PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations. Your entire interest may be distributed, as you elect over (a) the life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below: (1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death. (2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your Pursuant to Sections 457(d) and 401(a)(9) of the Code, and subject to the terms of the Plan, the entire interest in this Contract of the Annuitant will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunderdistributed, no later than the first day of April following the calendar year in which you attain age the Annuitant attains 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your The entire interest may be distributed, as you elect elected pursuant to the Plan and this Contract, over (a) the lifelife of the Annuitant, or the lives of you the Annuitant and or your a designated beneficiary, or (b) a period certain not extending beyond your the Annuitant's life expectancy, or the joint and last survivor life expectancy of you the Annuitant and your a designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G401 (a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.053.04, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect elected prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain the Annuitant attains age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die the Annuitant dies after distribution of your the interest described in the first paragraph of this Contract Section has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your the Annuitant's death. If you die before the Annuitant dies after distribution of your the interest described in the first paragraph of this Contract Section begins, distribution of your the entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your the Annuitant's death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section Section or regulations. Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(940(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the the. Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, thereunder no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing non-increasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Distributions attributed to Contributions of Transferred Funds pursuant to Section 2.01 (where you have provided to us written evidence of such balance as of December 31, 1986) must commence no later than age 75. Such distributions will be made in the normal form of Annuity Benefit, unless you elect to take payments in a single sum or another form of Annuity Benefit then offered by us. Your entire interest in this Contract will attributable to all other Contributions made, and earnings credited thereon must be distributed distributed, or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 403(b)(10) and 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless 9 unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your entire interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment payments thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee committee, or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or of two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election election, pursuant to Section 3.03 of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee person or persons to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons payee to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income Per $1,000 OF Annuity Account Value) ---------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------- 60 4.52 4.56 4.60 4.64 4.68 4.71 4.75 4.79 4.82 4.85 4.88 61 4.60 4.65 4.69 4.73 4.77 4.81 4.85 4.89 4.92 4.96 62 4.69 4.74 4.78 4.83 4.87 4.92 4.96 5.00 5.03 63 4.79 4.84 4.89 4.93 4.98 5.03 5.07 5.11 64 4.89 4.94 5.00 5.05 5.10 5.14 5.19 65 5.00 5.06 5.11 5.17 5.22 5.27 66 5.12 5.18 5.24 5.29 5.35 67 5.24 5.31 5.37 5.43 68 5.37 5.44 5.51 69 5.52 5.59 70 5.67 ---------------------------------------------------------------------------- ANNUITY BENEFIT PAYABLE ON THE LIFE ANNUITY FORM (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------- VARIABLE ANNUITY BENEFIT PAYABLE ON THE LIFE ANNUITY FORM IF ASSUMED BASE RATE OF NET INVESTMENT RETURN IS Age 3.5% 5.0% ------------------------------------------------------------------- 60 5.27 6.16 61 5.39 6.28 62 5.52 6.41 63 5.66 6.55 64 5.81 6.70 65 5.97 6.86 66 6.15 7.03 67 6.33 7.21 68 6.53 7.41 69 70 ---------------------------------------------------------------------------------------------------------------------------------6.74 7.62
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, thereunder no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing non-increasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 six months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Distributions attributed to Contributions of Transferred Funds pursuant to Section 2.01 (where you have provided to us written evidence of such balance as of December 31, 1986) must commence no later than age 75. Such distributions will be made in the normal Form of Annuity Benefit, unless you elect to take payments in a single sum or another form of Annuity Benefit then offered by us. Your entire interest in this Contract will attributable to all other Contributions made, and earnings credited thereon must be distributed distributed, or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 403(b)(10) and 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section Section or regulations. Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your Pursuant to Sections 457(d) and 401(a)(9) of the Code, and subject to the terms of the Plan, the entire interest in this Contract of the Annuitant will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunderdistributed, no later than the first day of April following the calendar year in which you attain age the Annuitant attains 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your The entire interest may be distributed, as you elect elected pursuant to the Plan and this Contract, over (a) the lifelife of the Annuitant, or the lives of you the Annuitant and or your a designated beneficiary, or (b) a period certain not extending beyond your the Annuitant's life expectancy, or the joint and last survivor life expectancy of you the Annuitant and your a designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect elected prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain the Annuitant attains age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die the Annuitant dies after distribution of your the interest described in the first paragraph of this Contract Section has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your the Annuitant's death. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. If you die the Annuitant dies before distribution of your the interest described in the first paragraph of this Contract Section begins, distribution of your the entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your the Annuitant's death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your the Annuitant's interest is payable to a designated beneficiary, then your the entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, of the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your the Annuitant's death. If the designated beneficiary is not the Annuitant's surviving spouse, a period certain Annuity Benefit cannot exceed 15 years, (even if life expectancy is greater than 15 years).
(2) If the designated beneficiary is your the Annuitant's surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your the Annuitant's death or (B) December 31 of the calendar year in which you the Annuitant would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your the Annuitant's death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your the Required Beginning Date or was reached, or, if prior to the Required Beginning Date Date, distributions irrevocably commence to you an individual over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 1.401(a)(9) of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your the benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against against, and underpayments will be added to to, any payment payments thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee committee, or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or of two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your the election of an annuity form providing payments for a period certain, you (or the Annuitant, if you have advised us in writing that it is permitted under the terms of the Plan) may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The Subject to the terms of the Plan, the payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------ Age 60 61 62 63 64 65 66 67 68 69 70 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 60 4.52 4.56 4.60 4.64 4.68 4.71 4.75 4.79 4.82 4.85 4.88 61 4.60 4.65 4.69 4.73 4.77 4.81 4.85 4.89 4.92 4.96 62 4.69 4.74 4.78 4.83 4.87 4.92 4.96 5.00 5.03 63 4.79 4.84 4.89 4.93 4.98 5.03 5.07 5.11 64 4.89 4.94 5.00 5.05 5.10 5.14 5.19 65 5.00 5.06 5.11 5.17 5.22 5.27 66 5.12 5.18 5.24 5.29 5.35 67 5.24 5.31 5.37 5.43 68 5.37 5.44 5.51 69 5.52 5.59 70 5.67 ------------------------------------------------------------------------------------------------------------------------------------ ANNUITY BENEFIT PAYABLE ON THE LIFE ANNUITY FORM (Minimum Monthly Income per $1,000 of Annuity Account Value) -------------------------------------------------------------------------------- VARIABLE ANNUITY BENEFIT IF ASSUMED BASE RATE OF NET INVESTMENT RETURN IS Age 3.5% 5% -------------------------------------------------------------------------------- 60 5.27 6.16 61 5.39 6.28 62 5.52 6.41 63 5.66 6.55 64 5.81 6.70 65 5.97 6.86 66 6.15 7.03 67 6.33 7.21 68 6.53 7.41 69 6.74 7.62
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Distributions attributed to Contributions of Transferred Funds pursuant to Section 2.01 (where you have provided to us written evidence of such balance as of December 31, 1986) must commence no later than age 75. Such distributions will be made in the normal form of Annuity Benefit, unless you elect to take payments in a single sum or another form of Annuity Benefit then offered by us. Your entire interest in this Contract will attributable to all other Contributions made, and earnings credited thereon must be distributed distributed, or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 403(b)(10) and 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless 9 unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, months and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment payments thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee committee, or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or of two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election election, pursuant to Section 3.03 of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee person or persons to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee Payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons payee to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------.
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Distributions attributed to Contributions of Transferred Funds pursuant to Section 2.01 (where you have provided to us written evidence of such balance as of December 31, 1986 must commence no later than age 75. Such distributions will be made in the normal Form of Annuity Benefit, unless you elect to take payments in a single sum or another form of Annuity Benefit then offered by us. Your entire interest in this Contract will attributable to all other Contributions made, and earnings credited hereon must be distributed distributed, or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 403(b)(10) and 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your Pursuant to Sections 457(d) and 401(a)(9) of the Code, and subject to the terms of the Plan, the entire interest in this Contract of the Annuitant will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunderdistributed, no later than the first day of April following the calendar year in which you attain age the Annuitant attains 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your The entire interest may be distributed, as you elect elected pursuant to the Plan and this Contract, over (a) the lifelife of the Annuitant, or the lives of you the Annuitant and or your a designated beneficiary, or (b) a period certain not extending beyond your the Annuitant's life expectancy, or the joint and last survivor life expectancy of you the Annuitant and your a designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A Q&A F-3 of Section 1.401(a)(9)-1 of the proposed Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect elected prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain the Annuitant attains age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die the Annuitant dies after distribution of your the interest described in the first paragraph of this Contract Section has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your the Annuitant's death. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, and distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. If you die the Annuitant dies before distribution of your the interest described in the first paragraph of this Contract Section begins, distribution of your the entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your the Annuitant's death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your the Annuitant's interest is payable to a designated beneficiary, then your the entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, of the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your the Annuitant's death. If the designated beneficiary is not the Annuitant's surviving spouse, a period certain Annuity Benefit cannot exceed 15 years, (even if life expectancy is greater than 15 years).
(2) If the designated beneficiary is your he Annuitant's surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your the Annuitant's death or (B) December 31 of the calendar year in which you the Annuitant would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your the Annuitant's death,, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your the Required Beginning Date or was reached, or, if prior to the Required Beginning Date Date, distributions irrevocably commence to you an individual over a period permitted and an in an annuity form acceptable under Section 1.401(a)(9)-1 1.401(a)(9) of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your the benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against against, and underpayments will be added to to, any payment payments thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a the payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee committee, or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or of two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your the election of an annuity form providing payments payment for a period certain, you (or the Annuitant, if you have advised us in writing that it is permitted under the terms of the Plan) may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The Subject to the terms of the Plan, the payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment period due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- ----------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- ---------- Age 60 61 62 63 64 65 66 67 68 69 70 -------------------------------------------------------------------------------------------------------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- ---------- 60 4.52 4.56 4.60 4.64 4.68 4.71 4.75 4.79 4.82 4.85 4.88 61 4.60 4.65 4.69 4.73 4.77 4.81 4.85 4.89 4.92 4.96 62 4.69 4.74 4.78 4.83 4.87 4.92 4.96 5.00 5.03 63 4.79 4.84 4.89 4.93 4.98 5.03 5.07 5.11 64 4.89 4.94 5.00 5.05 5.10 5.14 5.19 65 5.00 5.06 5.11 5.17 5.22 5.27 66 5.12 5.18 5.24 5.29 5.35 67 5.24 5.31 5.37 5.43 68 5.37 5.44 5.51 69 5.52 5.59 70 5.67 ----------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- ---------- ANNUITY BENEFIT PAYABLE ON THE LIFE ANNUITY FORM (Minimum Monthly Income per $1,000 of Annuity Account Value) VARIABLE ANNUITY BENEFIT IF ASSUMED BASE RATE OF NET INVESTMENT RETURN IS Age 3.5% 5% ------------- ------------------------ ---------------------- 60 5.27 6.16 61 5.39 6.28 62 5.52 6.41 63 5.66 6.55 64 5.81 6.70 65 5.97 6.86 66 6.15 7.03 67 6.33 7.21 68 6.53 7.41 69 6.74 7.62
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, thereunder no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations). Your entire interest may be distributed, as you elect elect, over (a) the your life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing non-increasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations. Your entire interest may be distributed, as you elect over (a) the life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing non-increasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of 401(a)(9)(G)of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If you die after distribution of your interest in this Contract has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to your death. If you die before distribution of your interest in this Contract begins, distribution of your entire interest shall be completed no later than December 31 of the calendar year containing the fifth anniversary of your death, except to the extent that an election is made to receive death benefit distributions in accordance with (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then your entire interest may be distributed over the life of, or over a period certain not greater than the life expectancy of, the designated beneficiary. Such distributions must commence on or before December 31 of the calendar year immediately following the calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date distributions that are required to begin in accordance with (1) above shall not be earlier than the later of (A) December 31 of the calendar year immediately following the calendar year of your death or (B) December 31 of the calendar year in which you would have attained age 70 years and 6 months. For purposes of determining the "period certain" referred to in the immediately preceding paragraph, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. For purposes of distributions beginning after your death, unless otherwise elected by the surviving spouse by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable by the surviving spouse and shall apply to all subsequent years. In the case of any other designated beneficiary, life expectancies shall be calculated using the attained age of such beneficiary during the calendar year in which distributions are required to begin pursuant to this Section, and payments for any subsequent calendar year shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. Distributions under this Section are considered to have begun if distributions are made because you have reached your Required Beginning Date or if prior to the Required Beginning Date distributions irrevocably commence to you over a period permitted and in an annuity form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury Regulations or any successor Regulation thereto. Evidence of each payee's survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. If a benefit payment under the terms of this Contract was based on information that is subsequently found to be incorrect, your benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments, or any amount used to provide the benefit, or any combination thereof. Overpayments by us will be charged against and underpayments will be added to any payment thereafter falling due under the terms of this Contract with respect to the payee, affecting as many such payments as are necessary to correct the overpayment or underpayment. Our liability, with respect to a payee, is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under this Contract. If we receive evidence satisfactory to us that (i) a payee entitled to receive any payment under the terms of this Contract is physically or mentally incompetent to receive such payment or is a minor, (ii)) another person or an institution is then maintaining or has custody of such payee, and (iii) no guardian, committee or other representative of the estate of such payee has been appointed, we may make the payments (in the case of a minor, at a rate not exceeding $200 a month) to such other person or institution, and will thereupon be fully discharged from all liability with respect theretohereto. If a variable annuity form made available by us provides for payment for a period certain, such as 120 or 180 months, and thereafter during the remaining lifetime of one person, or of at least one or two persons, a payee for payments thereunder may elect, without the concurrence of any other person, to receive the commuted value of any remaining payments, provided no person upon whose life the income depends is surviving. Pursuant to Section 3.03, upon your election of an annuity form providing payments for a period certain, you may designate (with the right to change such designation) a payee to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable payable` after such payee's death, if the absence of such a designation would result in a single sum payment to such payee's estate in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee's estate the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate utilized in the actuarial rate basis applicable in determining the annuity amount. If the amount to be applied hereunder is less than $2,000, or would result in an initial payment of less than $20, we may pay the amount to the payee in a single sum instead of applying it under the annuity form elected pursuant to Section 3.03. Payments under annuity forms with life contingencies terminate with the last payment due before the death of the person or persons upon whose life the income depends or the end of the certain period, whichever is later. We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. -------------------------------------------------------------------------------- TABLES OF GUARANTEED ANNUITY PAYMENTS (Based on Age Nearest Birthday on Due Date of First Payment) FIXED ANNUITY BENEFIT PAYABLE ON THE JOINT AND SURVIVOR LIFE ANNUITY FORM 100% OF PAYMENT AMOUNT TO CONTINUE TO SPOUSE (Minimum Monthly Income per $1,000 of Annuity Account Value) --------------------------------------------------------------------------------------------------------------------------------- Age 60 61 62 63 64 65 66 67 68 69 70 ---------------------------------------------------------------------------------------------------------------------------------.
Appears in 1 contract
Samples: Annuity Contract (Separate Account a of Equitable Life Assu Soc of the Us)
