Common use of Lump Sum Distributions and Change of Installment Frequency during Withdrawal Phase Clause in Contracts

Lump Sum Distributions and Change of Installment Frequency during Withdrawal Phase. The GLWB Participant may request to change the Installment frequency during the Withdrawal Phase. Each such request must be in Good Order. At any time during the Withdrawal Phase, the GLWB Participant receiving Installments more frequently than annually may elect to take a lump sum Distribution up to the remaining scheduled amount of the XXX for that year (i.e., the 12-month period from one Ratchet Date to the next Ratchet Date). It is the GLWB Participant’s responsibility to request the suspension of the remaining Installments that are scheduled to be paid during the year (until the next Ratchet Date) and to re-establish Installments that will commence upon the next Ratchet Date, if applicable. • If the GLWB Participant chooses not to suspend remaining Installments for the year, Excess Withdrawals may occur and, consequently, a Benefit Base adjustment may also occur. Except as otherwise provided in Section 9.06 of this Contract, Installments will continue at the amount and frequency previously elected until changed by the GLWB Participant and, accordingly, Excess Withdrawals may continue to occur. • If the GLWB Participant elects to suspend the remaining Installments, no additional Installments will be made unless the GLWB Participant notifies GWL&A of NY to recommence Installments. To recommence Installments, the GLWB Participant must provide GWL&A of NY with at least 30 calendar days’ advance notice of the GLWB Participant’s request to recommence Installments. A GLWB Participant’s Withdrawal Phase Ratchet Date will remain in effect while Installments are suspended.

Lump Sum Distributions and Change of Installment Frequency during Withdrawal Phase. The GLWB Participant may request to change the Installment frequency during the Withdrawal Phase. Each such request must be in Good Order. At any time during the Withdrawal Phase, the GLWB Participant receiving Installments more frequently than annually may elect to take a lump sum Distribution up to the remaining scheduled amount of the XXX for that year (i.e., the 12-month period from one Ratchet Date to the next Ratchet Date). It is the GLWB Participant’s responsibility to request the suspension of the remaining Installments that are scheduled to be paid during the year (until the next Ratchet Date) and to re-establish Installments that will commence upon the next Ratchet Date, if applicable. • If the GLWB Participant chooses not to suspend remaining Installments for the year, Excess Withdrawals may occur and, consequently, a Benefit Base adjustment may also occur. Except as otherwise provided in Section 9.06 of this Contract, Installments will continue at the amount and frequency previously elected until changed by the GLWB Participant and, accordingly, Excess Withdrawals may continue to occur. • If the GLWB Participant elects to suspend the remaining Installments, no additional Installments will be made unless the GLWB Participant notifies GWL&A of NY Great-West to recommence Installments. To recommence Installments, the GLWB Participant must provide GWL&A of NY Great-West with at least 30 calendar days’ advance notice of the GLWB Participant’s request to recommence Installments. A GLWB Participant’s Withdrawal Phase Ratchet Date will remain in effect while Installments are suspended.

Lump Sum Distributions and Change of Installment Frequency during Withdrawal Phase. The GLWB Participant IRA Owner may request to change the Installment frequency during the Withdrawal Phase. Each such request must be in Good Order. At any time during the Withdrawal Phase, the GLWB Participant IRA Owner receiving Installments more frequently than annually may elect to take a lump sum Distribution distribution up to the remaining scheduled amount of the XXX for that year (i.e., the 12-month 12‑month period from one Ratchet Date to the next Ratchet Date). It is the GLWB ParticipantIRA Owner’s responsibility to request the suspension of the remaining Installments that are scheduled to be paid during the year (until the next Ratchet Date) and to re-establish Installments that will commence upon the next Ratchet Date, if applicable. • If the GLWB Participant IRA Owner chooses not to suspend remaining Installments for the year, Excess Withdrawals may occur and, consequently, a Benefit Base adjustment may also occur. Except as otherwise provided in Section 9.06 9.05 of this Contract, Installments will continue at the amount and frequency previously elected until changed by the GLWB Participant IRA Owner and, accordingly, Excess Withdrawals may continue to occur. • If the GLWB Participant IRA Owner elects to suspend the remaining Installments, no additional Installments will be made unless the GLWB Participant IRA Owner notifies GWL&A of NY Great-West to recommence Installments. To recommence Installments, the GLWB Participant IRA Owner must provide GWL&A of NY Great-West with at least 30 calendar days’ advance notice of the GLWB ParticipantIRA Owner’s request to recommence Installments. A GLWB ParticipantAn IRA Owner’s Withdrawal Phase Ratchet Date will remain in effect while Installments are suspended.

Lump Sum Distributions and Change of Installment Frequency during Withdrawal Phase. The GLWB Participant XXX Owner may request to change the Installment frequency during the Withdrawal Phase. Each such request must be in Good Order. At any time during the Withdrawal Phase, the GLWB Participant XXX Owner receiving Installments more frequently than annually may elect to take a lump sum Distribution distribution up to the remaining scheduled amount of the XXX for that year (i.e., the 12-month 12‑month period from one Ratchet Date to the next Ratchet Date). It is the GLWB ParticipantXXX Owner’s responsibility to request the suspension of the remaining Installments that are scheduled to be paid during the year (until the next Ratchet Date) and to re-establish Installments that will commence upon the next Ratchet Date, if applicable. • If the GLWB Participant XXX Owner chooses not to suspend remaining Installments for the year, Excess Withdrawals may occur and, consequently, a Benefit Base adjustment may also occur. Except as otherwise provided in Section 9.06 9.05 of this Contract, Installments will continue at the amount and frequency previously elected until changed by the GLWB Participant XXX Owner and, accordingly, Excess Withdrawals may continue to occur. • If the GLWB Participant XXX Owner elects to suspend the remaining Installments, no additional Installments will be made unless the GLWB Participant XXX Owner notifies GWL&A Great-West of NY New York to recommence Installments. To recommence Installments, the GLWB Participant XXX Owner must provide GWL&A Great-West of NY New York with at least 30 calendar days’ advance notice of the GLWB ParticipantXXX Owner’s request to recommence Installments. A GLWB ParticipantAn XXX Owner’s Withdrawal Phase Ratchet Date will remain in effect while Installments are suspended.