Common use of SPOUSAL BENEFICIARY Clause in Contracts

SPOUSAL BENEFICIARY. If the Participant dies before his or her Guaranteed Withdrawal Lock-In Date, or after his or her Guaranteed Withdrawal Lock-In Date, but without having elected the Spousal Benefit, and if the Spouse is the Participant’s beneficiary under the terms of the Plan on the date of the Participant’s death, then, subject to the terms of the Plan and the Code, the amounts invested in Eligible Investments for the behalf of such surviving Spouse may remain invested in one or more Eligible Investments subject to the following. All of Our guarantees under this Rider for the benefit of the Participant immediately shall expire with no value and the [Rollup Value and] [ Highest Birthday Value] shall be reset to zero. The value of any amounts currently invested in Eligible Investments for the benefit of the surviving Spouse, in accordance with the documents governing such Eligible Investments shall be deemed a new Deposit to such Eligible Investments for the benefit of the surviving Spouse, creating a new Start Date. On this new Start Date, the Income Base GA-2060-TGWB-0805 shall be reset to equal the then current Guaranteed Withdrawal Market Value. Thereafter, for purposes of this Rider only, the Spouse shall have the rights of a “Participant” and the Spouse’s date of birth shall be used to determine the Birthday. Any amounts remaining in the Plan following the death of the Participant must be distributed in accordance with the terms of the Plan and the Code. Where the Spouse is the Participant’s civil union partner or spouse in a same-sex marriage, provisions of the Code or the Plan may prevent the Spouse from remaining in the Plan or may limit the form and timing of distributions from the Plan. This may prevent or limit such Spouse’s ability to receive the benefits under this Rider.

Appears in 2 contracts

Samples: Investment Agreement (Priac Variable Contract Account A), Investment Agreement (Priac Variable Contract Account A)

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SPOUSAL BENEFICIARY. If the Participant dies before B[before his or her Guaranteed Withdrawal Lock-In Date, or after his or her Guaranteed Withdrawal Lock-In Date, but without having elected the Spousal Benefit, ] and if the Spouse is the Participant’s beneficiary under the terms of the Plan on the date of the Participant’s death, then, subject to the terms of the Plan and the Code, the amounts invested in Eligible Investments for the behalf of such surviving Spouse may remain invested in one or more Eligible Investments subject to the following. All of Our guarantees under this Rider for the benefit of the Participant immediately shall expire with no value and the [Rollup A&B[Roll-Up Value and] [ Highest B[Highest Birthday Value] shall be reset to zero. The value of any amounts currently invested in Eligible Investments for the benefit of the surviving Spouse, in accordance with the documents governing such Eligible Investments shall be deemed a new Deposit to such Eligible Investments for the benefit of the surviving Spouse, creating a new Start Date. On this new Start Date, the Income Base GA-2060-TGWB-0805 shall be reset to equal the then current Guaranteed Withdrawal Market Value. Thereafter, for purposes of this Rider only, the Spouse shall have the rights of a “Participant” and the Spouse’s date of birth shall be used to determine the Birthday. Any amounts remaining in the Plan following the death of the Participant must be distributed in accordance with the terms of the Plan and the Code. Where the Spouse is the Participant’s civil union partner or spouse in a same-sex marriageunion, provisions of the Code or the Plan may prevent the Spouse from remaining in the Plan or may limit affect the form and timing of distributions from the Plan. This may prevent or limit such Spouse’s ability to receive the benefits under this Rider.GA-2020-TGWB-REG-2014

Appears in 2 contracts

Samples: Investment Agreement (Priac Variable Contract Account A), Investment Agreement (Priac Variable Contract Account A)

SPOUSAL BENEFICIARY. If the Participant dies before B[before his or her Guaranteed Withdrawal Lock-In Date, or after his or her Guaranteed Withdrawal Lock-In Date, but without having elected the Spousal Benefit, ] and if the Spouse is the Participant’s beneficiary under the terms of the Plan on the date of the Participant’s death, then, subject to the terms of the Plan and the Code, the amounts invested in Eligible Investments for the behalf of such surviving Spouse may remain invested in one or more Eligible Investments subject to the following. All of Our guarantees under this Rider for the benefit of the Participant immediately shall expire with no value and the [Rollup A&B[Roll-Up Value and] [ Highest B[Highest Birthday Value] shall be reset to zero. The value of any amounts currently invested in Eligible Investments for the benefit of the surviving Spouse, in accordance with the documents governing such Eligible Investments shall be deemed a new Deposit to such Eligible Investments for the benefit of the surviving Spouse, creating a new Start Date. On this new Start Date, the Income Base GA-2060-TGWB-0805 shall be reset to equal the then current Guaranteed Withdrawal Market Value. Thereafter, for purposes of this Rider only, the Spouse shall have the rights of a “Participant” and the Spouse’s date of birth shall be used to determine the Birthday. Any amounts remaining in the Plan following the death of the Participant must be distributed in accordance with the terms of the Plan and the Code. Where the Spouse is the Participant’s civil union partner or spouse in a same-sex marriage, provisions of the Code or the Plan may prevent the Spouse from remaining in the Plan or may limit the form and timing of distributions from the Plan. This may prevent or limit such Spouse’s ability to receive the benefits under this Rider.. GA-2060-TGWB-0805

Appears in 1 contract

Samples: Investment Agreement (Priac Variable Contract Account A)

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SPOUSAL BENEFICIARY. If the Participant dies before B[before his or her Guaranteed Withdrawal Lock-In Date, or after his or her Guaranteed Withdrawal Lock-In Date, but without having elected the Spousal Benefit, ] and if the Spouse is the Participant’s beneficiary under the terms of the Plan on the date of the Participant’s death, then, subject to the terms of the Plan and the Code, the amounts invested in Eligible Investments for the behalf of such surviving Spouse may remain invested in one or more Eligible Investments subject to the following. All of Our guarantees under this Rider for the benefit of the Participant immediately shall expire with no value and the [Rollup A&B[Roll-Up Value and] [ Highest B[Highest Birthday Value] shall be reset to zero. The value of any amounts currently invested in Eligible Investments for the benefit of the surviving Spouse, in accordance with the documents governing such Eligible Investments shall be deemed a new Deposit to such Eligible Investments for the benefit of the surviving Spouse, creating a new Start Date. On this new Start Date, the Income Base GA-2060-TGWB-0805 shall be reset to equal the then current Guaranteed Withdrawal Market Value. Thereafter, for purposes of this Rider only, the Spouse shall have the rights of a “Participant” and the Spouse’s date of birth shall be used to determine the Birthday. Any amounts remaining in the Plan following the death of the Participant must be distributed in accordance with the terms of the Plan and the Code. Where the Spouse is the Participant’s civil union partner or spouse in a same-sex marriagepartner, provisions of the Code or the Plan may prevent the Spouse from remaining in the Plan or may limit affect the form and timing of distributions from the Plan. This may prevent or limit such Spouse’s ability to receive the benefits under this Rider.GA-2060-TGWB-2014

Appears in 1 contract

Samples: Investment Agreement (Priac Variable Contract Account A)

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