XXXX XXXXXXX LIFE INSURANCE COMPANY OF NEW YORK (XXXX XXXXXXX(R) LOGO)
OVERNIGHT MAILING ADDRESS: ANNUITY SERVICE OFFICE: HOME OFFICE
[000 Xxxxxxxxx Xxxxx [P.O. Box 9505 [000 Xxxxxx Xxxx Xxxxx,
Xxxxxxxxxx, XX 00000-0000] Xxxxxxxxxx, XX 00000-9505] 2nd Floor
[0-000-000-0000] Valhalla, NY 10595]
THIS IS A LEGAL CONTRACT - READ IT CAREFULLY.
WE AGREE to pay the benefits of this Certificate in accordance with its terms.
THIS CERTIFICATE is issued in consideration of the Payments.
Xxxx Xxxxxxx Life Insurance Company of New York will provide a guaranteed annual
amount for withdrawal beginning on the Lifetime Income Date and continuing for
the life of the Annuitant and any co-Annuitant. We will pay an annuity benefit
beginning on the Annuity Commencement Date to the Annuitant, if living, unless
otherwise directed by the Owner, in accordance with the Annuity Payments
provision of this Certificate. If the Annuitant dies while this Certificate is
in effect prior to the Annuity Commencement Date, we will pay the Certificate
Value to the Beneficiary upon receipt of all required claim forms and proof of
death of the Annuitant at the Annuity Service Office.
The smallest annual rate of investment return which is required to be earned on
the assets of the separate account so that the dollar amount of variable annuity
payments will not decrease is [3.36%]. Explicit annual charges against the
assets of the separate account are as follows:
Certificate Asset Fee Charge: No greater than [0.35%].
TEN DAY RIGHT TO REVIEW
YOU MAY CANCEL THE CERTIFICATE BY RETURNING IT TO OUR ANNUITY SERVICE OFFICE OR
REGISTERED REPRESENTATIVE WHO SOLD IT TO YOU AT ANY TIME WITHIN 10 DAYS AFTER
RECEIPT OF THE CERTIFICATE. DURING THE FIRST 7 DAYS OF THIS 10 DAY PERIOD, WE
WILL RETURN THE GREATER OF (I) THE CERTIFICATE VALUE COMPUTED AT THE END OF THE
VALUATION PERIOD DURING WHICH THE CERTIFICATE IS DELIVERED TO US OR (II) THE SUM
OF ALL PAYMENTS. AFTER 7 DAYS, WE WILL PAY THE CERTIFICATE VALUE COMPUTED AT THE
END OF THE VALUATION PERIOD DURING WHICH THE CERTIFICATE IS DELIVERED TO US. WE
WILL PAY THE REFUND AMOUNT TO THE OWNER WITHIN 7 DAYS OF RECEIPT OF THE
CERTIFICATE BY US.
SIGNED FOR THE COMPANY at its Home Office, Valhalla, New York, on the
Certificate Date.
DETAILS OF VARIABLE ACCOUNT PROVISIONS ON PAGE 6.1
[/s/ Xxxxx X. Xxxxxxxxx] [/s/ Xxxxxxx Xxxxx]
President Secretary
Group Flexible Payment Deferred Variable Annuity
Guaranteed Lifetime Withdrawal Benefit
Non-Participating
ANNUITY PAYMENTS, DEATH BENEFITS, SURRENDER VALUES AND OTHER VALUES PROVIDED BY
THIS CERTIFICATE WHEN BASED ON THE INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT
ARE VARIABLE, MAY INCREASE OR DECREASE IN ACCORDANCE WITH THE FLUCTUATIONS IN
THE INVESTMENT RESULTS, AS APPLICABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR
AMOUNT.
VENTURE.200.08-CERT-NY NY
INTRODUCTION
This is a group flexible payment deferred variable annuity certificate. This
Certificate provides that, prior to the Annuity Commencement Date, the
Certificate Value will accumulate on a variable basis. Subject to the provisions
of the Certificate, you may take withdrawals and transfer amounts among the
Investment Options. If you limit withdrawals to the amounts described in the
Lifetime Income Benefits provision, we guarantee that the Lifetime Income Amount
will be available for withdrawal each Certificate Year after the Lifetime Income
Date and during the life of the Annuitant and any co-Annuitant. After the
Annuity Commencement Date, Annuity Payments may be either fixed or variable, or
a combination of fixed and variable.
The Certificate Value will vary with the investment performance of your
Investment Options.
If you select Annuity Payments on a variable basis, the payment amount will vary
with the investment performance of the Variable Account.
You must allocate Payments among one or more Investment Options. The Investment
Options are identified on the Specifications Page.
TABLE OF CONTENTS PAGE
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SPECIFICATIONS PAGES S.1
PART 1 - DEFINITIONS 1.1
PART 2 - GENERAL PROVISIONS 2.1
PART 3 - OWNER, BENEFICIARY 3.1
PART 4 - PAYMENTS 4.1
PART 5 - FEES AND DEDUCTIONS 5.1
PART 6 - VARIABLE ACCOUNT PROVISIONS 6.1
PART 7 - TRANSFERS 7.1
PART 8 - WITHDRAWAL PROVISIONS 8.1
PART 9 - LIFETIME INCOME BENEFIT 9.1
PART 10 - DISTRIBUTIONS DURING ANNUITANT'S LIFE 10.1
PART 11 - DISTRIBUTIONS AFTER ANNUITANT'S DEATH 11.1
PART 12 - ANNUITY PAYMENTS 12.1
PART 13 - ANNUITY OPTIONS 13.1
NY
PART 1 DEFINITIONS
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WE AND YOU "We", "us" and "our" means the Company. "You" or
"your" means the Owner of this Certificate.
ACCUMULATION UNIT A unit of measure that is used to calculate the
value of the Variable Account of this Certificate
before the Annuity Commencement Date.
ADDITIONAL PAYMENTS Any Payment made to us after the initial Payment.
ANNUITANT A person whose age and life is used to determine
eligibility for the Lifetime Income Benefit and
the amount and duration of Annuity Payments
involving life contingencies. The Annuitant is as
designated on the Specifications Page, unless
changed.
ANNUITY COMMENCEMENT DATE The date Annuity Payments begin. It is the date
selected by you and specified on the
Specifications Page, unless changed. Annuity
Payments may not be scheduled under the
certificate to begin earlier than 12 months from
the Certificate Date. This date may not be later
than the Maturity Date.
ANNUITY OPTION The method selected by you for Annuity Payments
made by us.
ANNUITY PAYMENT(S) Payment(s) by us to you, in accordance with the
Annuity Option elected under the terms of this
Certificate.
ANNUITY SERVICE OFFICE Any office designated by us for the receipt of
Payments and processing of Owner requests.
ANNUITY UNIT A unit of measure that is used after the Annuity
Commencement Date to calculate Variable Annuity
payments.
BENEFICIARY The person, persons or entity to whom certain
benefits are payable following the death of the
Annuitant. For purposes of the Internal Revenue
Code, the "designated beneficiary" under the
Certificate shall be the individual who is
entitled to receive the amounts payable on death
of an Owner, or if any Owner is not an individual,
on any change in, or death of, an Annuitant.
BENEFIT BASE The Benefit Base is the total amount used for the
sole purpose of calculating guaranteed lifetime
withdrawals. The Benefit Base is not used in
calculating the Certificate Value or any other
guaranteed benefits. The Benefit Base cannot be
withdrawn in a lump sum.
CO-ANNUITANT The second person whose age and life may be used
to determine eligibility for the Lifetime Income
Benefit. The co-Annuitant is designated on the
Specifications Page, unless changed. Only the
spouse of the Annuitant is eligible to be a
co-Annuitant.
COMPANY The insurance company named on the first page of
this Certificate (or any successor insurance
company named by endorsement to this Certificate)
that will pay benefits in accordance with this
Certificate.
CERTIFICATE ANNIVERSARY The annual anniversary of the Certificate
beginning twelve months from the Certificate Date
and each year thereafter.
CERTIFICATE DATE The date of issue of this Certificate as
designated on the Specifications Page.
CERTIFICATE VALUE The total of your Investment Account Values.
CERTIFICATE YEAR The period of time measured twelve consecutive
months from the Certificate Date or any
Certificate Anniversary thereafter.
NY
1.1
CONTINGENT BENEFICIARY The person, persons or entity who becomes entitled
to receive the Certificate proceeds if all
Beneficiaries die before the Owner dies.
ENDORSEMENT An Endorsement modifies the certificate to which
it is attached. Endorsements must be signed by an
officer of the Company in order to be effective.
FIXED ANNUITY An Annuity Option with payments which are
predetermined and guaranteed as to dollar amount.
GENERAL ACCOUNT All the assets of the Company other than assets in
separate accounts.
INTERNAL REVENUE CODE (IRC) The Internal Revenue Code of 1986, as amended from
time to time, and any successor statute of similar
purposes.
INVESTMENT ACCOUNT VALUE The value of your investment in an Investment
Option.
INVESTMENT OPTIONS The investment choices available to you. The
Investment Options available under this
Certificate are shown on the Specifications Page.
When you select an Investment Option, we allocate
your Certificate Value to a Sub-Account of the
Variable Account that invests in a corresponding
Portfolio.
LIFETIME INCOME AMOUNT The Lifetime Income Amount is the amount that is
guaranteed to be available for withdrawal each
Certificate Year after the Lifetime Income Date
and during the life of the Annuitant and any
co-Annuitant while this Certificate is in effect.
The LIA reduces to zero upon the death of the last
to die of the Annuitant and any co-Annuitant.
LIFETIME INCOME DATE The Lifetime Income Date is the date on which the
initial LIA is calculated.
LIFETIME INCOME PERCENTAGE The percentage used to determine your Lifetime
Income Amount. This percentage will be either the
Single Lifetime Income Percentage or the Spousal
Lifetime Income Percentage listed in the
Specifications, as applicable. The applicable
percentage will be determined as described in Part
9, Lifetime Income Benefit.
MATURITY DATE The latest date on which annuity benefits may
commence. It is the date specified on the
Specifications Page, unless changed. The maximum
Maturity Date will be the later of age 90 or the
end of the 10th Certificate Year. Any extension of
the Maturity Date will be subject to the laws and
regulations then in effect and our prior approval.
NET PAYMENT The Payment less the amount of premium tax, if
any, deducted from the Payment.
OWNER The person, persons or entity entitled to the
ownership rights under this Certificate. The Owner
is as designated on the Specifications Page,
unless changed.
PORTFOLIO The investment choices available to the Variable
Account.
PAYMENT An amount paid to us by you as consideration for
the benefits provided by this Certificate.
QUALIFIED CERTIFICATES Certificates issued under Qualified Plans.
QUALIFIED PLANS Retirement plans which receive favorable tax
treatment under sections 401, 403, 408 or 457, of
the Internal Revenue Code of 1986, as amended.
RIDER A rider provides an optional benefit, which may
result in an additional charge to the Certificate.
A rider supplements the certificate to which it is
attached. Riders must be signed by an officer of
the Company in order to be effective.
SEPARATE ACCOUNT A segregated account of the Company that is not
commingled with our general assets and
obligations.
SUB-ACCOUNT(S) The Variable Account is divided into Sub-Accounts.
Each Sub-Account is invested in shares of a
different Portfolio.
NY
1.2
SURRENDER VALUE The Certificate Value on any Valuation Date, less,
if applicable, any certificate fees, any rider
charges, and any deduction for premium taxes or
similar taxes.
VALUATION DATE Any date on which the New York Stock Exchange is
open for business and the net asset value of a
Portfolio is determined.
VALUATION PERIOD Any period from one Valuation Date to the next,
measured from the time on each such date that the
net asset value of each Portfolio is determined.
VARIABLE ACCOUNT The Company's Separate Account as shown in the
Specifications Page.
VARIABLE ANNUITY An Annuity Option with payments which: (1) are not
predetermined or guaranteed as to dollar amount;
and (2) vary in relation to the investment
experience of one or more specified variable
Investment Options.
WITHDRAWAL AMOUNT The amount deducted from the Certificate Value
when you request a withdrawal. This amount is the
total of the amount paid to you plus the
following, if applicable: any certificate fees,
any rider charges, any deduction for premium taxes
or similar taxes, and any income taxes resulting
from the withdrawal and withheld by us. The
Withdrawal Amount may not exceed the Certificate
Value.
NY
1.3
PART 2 GENERAL PROVISIONS
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ENTIRE CONTRACT The entire Contract consists of the group
contract, this Certificate, Endorsements and
Riders, if any, and the application(s), if one is
attached to the group contract or this
Certificate.
The benefits and values available under this
Certificate are not less than the minimum required
by any statute of the state in which this
Certificate is delivered. We have filed a detailed
statement of the method used to calculate the
benefits and values with the Department of
Insurance in the state in which this Certificate
is delivered, if required by law.
MODIFICATION Only the President, a Vice President, or the
Secretary of the Company has authority to agree on
our behalf to any alteration of the Certificate or
to any waiver of our rights or requirements. The
change or waiver must be in writing. We will not
change or modify this Certificate without prior
approval by the New York Superintendent of
Insurance. No change that reduces benefits will be
made without your written consent.
We may make any amendments as may be necessary to
comply with the applicable provisions of the IRC
and regulations thereunder as in effect form time
to time. Any such amendment will be subject to any
necessary regulatory approvals and, where
required, approval of the Owner. We will send you
a copy of any amendment. We will not be
responsible for any adverse tax consequences
resulting form the Owner's rejection of any such
amendment.
CHANGE IN ANNUITY Prior to the Annuity Commencement Date, an Owner
COMMENCEMENT DATE may request in writing a change of the Annuity
Commencement Date. Any extension of the Annuity
Commencement Date beyond the Maturity Date will be
subject to our prior approval and any applicable
law or regulation then in effect.
ASSIGNMENT This Certificate is subject to assignment
restrictions for Federal Income Tax purposes. It
is established for the exclusive benefit of the
Annuitant and his or her Beneficiaries. It shall
not be sold, assigned, discounted, or pledged as
collateral for a loan or as security for the
performance of an obligation or for any other
purpose, to any person other than us.
CLAIMS OF CREDITORS All benefits and payments under this Certificate
shall be exempt from the claims of creditors to
the extent permitted by law.
MISSTATEMENT AND PROOF OF We may require proof of age, sex or survival of
AGE, SEX OR SURVIVAL any person upon whose age, sex or survival any
Lifetime Income Benefit, Annuity Payments or other
benefits provided by this Certificate or any Rider
attached thereto depend. If the age or sex of the
Annuitant or any co-Annuitant has been misstated,
the benefits will be those which would have been
provided for the correct age and sex. If we have
made incorrect benefit payments, we will
immediately pay the amount of any underpayment
adjusted with interest at 3% per annum. We will
deduct the amount of any overpayment from future
benefit payments without adjustment for interest.
ADDITION, DELETION OR We reserve the right, subject to prior approval of
SUBSTITUTION OF INVESTMENT the New York Superintendent of Insurance and in
OPTIONS compliance with applicable law, to make additions
to, deletions from, or substitutions for the
Portfolio shares that are held by the Variable
Account or that the Variable Account may purchase.
We reserve the right to eliminate the shares of
any of the eligible Portfolios and to substitute
shares of another Portfolio. We will not
substitute any shares attributable to your
interest in a Sub-Account without notice to you
and prior approval of the Securities and Exchange
Commission to the extent required by the
Investment Company Act of 1940. Nothing contained
herein shall prevent the Variable Account from
purchasing other securities for other series or
classes of certificates, or from effecting a
conversion between shares of another open-end
investment company.
NY
2.1
We reserve the right, subject to prior approval of
the New York Superintendent of Insurance and in
compliance with applicable law, to establish
additional Sub-Accounts which would invest in
shares of a new Portfolio. We also reserve the
right to eliminate existing Sub-Accounts, to
combine Sub-Accounts or to transfer assets in a
Sub-Account to another Separate Account
established by us or an affiliated company. In the
event of any such substitution or change, we may,
by appropriate endorsement, make such changes in
this and other Certificates as may be necessary or
appropriate to reflect such substitutions or
change. If deemed by us to be in the best
interests of persons having voting rights under
the Certificates, the Variable Account may be
operated as a management company under the
Investment Company Act of 1940 or it may be
de-registered under such Act in the event such
registration is no longer required.
NON-PARTICIPATING Your Certificate is non-participating and will not
share in our profits or surplus earnings. We will
pay no dividends on your Certificate.
REPORTS We will send you periodic reports, at least once
each Certificate Year after the first, containing
the value of each Investment Account and the
Certificate Value. The report will include the
number of Accumulation Units credited to each
Variable Investment Account, the Accumulation Unit
value for each and the dollar value of each
Accumulation Unit no more than 4 months prior to
the date of the mailing of the report. We will
provide such information concerning required
minimum distributions as is prescribed by the
Commissioner of Internal Revenue.
INSULATION The portion of the assets of the Variable Account
equal to the reserves and other certificate
liabilities with respect to such account are not
chargeable with liabilities arising out of any
other business we may conduct. Moreover, the
income, gains and losses, realized or unrealized,
from assets allocated to the Variable Account
shall be credited to or charged against such
account without regard to our other income, gains
or losses.
SEPARATE ACCOUNT ASSETS We will maintain, in the Separate Account, assets
with a value at least equal to the amounts
accumulated in accordance with the terms of the
applicable agreements with respect to the Separate
Account, and the reserves for annuities, in the
course of payment that vary with the investment
experience of the Separate Account.
CURRENCY AND PLACE OF All payments made to or by us shall be made in the
PAYMENTS lawful currency of the United States of America at
the Annuity Service Office or elsewhere if we
consent.
NOTICES AND ELECTIONS All notices and elections you make under this
Certificate must be in writing, signed by you and
received by us at the Annuity Service Office. All
notices, requests and elections will be effective
when signed. We will not be liable for any
payments made or actions taken before the notice
or election is received by us.
GOVERNING LAW This Certificate will be governed by the laws of
the jurisdiction indicated on the Specifications
Page.
CERTIFICATE CONTINUATION If the Group IRA Flexible Payment Deferred
UPON CONTRACT TERMINATION Variable Annuity Contract under which this
Certificate is issued terminates, this Certificate
shall continue in accordance with its terms.
NY
2.2
PART 3 OWNER, BENEFICIARY
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OWNER The Owner must be one natural person who is the
sole Owner of the Certificate and the Annuitant,
or a Trust established for the exclusive benefit
of the Annuitant or his or her Beneficiaries. The
certificate is established for the exclusive
benefit of the Annuitant or his or her
beneficiaries.
BENEFICIARY The Beneficiary is as designated on the
Specifications Page, unless changed. However, if
there is a co-Annuitant, that person will be
treated as the Beneficiary upon death of the
Annuitant. If no such Beneficiary is living, the
Beneficiary is the Contingent Beneficiary. If no
Beneficiary or Contingent Beneficiary is living,
the Beneficiary is the estate of the deceased
Annuitant.
CHANGE OF OWNER, Except as permitted under the Death Before
ANNUITANT, BENEFICIARY Maturity Date provision, and otherwise permitted
under applicable federal tax law, neither the
Owner nor the Annuitant may be changed. A
co-Annuitant may be added or removed from the
Certificate prior to the first withdrawal after
the Lifetime Income Date, but no such change of
co-Annuitant is permitted after that withdrawal
and prior to the Annuity Commencement Date. Only
the spouse of the Annuitant is eligible to be
named as a co-Annuitant.
Subject to the right of an irrevocable
Beneficiary, you may change the Beneficiary by
written request in a form acceptable to us and
which is received at our Annuity Service Office.
Any change must be approved by us. If approved,
any change of Beneficiary will take effect on the
date the request is signed. We will not be liable
for any payments or actions we take before the
change is approved.
NY
3.1
PART 4 PAYMENTS
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GENERAL The Certificate is not effective until Payment is
received by us at our Annuity Service Office or
such other place designated by us. All Payments
under this Certificate are payable at our Annuity
Service Office or such other place as we may
designate. Payment Limits are identified on the
Specifications Page.
ALLOCATION OF NET When we receive Payments, the Net Payments will be
PAYMENTS allocated among Investment Options in accordance
with the allocation percentages shown on the
Specifications Page. You may change the allocation
of subsequent Net Payments at any time, without
charge, by giving us written notice in a form
acceptable to us.
NY
4.1
PART 5 FEES AND DEDUCTIONS
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CERTIFICATE ASSET FEE To compensate us for assuming certain
administration expenses, expense risks and
mortality risks, we deduct from each variable
Investment Option a fee each Valuation Period at
an annual rate set forth on the Specifications
Page. A portion of this Asset Fee may also be used
to reimburse us for distribution expenses. This
fee is reflected in the Net Investment Factor used
to determine the value of Accumulation Units and
Annuity Units of the Certificate.
LIFETIME INCOME BENEFIT FEE To compensate us for assuming risks associated
with the Lifetime Income Benefit, we charge an
annual Lifetime Income Benefit Fee. The Lifetime
Income Benefit Fee is deducted on each Certificate
Anniversary. This fee is withdrawn from each
Investment Option in the same proportion that the
Investment Account Value of each Investment Option
bears to the Certificate Value. The amount of the
fee is equal to the Lifetime Income Benefit Fee
Percentage, shown in the Specifications,
multiplied by the "Adjusted Benefit Base." The
Adjusted Benefit Base is the Benefit Base that was
available on the prior Certificate Anniversary
adjusted for Additional Payments applied to the
Benefit Base during the Certificate Year prior to
the current Certificate Anniversary.
The Lifetime Income Benefit Fee will not be
deducted during the Settlement Phase. The fee will
not be deducted after the Maturity Date if an
Annuity Option has commenced.
The initial Lifetime Income Benefit Fee Percentage
is shown in the Specifications. We reserve the
right to increase the Lifetime Income Benefit Fee
Percentage on the effective date of each Step-Up.
In such a situation, the percentage will never
exceed the Maximum Lifetime Income Benefit Fee
Percentage, shown in the Specifications.
TAXES We reserve the right to charge certain taxes
against your Payments (either at the time of
payment or liquidation), Certificate Value,
payment of Death Benefit, withdrawals, or Annuity
Payments, as appropriate. Such taxes may include
premium taxes or other taxes levied by any
government entity which we, in our sole
discretion, determine have resulted from the
establishment or maintenance of the Variable
Account, or from the receipt by us of Payments, or
from the issuance of this Certificate, or from the
commencement or continuance of Annuity Payments
under this Certificate.
NY
5.1
PART 6 VARIABLE ACCOUNT PROVISIONS
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INVESTMENT ACCOUNT VALUE The Investment Account Value of an Investment
Option is determined by multiplying (a) times (b)
where:
(a) equals the number of Accumulation Units
credited to the Investment Option; and,
(b) equals the appropriate Accumulation Unit
Value.
ACCUMULATION UNITS We will credit Net Payments to your Investment
Options in the form of Accumulation Units. The
number of Accumulation Units we will credit to
each Investment Option will be determined by
dividing the Net Payment allocated to that
Investment Option by the Accumulation Unit Value
for that Investment Option.
Accumulation Units will be adjusted for any
transfers and will be canceled on payment of a
death benefit, withdrawal, maturity or assessment
of certain charges based on their value for the
Valuation Period in which such transaction occurs.
ACCUMULATION UNIT VALUE We will determine the Accumulation Unit Value for
a particular Investment Option for any Valuation
Period by multiplying the Accumulation Unit Value
for the immediately preceding Valuation Period by
the net investment factor for the corresponding
Sub-Account for the Valuation Period for which the
value is being determined. The Accumulation Unit
Value may increase, decrease or remain the same
from one Valuation Period to the next.
NET INVESTMENT FACTOR The net investment factor is an index that
measures the investment performance of a
Sub-Account from one Valuation Period to the next.
The net investment factor for any Valuation Period
is determined by dividing (a) by (b) and
subtracting (c) from the result where:
(a) is the net result of:
1) the net asset value per share of a
Portfolio share held in the
Sub-Account determined as of the
end of the current Valuation
Period, plus:
2) the per share amount of any
dividend or capital gain
distributions made by the Portfolio
on shares held in the Sub-Account
if the ex-dividend date occurs
during the current Valuation
Period, and
(b) is the net asset value per share of a
Portfolio share held in the Sub-Account
determined as of the end of the immediately
preceding Valuation Period, and
(c) is the Certificate Asset Fee shown on the
Specifications Page.
The net investment factor may be greater or less
than, or equal to, one.
6.1
PART 7 TRANSFERS
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TRANSFERS BEFORE MATURITY Before the Maturity Date or the Annuity
DATE Commencement Date, if earlier, you may transfer
amounts among Investment Options of the
Certificate. Amounts will be canceled from the
Investment Options from which amounts are
transferred and credited to the Investment Options
to which amounts are transferred. We will effect
such transfers so that the Certificate Value on
the date of transfer will not be affected by the
transfer.
TRANSFERS ON OR AFTER Once variable Annuity Payments have begun, you may
MATURITY DATE transfer all or part of the investment upon which
your variable Annuity Payments are based from one
Investment Option to another. To do this, we will
convert variable Annuity Units you hold in the
Investment Option from which you are transferring
to variable Annuity Units of the Investment Option
to which you are transferring. We will determine
the number of Annuity Units to transfer so that if
the next Annuity Payment were made at that time,
it would be the same amount that it would have
been without the transfer. You must give us notice
at least 30 days before the due date of the first
variable Annuity Payment to which the transfer
will apply. Transfer charges and limitations are
identified on the Specifications Page.
After the Annuity Commencement Date, transfers
will not be allowed from a fixed to a variable
Annuity Option, or from a variable to a fixed
Annuity Option.
DEFERRAL, MODIFICATION OR We reserve the right to defer, modify or terminate
TERMINATION OF TRANSFER the transfer privilege at any time. that we are
PRIVILEGE unable to purchase or redeem shares of the
Portfolios. Transfer charges and limitations are
identified on the Specifications Page and in the
Suspension of Payments provision in the
Withdrawals Provisions section.
NY
7.1
PART 8 WITHDRAWAL PROVISIONS
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PAYMENTS OF WITHDRAWALS You may withdraw part or all of the Surrender
Value, at any time before the earlier of the death
of the Annuitant, the Annuity Commencement Date or
the Maturity Date, by sending us a written
request. We will pay all withdrawals within seven
days of receipt at the Annuity Service Office
subject to postponement in certain circumstances,
as specified below.
SUSPENSION OF PAYMENTS We may defer the right of withdrawal from, or
postpone the date of payments from, the variable
Investment Options for any period when: (1) the
New York Stock Exchange is closed (other than
customary weekend and holiday closings); (2)
trading on the New York Stock Exchange is
restricted; (3) an emergency exists as a result of
which disposal of securities held in the Variable
Account is not reasonably practicable or it is not
reasonably practicable to determine the value of
the Variable Account's net assets; or (4) the
Securities and Exchange Commission, by order, so
permits for the protection of security holders;
provided that applicable rules and regulations of
the Securities and Exchange Commission shall
govern as to whether the conditions described in
(2) and (3) exist.
TOTAL WITHDRAWAL Upon receipt of your request to withdraw the
entire Certificate Value, we will terminate the
Certificate and pay you the Surrender Value.
At the time of the total withdrawal, we will
deduct the total amount of the Annual Certificate
Fee from the Certificate Value in determining the
Surrender Value. We will also deduct a pro rata
share of the Lifetime Income Benefit Fee. A pro
rata share of the fee is equal to the Lifetime
Income Benefit Fee Percentage, shown in the
Specifications, multiplied by the Adjusted Benefit
Base, and then multiplied by the number of days
that have elapsed since the previous Certificate
Anniversary and divided by 365. For purposes of
determining the Lifetime Income Benefit Fee, a
total Withdrawal will be deemed to have been taken
on the date the Death Benefit is determined and
once an Annuity Option has been elected.
PARTIAL WITHDRAWAL If you request to withdraw an amount less than the
Surrender Value, we will pay you the amount
requested and deduct the Withdrawal Amount from
the Certificate Value. Unless you specify the
amount to be withdrawn from each Investment
Option, the Withdrawal Amount will be withdrawn
from each Investment Option on a pro rata basis.
Any withdrawals prior to the Lifetime Income Date,
or withdrawals after the Lifetime Income Date that
exceed the Lifetime Income Amount, may reduce the
Lifetime Income Benefit.
FREQUENCY OF PARTIAL You may make as many partial withdrawals as you
WITHDRAWALS wish.
NY
8.1
PART 9 LIFETIME INCOME BENEFIT
------ -----------------------
GENERAL This benefit guarantees that each Certificate Year
after the Lifetime Income Date and during the life
of the Annuitant and any co-Annuitant you may take
Withdrawals up to an amount equal to the Lifetime
Income Amount (LIA), even if your Certificate
Value reduces to zero. The LIA is described below
in the "Lifetime Income Amount (LIA)" provision.
The Lifetime Income Date is the Certificate
Anniversary on or after the later of (a) the date
the younger of the Annuitant or any co-Annuitant
reaches the Lifetime Income Age or (b) the Minimum
Holding Period Expiration. We reserve the right to
establish a new Minimum Holding Period equal to
the Minimum Holding Period Duration listed in the
Specifications, if Additional Payments in any
Certificate Year prior to the Lifetime Income Date
exceed the Benefit Base multiplied by the Payment
Limit Percentage.
BENEFIT BASE - INITIAL The initial Benefit Base equals the greater of the
Initial Payment or the Benefit Base Percentage
multiplied by the Transferred Benefit Base. The
Benefit Base is available only for the purpose of
the Lifetime Income Benefit. It can not be
withdrawn as a lump sum.
BENEFIT BASE - IMPACT OF Each time an Additional Payment is received prior
ADDITIONAL PAYMENTS to the Lifetime Income Date, the Benefit Base will
increase by the amount of that Additional Payment.
After the Lifetime Income Date, an increase to the
Benefit Base due to an Additional Payment is
determined as follows:
(a) If there have been no Additional
Payments, Step-Ups or reductions of the
Benefit Base since the Lifetime Income
Date, then all Withdrawals since the
Lifetime Income Date will be deducted
from the Additional Payment. Any
Additional Payment remaining after that
deduction will be applied to the Benefit
Base.
(b) If the Benefit Base has been increased
due to Additional Payments or Step-Ups,
or has been decreased due to a
withdrawal in excess of the LIA, then
the current Additional Payment will be
reduced by Withdrawals less the amount
of Additional Payments that have not
adjusted the Benefit Base. The
Withdrawals and Additional Payments that
have not adjusted the Benefit Base are
determined beginning with the most
recent (i) increase in Benefit Base by
an Additional Payment, or (ii) Step-Up,
or (iii) decrease of the Benefit Base.
Any amount of the current Additional
Payment remaining after the reduction
will be applied to the Benefit Base.
BENEFIT BASE - IMPACT OF If the Certificate Value on any Step-Up Date is
STEP-UPS greater than the Benefit Base on that date, the
Benefit Base will automatically Step-Up to an
amount equal to the Certificate Value on that
Step-Up Date. If the Lifetime Income Benefit Fee
Percentage would increase as a result of a
Step-Up, you will receive advance notice of the
increase and be given the opportunity to decline
the automatic Step-Up. If we increase the fee and
you decline an automatic Step-Up, you will have
the option to elect to Step-Up within 30 days
following any subsequent Step-Up Date and this
election will resume automatic Step-Ups.
NY
9.1
BENEFIT BASE - IMPACT OF Prior to the Lifetime Income Date, the Benefit
WITHDRAWALS Base will decrease as a result of any Withdrawals.
The amount deducted in connection with the
Withdrawal will be equal to (i) times (ii), where
(i) is equal to the Benefit Base prior to the
withdrawal, and (ii) is equal to the amount of the
partial withdrawal divided by the Certificate
Value prior to the partial withdrawal.
Beginning on the Lifetime Income Date, the Benefit
Base will not reduce if total Withdrawals during a
Certificate Year are less than or equal to the
LIA.
If a Withdrawal causes total Withdrawals during a
Certificate Year to exceed the LIA or if total
Withdrawals during a Certificate Year already
exceeded the LIA, then the Benefit Base will be
decreased as a result of the Withdrawal. The
amount deducted in connection with the Withdrawal
will be equal to (i) times (ii), where (i) is
equal to the Benefit Base prior to the withdrawal,
and (ii) is equal to the amount of the partial
withdrawal divided by the Certificate Value prior
to the partial withdrawal. See "Examples of Excess
Withdrawal" below.
Notwithstanding the discussion above, the Benefit
Base will not be reduced when all Withdrawals
during the Certificate Year are Life Expectancy
Distributions elected under an automatic
distribution program, provided by us, even if such
Life Expectancy Distributions exceed the LIA for
the Certificate year. (See the "Life Expectancy
Distributions" provision.)
LIFETIME INCOME AMOUNT (XXX) The initial LIA will be determined at the time of
the first withdrawal on or after the Lifetime
Income Date. The initial LIA is equal to the
applicable Lifetime Income Percentage shown in the
Specifications Page multiplied by the Benefit Base
on the date of that withdrawal. If there is no
co-Annuitant on the Certificate when the initial
LIA is determined, the Lifetime Income Percentage
will be set to the Single Lifetime Income
Percentage listed in the Specifications. If there
is a co-Annuitant when the initial LIA is
determined, the Lifetime Income Percentage will be
set to the Spousal Lifetime Income Percentage
listed in the Specifications.
Each time the Benefit Base is changed after the
Lifetime Income Date, then the new LIA will equal
the applicable Lifetime Income Percentage shown in
the Specifications Page multiplied by the new
Benefit Base.
EXAMPLES OF EXCESS The following examples illustrate the effect of an
WITHDRAWAL excess withdrawal on the Benefit Base and LIA.
Before Withdrawal After Withdrawal
-------------------------- -------------------------------
Ex, Benefit Benefit
# CV Base LIA Withdrawal CV Base(B) LIA
--- ------- ------- ------ ---------- ------- ------- ---------
1 $25,000 $40,000 $2,000(A) $2,010 $22,990 $36,784(C) $1,839.20(C)
2 $60,000 $40,000 $2,000(A) $2,010 $57,990 $38,660(D) $1,933.00(D)
(A) Assumes the LIA is based on the Single Lifetime Income Percentage shown in
the Specifications Page.
(B) Benefit Base is reduced on a pro-rata basis for withdrawals during the
Certificate Year.
(C) In Example #1, Benefit Base = $36,784 ($40,000 X $2,010/$25,000 = $3,216.
$40,000 minus $3,216 = $36,784); LIA = Lifetime Income Percentage
multiplied by $36,784 = $1,839.20
(D) In Example #2, Benefit Base = $38,660 ($40,000 X $2,010/$60,000 = $1,340.
$40,000 minus $1,340 = $38,660); LIA = Lifetime Income Percentage
multiplied by $38,660 = $1,933.00
NY
9.2
LIFE EXPECTANCY For purposes of this benefit, Life Expectancy
DISTRIBUTIONS Distributions are distributions within a calendar
year that:
(a) are part of a series of substantially
equal periodic payments over the
Annuitant's Life Expectancy (or, if
applicable, the joint Life Expectancy of
the Annuitant and the Annuitant's
spouse); and are paid to the Owner as
required or contemplated by Code Section
401(a)(9), Section 408(b)(3), or Section
408A(c), as the case may be ("Qualified
Death Benefit Stretch Distributions" and
"Required Minimum Distributions"); and
(b) are the Certificate's proportional share
of all such distributions as determined
by the Company and based on the
Company's understanding of the Code.
For purposes of this "Life Expectancy
Distributions" provision, references to Owner or
Annuitant also include the Beneficiary, as
applicable.
We reserve the right to make any changes necessary
to comply with the Code and Treasury Regulations.
SETTLEMENT PHASE The Certificate will enter its Settlement Phase if
the Certificate Value reduces to zero, Withdrawals
during the Certificate Year do not exceed the LIA,
and the Benefit Base is still greater than zero.
When the Certificate enters its Settlement Phase
the Lifetime Income Benefit will continue, however
all other rights and benefits under the
Certificate, including death benefits, will
terminate and additional Payments will not be
accepted.
You will automatically receive settlement payments
equal to the LIA each Certificate Year of the
Settlement Phase during the life of the Annuitant
and any co-Annuitant. If the Settlement Phase is
entered prior to the Lifetime Income Date, then
settlement payments will begin on or after the
Lifetime Income Date. The settlement payments will
be paid no less frequently than annually. You may
choose among the frequencies that we make
available at the time settlement payments begin.
The Lifetime Income Benefit Fee will not be
deducted during the Settlement Phase.
If the last of the Annuitant and any co-Annuitant
dies during the Settlement Phase, then the
Lifetime Income Benefit terminates and no
additional settlement payments will be paid.
NY
9.3
PART 10 DISTRIBUTIONS DURING ANNUITANT'S LIFE
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GENERAL Notwithstanding any provision of this Certificate
to the contrary, the distribution of the
Annuitant's interest in the Certificate shall be
made in accordance with the requirements of IRC
Sections 401(a)(9) and 408(b)(3) and the
regulations thereunder, the provisions of which
are herein incorporated by reference. If
distributions are not made in the form of an
annuity on an irrevocable basis (except for
acceleration), then distribution of the interest
in the Certificate, as described below, must
satisfy the requirements of IRC Section 408(a)(6)
and the regulations thereunder, rather than this
Part and paragraphs (c) and (d) of Part 11 of this
Certificate. The required minimum distribution for
this Certificate may be withdrawn from another
Individual Retirement Account in accordance with
Q&A-9 of Section 1.408-8 of the Income Tax
Regulations.
There is no required distribution during the life
of the Annuitant if this Certificate is issued as
a Xxxx XXX as indicated in the Type of Certificate
on the Specifications Page.
INTEREST IN THE CERTIFICATE Unless otherwise provided under applicable federal
tax law, the "interest" in the Certificate
includes the amount of any outstanding rollover,
transfer, and recharacterization under Q&As-7 and
-8 of Section 1.408-8 of the Income Tax
Regulations. Also, prior to the date that annuity
payments commence on an irrevocable basis (except
for acceleration), the "interest" in the
Certificate includes the actuarial value of any
other benefits provided under the Certificate,
such as guaranteed death benefits or the Lifetime
Income Benefit.
REQUIRED BEGINNING DATE The "required beginning date" means April 1 of the
calendar year following the calendar year in which
the Annuitant attains age 70 1/2, or such later
date provided by applicable tax law.
DISTRIBUTIONS Unless otherwise permitted under applicable
federal tax law, the entire interest will commence
to be distributed no later than the required
beginning date over (i) the life of the Annuitant
or the lives of the Annuitant and his or her
designated beneficiary (within the meaning of IRC
Section 401(a)(9)), or (ii) a period certain not
extending beyond the life expectancy of the
Annuitant, or joint life and last survivor
expectancy of the Annuitant and his or her
designated beneficiary.
If the interest in the Certificate is to be
distributed over a period greater than one year,
the amount to be distributed by December 31 of
each year (including the year in which the
required beginning date occurs) shall be
determined in accordance with the requirements of
IRC Section 401(a)(9) and the regulations
thereunder. Payments must be made in periodic
payments at intervals of no longer than one year.
Unless otherwise provided by applicable federal
tax law, payments must be either nonincreasing or
they may increase only as provided in Q&As-1 and
-4 of Section 1.401(a)(9)-6 of the Income Tax
Regulations. In addition, any distribution must
satisfy the incidental benefit requirements
specified in Q&A-2 of Section 1.401(a)(9)-6.
The distribution periods described above cannot
exceed the periods specified in Section
1.401(a)(9)-6 of the Income Tax Regulations
(except as otherwise provided by applicable
federal tax law).
If annuity payments commence on or before the
required beginning date, the first required
payment can be made as late as the required
beginning date and must be the payment that is
required for one payment interval. The second
payment need not be made until the end of the next
payment interval.
NY
10.1
PART 11 DISTRIBUTIONS AFTER ANNUITANT'S DEATH
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DEATH BEFORE MATURITY If the Annuitant dies prior to the Maturity Date
DATE or Annuity Commencement Date, if earlier, the
interest in the Certificate will be distributed as
follows. Written notice and proof of death and all
required claim forms must be received at the
Company's Annuity Service Office prior to any
distribution.
The Certificate Value may be withdrawn by the
Beneficiary in one sum immediately, in which case
the Certificate will terminate. If the Certificate
Value is not taken in one sum immediately, the
Certificate will continue subject to the following
provisions:
(a) The Beneficiary becomes the Owner.
(b) No additional Payments may be applied to the
Certificate.
(c) If the Beneficiary is not the deceased
Annuitant's spouse, the Lifetime Income
Benefit will no longer be available and the
entire interest in the Certificate must be
distributed under one of the following
options:
(i) The entire interest in the Certificate
must be distributed over the life of the
Beneficiary, or over a period not
extending beyond the life expectancy of
the Beneficiary, with distributions
beginning by the end of the calendar
year following the calendar year of the
Annuitant's death; or
(ii) the entire interest in the Certificate
must be distributed by the end of the
calendar year containing the fifth
anniversary of the Annuitant's Death,
or.
(iii) the entire interest in the Certificate
must be distributed as Annuity Payments
under one of the options described in
the Annuity Options section.
An irrevocable election of the method of
distribution must be made no later than the
end of the calendar year immediately
following the calendar year in which the
Annuitant died. If no election is made, the
interest in the Certificate will be
distributed as described in (ii) above.
The life expectancy of the beneficiary is
determined using the age of the Beneficiary
as of his or her birthday in the year
following the year of the Annuitant's death.
If the Beneficiary dies before the
distributions required by (i) or (ii) are
complete, the entire remaining Certificate
Value must be distributed at least as rapidly
as under the distribution option chosen.
(d) The following options apply if the sole
Beneficiary is the Annuitant's spouse.
If the sole Beneficiary is the deceased
Xxxxxxxxx's spouse and is the co- Annuitant,
the surviving spouse may elect to continue
the Certificate as the new Owner/Annuitant,
the Lifetime Income Benefit will be available
during the life of the surviving spouse, and
the Lifetime Income Percentage will be set to
the Spousal Lifetime Income Percentage listed
in the Specifications.
If the Annuitant dies prior to the first
withdrawal on or after the Lifetime Income
Date and the sole Beneficiary is the deceased
Annuitant's spouse but is not the
co-Annuitant, the surviving spouse may elect
to continue the Certificate as the new
Owner/Annuitant, the Lifetime Income Benefit
will be available during the life of the
surviving spouse, and the Lifetime Income
Percentage will be set to the Spousal
Lifetime Income Percentage listed in
NY
11.1
the Specifications.
If the Annuitant dies after the first
withdrawal on or after the Lifetime Income
Date and the sole Beneficiary is the deceased
Xxxxxxxxx's spouse, but is not the
co-Annuitant, the surviving spouse may elect
to continue the Certificate as the new
Owner/Annuitant but the Lifetime Income
Benefit will no longer be available.
The surviving spouse may name a new
Beneficiary (and, if no Beneficiary is so
named, the surviving spouse's estate will be
the Beneficiary).
The spouse may also elect distributions under
one of the following options:
(i) the entire interest in the Certificate
may be distributed over the life of the
Beneficiary, or over a period not
extending beyond the life expectancy of
the Beneficiary, with distributions
beginning by the end of the calendar
year following the calendar year of the
Annuitant's death (or by the end of the
calendar year in which the Annuitant
would have attained age 70 1/2, if
later); or
(ii) the entire interest in the Certificate
may be distributed by the end of the
calendar year containing the fifth
anniversary of the Annuitant's Death; or
(iii) as Annuity Payments under one of the
options described in the Annuity Options
section.
Such election must be made no later than the
earlier of the date distributions are
scheduled to begin under (i) above or
December 31 of the year containing the fifth
anniversary of the Annuitant's death. If no
election is made, the entire interest in the
Certificate will be distributed as described
in (ii) above.
If the surviving spouse dies before required
distributions commence, the remaining
interest will be distributed, starting by the
end of the calendar year following the
calendar year of the spouse's death, over the
designated beneficiary's life expectancy
determined using the beneficiary's ages as of
his or her birthday in the year following the
death of the spouse. If elected, the interest
may be distributed as described in (ii)
above.
If there is no beneficiary, the entire interest in
the Certificate will be distributed by the end of
the calendar year containing the fifth anniversary
of the Annuitant's death.
Life expectancies are determined using the Single
Life Table in Q&A-1 of Section 1.401(a)(9)-9 of
the Income Tax Regulations. If distributions are
made to a surviving spouse as the sole designated
beneficiary, such spouse's life expectancy for a
year is the number in the Single Life Table
corresponding to such spouse's age in the year. In
all other cases, remaining life expectancy for a
year is the number in the Single Life Table
corresponding to the Beneficiary's age in the year
distributions must begin, reduced by 1 for each
subsequent year.
We will permit the Owner to limit the option(s)
offered to any named Beneficiary, if the Owner
provides written notice to the Company prior to
death and the desired option(s) is one provided
for in this Certificate and it satisfies the
applicable requirements of IRC Sections 401(a)(9)
and 408(b)(3) and the regulations thereunder.
If the Annuitant dies after required distributions
commence, the remaining portion of his or her
interest in the Certificate, if any, will be
distributed at least as rapidly as under the
distribution option chosen.
If there is more than one Beneficiary, the
foregoing provisions will independently apply to
each Beneficiary, to the extent of that
Beneficiary's share.
11.2
DEATH BENEFIT ON OR AFTER If Annuity Payments have been selected based on an
MATURITY DATE Annuity Option providing for payments for a
guaranteed period, and the Annuitant dies on or
after the Annuity Commencement Date, we will make
the remaining guaranteed payments to the
Beneficiary. Any remaining payments will be made
at least as rapidly as under the method of
distribution being used as of the date of the
Annuitant's death. If no Beneficiary is living, we
will commute any unpaid guaranteed payments to a
single sum (on the basis of the interest rate used
in determining the payments) and pay that single
sum to the estate of the last to die of the
Annuitant and the Beneficiary.
PROOF OF DEATH We will require Proof of death upon the death of
the Annuitant or the Owner. Proof of death is one
of the following received at the Annuity Service
Office:
(a) A certified copy of a death certificate.
(b) A certified copy of a decree of a court of
competent jurisdiction as to the finding of
death.
(c) Any other proof satisfactory to us.
11.3
PART 12 ANNUITY PAYMENTS
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GENERAL Benefits payable under this Certificate may be
applied in accordance with one or more of the
Annuity Options described below, subject to any
restrictions of Internal Revenue Code sections
401(a)(9) and 408(b)(3). If guaranteed payments
are to be made, the period over which the
guaranteed payments are made may not exceed the
period permitted under Section 1.401(a)(9)-6 of
the Income Tax Regulations. Once Annuity Payments
commence, the Annuity Option may not be changed.
The "Life 5-Year Certain" Annuity Option described
under Part 13, Option 1 is the default Annuity
Option unless you request another option prior to
the Annuity Commencement Date or unless otherwise
required by the Internal Revenue Code. If you are
receiving distributions that comply with the
minimum distribution requirements of the Internal
Revenue Code, you do not need to annuitize the
Certificate Value.
We will send you information about Annuity Options
before the Annuity Commencement Date. If by the
Maturity Date, you do not choose an Annuity
Option, make a total Withdrawal of the Surrender
Value, or ask us to change the Maturity Date, we
will automatically pay you Annuity Payments under
the Annuity Option shown in the Specifications
Page and the Annuity Commencement Date is
considered to be the Maturity Date. You can change
the Annuity Option at any time before Annuity
Payments commence.
You may select a Fixed or Variable Annuity. We
will provide variable Annuity Payments unless
otherwise elected. Once Annuity Payments commence,
the Annuity Option may not be changed.
The method used to calculate the amount of the
initial and subsequent Annuity Payments is
described below.
If the monthly income is less than $20, we may pay
the greater of the Certificate Value or the
commuted value of the Lifetime Income Benefit in
one lump sum on the Maturity Date, or the Annuity
Commencement Date if earlier.
NY
12.1
VARIABLE ANNUITY PAYMENTS We will determine the amount of the first Variable
Annuity Payment by applying the portion of the
Certificate Value used to effect a Variable
Annuity (minus any applicable premium taxes) to
the Annuity Option elected based on the mortality
table and assumed interest rate shown in the
Specifications Page. We will provide a table of
the annuity factors upon request. If the current
rates in use by us on the Annuity Commencement
Date are more favorable to you, we will use the
current rates. The portion of the Certificate
Value used to effect a Variable Annuity will be
measured as of a date not more than 10 business
days prior to the Annuity Commencement Date.
Subsequent payments will be based on the
investment performance of the Investment Options
you elected. The amount of each subsequent
variable annuity payment is determined by
multiplying the number of Annuity Units credited
for each Investment Option you elect by the
appropriate Annuity Unit value on each subsequent
determination date, which is a uniformly applied
date not more than 10 business days before the
payment is due. The number of Annuity Units is
determined by dividing the portion of the first
payment allocated to an Investment Option by the
Annuity Unit value for that Investment Option
determined as of the same date that the
Certificate Value used to effect Annuity Payments
was determined. The portion of the first payment
allocated to an investment Option will be
determined in the same proportion that the
Investment Account Value of each Investment Option
bears to the Certificate Value used to effect the
Variable Annuity, unless you elect a different
allocation.
Variable Annuity payments, at the time of their
commencement, will not be less than those that
would be provided by the application of the
Certificate Value to purchase any single
consideration immediate annuity, offered by the
Company at the time, to the same class of
annuitants. Since no such annuity currently
exists, we will apply rates that are reasonable in
relation to the market single premium immediate
annuity rates.
MORTALITY AND EXPENSE We guarantee that the dollar amount of each
GUARANTEE Variable Annuity payment will not be affected by
changes in mortality and expense experience.
ANNUITY UNIT VALUE The value of an Annuity Unit for each Investment
Option for any Valuation Period is determined as
follows:
(a) The net investment factor for the
corresponding Sub-Account for the Valuation
Period for which the Annuity Unit value is
being calculated is multiplied by the value
of the Annuity Unit for the preceding
Valuation Period; and
(b) The result is adjusted to compensate for the
interest rate used to determine the first
Variable Annuity payment.
The dollar value of Annuity Units may increase,
decrease or remain the same from one Valuation
Period to the next.
FIXED ANNUITY PAYMENTS We will determine the amount of each Fixed Annuity
payment by applying the portion of the Certificate
Value used to effect a Fixed Annuity measured as
of a date not more than 10 business days prior to
the Annuity Commencement Date (minus any
applicable premium taxes) to the Annuity Option
elected based on the mortality table and interest
rate shown on the Specifications Page.
Fixed Annuity payments, at the time of their
commencement, will not be less than those that
would be provided by the application of the
Certificate Value to purchase any single
consideration immediate annuity, offered by the
Company at the time, to the same class of
annuitants.
We guarantee the dollar amount of Fixed Annuity
payments.
NY
12.2
PART 13 ANNUITY OPTIONS
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DESCRIPTION OF ANNUITY Option 1: Life Annuity
OPTIONS
Life 5-Year Certain. We will make Annuity Payments
for 5 years and after that during the lifetime of
the Annuitant. No payments are due after the death
of the Annuitant or, if later, the end of the
5-year period.
Option 2: Joint Life Annuity
Joint Life 5-Year Certain. We will make Annuity
Payments for 5 years and after that during the
joint lifetime of the Annuitant and co Annuitant.
No payments are due after the death of both the
Annuitant and co-Annuitant or, if later, the end
of the 5-year period.
Option 3: Fixed Life Annuity
Life Annuity with Cash Refund: We will make
payments during the lifetime of the Annuitant.
After the death of the Annuitant, we will pay the
Beneficiary a lump sum amount equal to the excess,
if any, of the Certificate Value at the election
of this option over the sum of the annuity
payments made under this option. This option is
available on or after the later of the Annuitant's
90th birthday or the tenth Certificate
Anniversary.
The annual amount of the annuity payments will
equal the greater of
(a) the Lifetime Income Amount, or
(b) the annual amount determined by applying
the Certificate Value to a Cash Refund
Annuity Option based on the Mortality
Table and Fixed Annuity Payment Interest
Rate listed in the Specifications.
Option 4: Fixed Joint Life Annuity
Joint Life Annuity with Cash Refund: We will make
payments during the lifetime of the Annuitant and
co-Annuitant. After the death of both the
Annuitant and co-Annuitant, we will pay the
Beneficiary a lump sum amount equal to the excess,
if any, of the Certificate Value at the election
of this option over the sum of the annuity
payments made under this option. This option is
available only if the co-Annuitant has been the
co-Annuitant since the first withdrawal on or
after the Lifetime Income Date. This option may be
elected on or after the earlier of the Annuitant's
or co-Annuitant's 90th birthday or the tenth
Certificate Anniversary, if later.
The annual amount of the annuity payments will
equal the greater of
(c) the Lifetime Income Amount, or
(d) the annual amount determined by applying
the Certificate Value to a joint life
Cash Refund Annuity Option based on the
Mortality Table and Fixed Annuity
Payment Interest Rate listed in the
Specifications.
ALTERNATE ANNUITY OPTIONS Instead of settlement in accordance with the
Annuity Options described above, you may choose an
alternate form of settlement acceptable to us.
Once Annuity Payments commence, the form of
settlement may not be changed.
NY
13.1
XXXX XXXXXXX LIFE INSURANCE COMPANY OF NEW YORK (XXXX XXXXXXX(R) LOGO)
