Guarantee Benefit Fee. An annual fee will be deducted from the Contract Value. Great-West of New York will begin deducting the Guarantee Benefit Fee as follows: • from Covered Fund Value attributable to investment in a Great-West SecureFoundation Lifetime Fund, ten years before the “target date” of that Covered Fund; • from Covered Fund Value attributable to investment in all other Covered Funds, at the time Contributions and deposits are paid into the corresponding Variable Account. Because the Benefit Base cannot exceed the “Benefit Base Cap” listed on the Contract Data Page, Great-West of New York will not assess the Guarantee Benefit Fee on the Contract Value that exceeds the “Benefit Base Cap” listed on the Contract Data Page. One-twelfth of the Guarantee Benefit Fee is deducted on a monthly basis in arrears, and will be paid by redeeming the number of Covered Fund shares or units equal in value to the Guarantee Benefit Fee amount. The percentage amount of the Guarantee Benefit Fee will not be lower than 0.70% and not higher than 1.5%, on an annualized basis, of the Contract Value attributable to investment in the Covered Fund. Great-West of New York shall inform the Owner of the current percentage amount of the Guarantee Benefit Fee. Great-West of New York reserves the right to change the amount of and the frequency of the deduction of the Guarantee Benefit Fee, and will notify the Owner in writing at least 30 calendar days before any such change. The GLWB will terminate if Great-West of New York does not receive the Guarantee Benefit Fee assessed on the date it is due. The Guarantee Benefit Fee is not deducted during the Settlement Phase.
Guarantee Benefit Fee. An annual fee will be deducted from GLWB Participant Account Value. Great-West will begin deducting the Guarantee Benefit Fee as follows: • from Covered Fund Value attributable to investment in a Great-West SecureFoundation Lifetime Fund, ten years before the “target date” of that Covered Fund; • from Covered Fund Value attributable to investment in all other Covered Funds, at the time Contributions and deposits are paid into the corresponding Variable Account. Because the Benefit Base cannot exceed [$5,000,000], Great-West will not assess the Guarantee Benefit Fee on the portion of the GLWB Participant Account Value that exceeds [$5,000,000]. One-twelfth of the Guarantee Benefit Fee is deducted on a monthly basis in arrears, and will be paid by redeeming the number of Covered Fund shares or units equal in value to the Guarantee Benefit Fee amount. The percentage amount of the Guarantee Benefit Fee will not be lower than 0.70% and not higher than 1.5%, on an annualized basis, of the GLWB Participant Account Value attributable to investment in the Covered Fund. Great‑West will inform the GLWB Participant of the current percentage amount of the Guarantee Benefit Fee. Great‑West reserves the right to change the amount of and the frequency of the deduction of the Guarantee Benefit Fee, and will notify the GLWB Participant in writing at least thirty [30] calendar days before any such change. However, Great-West will first begin assessing the Guarantee Benefit Fee in the first month following the month in which the Benefit Base is established to the extent all of the following occur: (1) the Plan Sponsor causes its Plan Participants to invest in a Covered Fund; (2) this investment is in a Covered Fund where the Benefit Base is established immediately upon investment; and (3) this investment in the Covered Fund occurs in the same month as the Contract Date and is the result of a conversion to Great-West from a previous provider. The GLWB will terminate for a GLWB Participant if Great-West does not receive the Guarantee Benefit Fee assessed on his or her Covered Fund Value on the date it is due. The Guarantee Benefit Fee is not deducted during the Settlement Phase.
Guarantee Benefit Fee. The fee described in Section 9 of the Group Contract. Guaranteed Lifetime Withdrawal Benefit (GLWB) – A payment option offered by the IRA that pays Installments during the life of the Covered Person(s). The Covered Person(s) will receive periodic payments in either monthly, quarterly, semiannual, or annual Installments that in total over a twelve month period equal the GXX. Initial Installment Date –The date of the first Installment under the GLWB, which must be a Business Day. Installments – Periodic payments of the GXX made pursuant to Section 5.02. Installment Frequency Options – The options listed in Section 5.02. IRA – The traditional Rxxx or other Individual Retirement Account established for the Certificate Owner and the Certificate Owner’s beneficiaries, for which a Certificate is issued. Qualified Domestic Relations Order (QDRO) – A domestic relations order that creates or recognizes the existence of an Alternate Payee’s right to, or assigns to an Alternate Payee the right to receive all or a portion of the benefits payable with respect to a GLWB Elector and that complies with the requirements of the Code and ERISA, if applicable, that is accepted and approved by the Group Contractholder for the IRA, except as otherwise agreed. Ratchet – An increase in the Benefit Base if the Covered Fund Value exceeds the current Benefit Base on the Ratchet Date, pursuant to Section 4.03 and Section 5.04.
Guarantee Benefit Fee. An annual fee will be deducted from GLWB Participant Account Value. GWL&A of NY will begin deducting the Guarantee Benefit Fee as follows: • from Covered Fund Value attributable to investment in a GWL&A of NY SecureFoundation Lifetime Fund, ten years before the “target date” of that Covered Fund; • from Covered Fund Value attributable to investment in all other Covered Funds, at the time Contributions and deposits are paid into the corresponding Variable Account. Because the Benefit Base cannot exceed $[5,000,000], GWL&A of NY will not assess the Guarantee Benefit Fee on the portion of the GLWB Participant Account Value that exceeds $[5,000,000]. One-twelfth of the Guarantee Benefit Fee is deducted on a monthly basis in arrears, and will be paid by redeeming the number of Covered Fund shares or units equal in value to the Guarantee Benefit Fee amount. The percentage amount of the Guarantee Benefit Fee will not be lower than 0.70% and not higher than 1.5%, on an annualized basis, of the GLWB Participant Account Value attributable to investment in the Covered Fund. GWL&A of NY will inform the GLWB Participant of the current percentage amount of the Guarantee Benefit Fee. GWL&A of NY reserves the right to change the amount of and the frequency of the deduction of the Guarantee Benefit Fee, and will notify the GLWB Participant in writing at least [30] calendar days before any such change. However, GWL&A of NY will first begin assessing the Guarantee Benefit Fee in the first month following the month in which the Benefit Base is established to the extent all of the following occur: (1) the Plan Sponsor causes its Plan Participants to invest in a Covered Fund; (2) this investment is in a Covered Fund where the Benefit Base is established immediately upon investment; and (3) this investment in the Covered Fund occurs in the same month as the Contract Date and is the result of a conversion to GWL&A of NY from a previous provider. The GLWB will terminate for a GLWB Participant if GWL&A of NY does not receive the Guarantee Benefit Fee assessed on his or her Covered Fund Value on the date it is due. The Guarantee Benefit Fee is not deducted during the Settlement Phase.
