Common use of Variable Annuity Payments Clause in Contracts

Variable Annuity Payments. The contract contains tables indicating the minimum dollar amount of the first monthly payment under the optional forms of annuity for each $1,000 of value of a Sub-Account under the contract. The first monthly payment varies according to the variable annuity payment option selected. The first annuity payment is computed using the value of the Annuity Units as of the Annuity Calculation Date. If You elect variable annuity payments, Your election must specify the Assumed Investment Return upon which Your payments are to be based. The available rates are 3%, 5%, and 6%. The first annuity payment is payable on the Annuity Commencement Date. The remaining Annuity payments are computed and payable as of the same day of the month as the Annuity Commencement Date based on the elected Annuity Payment Frequency. The amount of the first variable annuity payment is divided by the Annuity Unit value for Your selected Sub-Account(s) as of the Annuity Commencement Date. This number of Annuity Units remains constant for the selected Sub-Account during the annuity payment period. For each subsequent payment the dollar amount of the Variable Annuity payment is determined by multiplying the specified number of Annuity Units by the Annuity Unit value. If subsequent payment dates fall on a non-Valuation Day (weekend or holiday), the payment will be computed and payable as of the prior Valuation Day. If the day of the month elected does not occur in a given month (29th, 30th, or 31st), the payments will be computed and payable as of the last Valuation Day of the month. Variable annuity payments under the Sixth Option with periods of 10 years or greater are available at any time and periods of 5 to 10 years are available on or after the second Contract Anniversary.

Variable Annuity Payments. The contract contains tables indicating (1) To determine the minimum dollar amount of the first monthly payment under variable annuity payment, the optional forms of annuity for each $1,000 of value of a Sub-Account under the contract. The first monthly payment varies according amount available to purchase the variable annuity payment option selected. The first is multiplied by the appropriate annuity payment is computed using purchase rate based on the value 1983 IAM Mortality Table, set back one year, with an assumed interest rate of four percent (4%), as represented by Annuity Purchase Rate Table B. (2) On or before the fifth business day immediately preceding the annuitant's Annuity Units as of Commencement Date, the Annuity Calculation Date. If You annuitant must elect the Sub-Accounts into which the amount used to provide the variable annuity paymentswill be invested, Your and the percentages that such amounts will be allocated to such Sub-Accounts. Failure to make an election must specify in accordance with the Assumed Investment Return upon which Your payments are preceding sentence shall be deemed to be basedan election to invest the amount used to provide the variable annuity in the same Sub-Accounts and at the same percentages as the Participant's Individual Account is invested on such date and to transfer any amounts held in the General Account on such date proportionately to such Sub-Accounts. The available rates are 3%, 5%, and 6%. The first annuity payment is payable In no event may any election made in accordance with this paragraph (2) be changed on or after the Annuity Commencement Date. The remaining Annuity payments are computed and payable as of the same day of the month as the Annuity Commencement Date based on the elected Annuity Payment Frequency. . (3) The amount of the first variable monthly annuity payment is divided by the value of an Annuity Unit value for Your selected the appropriate Sub-Account(s) Account as of the close of business on the fifth business day preceding the day on which payment is due in order to determine the number of Annuity Commencement DateUnits represented by the first payment. This The number of Annuity Units remains constant for the selected Sub-Account fixed during the annuity payment period. For Annuity Period, and in each subsequent payment month the dollar amount of the Variable Annuity payment is determined by multiplying the specified fixed number of Annuity Units by the then current Annuity Unit value. If subsequent payment dates fall on a non-Valuation Day (weekend or holiday), the payment will be computed and payable as of the prior Valuation Day. If the day of the month elected does not occur in a given month (29th, 30th, or 31st), the payments will be computed and payable as of the last Valuation Day of the month. Variable annuity payments under the Sixth Option with periods of 10 years or greater are available at any time and periods of 5 to 10 years are available on or after the second Contract Anniversary.