Common use of WITHDRAWAL OF YOUR ACCOUNT Clause in Contracts

WITHDRAWAL OF YOUR ACCOUNT. If you qualify for a full withdrawal and you have an outstanding loan, and the amount available for distribution is enough to cover a) the entire outstanding loan (principal plus accrued interest), and b) any early withdrawal charge due and Market Value Adjustment (MVA) if applicable on the outstanding loan balance, then the sum of a) and b) is deducted from your Contract Value (as defined by your contract) and the loan is canceled. The outstanding principal loan balance and accrued interest, if not previously reported, will be reported to the IRS as a taxable distribution on IRS Form 1099-R.

WITHDRAWAL OF YOUR ACCOUNT. If you qualify for take a full withdrawal and you have an outstanding loan, and the amount available for distribution is enough to cover a) the entire outstanding loan (principal plus accrued interest), and b) any early withdrawal charge due and Market Value Adjustment (MVA) if applicable on the outstanding loan balance, then the sum of a) and b) is deducted from your Contract Value (as defined by your contract) and the loan is canceled. The outstanding principal loan balance and accrued interest, if not previously reported, will be reported to the IRS as a taxable distribution on IRS Form 1099-R.

WITHDRAWAL OF YOUR ACCOUNT. If you qualify for a full withdrawal and you have an outstanding loan, and the amount available for distribution is enough to cover a) the entire outstanding loan (principal plus accrued interest), and b) any early withdrawal charge due and Market Value Adjustment (MVA) if applicable on the outstanding loan balance, then the sum of a) and b) is deducted from your Contract Value (as defined by your contract) and the loan is canceled. The outstanding principal loan balance and accrued interest, if not previously reported, will be reported to the IRS as a taxable distribution on IRS Form 1099-R.