Common use of Our Resignation Clause in Contracts

Our Resignation. We can resign at any time by providing you with contract purchased from an insurance company that provides a 30 days written notice prior to the resignation date, or within five delayed annuity payment starting date which will be after your days of our receipt of your written objection to an amendment. In the required beginning date but must begin no later than the first day event you materially breach this agreement, we can terminate this of the month following your 85th birthday. Premiums paid from agreement by providing you with five days prior written notice. your IRA to purchase a QLAC are limited to $200,000 (subject to Upon our resignation, you must appoint a qualified successor annual cost-of-living adjustments, if any). The $200,000 limit is custodian or trustee. Your SIMPLE IRA assets will be transferred to also reduced by the amount of premium you paid from an the successor custodian or trustee once we have received appropriate employer-sponsored retirement plan (i.e., 401(k) plan) to direction. Transfers will be completed within a reasonable time purchase a QLAC. We may rely on your representations that following our resignation notice and the payment of your remaining premiums paid for your QLAC(s) in other IRAs or employer SIMPLE IRA fees or expenses. At the time of resignation we may plans do not exceed the $200,000 limit. Please refer to the retain the sum necessary to cover any fees and expenses, taxes, or Disclosure Statement for additional QLAC information. investment penalties. If you fail to provide us with acceptable