Annuity Payment option, that amount will be treated as a withdrawal for purposes of adjusting the Benefit Base and GAI. If Annuity Payments are required to begin and the oldest Annuitant is a Designated Life, you may elect from an additional annuity payment option to receive an annual amount equal to the GAI at any frequency offered by us, but at least annually, until the death of both Designated Lives. Required Minimum Distribution (RMD) This provision applies if your contract is a Qualified Contract and is subject to required minimum distribution (RMD) provisions pursuant to the Internal Revenue Code (the “Code”), as amended from time to time, and the Treasury Regulations issued thereunder. A123456 ICC20-70594 Minnesota Life 4 A withdrawal in any Contract Year after you are eligible for an RMD will not be treated as an excess withdrawal if that withdrawal does not cause the total withdrawals for the Contract Year to exceed the greater of the GAI or your RMD for the current calendar year. Such treatment is contingent on your acceptance of our calculation of the RMD amounts. RMD calculations will be based solely on the value of this contract and any attached riders and will be determined for the calendar year in which the RMD withdrawal is requested. Each RMD amount is calculated based on information provided by you and our understanding of the Code. We reserve the right to make changes in our calculations, as needed, to comply with the Code and Treasury Regulations. While this contract is subject to RMD provisions, the benefit will be treated as follows: • Each Contract Year the GAI will be calculated as described in the Guaranteed Annual Income section above. The GAI will not be changed based on the RMD requirement. • If the RMD amount is greater than the GAI, the Benefit Base and GAI will not be reduced for withdrawals up to the RMD amount. Amounts withdrawn in any Contract Year in excess of the greater of GAI or RMD will be treated as an excess withdrawal. If the RMD amount for two calendar years is withdrawn in a single Contract Year, your withdrawal may be subject to excess withdrawal treatment to the extent the Contract Year withdrawals exceed the greater of the GAI or current calendar year RMD amount. Excess Withdrawal Considerations An excess withdrawal is any withdrawal prior to the Benefit Date or a withdrawal after the Benefit Date that exceeds the GAI for the Contract Year. The portion of each individual withdrawal during a Contract Year that is treated as an excess withdrawal is equal to the amount withdrawn, including any applicable deferred sales charge, less any GAI remaining prior to the withdrawal for that Contract Year. Excess withdrawals can reduce future benefits by more than the dollar amount of the excess withdrawal. A deferred sales charge, as defined in the contract to which this rider is attached, may apply if excess withdrawals exceed the contract’s free withdrawal amount. Any forms provided by us to facilitate the Written Request of a withdrawal will include:

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