EXHIBIT 4(i)
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Springfield, MA 01111-0001
Contractholder: Citizens Bank of Rhode Island
Contract Number: 0001
Contract Issue Date: April 14, 1997
Massachusetts Mutual Life Insurance Company (Company) will pay the proceeds of
this Group Annuity Contract in accordance with the provisions of this Contract.
This Contract is issued by the Company at its Home Office, 0000 Xxxxx Xxxxxx,
Xxxxxxxxxxx, XX 00000-0000, on the Contract Issue Date. The Contract,
Certificate Application, Schedules, and any amendments, riders, or endorsements
attached constitute the entire Contract.
Participation in the Contract will be evidenced by issuance of a Certificate for
each Participant's interest under the Contract.
READ YOUR CONTRACT CAREFULLY
SECRETARY PRESIDENT
GROUP VARIABLE DEFERRED ANNUITY CONTRACT
WITH FLEXIBLE PURCHASE PAYMENTS
Nonparticipating
PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS CONTRACT,
WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE
AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.
THE SEPARATE ACCOUNTS MUST EARN AT LEAST 4% TO AVOID A DECREASE IN ANNUITY
PAYMENTS FROM THEIR INITIAL LEVEL. THE SEPARATE ACCOUNT MAY INCUR THE FOLLOWING
CHARGES: MORTALITY AND EXPENSE RISK CHARGE, ADMINISTRATIVE CHARGE AND
DISTRIBUTION CHARGE.
MUVAG96 Page 1 of 29
TABLE OF CONTENTS
Page
DEFINITIONS.............................................................................. 4
PURCHASE PAYMENT PROVISIONS.............................................................. 6
PURCHASE PAYMENTS............................................................... 6
SUBSEQUENT PURCHASE PAYMENTS.................................................... 6
ALLOCATION OF PURCHASE PAYMENTS................................................. 6
SEPARATE ACCOUNT PROVISIONS.............................................................. 6
THE SEPARATE ACCOUNT............................................................ 6
VALUATION OF ASSETS............................................................. 6
ACCUMULATION UNITS.............................................................. 7
ACCUMULATION UNIT VALUE......................................................... 7
MORTALITY AND EXPENSE RISK CHARGE............................................... 7
ADMINISTRATIVE CHARGE........................................................... 7
DISTRIBUTION CHARGE............................................................. 8
MORTALITY AND EXPENSE GUARANTEE................................................. 8
ANNUAL CERTIFICATE MAINTENANCE CHARGE.................................................... 8
DEDUCTION FOR ANNUAL CERTIFICATE MAINTENANCE CHARGE.............................
TRANSFERS................................................................................ 8
TRANSFERS DURING THE ACCUMULATION PERIOD........................................ 8
TRANSFERS DURING THE ANNUITY PERIOD............................................. 9
WITHDRAWAL PROVISIONS.................................................................... 10
WITHDRAWAL...................................................................... 10
CONTINGENT DEFERRED SALES CHARGE................................................ 10
WITHDRAWAL CHARGE............................................................... 10
PROCEEDS PAYABLE ON DEATH................................................................ 11
DEATH OF PARTICIPANT DURING THE ACCUMULATION PERIOD............................. 11
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD............................. 11
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD............................ 11
DEATH OF PARTICIPANT DURING THE ANNUITY PERIOD.................................. 11
DEATH OF ANNUITANT.............................................................. 12
PAYMENT OF DEATH BENEFIT........................................................ 12
BENEFICIARY..................................................................... 12
CHANGE OF BENEFICIARY........................................................... 12
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION............................................. 13
MUVAG96 Page 2 of 29
Page
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS.............................. 13
ANNUITANT....................................................... 13
PARTICIPANT..................................................... 13
JOINT PARTICIPANTS.............................................. 13
ASSIGNMENT OF A CERTIFICATE..................................... 14
GENERAL PROVISIONS....................................................... 14
THE CONTRACT.................................................... 14
CONTRACT AND CERTIFICATE CHANGES BY THE COMPANY................. 14
CERTIFICATE CHANGES BY THE PARTICIPANT.......................... 14
CONTRACT TERMINATION............................................ 15
INCONTESTABILITY................................................ 15
MISSTATEMENT OF AGE OR SEX...................................... 15
NON-BUSINESS DAYS............................................... 15
NON-PARTICIPATING............................................... 15
PROTECTION OF PROCEEDS.......................................... 15
REGULATORY REQUIREMENTS......................................... 15
REPORTS......................................................... 15
PREMIUM AND OTHER TAXES......................................... 16
ANNUITY PROVISIONS....................................................... 16
ANNUITY GUIDELINES.............................................. 16
ANNUITY PAYMENTS................................................ 17
FIXED ANNUITY................................................... 17
VARIABLE ANNUITY................................................ 17
ANNUITY UNITS AND PAYMENTS...................................... 17
ANNUITY UNIT VALUE.............................................. 17
ANNUITY OPTIONS................................................. 18
Annuity Option A - Life Income......................... 18
Annuity Option B - Life Income with Period Certain..... 18
Annuity Option C - Joint and Last Survivor Payments.... 18
Annuity Option D - Joint and 2/3 Survivor Annuity...... 18
Annuity Option E - Period Certain...................... 18
Annuity Option F - Special Income Settlement Agreement. 18
ANNUITY RATES............................................................ 19
Fixed Annuity Rates............................................. 19
Fixed Annuity Rates Table 1............................ 20
Fixed Annuity Rates Table 2............................ 21
Fixed Annuity Rates Table 3............................ 22
Fixed Annuity Rates Table 4............................ 23
Variable Annuity Rates.......................................... 24
Variable Annuity Rates Table 5......................... 25
Variable Annuity Rates Table 6......................... 26
Variable Annuity Rates Table 7......................... 27
Variable Annuity Rates Table 8......................... 28
MUVAG96 Page 3 of 29
DEFINITIONS
ACCUMULATION PERIOD The period prior to the commencement of Annuity Payments
during which Purchase Payments may be made by or on
behalf of a Participant with respect to a Certificate
under this Contract.
ACCUMULATION UNIT A unit of measure used to determine the value of the
Participant's interest in a Sub-Account of the Separate
Account during the Accumulation Period.
AGE The age of any Participant or Annuitant on his/her
birthday nearest the date for which age is being
determined.
ANNUITANT The primary person upon whose life Annuity Payments are
to be made. On or after the Annuity Date, the Annuitant
shall also include any joint Annuitant.
ANNUITY DATE The date on which Annuity Payments begin. The Annuity
Date is shown on the Certificate Schedule of this
Contract.
ANNUITY OPTIONS Options available for Annuity Payments.
ANNUITY PAYMENTS The series of payments that will begin on the Annuity
Date.
ANNUITY PERIOD The period which begins on the Annuity Date and ends
with the last Annuity Payment.
ANNUITY RESERVE The assets which support the Annuity Option selected by
the Participant during the Annuity Period.
ANNUITY SERVICE The office indicated on the Certificate Schedule of this
CENTER Contract to which notices, requests and Purchase
Payments must be sent. All sums payable by the Company
under this Contract are payable only at the Annuity
Service Center.
ANNUITY UNIT A unit of measure used to determine the amount of each
Variable Annuity Payment after the Annuity Date.
BENEFICIARY The person(s) or entity(ies) designated to receive the
death benefit provided by a Certificate under this
Contract.
CERTIFICATE An anniversary of the Issue Date of a Certificate.
ANNIVERSARY
CERTIFICATE The date on which the Certificate became effective. This
ISSUE DATE date is shown on each Certificate Schedule.
CERTIFICATE VALUE The sum of the Participant's interest in the
Sub-Accounts of the Separate Account during the
Accumulation Period.
CERTIFICATE YEAR The first Certificate Year is the annual period which
begins on the Certificate Issue Date. Subsequent
Certificate Years begin on each anniversary of the
Certificate Issue Date.
CONTRACT An anniversary of the Issue Date of this Contract.
ANNIVERSARY
MUVAG96 Page 4 of 29
CONTRACT The date on which this Contract became effective.
ISSUE DATE
ELIGIBLE INVESTMENT An investment entity shown on a Certificate Schedule of
this Contract into which assets of the Separate Account
will be invested.
FIXED ANNUITY A series of payments made during the Annuity Period
which are guaranteed as to dollar amount by the Company.
GENERAL ACCOUNT The Company's general investment account which contains
all the assets of the Company with the exception of the
Separate Account and other segregated asset accounts.
GOOD ORDER Any application, Purchase Payments, withdrawal request,
or forms required by the Company which are satisfactory
to the Company.
NET PURCHASE A Purchase Payment less any Premium Tax assessed by any
PAYMENT state or other jurisdiction.
PARTICIPANT The person(s) or entity(ies) entitled to the ownership
rights stated in a Certificate and this Contract.
PREMIUM TAX A tax imposed by certain states and other
jurisdictions when, for example, a Purchase Payment is
made, when Annuity Payments begin, or when a Certificate
is surrendered.
PURCHASE PAYMENT During the Accumulation Period, a payment made by or on
behalf of a Participant with respect to a Certificate
under this Contract.
REVISION DATE The date of any revised Certificate Schedule. A revised
Certificate Schedule bearing the latest Revision Date
will supersede all previous Certificate Schedules.
SEPARATE ACCOUNT The Company's Separate Account designated on each
Certificate Schedule.
SERIES A segment of an Eligible Investment which constitutes a
separate and distinct class of shares into which assets
of a Sub-Account will be invested.
SUB-ACCOUNT Separate Account assets are divided into Sub-Accounts
which are listed on each Certificate Schedule. Assets of
each Sub-Account will be invested in shares of an
Eligible Investment or a Series of an Eligible
Investment.
VALUATION DATE Each day on which the Company, the New York Stock
Exchange ("NYSE") and the Eligible Investments are open
for business.
VALUATION PERIOD The period of time beginning at the close of business of
the NYSE on each Valuation Date and ending at the close
of business for the next succeeding Valuation Date.
VARIABLE ANNUITY An annuity with payments which vary as to dollar amount
in relation to the investment performance of specified
Sub-Accounts of the Separate Account.
WRITTEN REQUEST A request in writing, in a form satisfactory to the
Company, which is received by the Annuity Service
Center.
MUVAG96 Page 5 of 29
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS
The initial Purchase Payment for each Certificate is due on each Certificate
Issue Date. The minimum and maximum subsequent and total Purchase Payments are
shown on the Certificate Schedule. The Company reserves the right to reject any
Application or Purchase Payment.
SUBSEQUENT PURCHASE PAYMENTS
Subject to the minimum subsequent and maximum total shown on the Certificate
Schedule, the Participant may make subsequent Purchase Payments.
ALLOCATION OF PURCHASE PAYMENTS
The allocation of the initial Net Purchase Payment is made in accordance with
the selection made by a Participant at the time the Participant's Certificate is
issued. Unless otherwise changed by Written Request by a Participant, subsequent
Net Purchase Payments are allocated in the same manner as the initial Net
Purchase Payment. Allocation of the Net Purchase Payments is subject to the
Allocation Guidelines shown on the Certificate Schedule. The Company has
reserved the right to allocate initial Purchase Payments to the Money Market
Sub-Account until the expiration of the Right to Examine Certificate period as
set forth in the Certificate.
SEPARATE ACCOUNT PROVISIONS
THE SEPARATE ACCOUNT
The Separate Account is designated on the Certificate Schedule and consists of
assets set aside by the Company, which are kept separate from that of the
general account assets and all other separate account assets of the Company. The
assets of the Separate Account equal to reserves and other liabilities will not
be charged with liabilities arising out of any other business the Company may
conduct.
The Separate Account assets are divided into Sub-Accounts. The Sub-Accounts
which are available under a Certificate are listed in the Certificate Schedule.
The assets of the Sub-Accounts are allocated to the Eligible Investment(s) and
the Series, if any, within an Eligible Investment shown on the Certificate
Schedule. The Company may, from time to time, add additional Eligible
Investments or Series to those shown on the Certificate Schedule. The
Participant may be permitted to transfer Certificate Values or allocate Net
Purchase Payments to the additional Eligible Investments or Series. However, the
right to make such transfers or allocations will be limited by the terms and
conditions imposed by the Company.
Should the shares of any such Eligible Investment(s) or any Series within an
Eligible Investment become unavailable for investment by the Separate Account,
or the Company's Board of Directors deems further investment in these shares
inappropriate, the Company may limit further purchase of such shares or may
substitute shares of another Eligible Investment or Series for shares already
purchased under the Certificates of this Contract.
VALUATION OF ASSETS
The assets of the Separate Account are valued at their fair market value in
accordance with procedures of the Company.
MUVAG96 Page 6 of 29
ACCUMULATION UNITS
During the Accumulation Period, Accumulation Units shall be used to account for
all amounts allocated to or withdrawn from the Sub-Accounts of the Separate
Account as a result of Purchase Payments, withdrawals, transfers, or fees and
charges. The Company will determine the number of Accumulation Units of a
Sub-Account purchased or cancelled. This will be done by dividing the amount
allocated to (or the amount withdrawn from) the Sub-Account by the dollar value
of one Accumulation Unit of the Sub-Account as of the end of the Valuation
Period during which the request for the transaction is received at the Annuity
Service Center.
ACCUMULATION UNIT VALUE
The Accumulation Unit Value for each Sub-Account was arbitrarily set initially
at $10 on the date such Sub-Account became operative. Subsequent Accumulation
Unit Values for each Sub-Account are determined by multiplying the Accumulation
Unit Value for the immediately preceding Valuation Period by the Net Investment
Factor for the Sub-Account for the current Valuation Period.
The Net Investment Factor for each Sub-Account is determined by dividing A by B
and subtracting C where:
A is (i) the net asset value per share of the Eligible
Investment or Series of an Eligible Investment held by the
Sub-Account for the current Valuation Period; plus
(ii) any dividend per share declared on behalf of such
Eligible Investment or Series that has an ex-dividend date
within the current Valuation Period; less
(iii) the cumulative charge or credit for taxes reserved which
is determined by the Company to have resulted from the
operation or maintenance of the Sub-Account.
B is the net asset value per share of the Eligible Investment or
Series of an Eligible Investment held by the Sub-Account for
the immediately preceding Valuation Period.
C is the cumulative unpaid charge for the Mortality and Expense
Risk Charge, for the Administrative Charge and for the
Distribution Charge which are shown on the Certificate
Schedule.
The Accumulation Unit Value may increase or decrease from Valuation Period to
Valuation Period.
MORTALITY AND EXPENSE RISK CHARGE
Each Valuation Period, the Company deducts a Mortality and Expense Risk Charge
from each Sub-Account of the Separate Account which is equal, on an annual
basis, to the amount shown on the Certificate Schedule. The Mortality and
Expense Risk Charge compensates the Company for assuming the mortality and
expense risks under the Certificates of this Contract.
ADMINISTRATIVE CHARGE
Each Valuation Period, the Company deducts an Administrative Charge from each
Sub-Account of the Separate Account which is equal, on an annual basis, to the
amount shown on the Certificate Schedule. The Administrative Charge compensates
the Company for the costs associated with the administration of the Certificates
under this Contract and the Separate Account.
MUVAG96 Page 7 of 29
DISTRIBUTION CHARGE
Each Valuation Period, the Company deducts a Distribution Charge from each
Sub-Account of the Separate Account which is equal, on an annual basis to the
amount shown on the Certificate Schedule. The Distribution Charge compensates
the Company for the costs associated with the distribution of the Certificates
under this Contract.
MORTALITY AND EXPENSE GUARANTEE
The Company guarantees that the dollar amount of each Annuity Payment after the
first Annuity Payment will not be affected by variations in mortality or expense
experience.
ANNUAL CERTIFICATE MAINTENANCE CHARGE
DEDUCTION FOR ANNUAL CERTIFICATE MAINTENANCE CHARGE
The Company deducts an Annual Certificate Maintenance Charge from the
Certificate Value or Annuity Payments to reimburse it for expenses relating to
maintenance of the Certificate. The Annual Certificate Maintenance Charge is
shown on the Certificate Schedule.
TRANSFERS
TRANSFERS DURING THE ACCUMULATION PERIOD
Subject to any limitations imposed by the Company on the number of transfers,
shown on the Certificate Schedule, that can be made during the Accumulation
Period, the Participant may transfer all or part of the Participant's interest
in a Sub-Account by Written Request without the imposition of any fee or charge
if there have been no more than the number of free transfers shown on the
Certificate Schedule. All transfers are subject to the following:
1. If more than the number of free transfers have been made, the
Company will deduct a Transfer Fee, shown on the Certificate
Schedule, for each subsequent transfer permitted. The Transfer
Fee will be deducted from the Participant's interest in the
Sub-Account from which the transfer is made. However, if the
Participant's entire interest in a Sub-Account is being
transferred, the Transfer Fee will be deducted from the amount
which is transferred. If Certificate Values are being
transferred from more than one Sub-Account, any Transfer Fee
will be allocated to those Sub-Accounts on a pro-rata basis in
proportion to the amount transferred from each Sub-Account.
2. The minimum amount which can be transferred is shown on the
Certificate Schedule. The minimum amount which must remain in a
Sub-Account is shown on the Certificate Schedule.
3. The Company reserves the right, at any time and without prior
notice to any party, to terminate, suspend or modify the
transfer privilege described above.
If the Participant elects to use this transfer privilege, the Company will not
be liable for transfers made in accordance with the Participant's instructions.
All amounts and Accumulation Units will be determined as of the end of the
Valuation Period during which the request for transfer is received at the
Annuity Service Center.
MUVAG96 Page 8 of 29
TRANSFERS DURING THE ANNUITY PERIOD
During the Annuity Period, the Participant may make transfers, by Written
Request, as follows:
1. The Participant may make transfers of Annuity Reserves between
Sub-Accounts, subject to any limitations imposed by the Company
on the number of transfers, shown on the Certificate Schedule,
that can be made. If more than the number of free transfers have
been made, the Company will deduct a Transfer Fee, shown on the
Certificate Schedule, for each subsequent transfer permitted.
The Transfer Fee will be deducted from the Participant's
interest in the Sub-Account from which the transfer is made.
However, if the Participant's entire interest in a Sub-Account
is being transferred, the Transfer Fee will be deducted from the
amount which is transferred. If Annuity Reserves are being
transferred from more than one Sub-Account, any Transfer Fee
will be allocated to those Sub-Accounts on a pro-rata basis in
proportion to the amount transferred from each Sub-Account.
2. The Participant may, once each Certificate Year, make a transfer
from one or more Sub-Accounts to the General Account. The
Participant may not make a transfer from the General Account to
the Separate Account.
3. Transfers between Sub-Accounts will be made by converting the
number of Annuity Units being transferred to the number of
Annuity Units of the Sub-Account to which the transfer is made,
so that the next Annuity Payment if it were made at that time
would be the same amount that it would have been without the
transfer. Thereafter, Annuity Payments will reflect changes in
the value of the new Annuity Units.
The amount transferred to the General Account from a Sub-Account
will be based on the Annuity Reserves for the Participant in
that Sub-Account. Transfers to the General Account will be made
by converting the Annuity Units being transferred to purchase
fixed Annuity Payments under the Annuity Option in effect and
based on the Age of the Annuitant at the time of the transfer.
4. The minimum amount which can be transferred is shown on the
Certificate Schedule. The minimum amount which must remain in a
Sub-Account is shown on the Certificate Schedule.
5. The Company reserves the right, at any time and without prior
notice to any party, to terminate, suspend or modify the
transfer privilege described above.
If the Participant elects to use this transfer privilege, the Company will not
be liable for transfers made in accordance with the Participant's instructions.
All amounts and Annuity Unit Values will be determined as of the end of the
Valuation Period during which the request for transfer is received at the
Annuity Service Center.
MUVAG96 Page 9 of 29
WITHDRAWAL PROVISIONS
WITHDRAWAL
During the Accumulation Period, the Participant may, upon Written Request, make
a total or partial withdrawal of the Certificate Withdrawal Value. The
Certificate Withdrawal Value is:
1. The Certificate Value as of the end of the Valuation Period
during which a Written Request for a withdrawal is received;
less
2. Any applicable Premium Taxes not previously deducted; less
3. The Contingent Deferred Sales Charge, if any; less
4. The Withdrawal Charge, if any; less
5. The Annual Certificate Maintenance Charge, if any; less
6. Any Purchase Payments credited to the Certificate when based
upon checks that have not cleared the drawer bank.
A withdrawal will result in the cancellation of Accumulation Units from each
applicable Sub-Account in the ratio that the Participant's interest in the
Sub-Account bears to the total Certificate Value. The Participant must specify
by Written Request in advance which Sub-Account Units are to be canceled if
other than the above method is desired. If the Participant makes a total
withdrawal, all of the Participant's rights and interests in the Certificate
will terminate.
The Company will pay the amount of any withdrawal within seven (7) days of
receipt of a request in Good Order unless the Suspension or Deferral of Payments
Provision is in effect.
Each partial withdrawal must be for an amount which is not less than the minimum
amount shown on the Certificate Schedule. The Certificate Value which must
remain in a Certificate after a partial withdrawal is shown on the Certificate
Schedule. The Company reserves the right to limit the number of partial
withdrawals that can be made from a Certificate. The current number of partial
withdrawals permitted is shown on the Certificate Schedule.
CONTINGENT DEFERRED SALES CHARGE
A contingent deferred sales charge may be deducted in the event of a withdrawal
of all or a portion of the Certificate Value. The Contingent Deferred Sales
Charge and Free Withdrawal Amounts are set out on the Certificate Schedule.
WITHDRAWAL CHARGE
A service fee (Withdrawal Charge) may be deducted in the event of a withdrawal.
The Withdrawal Charge is set out on the Certificate Schedule.
Page 10 of 29
PROCEEDS PAYABLE ON DEATH
DEATH OF PARTICIPANT DURING THE ACCUMULATION PERIOD
Upon the death of the Participant or a Joint Participant during the Accumulation
Period, the death benefit will be paid to the Beneficiary designated by the
Participant. Upon the death of a Joint Participant, the surviving Joint
Participant, if any, will be treated as the Primary Beneficiary. Any other
Beneficiary designation on record at the time of death will be treated as a
Contingent Beneficiary.
A Beneficiary may request that the death benefit be paid under one of the Death
Benefit Options below. If the Beneficiary is the spouse of the Participant he or
she may elect to continue the Certificate at the then current Certificate Value
in his or her own name and exercise all the Participant's rights under the
Certificate.
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD
The death benefit during the Accumulation Period will be the Certificate Value
determined and paid as of the end of the Valuation Period during which the
Company receives both due proof of death and an election for the payment method.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD
A non-spousal Beneficiary must elect the death benefit to be paid under one of
the following options in the event of the death of the Participant during the
Accumulation Period:
Option 1 - lump sum payment of the death benefit; or
---------
Option 2 - the payment of the entire death benefit within 5
--------- years of the date of the death of the Participant;
or
Option 3 - payment of the death benefit under an Annuity Option
--------- over the lifetime of the Beneficiary or over a period
not extending beyond the life expectancy of the
Beneficiary with distribution beginning within one
year of the date of death of the Participant or any
Joint Participant.
Any portion of the death benefit not applied under Option 3 within one year of
the date of the Participant's death must be distributed within five years of the
date of death.
A spousal Beneficiary may elect to continue a Certificate in his or her own
name, elect a lump sum payment of the death benefit or apply the death benefit
to an Annuity Option.
If a lump sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death and the election, unless the Suspension or
Deferral of Payments Provision is in effect.
Payment to the Beneficiary, other than in a lump sum, may only be elected during
the sixty-day period beginning with the date of receipt by the Company of proof
of death.
DEATH OF PARTICIPANT DURING THE ANNUITY PERIOD
If the Participant or a Joint Participant, who is not the Annuitant, dies during
the Annuity Period, any remaining payments under the Annuity Option elected will
continue at least as rapidly as under the method of distribution in effect at
such Participant's death. Upon the death of a Participant during the Annuity
Period, the Beneficiary becomes the Participant.
Page 11 of 29
DEATH OF ANNUITANT
Upon the death of the Annuitant, who is not a Participant, during the
Accumulation Period, the Participant may designate a new Annuitant, subject to
the Company's underwriting rules then in effect. If no designation is made
within 30 days of the death of the Annuitant, the Participant will become the
Annuitant. If the Participant is a non-natural person, the death of the
Annuitant will be treated as the death of the Participant and a new Annuitant
may not be designated.
Upon the death of the Annuitant on or after the Annuity Date, the death benefit,
if any, will be as specified in the Annuity Option elected. Death benefits will
be paid at least as rapidly as under the method of distribution in effect at the
Annuitant's death.
PAYMENT OF DEATH BENEFIT
The Company will require due proof of death before any death benefit is paid.
Due proof of death will be:
1. a certified death certificate;
2. a certified decree of a court of competent jurisdiction as to
the finding of death; or
3. any other proof satisfactory to the Company.
All death benefits will be paid in accordance with applicable law or regulations
governing death benefit payments.
BENEFICIARY
The Beneficiary designation in effect on the Certificate Issue Date will remain
in effect until changed. Unless the Participant provides otherwise, the death
benefit will be paid in equal shares to the survivor(s) as follows:
1. to the Primary Beneficiary(ies) who survive the Participant's
and/or the Annuitant's death, as applicable; or if there are
none
2. to the Contingent Beneficiary(ies) who survive the Participant's
and/or the Annuitant's death, as applicable; or if there are
none
3. to the estate of the Participant.
Beneficiaries may be named irrevocably. A change of Beneficiary requires the
consent of any irrevocable Beneficiary. If an irrevocable Beneficiary is named,
the Participant retains all other contractual rights.
CHANGE OF BENEFICIARY
Subject to the rights of any irrevocable Beneficiary(ies), the Participant may
change the Primary Beneficiary(ies) or Contingent Beneficiary(ies). A change
must be made by Written Request. The change will take effect as of the date the
notice is signed. The Company will not be liable for any payment made or action
taken before it records the change.
Page 12 of 29
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION
The Company reserves the right to suspend or postpone payments for a withdrawal
or transfer 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 Separate Account is not reasonably practicable or it
is not reasonably practicable to determine the value of the
Separate Account's net assets; or
4. During any other period when the Securities and Exchange
Commission, by order, so permits for the protection of
Participants;
provided that applicable rules and regulations of the Securities and Exchange
Commission will govern as to whether the conditions described in (2) and (3)
exist.
With respect to the General Account, the Company reserves the right to suspend
or postpone payments for a withdrawal or transfer from the General Account for a
period of up to six months.
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
ANNUITANT
The Annuitant is the person on whose life Annuity Payments are based. The
Annuitant is the person designated by the Participant at the Certificate Issue
Date, unless changed prior to the Annuity Date. The Annuitant may not be changed
in a Certificate which is owned by a non-natural person. Any change of Annuitant
is subject to the Company's underwriting rules then in effect.
PARTICIPANT
The Participant has all rights under a Certificate issued under this Contract.
The Participant is the person designated as such on the Certificate Issue Date,
unless changed.
The Participant may change Participant(s) at any time prior to the Annuity Date
by Written Request. A change of Participant will automatically revoke any prior
designation of Participant. The change will become effective as of the date the
Written Request is signed. A new designation of Participant will not apply to
any payment made or action taken by the Company prior to the time it was
received.
JOINT PARTICIPANTS
A Certificate can be owned by Joint Participants. If Joint Participants are
named, any Joint Participant must be the spouse of the other Participant. Upon
the death of either Participant, the surviving spouse will be the Primary
Beneficiary. Any other Beneficiary designation will be treated as a Contingent
Beneficiary unless otherwise indicated in a Written Request.
Page 13 of 29
ASSIGNMENT OF A CERTIFICATE
A Written Request specifying the terms of an assignment of a Certificate must be
provided to the Annuity Service Center. Until the Written Request is received,
the Company will not be required to take notice of or be responsible for any
transfer of interest in this Certificate by assignment, agreement, or otherwise.
The Company will not be responsible for the validity or tax consequences of any
assignment. Any assignment made after the death benefit has become payable will
be valid only with the Company's consent.
If a Certificate is assigned, the Participant's rights may only be exercised
with the consent of the assignee of record.
GENERAL PROVISIONS
THE CONTRACT
The entire Contract consists of this Contract, any Certificate, any Application
and any amendments, schedules, riders or endorsements attached to or included
under this Contract.
CONTRACT AND CERTIFICATE CHANGES BY THE COMPANY
The Company reserves the right to amend this Contract and the Certificates to
meet the requirements of any applicable federal or state laws or regulations, or
as otherwise provided in this Contract and the Certificates. The Company will
notify the Contractholder and the Participants in writing of such amendments.
Any changes to this Contract and the Certificates by the Company must be signed
by an authorized officer of the Company. Agents of the Company have no authority
to alter or modify any of the terms, conditions, agreements of this Contract and
the Certificate, or to waive any of its provisions.
CERTIFICATE CHANGES BY THE PARTICIPANT
The Participant may, subject to the Company's underwriting rules then in effect
and in accordance with the provisions of this Contract and the Certificate, by
Written Request:
1. change the Participant;
2. change the Annuity Date and/or the Annuity Option at any time up
to thirty (30) calendar days before the current Annuity Date,
provided the Annuitant is then living;
3. change the Beneficiary; or
4. change the Annuitant, prior to the Annuity Date.
A change of Annuitant, Annuity Date and Annuity Option will take effect on the
date the Written Request is received.
Page 14 of 29
CONTRACT TERMINATION
This Contract will terminate on the date the last Annuity Payment and death
benefit payment is paid to the last Annuitant, Joint Annuitant, Joint
Participant and Beneficiary, and the entire Certificate Value has been paid
under each Certificate.
INCONTESTABILITY
The Company shall not contest the validity of Certificates issued under this
Contract.
MISSTATEMENT OF AGE OR SEX
If the Annuitant's Age or sex has been incorrectly stated, the Annuity Payment
payable will be that which the Certificate Value, reduced by any applicable
Premium Tax, Annual Certificate Maintenance Charge, and Contingent Deferred
Sales Charge, would have purchased at the correct Age and sex. After correction,
the Annuitant will be credited with any underpayments accumulated at 3% made by
the Company at the next subsequent payment. The amount of any overpayments made
by the Company at 3% will be charged against the payment(s) following the
correction.
NON-BUSINESS DAYS
If the due date for any activity required by the Contract or Certificate falls
on a non-business day for the Company, performance will be rendered on the first
business day following the due date.
NON-PARTICIPATING
This Contract and the Certificate are non-participating and will not share in
any surplus earnings of the Company. No dividends are payable on this Contract
or the Certificate.
PROTECTION OF PROCEEDS
To the extent permitted by law, all payments under this Contract or Certificate
shall be free from legal process and the claim of any creditor if the person is
entitled to them under this Contract or Certificate. No payment and no amount
under this Contract or Certificate can be taken or assigned in advance of its
payment date unless the Company receives the Contractholder's or Participant's
written consent and the Company agrees.
REGULATORY REQUIREMENTS
All values payable under this Contract and Certificates will not be less than
the minimum benefits required by the laws and regulations of the state in which
this Contract and the Certificates are delivered.
REPORTS
Each year the Company will provide to the Participant an accounting of Purchase
Payments, transfers, withdrawals, charges applicable to the Certificate, and any
other information required under state or federal law.
Page 15 of 29
PREMIUM AND OTHER TAXES
Any Premium Taxes relating to a Certificate may be deducted from the Purchase
Payments or Certificate Value when incurred. The Company will, in its sole
discretion, determine when Premium Taxes have resulted from: the investment
experience of the Separate Account; receipt by the Company of the Purchase
Payments; or commencement of Annuity Payments. The Company may, at its sole
discretion, pay such Premium Taxes when due and deduct that amount from the
Certificate Value at a later date. Payment of Premium Taxes at an earlier date
does not waive any right the Company may have to deduct amounts at a later date.
The Company will deduct any withholding taxes required by applicable law.
The Company reserves the right to establish a provision for federal income taxes
if it determines, in its sole discretion, that it will incur a tax as a result
of the operation of the Separate Account. The Company will deduct for any income
taxes incurred by it as a result of the operation of the Separate Account
whether or not there was a provision for taxes and whether or not it was
sufficient.
ANNUITY PROVISIONS
ANNUITY GUIDELINES
Once a Certificate reaches the Annuity Date, the following guidelines apply:
1. The Participant may elect to have the Certificate Value applied
to provide a Variable Annuity, a Fixed Annuity, or a combination
Fixed and Variable Annuity. If a combination is elected, the
Participant must specify what part of the Certificate Value is
to be applied to the Fixed and Variable options.
2. The amount of annuity benefits commencing on the Annuity Date
will not be less than those that would be provided by the
application of an amount to purchase any single consideration
immediate annuity contract offered by the Company at the time to
the same class of annuitants. Such amount applied to an Annuity
Option on the Annuity Date, excluding any death benefit proceeds
applied to an Annuity Option, is equal to the greater of the
Certificate Withdrawal Value, as defined in the Withdrawal
provisions of the Certificate, or ninety-five percent of what
the Certificate Withdrawal Value would be if there were no
Contingent Deferred Sales Charge.
3. The minimum amount that may be applied under any Annuity Option,
and the minimum periodic Annuity Payment allowed, are set forth
on the Certificate Schedule in the Annuity Guideline Parameters.
4. Participants select an Annuity Date at the Certificate Issue
Date. Participants may change the Annuity Date at any time up to
thirty (30) calendar days prior to the current Annuity Date by
Written Request. Any Annuity Date selected is subject to the
Annuity Guideline Parameters set forth on the Certificate
Schedule.
5. If no Annuity Option has been chosen at least thirty (30)
calendar days before the Annuity Date, the Company will make
payments to the Annuitant under Option B, with 10 years of
payments guaranteed. Unless specified otherwise, the Certificate
Value shall be used to provide a Variable Annuity.
Page 16 of 29
ANNUITY PAYMENTS
The Company will make Annuity Payments beginning on the Annuity Date, provided
no death benefit has become payable and the Participant has by Written Request
selected an available Annuity Option and payment schedule. Except as otherwise
agreed to by the Participant and the Company, Annuity Payments will be payable
monthly. The Annuity Option and frequency of Annuity Payments may not be changed
by the Participant after Annuity Payments begin. Unless the Participant
specifies otherwise, the payee of the Annuity Payments shall be the Annuitant.
If the amount of the Annuity Payment will depend on the Age or sex of the
Annuitant, the Company reserves the right to ask for satisfactory proof of the
Annuitant's (or Joint Annuitant's, if any) Age and sex. The Company reserves the
right to delay Annuity Payments until acceptable proof is received.
FIXED ANNUITY
A Fixed Annuity provides for payments which do not fluctuate based on investment
performance.
The Fixed Annuity shall be determined by applying the Annuity Purchase Rates set
forth in the Fixed Annuity Rate Tables below to the portion of the Certificate
Value allocated to the Fixed Annuity Option selected by the Participant.
VARIABLE ANNUITY
A Variable Annuity provides for payments which may fluctuate based on the
investment performance of the Sub-Accounts of the Separate Account. Variable
Annuity Payments will be based on the allocation of the Certificate Value among
the Sub-Accounts.
ANNUITY UNITS AND PAYMENTS
The dollar amount of each Variable Annuity payment depends on the number of
Annuity Units credited to that Annuity Option, and the value of those Units. The
number of Annuity Units is determined as follows:
1. The number of Annuity Units credited in each Sub-Account will be
determined by dividing the product of the portion of the
Certificate Value to be applied to the Sub-Account and the
Annuity Purchase Rate by the value of one Annuity Unit in that
Sub-Account on the Annuity Date. The purchase rates are set
forth in the Variable Annuity Rate Tables below. The number of
Annuity Units does not change once established on the Annuity
Date.
2. For each Sub-Account, the amount of each Annuity Payment equals
the product of the Annuitant's number of Annuity Units and the
Annuity Unit Value on the payment date. The amount of each
payment may vary.
ANNUITY UNIT VALUE
The value of any Annuity Unit for each Sub-Account of the Separate Account was
arbitrarily set initially at $10 on the date such Sub-Account became operative.
The Sub-Account Annuity Unit Value at the end of any subsequent Valuation Period
is determined as follows:
Page 17 of 29
1. The Net Investment Factor for the current Valuation Period is
multiplied by the value of the Annuity Unit for the Sub-Account
for the immediately preceding Valuation Period.
2. The result in (1) is then divided by an assumed rate investment
factor. The assumed investment rate factor equals 1.00 plus the
assumed investment rate for the number of days since the
preceding Valuation Date. Assumed investment rate is based on an
effective annual rate of [4%].
The value of an Annuity Unit may increase or decrease from Valuation Period to
Valuation Period.
ANNUITY OPTIONS
The Participant may choose periodic fixed and/or variable Annuity Payments under
any one of the Annuity Options described below. The Company may consent to other
plans of payment before the Annuity Date.
The following Annuity Options are available:
Annuity Option A - Life Income
----------------
Periodic payments will be made as long as the Annuitant lives.
Annuity Option B - Life Income with Period Certain
----------------
Periodic payments will be made for a guaranteed period, or as long as the
Annuitant lives, whichever is longer. The guaranteed period may be five (5), ten
(10) or twenty (20) years. If the Beneficiary does not desire payments to
continue for the remainder of the guaranteed period, he/she may elect to have
the present value of the guaranteed annuity payments remaining commuted and paid
in a lump sum. Any such commutation will be calculated in accordance with the
Company's standard procedures.
Annuity Option C - Joint and Last Survivor Payments
----------------
Periodic payments will be made during the joint lifetime of two Annuitants
continuing in the same amount during the lifetime of the surviving Annuitant.
Annuity Option D - Joint and 2/3 Survivor Annuity
----------------
Periodic payments will be made during the joint lifetime of two Annuitants.
Payments will continue during the lifetime of the surviving Annuitant and will
be computed on the basis of two-thirds of the annuity payment (or Units) in
effect during the joint lifetime.
Annuity Option E - Period Certain
----------------
Periodic payments will be made for a specified period (period certain). The
specified period must be at least five (5) years and cannot be more than thirty
(30) years. If the Participant does not desire payments to continue for the
remainder of the guaranteed period, he/she may elect to have the present value
of the remaining payments commuted and paid in a lump sum or as an Annuity
Option purchased at the date of such election. Any such commutation will be
calculated in accordance with the company's standard procedures.
Annuity Option F - Special Income Settlement Agreement
----------------
The Company will pay the proceeds in accordance with terms agreed upon in
writing by the Participant and the Company.
Page 18 of 29
ANNUITY RATES
-------------
FIXED ANNUITY RATES
Notes to Tables
---------------
Table 1 - Annuity Options A and B
Table 2 - Annuity Option C
Table 3 - Annuity Option D
Table 4 - Annuity Option E
Note 1: If the single premium immediate annuity rates offered by the
Company and designated by the Company for this purpose on the Annuity
Date are more favorable than the minimum guaranteed rates used to
develop Tables 1, 2, 3 or 4, those more favorable rates will be used.
Note 2: The 1983 Table "a" mortality table, projected to the year 2015
with Projection Scale G, applies to all Annuity Options which include
life contingent payments. Where applicable, unisex mortality rates
and projection factors are based on a 40%/60% male/female weighting.
Note 3: The Annuity Option rates shown in Tables 1, 2, 3, and 4 are based on
an effective annual interest rate of 3%.
Note 4: Rates will be determined based on the age(s) of any Annuitant(s)
on his/her birthday nearest the Annuity Date. The tables below show
Annuity Option rates based on age nearest birthday.
Note 5: The purchase rate for any age or combination of ages not shown in
the tables below will be calculated on the same basis as the payments
for those shown and may be obtained by Written Request.
Page 19 of 29
----------------------------------------------------------------------
FIXED ANNUITY RATES
TABLE 1 - OPTIONS A & B
MONTHLY PAYMENT PER $1,000
----------------------------------------------------------------------
MALE FEMALE
----------------------------------------------------------------------
Life 5 Yrs 10 Yrs 20 Yrs Life 5 Yrs 10 Yrs 20 Yrs
Age Only C&L C&L C&L Only C&L C&L C&L Age
----------------------------------------------------------------------
50 3.94 3.93 3.91 3.84 3.64 3.64 3.63 3.60 50
51 4.00 3.99 3.97 3.89 3.69 3.69 3.68 3.64 51
52 4.07 4.06 4.04 3.94 3.74 3.74 3.73 3.69 52
53 4.13 4.13 4.10 4.00 3.80 3.79 3.78 3.74 53
54 4.21 4.20 4.17 4.06 3.85 3.85 3.84 3.79 54
55 4.29 4.28 4.25 4.11 3.92 3.91 3.90 3.84 55
56 4.37 4.36 4.32 4.17 3.98 3.98 3.96 3.90 56
57 4.45 4.44 4.40 4.23 4.05 4.04 4.03 3.95 57
58 4.54 4.53 4.49 4.30 4.12 4.11 4.10 4.01 58
59 4.64 4.63 4.58 4.36 4.20 4.19 4.17 4.07 59
60 4.74 4.73 4.67 4.42 4.28 4.27 4.25 4.13 60
61 4.85 4.84 4.77 4.49 4.36 4.35 4.33 4.20 61
62 4.97 4.95 4.88 4.56 4.45 4.44 4.41 4.27 62
63 5.10 5.07 4.99 4.62 4.55 4.54 4.50 4.33 63
64 5.23 5.20 5.11 4.69 4.65 4.64 4.60 4.40 64
65 5.37 5.34 5.23 4.75 4.76 4.75 4.70 4.47 65
66 5.53 5.49 5.35 4.82 4.88 4.86 4.81 4.55 66
67 5.69 5.64 5.49 4.88 5.00 4.98 4.92 4.62 67
68 5.86 5.81 5.63 4.94 5.13 5.11 5.04 4.69 68
69 6.05 5.98 5.77 5.00 5.28 5.25 5.17 4.76 69
70 6.25 6.17 5.92 5.06 5.43 5.40 5.30 4.83 70
71 6.45 6.36 6.07 5.11 5.60 5.56 5.44 4.90 71
72 6.67 6.56 6.23 5.16 5.77 5.73 5.59 4.97 72
73 6.91 6.78 6.39 5.21 5.97 5.92 5.75 5.03 73
74 7.16 7.00 6.56 5.25 6.18 6.11 5.91 5.09 74
75 7.42 7.24 6.72 5.29 6.40 6.33 6.08 5.15 75
76 7.71 7.49 6.90 5.33 6.64 6.55 6.26 5.20 76
77 8.01 7.76 7.07 5.36 6.90 6.79 6.44 5.25 77
78 8.34 8.04 7.24 5.38 7.17 7.04 6.63 5.29 78
79 8.69 8.33 7.42 5.41 7.47 7.31 6.82 5.32 79
80 9.06 8.64 7.59 5.43 7.79 7.59 7.01 5.36 80
81 9.46 8.95 7.77 5.45 8.14 7.90 7.21 5.39 81
82 9.88 9.29 7.94 5.46 8.51 8.22 7.40 5.41 82
83 10.34 9.63 8.10 5.47 8.92 8.56 7.59 5.43 83
84 10.82 9.99 8.25 5.48 9.35 8.91 7.78 5.45 84
85 11.34 10.36 8.40 5.49 9.83 9.29 7.96 5.47 85
----------------------------------------------------------------------
Page 20 of 29
--------------------------------------------------------------------------------
FIXED ANNUITY RATES
TABLE 2 - OPTION C
MONTHLY PAYMENT PER $1,000
--------------------------------------------------------------------------------
MALE/FEMALE JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
FEMALE AGE
MALE -------------------------------------------------------------- MALE
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.11 3.18 3.24 3.30 3.34 3.38 3.40 3.42 3.43 3.44 40
45 3.15 3.24 3.33 3.41 3.48 3.54 3.58 3.61 3.63 3.65 45
50 3.18 3.29 3.41 3.52 3.63 3.72 3.79 3.84 3.88 3.90 50
55 3.21 3.33 3.48 3.63 3.77 3.91 4.02 4.11 4.18 4.22 55
60 3.22 3.36 3.53 3.71 3.91 4.10 4.28 4.43 4.55 4.63 60
65 3.24 3.39 3.57 3.78 4.02 4.28 4.55 4.79 4.99 5.14 65
70 3.24 3.40 3.59 3.83 4.11 4.44 4.79 5.16 5.50 5.77 70
75 3.25 3.41 3.61 3.86 4.17 4.55 5.00 5.51 6.01 6.47 75
80 3.25 3.42 3.62 3.88 4.21 4.64 5.16 5.80 6.51 7.22 80
85 3.25 3.42 3.63 3.90 4.24 4.69 5.27 6.03 6.94 7.94 85
--------------------------------------------------------------------------------
MALE(1) MALE(2) JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
MALE(2) AGE
MALE(1) ---------------------------------------------------------- MALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.17 3.24 3.29 3.33 3.37 3.40 3.41 3.43 3.44 3.44 40
45 3.24 3.32 3.40 3.47 3.53 3.57 3.60 3.63 3.64 3.65 45
50 3.29 3.40 3.51 3.61 3.70 3.77 3.83 3.87 3.89 3.91 50
55 3.33 3.47 3.61 3.75 3.89 4.00 4.09 4.16 4.21 4.24 55
60 3.37 3.53 3.70 3.89 4.07 4.25 4.40 4.52 4.60 4.66 60
65 3.40 3.57 3.77 4.00 4.25 4.50 4.73 4.93 5.09 5.20 65
70 3.41 3.60 3.83 4.09 4.40 4.73 5.08 5.40 5.67 5.88 70
75 3.43 3.63 3.87 4.16 4.52 4.93 5.40 5.87 6.31 6.67 75
80 3.44 3.64 3.89 4.21 4.60 5.09 5.67 6.31 6.96 7.57 80
85 3.44 3.65 3.91 4.24 4.66 5.20 5.88 6.67 7.57 8.48 85
--------------------------------------------------------------------------------
FEMALE(1)FEMALE(2) JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
FEMALE(2) AGE
FEMALE(1) ------------------------------------------------------------ FEMALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
---------------------------------------------------------------------------------
40 3.06 3.11 3.15 3.19 3.21 3.23 3.24 3.25 3.25 3.25 40
45 3.11 3.19 3.25 3.30 3.34 3.37 3.39 3.40 3.41 3.42 45
50 3.15 3.25 3.34 3.42 3.49 3.54 3.58 3.60 3.62 3.63 50
55 3.19 3.30 3.42 3.54 3.64 3.73 3.79 3.84 3.87 3.89 55
60 3.21 3.34 3.49 3.64 3.79 3.93 4.05 4.13 4.19 4.23 60
65 3.23 3.37 3.54 3.73 3.93 4.13 4.32 4.47 4.59 4.66 65
70 3.24 3.39 3.58 3.79 4.05 4.32 4.60 4.86 5.06 5.21 70
75 3.25 3.40 3.60 3.84 4.13 4.47 4.86 5.25 5.62 5.91 75
80 3.25 3.41 3.62 3.87 4.19 4.59 5.06 5.62 6.18 6.70 80
85 3.25 3.42 3.63 3.89 4.23 4.66 5.21 5.91 6.70 7.52 85
--------------------------------------------------------------------------------
Page 21 of 29
-----------------------------------------------------------------------------------
FIXED ANNUITY RATES
TABLE 3 - OPTION D
MONTHLY PAYMENT PER $1,000
-----------------------------------------------------------------------------------
MALE/FEMALE JOINT AND 2/3 ANNUITY
-----------------------------------------------------------------------------------
FEMALE AGE
MALE ------------------------------------------------------------- FEMALE
AGE 40 45 50 55 60 65 70 75 80 85 AGE
-----------------------------------------------------------------------------------
40 3.21 3.26 3.31 3.35 3.38 3.40 3.42 3.43 3.44 3.44 40
45 3.30 3.37 3.43 3.49 3.54 3.58 3.61 3.63 3.64 3.65 45
50 3.40 3.48 3.57 3.65 3.73 3.79 3.84 3.87 3.90 3.91 50
55 3.50 3.60 3.71 3.82 3.93 4.03 4.11 4.17 4.21 4.24 55
60 3.61 3.73 3.86 4.00 4.15 4.30 4.43 4.53 4.61 4.67 60
65 3.73 3.86 4.02 4.19 4.39 4.59 4.79 4.97 5.11 5.22 65
70 3.86 4.01 4.19 4.40 4.64 4.91 5.20 5.48 5.73 5.92 70
75 4.00 4.16 4.36 4.60 4.89 5.23 5.61 6.03 6.42 6.76 75
80 4.14 4.31 4.53 4.80 5.13 5.54 6.03 6.59 7.19 7.74 80
85 4.27 4.46 4.69 4.99 5.36 5.83 6.42 7.14 7.97 8.82 85
-----------------------------------------------------------------------------------
MALE(1)MALE(2) JOINT AND 2/3 ANNUITY
-----------------------------------------------------------------------------------
MALE(2) AGE
MALE(1) ------------------------------------------------------------- MALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
-----------------------------------------------------------------------------------
40 3.26 3.30 3.34 3.37 3.40 3.41 3.43 3.44 3.44 3.45 40
45 3.37 3.43 3.48 3.53 3.57 3.60 3.62 3.64 3.65 3.65 45
50 3.48 3.56 3.64 3.71 3.78 3.83 3.86 3.89 3.91 3.92 50
55 3.60 3.71 3.81 3.92 4.01 4.09 4.16 4.20 4.23 4.26 55
60 3.73 3.86 3.99 4.14 4.27 4.40 4.51 4.59 4.65 4.69 60
65 3.87 4.02 4.19 4.37 4.57 4.76 4.93 5.07 5.18 5.26 65
70 4.02 4.19 4.40 4.63 4.88 5.15 5.42 5.65 5.85 6.00 70
75 4.18 4.37 4.60 4.88 5.19 5.55 5.94 6.31 6.64 6.91 75
80 4.33 4.55 4.81 5.12 5.50 5.96 6.48 7.02 7.54 8.01 80
85 4.48 4.72 5.00 5.36 5.80 6.34 7.00 7.73 8.51 9.26 85
-----------------------------------------------------------------------------------
FEMALE(1) FEMALE(2) JOINT AND 2/3 ANNUITY
-----------------------------------------------------------------------------------
FEMALE(2) AGE
FEMALE(1) ------------------------------------------------------------- FEMALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
-----------------------------------------------------------------------------------
40 3.12 3.16 3.19 3.21 3.23 3.24 3.24 3.25 3.25 3.25 40
45 3.21 3.26 3.31 3.34 3.37 3.39 3.40 3.41 3.42 3.42 45
50 3.30 3.37 3.43 3.49 3.54 3.57 3.60 3.61 3.63 3.63 50
55 3.40 3.48 3.57 3.66 3.73 3.79 3.83 3.87 3.89 3.90 55
60 3.50 3.60 3.72 3.83 3.94 4.04 4.12 4.18 4.22 4.24 60
65 3.61 3.73 3.87 4.02 4.17 4.32 4.46 4.57 4.64 4.69 65
70 3.74 3.88 4.04 4.22 4.42 4.64 4.85 5.03 5.18 5.29 70
75 3.88 4.03 4.22 4.43 4.69 4.97 5.28 5.59 5.86 6.06 75
80 4.03 4.20 4.40 4.65 4.95 5.31 5.73 6.19 6.64 7.03 80
85 4.19 4.37 4.59 4.87 5.22 5.65 6.18 6.81 7.49 8.16 85
-----------------------------------------------------------------------------------
Page 22 of 29
-----------------------------------------------------
FIXED ANNUITY RATES
TABLE 4 - OPTION E
MONTHLY PAYMENT PER $1000
-----------------------------------------------------
YEARS MONTHLY INCOME
-----------------------------------------------------
5 17.91
6 15.14
7 13.16
8 11.68
9 10.53
10 9.61
11 8.86
12 8.24
13 7.71
14 7.26
15 6.87
16 6.53
17 6.23
18 5.96
19 5.73
20 5.51
21 5.32
22 5.15
23 4.99
24 4.84
25 4.71
26 4.59
27 4.47
28 4.37
29 4.27
30 4.18
-----------------------------------------------------
Page 23 of 29
ANNUITY RATES
-------------
VARIABLE ANNUITY RATES
----------------------
Notes to Tables
---------------
Table 5 - Annuity Options A and B
Table 6 - Annuity Option C
Table 7 - Annuity Option D
Table 8 - Annuity Option E
Note 1: The 1983 Table "a" mortality table, projected to the year 2015 with
Projection Scale G, applies to all Annuity Options which include life
contingent payments. Where applicable, unisex mortality rates and
projection factors are based on a 40%/60% male/female weighting.
Note 2: The Annuity Option rates shown in Tables 5, 6, 7 and 8 are based on an
assumed effective annual interest rate of 4%.
Note 3: Rates will be determined based on the age(s) of any Annuitant(s) on
his/her birthday nearest the Annuity Date. The tables below show
Annuity Option rates based on age nearest birthday.
Note 4: The purchase rate for any age or combination of ages not shown in the
tables below will be calculated on the same basis as the payments for
those shown and may be obtained by Written Request.
Page 24 of 29
----------------------------------------------------------------------
VARIABLE ANNUITY RATES
TABLE 5 - OPTIONS A & B
MONTHLY PAYMENT PER $1,000
----------------------------------------------------------------------
MALE FEMALE
----------------------------------------------------------------------
Life 5 Yrs 10 Yrs 20 Yrs Life 5 Yrs 10 Yrs 20 Yrs
Age Only C&L C&L C&L Only C&L C&L C&L Age
----------------------------------------------------------------------
50 4.53 4.53 4.51 4.42 4.24 4.24 4.23 4.19 50
51 4.60 4.59 4.56 4.47 4.29 4.29 4.28 4.23 51
52 4.66 4.65 4.63 4.52 4.34 4.33 4.32 4.28 52
53 4.73 4.72 4.69 4.57 4.39 4.39 4.38 4.32 53
54 4.80 4.79 4.76 4.62 4.45 4.44 4.43 4.37 54
55 4.88 4.86 4.83 4.68 4.51 4.50 4.49 4.42 55
56 4.95 4.94 4.90 4.74 4.57 4.56 4.54 4.47 56
57 5.04 5.02 4.98 4.79 4.63 4.63 4.61 4.52 57
58 5.13 5.11 5.06 4.85 4.70 4.70 4.67 4.58 58
59 5.22 5.21 5.15 4.91 4.78 4.77 4.74 4.64 59
60 5.33 5.31 5.24 4.97 4.86 4.85 4.82 4.70 60
61 5.44 5.41 5.34 5.04 4.94 4.93 4.90 4.76 61
62 5.55 5.53 5.44 5.10 5.03 5.02 4.98 4.82 62
63 5.68 5.65 5.55 5.16 5.12 5.11 5.07 4.89 63
64 5.81 5.78 5.67 5.22 5.22 5.21 5.16 4.95 64
65 5.96 5.91 5.79 5.28 5.33 5.31 5.26 5.02 65
66 6.11 6.06 5.91 5.35 5.45 5.43 5.37 5.09 66
67 6.27 6.22 6.04 5.40 5.57 5.55 5.48 5.15 67
68 6.45 6.38 6.18 5.46 5.70 5.68 5.60 5.22 68
69 6.63 6.55 6.32 5.52 5.85 5.82 5.72 5.29 69
70 6.83 6.74 6.46 5.57 6.00 5.96 5.85 5.36 70
71 7.04 6.93 6.61 5.62 6.16 6.12 5.99 5.42 71
72 7.26 7.13 6.77 5.67 6.34 6.29 6.14 5.49 72
73 7.50 7.34 6.92 5.71 6.54 6.48 6.29 5.55 73
74 7.75 7.57 7.09 5.76 6.74 6.67 6.45 5.60 74
75 8.02 7.81 7.25 5.79 6.97 6.89 6.62 5.66 75
76 8.30 8.06 7.42 5.83 7.22 7.11 6.79 5.71 76
77 8.61 8.32 7.59 5.86 7.47 7.35 6.97 5.75 77
78 8.94 8.60 7.76 5.88 7.75 7.60 7.15 5.79 78
79 9.29 8.89 7.93 5.90 8.05 7.87 7.34 5.82 79
80 9.66 9.20 8.10 5.92 8.37 8.15 7.53 5.86 80
81 10.06 9.51 8.27 5.94 8.72 8.45 7.72 5.88 81
82 10.49 9.84 8.43 5.95 9.10 8.77 7.91 5.91 82
83 10.95 10.18 8.59 5.97 9.51 9.11 8.10 5.93 83
84 11.43 10.54 8.74 5.98 9.95 9.47 8.28 5.94 84
85 11.95 10.90 8.88 5.98 10.42 9.84 8.45 5.96 85
----------------------------------------------------------------------
Page 25 of 29
--------------------------------------------------------------------------------
VARIABLE ANNUITY RATES
TABLE 6 - OPTION C
MONTHLY PAYMENT PER $1,000
--------------------------------------------------------------------------------
MALE/FEMALE JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
FEMALE AGE
MALE ------------------------------------------------------------ MALE
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.73 3.80 3.86 3.91 3.95 3.98 4.01 4.03 4.05 4.05 40
45 3.77 3.85 3.93 4.01 4.08 4.13 4.18 4.21 4.23 4.25 45
50 3.80 3.90 4.01 4.11 4.21 4.30 4.37 4.43 4.47 4.49 50
55 3.83 3.94 4.07 4.21 4.35 4.48 4.59 4.69 4.76 4.80 55
60 3.84 3.97 4.12 4.29 4.48 4.66 4.84 4.99 5.11 5.20 60
65 3.86 3.99 4.16 4.36 4.59 4.84 5.10 5.34 5.54 5.70 65
70 3.87 4.01 4.19 4.41 4.68 4.99 5.34 5.70 6.04 6.31 70
75 3.87 4.02 4.21 4.44 4.74 5.11 5.55 6.04 6.55 7.01 75
80 3.88 4.03 4.22 4.47 4.79 5.19 5.71 6.34 7.04 7.75 80
85 3.88 4.03 4.23 4.48 4.81 5.25 5.82 6.57 7.47 8.47 85
--------------------------------------------------------------------------------
MALE(1)MALE(2) JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
MALE(2) AGE
MALE(1) ------------------------------------------------------------ MALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
------------------------------------------------------------------------
40 3.79 3.85 3.90 3.94 3.98 4.01 4.03 4.04 4.05 4.06 40
45 3.85 3.93 4.00 4.07 4.12 4.17 4.20 4.23 4.24 4.25 45
50 3.90 4.00 4.10 4.20 4.28 4.36 4.41 4.45 4.48 4.50 50
55 3.94 4.07 4.20 4.33 4.46 4.57 4.67 4.74 4.79 4.82 55
60 3.98 4.12 4.28 4.46 4.64 4.81 4.96 5.08 5.17 5.23 60
65 4.01 4.17 4.36 4.57 4.81 5.05 5.28 5.48 5.65 5.76 65
70 4.03 4.20 4.41 4.67 4.96 5.28 5.62 5.94 6.22 6.43 70
75 4.04 4.23 4.45 4.74 5.08 5.48 5.94 6.40 6.84 7.22 75
80 4.05 4.24 4.48 4.79 5.17 5.65 6.22 6.84 7.50 8.11 80
85 4.06 4.25 4.50 4.82 5.23 5.76 6.43 7.22 8.11 9.02 85
--------------------------------------------------------------------------------
FEMALE(1)FEMALE(2) JOINT AND SURVIVOR ANNUITY
--------------------------------------------------------------------------------
FEMALE(2) AGE
FEMALE(1) ------------------------------------------------------------ FEMALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.69 3.74 3.78 3.81 3.83 3.85 3.86 3.87 3.87 3.88 40
45 3.74 3.80 3.86 3.91 3.95 3.98 4.00 4.01 4.02 4.03 45
50 3.78 3.86 3.94 4.02 4.08 4.13 4.17 4.19 4.21 4.22 50
55 3.81 3.91 4.02 4.12 4.22 4.31 4.37 4.42 4.45 4.48 55
60 3.83 3.95 4.08 4.22 4.37 4.50 4.61 4.70 4.76 4.80 60
65 3.85 3.98 4.13 4.31 4.50 4.69 4.87 5.03 5.14 5.22 65
70 3.86 4.00 4.17 4.37 4.61 4.87 5.14 5.40 5.61 5.76 70
75 3.87 4.01 4.19 4.42 4.70 5.03 5.40 5.79 6.15 6.45 75
80 3.87 4.02 4.21 4.45 4.76 5.14 5.61 6.15 6.71 7.23 80
85 3.88 4.03 4.22 4.48 4.80 5.22 5.76 6.45 7.23 8.05 85
--------------------------------------------------------------------------------
Page 26 of 29
--------------------------------------------------------------------------------
VARIABLE ANNUITY RATES
TABLE 7 - OPTION D
MONTHLY PAYMENT PER $1,000
--------------------------------------------------------------------------------
MALE/FEMALE JOINT AND 2/3 ANNUITY
--------------------------------------------------------------------------------
FEMALE AGE
MALE ------------------------------------------------------------ MALE
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.84 3.88 3.92 3.96 3.99 4.01 4.03 4.04 4.05 4.06 40
45 3.93 3.98 4.04 4.09 4.14 4.18 4.21 4.23 4.25 4.26 45
50 4.02 4.09 4.17 4.24 4.31 4.37 4.42 4.46 4.49 4.51 50
55 4.12 4.21 4.31 4.41 4.51 4.60 4.68 4.75 4.79 4.83 55
60 4.24 4.34 4.46 4.59 4.73 4.86 4.99 5.10 5.18 5.24 60
65 4.37 4.49 4.62 4.79 4.97 5.16 5.35 5.53 5.67 5.78 65
70 4.52 4.65 4.81 5.00 5.23 5.48 5.76 6.04 6.28 6.48 70
75 4.68 4.82 5.00 5.22 5.49 5.81 6.18 6.58 6.97 7.31 75
80 4.84 5.00 5.20 5.44 5.75 6.14 6.61 7.16 7.74 8.30 80
85 5.01 5.18 5.39 5.66 6.01 6.46 7.03 7.73 8.54 9.38 85
--------------------------------------------------------------------------------
MALE(1)MALE(2) JOINT AND 2/3 ANNUITY
--------------------------------------------------------------------------------
MALE(2) AGE
MALE(1) ------------------------------------------------------------ MALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
--------------------------------------------------------------------------------
40 3.88 3.92 3.96 3.99 4.01 4.03 4.04 4.05 4.06 4.06 40
45 3.98 4.04 4.09 4.13 4.17 4.20 4.22 4.24 4.25 4.26 45
50 4.09 4.17 4.24 4.31 4.36 4.41 4.45 4.48 4.50 4.51 50
55 4.21 4.31 4.40 4.50 4.59 4.67 4.73 4.78 4.82 4.84 55
60 4.35 4.46 4.58 4.71 4.85 4.97 5.07 5.16 5.22 5.26 60
65 4.50 4.63 4.78 4.96 5.14 5.32 5.49 5.63 5.74 5.83 65
70 4.67 4.82 5.00 5.22 5.46 5.72 5.98 6.21 6.41 6.56 70
75 4.84 5.02 5.23 5.48 5.78 6.13 6.50 6.86 7.19 7.47 75
80 5.02 5.22 5.46 5.76 6.12 6.55 7.06 7.58 8.10 8.57 80
85 5.20 5.42 5.68 6.02 6.44 6.96 7.60 8.32 9.08 9.82 85
-----------------------------------------------------------------------------------
FEMALE(1)FEMALE(2) JOINT AND 2/3 ANNUITY
-----------------------------------------------------------------------------------
FEMALE(2) AGE
FEMALE(1) ------------------------------------------------------------ FEMALE(1)
AGE 40 45 50 55 60 65 70 75 80 85 AGE
-----------------------------------------------------------------------------------
40 3.76 3.79 3.81 3.83 3.85 3.86 3.87 3.87 3.88 3.88 40
45 3.83 3.88 3.92 3.95 3.98 4.00 4.01 4.02 4.03 4.03 45
50 3.92 3.98 4.04 4.09 4.13 4.17 4.19 4.21 4.22 4.23 50
55 4.01 4.09 4.17 4.24 4.31 4.37 4.42 4.45 4.47 4.49 55
60 4.12 4.21 4.31 4.42 4.52 4.61 4.69 4.75 4.79 4.82 60
65 4.24 4.35 4.47 4.60 4.75 4.89 5.02 5.12 5.20 5.26 65
70 4.38 4.50 4.64 4.81 5.00 5.20 5.40 5.59 5.73 5.84 70
75 4.54 4.67 4.84 5.04 5.27 5.54 5.84 6.14 6.40 6.61 75
80 4.72 4.87 5.05 5.28 5.56 5.90 6.30 6.75 7.19 7.58 80
85 4.90 5.07 5.27 5.53 5.85 6.26 6.77 7.39 8.05 8.71 85
--------------------------------------------------------------------------------
Page 27 of 29
--------------------------------------------------------------------------------
VARIABLE ANNUITY RATES
TABLE 8 - OPTION E
MONTHLY PAYMENT PER $1000
--------------------------------------------------------------------------------
YEARS MONTHLY INCOME
--------------------------------------------------------------------------------
5 $18.35
6 15.59
7 13.62
8 12.14
9 11.00
10 10.09
11 9.34
12 8.72
13 8.20
14 7.75
15 7.37
16 7.03
17 6.74
18 6.48
19 6.24
20 6.03
21 5.85
22 5.68
23 5.52
24 5.38
25 5.26
26 5.14
27 5.03
28 4.93
29 4.84
30 4.75
--------------------------------------------------------------------------------
Page 28 of 29
GROUP VARIABLE DEFERRED ANNUITY CONTRACT
WITH FLEXIBLE PURCHASE PAYMENTS
Non-participating
PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS CONTRACT,
WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE
AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.
THE SEPARATE ACCOUNTS MUST EARN AT LEAST 4% TO AVOID A DECREASE IN ANNUITY
PAYMENTS FROM THEIR INITIAL LEVEL. THE SEPARATE ACCOUNT MAY INCUR THE FOLLOWING
CHARGES: MORTALITY AND EXPENSE RISK CHARGE, ADMINISTRATIVE CHARGE, AND
DISTRIBUTION CHARGE.
Page 29 of 29
