EXHIBIT 4(a)(iii)
Filed with Post-Effective Amendment No. 17 to this Registration Statement on
Form N-4 on March 1, 1995.
METLIFE
METROPOLITAN LIFE INSURANCE COMPANY
(A Mutual Company Incorporated In New York State)
Xxx Xxxxxxx Xxxxxx - Xxx Xxxx, Xxx Xxxx 00000-3690
MULTIFUNDED ANNUITY CONTRACT
This contract is a deferred annuity which qualifies under Section 401 of the
Internal Revenue Code. It is a legal contract between you and MetLife that
contains your benefits and rights and your beneficiary's rights in an easy to
read Question and Answer format. Please read this contract carefully.
CONTRACT DATE AUGUST 1, 1994
OWNER'S NAME TRUSTEE
ANNUITANT'S NAME XXXX X. XXXXX
CONTRACT NUMBER 070 384 349AB
EGN NUMBER 00000001
SEPARATE ACCOUNT E
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT. AVAILABLE SEPARATE ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE
ARE: GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, INTERNATIONAL STOCK AND
STOCK INDEX.
10-DAY RIGHT TO EXAMINE
You may return your contract to us at our designated office or to the person
through whom you purchased it within 10 days of the date you receive it. If you
return it within the 10 day period, the contract will be canceled from the
contract date. We will return any deposits received on your behalf.
cash withdrawal benefit available.
Non-Participating
Death benefit payable if the Annuitant dies before income payments start.
/s/Xxxxxx X. Xxxxx /s/X. Xxxxxxxxxxxxx
Xxxxxx X. Xxxxx Xxx Xxxxxxxxxxxxx
Vice-President and Secretary President and Chief Operating Officer
Cover Page
PSC 94-05
1. WHAT DO THE BASIC TERMS USED IN THIS CONTRACT MEAN?
"Account Balance" is the entire amount we hold under this contract for you.
"Annuitant" is the measuring life of the annuity contract, the person
during whose lifetime an income will be payable when choosing an income
plan based on his or her life.
"Code" is the Internal Revenue Code of 1986, as amended from time to time.
"Contract Year" for the first year is measured from the contract date and
continues to the last day of the month in which the contract anniversary
occurs. Each new contract year begins on the first day of the next month.
For example, if the contract date is May 15, 1995, the first contract year
ends May 31, 1996 and the second contract year begins June 1, 1996. The
contract anniversary will be May 15th.
"Deposit" refers to money received by us in this annuity contract. A
deposit in the Fixed Interest Account includes, for interest crediting
purposes, any transfers from the Separate Account.
"Deposit Year" for any deposit, for the first year, is measured from the
date we receive it in our designated office and continues until the last
day of the month in which the-anniversary of such receipt occurs. Each new
deposit year begins on the first day of the next month (this works much
like contract years, except that deposit years are determined separately
for each deposit).
"Designated Office" is the administrative unit servicing your contract. It
is currently the Pension and Savings Center, Metropolitan Life Insurance
Company, 0000 00xx Xx., Xxxxx 000, Xxxxxx, XX 00000. If we choose another
area to service your contract, we will inform you of the address.
"Funding Options" refer to the Metropolitan Series Fund, Inc., which is a
series type of mutual fund used only for insurance and annuity contracts
such as this one. The Metropolitan Series Fund is divided into portfolios
each of which has its own investment objectives.
"Investment Divisions" are part of the Separate Account. Each division
invests in a corresponding portfolio of the Funding Options, rather than
investing directly in stocks, bonds or other investments. Thus, the
investment experience of each division will generally be the same as that
of the corresponding portfolio, reduced by charges under this contract for
services and benefits we provide. The cover page shows the available
divisions. We will tell you about any changes.
"Qualified Plan" is a plan which meets the requirements of Section 401 of
the Code, was established by the employer for the exclusive benefit of
employees or their beneficiaries, and makes it impossible, before the
satisfaction of all liabilities with respect to such employees and their
beneficiaries, for any part of the plan
PSC 94-05 1
assets, including income, to be diverted to purposes other than for their
exclusive benefit.
"We", "Us", "Our" and "MetLife" refers to Metropolitan Life Insurance
Company.
"You", "Your", "Me", "My" or "I" refer to the plan's trustee or where there
is no trustee, the plan administrator. You may exercise all rights under
this contract. Your rights are nonforfeitable, i.e., your rights cannot be
taken away.
2. HOW ARE DEPOSITS ALLOCATED AND HOW MUCH MONEY CAN BE DEPOSITED UNDER MY
CONTRACT?
Annuity deposits may be made at any time while the annuitant has earned
compensation and participates in the Plan. However, no deposits may be made
after the date income payments begin. All deposits should be sent to our
designated office.
You (or the annuitant, if you notify us in writing that the annuitant may
make allocations under this contract) must tell us how to allocate deposits
among the Fixed Interest Account and the investment divisions of the
Separate Account. You (or the annuitant, if you notify us in writing that
the annuitant may change the allocation) may change such allocations at any
time. The change will be made upon receipt, unless a later date is
specified, which may be up to 30 days after we receive the request.
Allocations must be in whole number percentages (e.g., 33 1/3% cannot be
chosen). If you have given the annuitant the ability to make and or change
the allocations, the annuitant will have the exclusive right to do so.
The lifetime maximum for all deposits is $500,000. We may either return
amounts which are above this limit or agree to take them. We may change the
maximum by telling you in writing at least 90 days in advance.
3. CAN MY CONTRACT BE CANCELED IF DEPOSITS ARE NOT MADE?
If we do not receive deposits under your contract for over 36 consecutive
months and your account balance is less than $2,000, we may, if permitted
by law, cancel your contract by paying you the full cash withdrawal value
in a single sum.
4. MUST I TELL METLIFE IF THE PLAN NO LONGER QUALIFIES UNDER SECTION 401 OF
THE CODE?
Yes. You have told us that the Plan qualifies under Section 401 of the
Code. You must tell us if it ceases to be qualified. If this occurs, we may
end this contract and pay you the full withdrawal value as if you had asked
for a full cash withdrawal.
PSC 94-05 2
5. MUST I TELL METLIFE IF THERE ARE CHANGES IN THE PLAN'S PROVISIONS, OR IN
THE SPONSORSHIP OF THE PLAN?
Yes. We have issued this contract based on the Plan's provisions, and the
sponsorship of the Plan as of the Contract Date. If the Plan's provisions,
administration or sponsorship changes after the Contract Date, you must
tell us.
If it is determined that MetLife's financial experience and obligations
under this contract would be adversely affected as a result of such
changes, MetLife will fulfill its obligations under the terms of this
contract based on the Plan's provisions and administrative practices in
effect as of the Contract Date and we will accept no further deposits into
this contract.
6. CAN I MAKE WITHDRAWALS?
Yes, if withdrawals are allowed under the provisions of the Plan. To
request a withdrawal you may contact our designated office. Any withdrawal
request must be signed by you and must clearly state the name of the
account (and investment division, if any) from which the withdrawal is to
be made. The minimum withdrawal is $500. Any withdrawal will completely
discharge our liability for the amount withdrawn.
If you make a partial withdrawal from an investment division or the Fixed
Interest Account, for purposes of assessing withdrawal charges, we will
first withdraw deposits that can be withdrawn with no withdrawal charge,
then withdraw other deposits and, finally, we will withdraw earnings, in
each case, on a "first-in, first-out" (FIFO) basis. Once we have
determined the amount of the withdrawal charge (as explained below), we
will actually withdraw it from each account and investment division in the
same proportion as the withdrawal that is being made. In determining what
the withdrawal charge is, we do not include earnings, although the actual
money to pay the withdrawal charge may come from earnings. The withdrawal
charge for any deposit is based on the length of time it was in the
contract as shown in the following table:
During Deposit Year 1 2 3 4 5 6 7 8 & Beyond
Withdrawal charge % 7% 6% 5% 4% 3% 2% 1% 0%
To determine the withdrawal charge, we treat the contract as if it were a
single account, and ignore both your actual allocations and what account or
division the withdrawal is actually coming from.
For partial withdrawals, we pay you what you ask for and apply the
withdrawal charge by reducing your account balance by a larger amount, as
follows: the amount to which no withdrawal charge applies, plus the amount
to which a withdrawal charge applies divided by 100% minus the percentage
shown above (so that if the percentage is 7% we divide by 93%). If your
account balance in any investment division or the Fixed Interest Account is
not sufficient to allow us to make a partial withdrawal and deduct the
withdrawal charge, we will treat your
PSC 94-05 3
request as a request for a full withdrawal from such investment division or
the Fixed Interest Account, as appropriate.
For full withdrawals, we multiply each amount to which the withdrawal
charge applies by the percentage shown above, keep the resulting amount as
a withdrawal charge and pay you the rest.
Withdrawal charges will not apply to any withdrawal:
(a) to make payments necessary to avoid Federal income tax penalties or to
satisfy Federal income tax rules or Department of Labor regulations;
(b) made to provide income payments for life, or for a period of five
years or more if the payments cannot be accelerated;
(c) resulting from Plan termination, provided the account balance is
rolled over into another contract or certificate issued by us;
(d) to make direct transfers to other investment vehicles pre-approved by
us.
(e) made under item 15 after the annuitant's death;
(f) of: (i) deposits to which withdrawal charges no longer apply, and (ii)
upon your first withdrawal in any contract year, any extra amounts
needed to make this exemption equal 10% of your account balance. For
example, if your account balance is $20,000, the maximum amount that
may be withdrawn under this provision in any contract year (assuming
no prior withdrawals during that contract year) is $2,000 (i.e.,1 0%
of $20,000). All additional withdrawals during that contract year
would be subject to a withdrawal charge. Even if less than the maximum
amount is taken on the first withdrawal (say $1,000 or 5% of your
account balance), no further withdrawals will be permitted, free of
contract withdrawal charges during the same contract year;
(g) disability of the annuitant but only if he or she is totally disabled
as defined in the Plan or, if not defined in the Plan, as defined
under the Federal Social Security laws;
(h) if the annuitant has retired or terminated employment provided he or
she has had an account balance under this contract for at least 7
continuous years. Any such withdrawal must be pursuant to the Plan's
written provisions;
Except for withdrawals pursuant to the exemptions above, any other
withdrawal is subject to the withdrawal charges described above.
We may ask for satisfactory proof that such exemptions are applicable.
To the extent required by law, we have the right to delay paying any cash
withdrawals from the Fixed Interest Account for up to six months. We do not
intend to do this, except in an extreme emergency. We would, of course,
credit interest during any delay.
PSC 94-05 4
Examples of Withdrawals
-----------------------
Assume four deposits of $2,000 in different contract years each allocated
50% to the Fixed Interest Account and 50% to the Growth Division of the
Separate Account and the following account balance and applicable
withdrawal charges:
Deposit 1 2 3 4
Charge 1% 3% 5% 7%
Total Account Balance $10,930
As your second request for a withdrawal in a contract year, you request to
withdraw $3,500. We would take the amount of the requested withdrawal from
the older deposits first (deposits 1 and 2). We would pay you $3,500 and
reduce the your account balance by $3,566.59. The amount of $3,566.59 is
calculated by taking the first $2,000 deposit (the fact that only half of
it went to the Growth Division does not matter--we are treating the
contract as if it were a single account) divided by .99 (i.e., 100%-1 %)
plus $1,500 from the second deposit divided by .97 (i.e., 100%-3%). Your
new account balance is $7,363.41, the first deposit has been paid out and
the second deposit has been reduced to $433.41.
If you then request a full withdrawal, the withdrawal charge would be $253
i.e., ($433.41 x .03)+($2,000 x .05)+($2,000 x .07); and we pay you
$7,110.41 (i.e., $7,363.41 -$253).
7. WHAT IS THE FIXED INTEREST ACCOUNT AND HOW IS INTEREST CREDITED TO IT?
The Fixed Interest Account guarantees both your principal and your interest
(subject to any charges that may apply) without regard to any investment
results. This guarantee does not apply if any funds are transferred from
the Fixed Interest Account to the divisions of the Separate Account. The
interest rates are set in advance and are "locked-in" without regard to
changing economic conditions.
Interest on each deposit allocated to the Fixed Interest Account will be
Credited from the date the deposit is received at our designated office or
transferred to the Fixed Interest Account. Interest will be credited on
amounts in your Fixed Interest Account balance until the earliest of: (a)
the dates the amounts are withdrawn or transferred to the Separate Account,
(b) the date the annuitant starts to receive income payments, or (c) the
date the death benefit is paid under item 15.
Interest rates for amounts allocated to the Fixed Interest Account will be
set by us from time to time. The declared rate in effect when an amount is
added to the Fixed Interest Account balance will be credited on that amount
from the date it is added until the last day of the month in which the
anniversary of that deposit occurs.
Thereafter, we will set interest rates for these deposits (and earnings on
them) on or before the first day of each deposit year to be credited
through the last day of such year.
PSC 94-05 5
We may credit a different interest rate on transfers from other investment
vehicles than we do on other deposits and transfers from the Separate
Account. The rates for new deposits and transfers from the Separate Account
may be different from the rates credited on amounts already in the Fixed
Interest Account. The rates may also vary depending on the amount of your
account balance. None of our interest rates will ever be less than 3%.
The interest rates we declare are "annual effective yields". The actual
rates we use on a day-to-day basis are slightly lower, but, if the deposit
is left in your contract for a full year, it will grow by the full amount
of the interest rate we declared, because we compound interest daily.
8. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account shown on the cover which is an
investment account we maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not be
charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from this contract and
from other contracts of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio or series of the Funding Options.
Thus, the Separate Account does not invest directly in stocks, bonds, etc.,
but leaves such investments to the Funding Options to make. The Funding
Options are also bought by other separate accounts of ours, our affiliates
and other insurance companies.
We keep track of each investment division of the Separate Account
separately, using accumulation units. When you put money into an investment
division, we give you accumulation units. When you take money out of the
investment division, we reduce the number of your accumulation units. In
either case, the number of accumulation units you gain or lose is
determined by taking the dollar amount of the deposit, transfer or
withdrawal and dividing it by the value of an accumulation unit at the time
of the transaction. Thus, if you transfer in $5,000, and the value of an
accumulation unit is $100, you will get 50 accumulation units.
Initially, we set the value of each accumulation unit. At the end of each
valuation period, we then revise it by taking the net asset value of a
share in the applicable Funding Options portfolio at the end of the
valuation period, add any Funding Options dividend or capital gain
distribution during the valuation period, subtract any per share charge for
taxes and reserves for taxes, and divide this total by the net asset value
of a share of the same portfolio at the start of the valuation period. Then
we subtract a charge not to exceed .000034035 per day (an effective annual
rate of 1.25%) for administrative expenses and mortality and expense risks
we assume under the contract. This calculation results in a factor that we
multiply the
PSC 94-05 6
previous accumulation unit value by in order to determine the new
accumulation unit value.
A valuation period is the period between one calculation of an accumulation
unit value and the next calculation. Normally, we calculate accumulation
units once each day the New York Stock Exchange is open for trading, but we
can delay this determination if an emergency exists, making valuation of
assets in the Separate Account not reasonably practicable, or the
Securities and Exchange Commission permits such deferral. We may change
when we calculate the accumulation unit value by giving you 30 days notice,
to the extent permitted by law.
Amounts added to the Separate Account will be credited as of the end of the
valuation period during which we receive them at our designated office or
they are transferred from the Fixed Interest Account. Additions to or
withdrawals from an investment division may only be made as of the end of a
valuation period.
We may make certain changes to the Separate Account if we think they would
best serve the interests of participants in or owners of similar contracts
or would be appropriate in carrying out the purposes of such contracts. Any
changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
o To transfer any assets in an investment division to another
investment division, or to one or more other separate accounts, or
to our general account; or to add, combine, or remove investment
divisions in the Separate Account.
o To substitute, for the Funding Options shares held in any
investment division, the shares of another class of the
Metropolitan Series Fund, Inc. or the shares of any other
investment permitted by law.
If any changes result in material change in the underlying investments of
an investment division to which an amount is allocated under the contract,
we will notify you of the change. You may then make a new choice of
investment divisions.
9. CAN MONEY BE TRANSFERRED WITHIN THIS CONTRACT?
Yes. Transfers can be made between investment divisions of the Separate
Account, from an investment division to the Fixed Interest Account, or from
the Fixed Interest Account to an investment division. You can make an
unlimited number of transfers by telling us.
If you make a transfer from the Fixed Interest Account, we will determine
which deposits and earnings to take it from as if it was a withdrawal from
the contract.
PSC 94-05 7
If you transfer money from the Fixed Interest Account to the Separate
Account and then you transfer money from the Separate Account to the Fixed
Interest Account within 12 months, this will be treated as a return of the
same money (whether or not it really is). Thus, after the transfer into the
Fixed Interest Account, it will earn the same interest rate that it would
have been earning had neither transfer ever taken place. Any amounts in
excess of the original transfer and any amounts transferred back to the
Fixed Interest Account more than 12 months after the first transfer will be
treated as a new deposit to the Fixed Interest Account and will earn the
then current interest rate for new deposits.
10. MAY I ASSIGN OR TRANSFER THIS CONTRACT, OR USE IT AS COLLATERAL FOR A LOAN?
No. This contract and amounts paid under it are not transferable and may
not be assigned, sold, discounted or pledged as collateral for a loan.
However, a qualified domestic relations order ("QDRO") may give another
person (spouse, former spouse, child or dependent of a Plan participant)
the right to receive all or part of the benefits that would be payable
under this contract. To the extent permitted by law, no amount payable
under this contract is subject to legal process or attachment for payment
of any claim.
11. WILL DIVIDENDS BE PAYABLE UNDER MY CONTRACT?
No. Your contract is nonparticipating and does not share in any
distribution of our surplus.
12. ARE ADMINISTRATIVE FEES DEDUCTED FROM MY CONTRACT?
At the end of each contract year, we will deduct a $20 administrative fee
from your Fixed Interest Account on a "first-in, first out" basis from
deposits and then from earnings. If your Fixed Interest Account balance is
less than $20 at the end of a contract year, we will waive the fee. We will
also waive any fee due when your contract ends or at any other time we
agree in writing. No administrative fee applies to the Separate Account.
We may change the date on which the administrative fee is deducted to the
contract anniversary. If we do so, we will tell you in advance.
13. HOW CAN I OBTAIN INFORMATION ABOUT MY CONTRACT AND ITS VALUE?
At least twice each contract year before income payments start, we will
send you a statement with details on deposits, values, withdrawals, and
other information about your contract. If you need information at other
times, please tell us.
Anytime you or the annuitant (pursuant to items 2 and 17) have to tell us
something (e.g., to request additional information or to make withdrawals),
you or the annuitant must send written notice to our designated office
unless we have set up some other procedure, such as notice by telephone.
PSC 94-05 8
14. WILL METLIFE GUARANTEE INCOME PAYMENTS TO THE ANNUITANT FOR LIFE?
Yes. We will make income payments guaranteed for life to the annuitant on a
monthly, quarterly, semiannual or annual basis, if requested by you. If the
annuitant is married, we will make income payments on a qualified joint and
survivor basis (under which we pay the annuitant for his or her life and
then make payments reduced by no more than 50% to the annuitant's spouse
for his or her remaining life) unless the annuitant's spouse consents in
writing to another income payment arrangement, or the total account balance
is less than $3,500.
Income payments may also be guaranteed for at least five years, but not
beyond the annuitant's life expectancy or the joint life expectancy, if
there is more than one annuitant.
Other income plans which provide payments for a stated amount or a stated
number of years are also available. The amount of each payment under an
income plan must be at least $50.
The annuitant may begin receiving income payments at any date you choose
which occurs after the Contract date, provided you give us at least 30 days
advance notice. However, payments must commence no later than the April 1st
of the calendar year following the calendar year in which the annuitant
attains age 70 1/2, or at a later date if permitted by law. We will send
you information and the necessary forms to sign, upon receipt of your
request at our designated office. Once income payments start, neither you
nor the annuitant will be able to change the choice of income plan.
Notwithstanding any provisions in this contract to the contrary, the
distribution of the contract's account balance will be in accordance with
any applicable federal rules and regulations, including the Retirement
Equity Act of 1984. The requirements of Code Section 401(a)(9) and the
Regulations thereunder, including the incidental death benefit requirements
of proposed Regulation Section 1.401(a)(9)-2 will apply.
15. WHAT HAPPENS IF THE ANNUITANT DIES BEFORE INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, we
will pay the death benefit to the beneficiary you have designated in
accordance with item 17 below.
The entire death benefit under this contract must be distributed in a
single sum by no later than the end of the calendar year which includes the
fifth anniversary of the annuitant's death. If, however, the beneficiary is
a natural person, the beneficiary may choose an income plan (as described
in item 14) for life or for a period of years not more than his or her life
expectancy.
The income plan must begin by December 31st of the calendar year
immediately following the calendar year of the annuitant's death; however,
if the income plan is being purchased for the annuitant's spouse, it may
begin by
PSC 94-05 9
December 31st of the calendar year in which the annuitant would have
attained age 70 1/2, if later. The payment period may not exceed the
beneficiary's life or life expectancy.
The death benefit is the greatest of:
a. The entire account balance held under this contract as of the date we
receive proof of death and a properly completed claim form (no
withdrawal charge will apply and no administrative fee, if any, will
be deducted); or
b. The total deposits made, less any partial withdrawals, for that
participant; or
c. The highest account balance as of the end of the calendar year in
which any prior quinquennial (5th, 10th, 15th, etc.) anniversary of
the first deposit occurred, less any later partial withdrawals and any
applicable administrative fees deducted from the account balance.
16. WHAT HAPPENS IF THE ANNUITANT DIES AFTER INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, income
payments will continue to the designated beneficiary of such income
payments for the balance of the guaranteed period, if any, depending on the
income plan selected. If the guaranteed period has already ended, no
further payments will be made. If the annuitant's estate (or other non-
natural person) becomes entitled to payment, we will pay the value of any
remaining payments, computed as of the date of death using the interest
rate we used to set those payments, in a lump-sum to such entity.
After income payments start, we may require proof that the annuitant is
alive on the due date of each income payment.
17. WHO IS THE BENEFICIARY AND MAY THE BENEFICIARY BE CHANGED?
You are the beneficiary of the contract unless you designate a person or
persons as beneficiary to receive benefits at the death of the annuitant
prior to income payments commencing. If you designate a beneficiary, such
beneficiary must be the spouse of the annuitant who is a participant in the
Plan, unless the annuitant is unmarried or such spouse consents in writing
to the designation of a beneficiary other than the spouse for more than 50%
of the death benefit.
You may name a contingent beneficiary who would become the beneficiary if
all the beneficiaries die. If the annuitant dies before income payments
begin, and no beneficiaries or contingent beneficiaries are alive, the
death benefit (as described in item 15) will be made to you.
You may change the named beneficiary or contingent beneficiary at any time
before income payments begin while the annuitant is living. If the
beneficiary is the annuitant's spouse, then such spouse must consent in
writing to the change of beneficiary. Ask our designated office for our
"Change of Beneficiary" form. The change will take effect as of the date
the form is signed, but no change will bind us until it is recorded at our
designated office.
PSC 94-05 10
After income payments start, you may change the beneficiary and contingent
beneficiary for any future guaranteed income payments. If the annuitant
names no beneficiary (or none is alive when the annuitant dies), we will
pay the estate of the deceased annuitant. If payment is being made over two
lifetimes and the other person survives the annuitant, the survivor can
change the beneficiary. The annuitant over whose life payment is being made
cannot be changed.
Payment to more than one beneficiary or more than one contingent
beneficiary will be divided equally among them, or equally among their
survivors, unless you specify otherwise.
18. HOW ARE INCOME PAYMENTS THAT ARE GUARANTEED FOR LIFE CALCULATED?
Life income payments are calculated as shown on page 12. As required by
law, this shows the lowest payments that we could ever make--we expect our
actual payments to be higher. Actual payments will not be less than those
we would provide to a person in the same class under a single payment
immediate annuity bought with an equal amount at the time income payments
start.
19. DOES MY CONTRACT CONTAIN ALL THE PROVISIONS THAT AFFECT ME?
Yes, your contract and any riders and endorsements included in it make up
your entire contract with us. We will never contest the validity of this
contract. Changes in its provisions may only be made in writing by our
President, Secretary or Vice-President. No provision may be waived or
changed for us by any of our other employees, representatives or agents.
20. CAN YOUR CONTRACT BE EXCHANGED FOR ANOTHER CONTRACT THAT MEETS THE TAX
REQUIREMENTS FOR SECTION 401?
Yes, if both you and we agree. We may offer to exchange your contract
without withdrawal charge, for a group annuity contract which would be more
appropriate based on the number of participants covered under your 401
Plan. You will decide whether to accept or decline our offer.
PSC 94-05 11
TABLE OF VALUES
AGE 35
(For a Contract without any partial withdrawals)
Basis: $1,000 Annual Deposit at the beginning of Each Year
Values are not proportional for other depositS
--------------------------------------------------------------------------------------------------------
TABLE A TABLE B
--------------------------------------------------------------------------------------------
End of Minimum Guaranteed Guaranteed Minimum MonthlY
Contract Account Minimum Account Income at Age 70
Year Balance Withdrawal value
Defined Benefit Defined Contribution
Male Female unisex
--------------------------------------------------------------------------------------------------------
1 $ 1,010,00 $ 1,000.00 $ 8.39 $ 7.65 $ 7.86
2 $ 2,050.30 $ 2,000.00 $ 22.68 $ 20.69 $ 21.25
3 $ 3,121.81 $ 3,000.00 $ 36.55 $ 33.34 $ 34.25
4 $ 4,225.46 $ 4,022.37 $ 50.02 $ 45.62 $ 46.86
5 $ 5,362.23 $ 5,128.32 $ 63.09 $ 57.55 $ 59.11
6 $ 6,533.09 $ 6,276.16 $ 75.79 $ 69.12 $ 71.01
7 $ 7,739.09 $ 7,466.83 $ 88.11 $ 80.36 $ 82.55
8 $ 8,981.26 $ 8,701.26 $100.08 $ 91.28 $ 93.77
9 $10,260.70 $ 9,980.70 $111.70 $101.87 $104.65
10 $11,578.52 $11,298.52 $122.98 $112.16 $115.22
11 $12,935.87 $12,655.87 $133.93 $122.15 $125.48
12 $14,333.95 $14,053.95 $144.56 $131.84 $135.44
13 $15,773.97 $15,493.97 $154.88 $141.26 $145.11
14 $17,257.19 $16,977.19 $164.90 $150.40 $154.50
15 $18,784.90 $18,504.90 $174.63 $159.27 $163.61
16 $20,358.45 $20,078.45 $184.08 $167.89 $172.46
17 $21,979.20 $21,699.20 $193.25 $176.25 $181.05
18 $23,648.58 $23,368.58 $202.15 $184.37 $189.40
19 $25,368.04 $25,088.04 $210.80 $192.26 $197.50
20 $27,139.08 $26,859.08 $219.19 $199.91 $205.36
Age 60 $36,823.86 $36,543.86 $257.62 $234.96 $241.37
Age 65 $48,051.17 $47,771.17 $290.78 $265.20 $272.43
Age 70 $61,066.70 $60,786.70 $319.38 $291.29 $299.23
--------------------------------------------------------------------------------------------------------
The guaranteed minimum interest rate used to determine the values shown above is
3%. Values during the year will include interest for the completed part of the
year.
The guaranteed account withdrawal values shown above equal the comparable
minimum account balances minus a withdrawal charge (but are never less than the
total deposits made). The withdrawal charge does not exceed 7% and does not
apply to any deposit after seven years from our receipt of the deposit. A $20
administrative fee is charged and deducted from the account balance at the end
of each Contract Year.
Contract values will never be less than the minimum benefits required by the
laws of the state where this Contract is delivered. We have told the chief
insurance regulator of the state where we delivered this contract how we
computed these values. On request we will provide the method of computation and
values for years not shown.
The guaranteed minimum monthly income at age 70 is the minimum amount we would
pay over the annuitant's lifetime with a guaranteed payment period of 10 years,
if you make no deposits after the year shown and our payments begin at age 70.
This and other income plans that you may choose are described in item 14. To
compute minimum payments we use an interest rate of 3% and the 1983 Individual
Mortality Table a (Metropolitan Adjusted).
PSC 94-05 12
INDEX
SUBJECT Q&A #(S) PAGE(S)
------- --------- -------
Administrative Fees 12 8
Age 14 9
Allocation of Deposits 2 2
Assignment 10 8
Beneficiary 17 10
Cancellation 3 2
Computation of Values 18 11
Contract and Authority 19 11
Death Benefit 15,16 9,10
Definitions 1 1
Deposits 2 2
Dividends 11 8
Exchanges 20 11
Fixed Interest Account 7 5
Income Payments 14,16,18 9,10,11
Information We Give You 13 8
Information You Give Us 4,5 2,3
Separate Account and Investment Divisions 8 6
Transfers 9 7
Withdrawals 6 3
NOTICE
WHEN YOU WRITE TO US, PLEASE GIVE US YOUR NAME, ADDRESS AND CONTRACT NUMBER.
Please notify us promptly of any address changes. We will write to you at your
last known address.
Checks, drafts or money orders must be drawn to the order of MetLife. All
payments must be made in U.S. currency.
PLEASE READ THIS CONTRACT CAREFULLY
MULTIFUNDED ANNUITY CONTRACT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
______________________________________ _____________________
Countersigned and delivered by Date
PSC 94-05 13
