Misstatements of Age. If the age of any person upon whose life an annuity is based has been misstated, the benefit shall not be invalidated, but the amount of the benefit shall be adjusted to the proper amount as determined on the basis of the correct age. The amount of any underpayments by the Company due to any such misstatement shall be paid in full with the next payment due with respect to the payee under this Contract. The amount of any overpayments by the Company due to any such misstatement shall be deducted to the extent possible from the payments thereafter falling due with respect to the payee under this Contract. The amount of any underpayments or overpayments in this regard shall be calculated with interest at the rate of 5% per year.
Appears in 4 contracts
Samples: Individual Retirement Annuity Contract Roth (Mutual of America Separate Account No 2), Individual Retirement Annuity Contract (Mutual of America Separate Account No 2), Individual Retirement Annuity Contract (Mutual of America Separate Account No 2)
Misstatements of Age. If the age of any person upon whose life an annuity is based has been misstated, the benefit shall not be invalidated, but the amount of the benefit shall be adjusted to the proper amount as determined on the basis of the correct age. The amount of any underpayments by the Company due to any such misstatement shall be paid in full with the next payment due with respect to the payee under this Contract. The amount of any overpayments by the Company due to any such misstatement shall be deducted to the extent possible from the payments thereafter falling due with respect to the payee under this Contract. The amount of any underpayments or overpayments in this regard shall be calculated with interest at the rate of [5% %] per year.
Appears in 2 contracts
Samples: Tax Deferred Group Annuity Contract (Mutual of America Separate Account No 2), Group Annuity Contract Section 457 Deferred Compensation (Mutual of America Separate Account No 2)
Misstatements of Age. If the age of any person upon whose life an annuity is based has been misstated, the benefit shall not be invalidated, but the amount of the benefit shall be adjusted to the proper amount as determined on the basis of the correct age. The amount of any underpayments by the Company due to any such misstatement shall be paid in full with the next payment due with respect to the payee under this the Contract. The amount of any overpayments by the Company due to any such misstatement shall be deducted to the extent possible from the payments thereafter falling due with respect to the payee under this the Contract. The amount of any underpayments or overpayments in this regard shall be calculated with interest at the rate of [5% %] per year.
Appears in 1 contract
Samples: Tax Deferred Group Annuity Contract (Mutual of America Separate Account No 2)
