Guarantee Benefit Fee. An annual fee will be deducted from Covered Fund 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 an Owner’s Contract Value that exceeds $5 million. 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 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%] of the Owner’s Contract Value attributable to investment in the Covered Fund. Great-West shall inform the Owner 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 Owner in writing at least thirty (30) calendar days before any such change. The GLWB will terminate for an Owner if Great-West does not receive the Guarantee Benefit Fee assessed on his or her Contract Value the 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.
