QUALIFIED CONTRACT. A contract issued to a retirement plan or arrangement that receives favorable tax treatment under Section 401, 404, 408, 408A and 457 of the Internal Revenue Code, as amended.
QUALIFIED CONTRACT. An annuity contract as defined under Sections 401(a), 403(b) and 408(b) of the Internal Revenue Code of 1986, as amended (the “Code”).
QUALIFIED CONTRACT. A contract that is issued apart from any Qualified Plan and therefore is not subject to the requirements of Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended. OWNER ("YOU," "YOUR"). The natural person(s) or legal entity(ies) that has all rights under the Contract, and is shown on the Contract Data Pages, or by subsequent designation. In this Contract, "You" and "Your" also mean the Owner. References to the Owner include all Joint Owners, if applicable. PREMIUM. Money paid into this Contract for allocation into the Contract Options. QUALIFIED PLAN. A retirement plan which qualifies for favorable tax treatment under Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended. ICC24 RILA305 8 DEFINITIONS (CONT'D) REMAINING PREMIUM. Total Premium paid into the Contract reduced by withdrawals of Premium before the withdrawal is adjusted for any MVA. This value is used solely for the purpose of calculating the MVA. REQUIRED MINIMUM DISTRIBUTION (RMD). For Qualified Plan contracts, the RMD is the amount defined by the Internal Revenue Code and the implementing regulations as the minimum distribution requirement that applies to this Contract. SHORT DURATION FIXED ACCOUNT OPTION. A limited-purpose Fixed Account Option that is used for Intra-Term Performance Locks and the spousal continuation adjustment. The Short Duration Fixed Account Option cannot be independently elected. TOTAL ADVISORY FEE WITHDRAWAL PERCENTAGE. The sum of all Advisory Fee Withdrawal Percentages that occurred during a Contract Year. WITHDRAWAL VALUE. The amount available upon a total withdrawal. The Withdrawal Value is equal to the Contract Value, less any applicable charges for add-on benefits, adjusted for any applicable MVA.
QUALIFIED CONTRACT. A contract issued to a retirement plan or arrangement that receives favorable tax treatment under Section 401, 404, 408, 408A and 457 of the Internal Revenue Code, as amended. General Provisions Reports to Owners In addition to the information stated in the Reports to Owners section in the contract, the annual report will also provide additional information about this rider. Prior to the Benefit Date, the annual report will provide a projected Benefit Base and GAI as of the Benefit Date assuming no Benefit Base Resets and no further contract activity. After the Benefit Date, the annual report will provide the GAI as of the date of the report. Subsequent Purchase Payments Cumulative Purchase Payments after the first Contract Year are limited to the Maximum Additional Purchase Payments shown in the Rider Specifications, without our consent. Purchase Payments are allocated to the Guaranteed Interest Options and/or the Sub-Accounts as you direct, subject to the provisions in the Contract Value Allocation Options section. ICC20-70559 Minnesota Life 2 Minimum Contract Value Any provision in your contract requiring there be a minimum Contract Value as of the date of any withdrawal is waived while this rider is in effect. Impact of Divorce If the Designated Life is removed as the Owner of the contract (or Annuitant, in the case of an Owner that is not a natural person), due to a divorce or qualified dissolution order, this rider will terminate. Recovery of Excess Payments We may recover from you or your estate any payments made after the death of the Designated Life. Joint Owners/Joint Annuitants A Joint Owner is not permitted while this rider is in effect. If the contract Owner is not a natural person, a Joint Annuitant is not permitted while this rider is in effect. Calculation of Benefit Values Benefit Base The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multipli...
QUALIFIED CONTRACT. A contract that is issued apart from any Qualified Plan and therefore is not subject to the requirements of Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended.
QUALIFIED CONTRACT. A Contract that is qualified for the special federal income tax treatment applicable in connection with certain retirement plans.
QUALIFIED CONTRACT. A contract that is used as a funding vehicle for a retirement plan qualified for special tax treatment under the Code that may include Sections 401, 403, 408, 408A and 457, as amended. All other contracts are considered non-Qualified contracts. SINGLE PURCHASE PAYMENT -- The value of the account previously maintained for the Owner in a lifetime income option under a prior Group Annuity Contract that is paid into this Contract by the Owner. VALUATION DATE -- Close of the market of each day that the New York Stock Exchange is open for business. A Valuation Date generally ends at 4:00 pm Eastern Time but may close earlier on certain days and as conditions warrant. We process any instructions or transactions We receive after the close of any Valuation Date on the next Valuation Date. VALUATION PERIOD -- The period commencing at the close of business on a particular Valuation Date and ending at the close of business on the next succeeding Valuation Date. VARIABLE ACCOUNT -- The Separate Account created to hold and invest the variable assets allocated to the Variable Subaccount(s) made available by Us and selected by the Owner. The Variable Account for this Contract is shown on the Contract Specifications. VARIABLE ANNUITY PAYMENTS -- Periodic payments made to the Owner or the Owner’s designee by Us on or after the Annuity Commencement Date which vary in amount with the investment experience of each applicable Variable Subaccount.
QUALIFIED CONTRACT. A contract that is used as a funding vehicle for a retirement plan qualified for special tax treatment under the Code, including Sections 401, 403, 408, 408A and 457, as amended. All other contracts are considered non-Qualified contracts.
QUALIFIED CONTRACT. A contract issued to a retirement plan or arrangement that receives favorable tax treatment under Section 401, 404, 408, 408A and 457 of the Internal Revenue Code, as amended. RECAPTURE Recapture is a reimbursement to us for the Credit Enhancements we added to your contract that is applied as described in the Credit Enhancement and Recapture section of this contract. ICC13-70262 Minnesota Life 3 SUB-ACCOUNT The subdivisions of the Variable Account to which you may allocate your Purchase Payments or transfers. The assets of the Sub-Accounts are invested in the corresponding Funds. SURRENDER VALUE The amount payable to you on surrender of this contract. The Surrender Value is equal to the Contract Value less the annual maintenance fee, deferred sales charge, and optional rider charges, if any. VALUATION DATE Any date on which a Fund is valued. VALUATION PERIOD The period between successive Valuation Dates. VARIABLE ACCOUNT The separate investment account(s) named on page one and used for this class of contracts under Minnesota law. The Variable Account is comprised of several Sub-Accounts. The assets of the Variable Account are ours and are not subject to claims arising out of any other business of ours. The incomes, gains and losses, whether or not realized from assets allocated to the Variable Account shall be credited to or charged against such account without regard to other income, gains, or losses of ours. WRITTEN REQUEST A written notice, signed by you, in a form approved by or acceptable to us. In some cases, we may require that this contract be sent in with your Written Request.
QUALIFIED CONTRACT. A Certificate that qualifies for special federal income tax treatment applicable in connection with certain retirement plans. SEPARATE ACCOUNT. A segregated investment account entitled "Separate Account USL VA-R" established by the Company to separate the assets funding variable benefits from the other assets of the Company. That portion of the assets of the Separate Account equal to the reserves and other liabilities with respect to the Separate Account shall not be chargeable with liabilities arising out of any other business We may conduct. Income, gains and losses, whether or not realized from assets allocable to the Separate Account, are credited to or charged against such account without regard to our other income gains or losses.
