Unallocated Contract. Any contract that does not provide for the maintenance of one or more accounts for each employee or member of all deposits made by or on behalf of such employee or member.
Unallocated Contract. [ ] Check here if rollover accounts should be set up * 1099R tax reporting applies to 401, 403, and non-governmental 457 plans. for participants ------------------------------------------------------------------------------------------------------------------------------------ If Participant Accounting is to be performed BY MetLife, a detailed listing of plan contributions by participant is required in a format approved by MetLife. Data files can be sent to our internet mailbox or on a 3 1/2" diskette. Please check the format you will use. MAIL: [ ] LIST BILL [ ] DISKETTE [ ] SPREADSHEET [ ] INTERNET - E-REMIT ------------------------------------------------------------------------------------------------------------------------------------ Please provide the name of the person to call to discuss the contribution file format and delivery: ------------------------------------------------------------------------------------------------------------------------------------ PAYROLL CONTACT NAME: Phone Number: Fax Number:
Unallocated Contract. 6 2.06 Transfer between Accounts.......................................... 7 2.07 Transfers between Participants' Individual Accounts................ 7
Unallocated Contract. The provisions of this Section shall apply if the Plan is a defined benefit plan (as defined in section 401(j) of the Internal Revenue Code). Any portion of net stipulated payments consisting of Participant contributions shall be allocated to a Participant's Contribution Individual Account in behalf of the contributing Participant. If on any anniversary of any Contract Year the value of the accumulation units in the Active Life Fund is below an amount equal to Participant Contributions, if any, accumulated with interest as provided by the Plan, and not yet applied to provide benefits, a stipulated payment is immediately due. The amount of the stipulated payment shall be such that the net stipulated payment will be sufficient to liquidate 110% of the deficiency. If such deficiency is not liquidated within 31 days after Aetna has notified the Contract Owner, the Contract will become Paid-Up as provided in Section 2.11. Upon termination of employment, termination of the Contract, or death, subject to the adequacy of the Active Life Fund, each Participant (or beneficiary in the event of death), who has not retired and who has not already received benefits shall have one of the following options with respect to Participant contributions, plus interest thereon as provided by the Plan, and with respect to any nonforfeitable Employer provided benefits in accordance with the Plan:
Unallocated Contract. 8 3.04 Guaranteed Interest Rate - General Account........................ 9 3.05
Unallocated Contract. This section applies if the Plan is not one described in section 3.02. Aetna will maintain a Participant's Individual Account for each Participant into which Net Deposits resulting from employee deposits will be credited. All other Net Deposits will be held in a single, unallocated Plan Account in the name of the Owner. On the basis of information supplied by the Owner, Aetna will credit the Net Deposit(s) to such Accounts in either:
Unallocated Contract. Any contract that does not provide for the maintenance of one or more accounts for each employee or member of all deposits made by or on behalf of such employee or member. This term usually applies to the active life or accumulation fund of a group annuity contract. Amounts set aside for retired lives are usually allocated to specific plan participants. Retired life certificates are issued to such retirees or terminated employees. Annuities are generally purchased under deposit administration contracts. Usually annuities are not actually purchased under immediate participation guarantee contracts. The insurer is not required to issue an active life certificate to plan participants. Such certificates are not required for unallocated contracts. The insurer is not irrevocably committed to apply under the terms of the contract to the payment of benefits by it to specific plan participants or their beneficiaries or to the purchase of annuities for specific plan participants. Unallocated amounts Any funds credited to the accumulation fund which the insurer is not currently irrevocably committed to apply under the terms of the contract to the payment of benefits by it to specific plan participants or beneficiaries or to the purchase of annuities for specific plan participants, adjusted for any accrued experience rating charges or credits, including expenses and administrative, sales and surrender charges provided for under the contract. See §40.2(z) of Regulation No. 139. Key References Insurance Law: §§ 2123, 3102, 3201, 3204, 3209, 3212, 3223, 4224, 4226, 4231, 4238, 4239, 4240 Regulations: Regulation 139 (11 NYCRR 40), Regulation 34-A (11 NYCRR 219) Circular Letters: CL 4 (1963), CL 6 (1963), CL 1 (1964), CL 12 (1976), CL 14 (1997), CL 2 (1998), CL 8 (1999), CL 6 (2004), CL 27 (2008) Filing Process General Information Prior Approval Requirement Section 3201(b)(1) provides that no policy form shall be delivered or issued for delivery in this state unless it has been filed with and approved by the superintendent as conforming to the requirements of the Insurance Law (standard and generally applicable provisions) and not inconsistent with law (federal and state statutory, regulatory and decisional law). Discretionary Authority for Disapproval Section 3201(c)(1) and (2) permits the Superintendent to disapprove any policy form that contains provisions that are misleading, deceptive, unfair, unjust, or inequitable or if its issuance would be prejudicial to the inter...
