MetLife Investors USA Insurance Company
00 Xxxxxxxxx Xxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
This is a group annuity contract issued to the Group Holder upon MetLife
Investors USA Insurance Company ( referred to as "we, us and our") acceptance of
the application. When issued, the Group Contract is a legal agreement between
the Group Holder and the Company. To be covered under the Group Contract a
person must complete an application form and arrange for Purchase Payments to be
made. Each person so covered is called an Owner. A Certificate will be issued to
each Owner. We will make Annuity Payments to an Owner as described in this
Contract beginning on the Annuity Date. If an Owner dies while the Contract is
in effect and the Owner's Certificate is in force and before the Annuity Date,
the Company will pay a death benefit to the Beneficiary upon receipt of all
required claim forms and proof of death of the Owner at the Annuity Service
Office.
Provisions and endorsements printed or written by the Company on this and the
following pages form part of the Contract.
Signed for the Company.
GROUP FLEXIBLE PURCHASE PAYMENT
DEFERRED VARIABLE ANNUITY CONTRACT
NONPARTICIPATING
ANNUITY PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.
TABLE OF CONTENTS
Page
Contract Schedule............................................................ 3
Definitions................................................................... 4
General Provisions............................................................ 4
Annuitant, Ownership, Assignment Provisions................................... 5
Beneficiary Provisions........................................................ 5
Purchase Payment Provisions................................................... 6
Account Value Provision....................................................... 6
Separate Account Provisions................................................... 6
Transfer Provisions........................................................... 7
Death Benefit Provisions...................................................... 7
Withdrawal Provisions......................................................... 8
Annuity Provisions............................................................ 8
Suspension or Deferral of Payments or Transfers from the Separate Account.....10
Reserves, Values and Benefits.................................................10
CONTRACT SCHEDULE
GROUP HOLDER: MetLife Investors Trust
CONTRACT NUMBER: [12345678] CONTRACT DATE: [February 15, 2001]
GOVERNING LAW: DELAWARE
PLAN TYPE: [Qualified or Non-Qualified. Each Owner will have an interest in the
account established by his or her Purchase Payments. This interest cannot be
forfeited. Each Owner may invoke all rights as owner of his or her account.]
PURCHASE PAYMENTS: [We reserve the right to reject any Purchase Payment.]
Minimum Subsequent
Purchase Payment: [$500 for both Non-Qualified and Qualified, unless an Owner has elected an automatic sweep
program.]
Maximum Total
Purchase Payments: [$1,000,000 without our prior approval.]
[Purchase Payment Credits: [5%] of each Purchase Payment for cumulative Purchase Payments of less than $1,000,000. [6%]
of each Purchase Payment received when cumulative Purchase Payments are $1,000,000 or more.]
MINIMUM ACCOUNT VALUE: [$2,000]
BENEFICIARY: [As designated by each Owner as of the Certificate Date unless changed in accordance with
the Contract provisions.]
PRODUCT CHARGES:
[Separate Account: We assess certain daily charges equal on an annual basis to the percentages set out below of
the average daily net asset value of each Subaccount of the Separate Account:
Mortality and Expense Charge: 1.45%
Administration Charge: 0.25%
Death Benefit Rider Charge: 0.30%
Additional Death Benefit Rider Charge: 0.25%
Owner/Certificate Level: We assess a Guaranteed Minimum Income Benefit Rider Charge of 0.35% of the
Income Base.]
ACCOUNT FEE: [The Account Fee is [$30.00] each Certificate Year for each Owner. During the Accumulation
Period, on the Owner's Certificate Anniversary the full Account Fee is deducted from each
applicable Subaccount in the ratio that the Account Value in the Subaccount bears to the total
Account Value in the Separate Account. On the Annuity Calculation Date, a pro-rata portion of the
Account Fee will be deducted from the Account Value as described above. However, if the Account
Value on the last day of the Certificate Year or on the Annuity Calculation Date is at least
[$50,000], then no Account Fee is deducted. If during the Accumulation Period, a total withdrawal
is made, the full Account Fee will be deducted at the time of the total withdrawal. During the
Annuity Period the Account Fee will be deducted regardless of the Account Value held prior to the
commencement of Annuity Payments. The Account fee will be deducted pro-rata from each Annuity
Payment.]
SEPARATE ACCOUNT: [MetLife Investors USA Separate Account A]
ALLOCATION REQUIREMENTS:
1. Currently, each Owner can select from any of the Subaccounts or the Fixed
Account (if a Fixed Annuity Rider has been issued). However, we reserve the
right to limit this in the future.
2. Allocations must be in whole numbers. Each allocation must be at least
$500. Allocations made pursuant to Pre-scheduled Transfer programs are not
subject to this limitation. The current approved Pre-scheduled Transfer
programs are Rebalancing program, Asset Allocation program and Dollar Cost
Averaging program.
3. We reserve the right to restrict allocations to the Fixed Account if any of
the following conditions exist: (a) the credited interest rate for the
amount to be allocated is equal to the Minimum Guaranteed Interest Rate for
the Fixed Account; (b) the Account Value in the Fixed Account equals or
exceeds $500,000; or (c) a transfer was made out of the Fixed Account
within the previous 180 days.]
TRANSFER REQUIREMENTS:
Number Permitted: [The maximum number of transfers per Certificate Year shall be
12 (excluding transfers resulting from our Pre-scheduled Transfer programs). We
reserve the right to waive from time to time this transfer limitation.
Subject to the Allocation Rules and the issuance of a Fixed Annuity Rider,
during the Accumulation Period an Owner may make transfers into the Fixed
Account from the Subaccounts, subject to the maximum number of transfers per
Certificate Year as stated above. There are further limitations on transfers
from the Fixed Account to the Separate Account as set forth below.
During the Annuity Period, an Owner cannot make transfers from the General
Account to the Subaccounts].
Transfer Fee: [In the event that 12 transfers are made by an Owner in a
Certificate Year, (excluding those related to our Pre-scheduled Transfer
programs) we will deduct a Transfer Fee of $25 for each additional transfer in
such Certificate Year. The Transfer Fee will be deducted from the Subaccount or
Fixed Account from which the transfer is made. However, if the entire interest
in an account is being transferred, the Transfer Fee will be deducted from the
amount that is transferred. We reserve the right to waive from time to time, the
Transfer Fee.]
Minimum and Maximum Amount to be Transferred: [The minimum amount that may be
transferred from a Subaccount is $500, or an Owner's entire interest in the
Subaccount, if less (excluding transfers resulting from our Pre-scheduled
Transfer programs.
The minimum amount that may be transferred from the Fixed Account during the
Accumulation Period is $500, or an Owner's entire interest in the Fixed Account.
Transfers out of the Fixed Account during the Accumulation Period shall be
limited to the greater of (a) 25% of the Fixed Account Value at the beginning of
the Certificate Year, or (b) the amount transferred out of the Fixed Account in
the prior Certificate Year.]
WITHDRAWALS:
Withdrawal Charge: [A Withdrawal Charge is assessed against Purchase Payments
withdrawn. The Withdrawal Charge is calculated at the time of each withdrawal.
Each Purchase Payment is tracked from the date of its receipt. Amounts will be
withdrawn from each Owner's Account Value in the following order:
1. Earnings in the Contract (Earnings are equal to an Owner's Account Value
less Purchase Payments not withdrawn); and then
2. The Free Withdrawal Amount described below, if any; then
3. Purchase Payments not previously withdrawn, in the order such Purchase
Payments were made: the oldest Purchase Payment first, the next Purchase
Payment second, etc. until all Purchase Payments have been withdrawn
(First-in-First-out (FIFO) basis).
Withdrawal Charges are determined in accordance with the following schedule:
WITHDRAWAL CHARGES
Number of Complete Certificate Years
from Receipt of Purchase Payment % Charge
0 8
1 8
2 8
3 7
4 6
5 5
6 4
7 3
8 2
9 and thereafter 0]
[Free Withdrawal Amount: Each Certificate Year after the first, an Owner can
make a withdrawal of a portion of his or her Purchase Payments free from any
Withdrawal Charge. The Free Withdrawal Amount each Certificate Year is equal to
10% of an Owner's total Purchase Payments, less the total Free Withdrawal Amount
previously withdrawn in the same Certificate Year. This right is
non-cumulative.]
Minimum Partial Withdrawal: [$500, or an Owner's entire interest in the Fixed
Account or Subaccount]
Minimum Withdrawal Value Which must Remain in the Contract after a Partial
Withdrawal: [$2,000]
ANNUITY REQUIREMENTS:
1. The Annuity Date must be the first day of a calendar month. Unless
otherwise designated by an Owner, the Annuity Date will be the later of the
first day of the calendar month following the Annuitant's 90th birthday or
ten (10) years from the Owner's Certificate Date.
2. For Variable Annuity Payments, the Variable Annuity Tables are based on the
Annuity 2000 Mortality Table with 7-year age setback and an Assumed
Investment Return (AIR) of 3.00%.
3. For Fixed Annuity Payments, the Fixed Annuity Tables are based on the
Annuity 2000 Mortality Table with 7-year setback with interest at the
Minimum Guaranteed Interest Rate for the Fixed Account.]
FIXED ACCOUNT:
[Initial Guarantee Period: Through the end of the current calendar year
Renewal Guarantee Period: A calendar year
Initial Current Interest Rate: 4.60%
Minimum Guaranteed Interest Rate: 3.00% annually]
ANNUITY SERVICE OFFICE:
[MetLife Investors USA Insurance Company
P.O. Box 10366
Des Moines, Iowa 50306-0366
(000) 000-0000]
ENDORSEMENTS AND RIDERS ATTACHED TO THIS CONTRACT
[Fixed Account Rider for
Variable Annuity
Enhanced Dollar Cost Averaging Rider
Three Month Market Entry Rider
Death Benefit Rider - Principal Protection
Death Benefit Rider - Annual Step-up
Death Benefit Rider - Compounded Plus
Guaranteed Minimum Income Benefit Rider - [Living Benefit]
Additional Death Benefit Rider - [Earnings Preservation Benefit]
Waiver of Withdrawal Charge for Nursing Home or Hospital Confinement Rider
Waiver of Withdrawal Charge for Terminal Illness Rider
Purchase Payment Credit Rider
Individual Retirement Annuity Endorsement
Xxxx Individual Retirement Annuity Endorsement
Tax Sheltered Annuity Endorsement
401 Plan Endorsement
Unisex Annuity Rates Rider]
DEFINITIONS
ACCOUNT VALUE -- The sum of an Owner's interest in the Subaccounts of the
Separate Account.
ACCUMULATION UNIT -- A unit of measure used to calculate the Account Value in a
Subaccount of the Separate Account during the Accumulation Period.
ACCUMULATION PERIOD -- The period prior to the Annuity Date during which an
Owner can make Purchase Payments.
ANNUITANT -- The natural person(s) on whose life Annuity Payments are based. An
Owner may change the Annuitant at any time prior to the Annuity Date unless the
Owner is not a natural person. Any reference to Annuitant shall also include any
Joint Annuitant under an Annuity Option. The Annuitant and Owner do not have to
be the same person.
ANNUITY PAYMENTS -- The series of payments made to an Owner or other named payee
after the Annuity Date under the Annuity Option elected.
ANNUITY DATE -- The date on which Annuity Payments begin under a Certificate.
The Annuity Date is shown on each Owner's Certificate Schedule Page.
ANNUITY PERIOD -- The period starting on the Annuity Date during which Annuity
Payments are payable.
ANNUITY SERVICE OFFICE -- The office indicated on the Contract Schedule Page to
which Group Holder and Owners notices, requests and Purchase Payments must be
sent, or as otherwise directed by Notice from us. All sums payable by us under
this Contract for each Certificate are payable through the Annuity Service
Office.
ANNUITY UNIT -- A unit of measure used to calculate Variable Annuity Payments
after the Annuity Date.
ATTAINED AGE -- The age of any Owner or Annuitant on his/her last birthday.
BENEFICIARY -- The person(s) or entity(ies) an Owner names to receive a death
benefit payable upon the death of the Owner or a Joint Owner, or in certain
circumstances, an Annuitant.
BUSINESS DAY -- Each day that the New York Stock Exchange is open for business.
The Separate Account will be valued each Business Day. A Business Day ends as of
the close of regular trading on the New York Stock Exchange.
CERTIFICATE -- The document for each Owner that summarizes the rights and
benefits of the Owner under this Contract.
CERTIFICATE ANNIVERSARY -- The anniversary of the Certificate Date.
CERTIFICATE DATE -- The date an Owner's Certificate is issued as designated on
the Certificate Schedule Page.
CERTIFICATE YEAR -- The period of twelve consecutive months beginning on the
Certificate Date or any anniversary thereafter.
COMPANY -- MetLife Investors USA Insurance Company.
CONTRACT--The legal agreement between the Group Holder and the Company covering
rights of the whole group.
CONTRACT APPLICATION -- The document signed by the Group Holder that evidences
the Group Holder's application for this Contract.
FIXED ANNUITY PAYMENTS -- A series of payments made by us during the Annuity
Period that we guarantee as to dollar amount. Fixed Annuity payments are made
out of our General Account.
GENERAL ACCOUNT -- All of our assets other than those in any segregated asset
account.
GROUP HOLDER -- The person, persons or entity entitled to the ownership rights
under this Contract. The Group Holder is as designated on the Contract Schedule
Page and the Contract Application.
INVESTMENT OPTIONS -- The investment choices within the Separate Account
available under this Contract are shown on the Application and Certificate
Schedule Page.(Is this correct?)
JOINT OWNER -- If there is more than one Owner, each Owner shall be a Joint
Owner of the Certificate.
NOTICE -- Any form of communication providing information we need, either in
signed writing or another manner that we approve in advance. All Notices to us
must be sent to our Annuity Service Office and received in good order. To be
effective for a Business Day, a Notice must be received in good order prior to
the end of that Business Day.
OWNER -- The person(s) or entity(ies) to whom a Certificate is issued. The Owner
is as designated on the Certificate Schedule Page and Application, unless
changed. If Joint Owners are named, all references to Owner shall mean Joint
Owners.
PURCHASE PAYMENT -- Any amount paid to us on behalf of an Owner under this
Contract as consideration for the benefits it provides, less any Premium and
Other Taxes deducted upon receipt of a Purchase Payment.
SEPARATE ACCOUNT -- A segregated asset account of the Company designated on the
Contract and Certificate Schedule Pages.
SUBACCOUNT -- Separate Account assets are divided into Subaccounts. Assets of
each Subaccount will be invested in shares of an Investment Option.
VARIABLE ANNUITY PAYMENTS -- A series of payments made by us during the Annuity
Period that vary in amount with the investment experience of each applicable
Subaccount.
WITHDRAWAL VALUE -- The Account Value less any applicable withdrawal charge,
less any Premium and Other Taxes, and less any Account Fee.
GENERAL PROVISIONS
THE CONTRACT -- The entire contract consists of this Contract, the Contract
Application, any Contract riders or endorsements and a copy of the application,
if one is attached to the Contract when issued.
Return of Certificate
An Owner's Certificate must be returned to us prior to the payment of any
benefit unless otherwise waived by us. Prior to any payment of a death claim,
due proof of death must be submitted to us.
INCONTESTABILITY -- We will not contest the validity of the Contract after it
has been issued.
NON-PARTICIPATING -- The Contract will not share in any distribution by us of
dividends.
MISSTATEMENT OF AGE OR SEX -- We may require proof of age or sex of the
Annuitant before making any Annuity Payments that are measured by the
Annuitant's life. If the age or sex of the Annuitant has been misstated, the
amount payable will be the amount that the Account Value would have provided at
the correct age or sex.
Once Annuity Payments have begun, any underpayments will be made up in one sum
with the next Annuity Payment. Any overpayments will be deducted from future
Annuity Payments until the total is repaid.
PROTECTION OF PROCEEDS -- No Beneficiary may commute, encumber, alienate or
assign any payments under the Certificate before they are due. To the extent
permitted by law, no payments will be subject to the debts, contracts or
engagements of any payee or to any judicial process to levy upon or attach the
same for payment thereof.
REPORTS -- At least once each calendar year we will furnish the Group Holder and
each Owner with a report showing the Owner's Account Value and any other
information as may be required by law. We will send each Owner confirmations of
certain transactions. Reports and confirmations will be sent to each Owner's
last known address. Each Owner will have 60 days from the date he/she receives
his/her report or confirmation to inform us of any errors in the report or
confirmation, otherwise the report or confirmation will be deemed to be final
and correct.
PREMIUM AND OTHER TAXES -- Any taxes paid by us to any governmental entity
relating to this Contract and each Owner's Certificate will be deducted from the
Purchase Payments or Account Value when incurred. We will, at our sole
discretion, determine when taxes relate to the Contract and each Owner's
Certificate, including when they have resulted from: the investment experience
of the Separate Account; receipt by us of the Purchase Payments; or commencement
of Annuity Payments. We may, at our sole discretion, pay taxes when due and
deduct that amount from an Owner's Account Value at a later date. Payment at an
earlier date does not waive any right we may have to deduct amounts at a later
date. We will deduct any withholding taxes required by applicable law.
EVIDENCE OF SURVIVAL -- We may require satisfactory evidence of the continued
survival of any person(s) on whose life Annuity Payments are based. We reserve
the right to discontinue Annuity Payments until satisfactory proof of continued
survival is received.
MODIFICATION OF CONTRACT -- The Contract may be modified by us in order to
maintain compliance with applicable state and federal law. A Contract may be
changed or altered only in writing signed by our President or our Secretary.
INACTIVE CERTIFICATE -- We may terminate a Certificate by paying the Owner
his/her Account Value, in one sum if prior to the Annuity Date, if the Owner
makes no Purchase Payments for two consecutive Certificate Years, the total
amount of Purchase Payments made, less any partial withdrawals, is less than
$2,000, and the Owner's Account Value on or after the end of such two year
period is less than $2,000.
We will give each Owner 60 days notice to make a Purchase Payment before we take
any action.
DISCONTINUANCE OF NEW OWNERS -- By giving 30 days prior written notice to the
Group Holder, we may limit or discontinue the acceptance of new applications and
the issuance of new Certificates under this Contract. Such limitation or
discontinuance shall have no effect on rights or benefits with respect to any
Owner's Certificate established prior to the effective date of such limitation
or discontinuance.
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
OWNERNERSHIP -- This Contract shall belong to the Group Holder. Each Owner may
exercise ownership rights affecting his or her Certificate. An Owner is the
person designated as such on the Certificate Date, unless changed.
An Owner may be changed at any time. A change of Owner will automatically revoke
any prior designation of Owner. A request for change must be:
1. by Notice; and
2. received by us at the Annuity Service Office.
The change will become effective as of the date the Notice is signed. A new
designation of Owner will not apply to any payment made or action taken by us
prior to the time the new designation was recorded at our Annuity Service
Office. Any change of Owner is subject to our underwriting rules in effect at
the time of the request.
JOINT OWNER -- A Certificate may be owned by Joint Owners, limited to two
natural persons. Joint Owners have equal ownership rights and must both
authorize any exercising of those ownership rights unless otherwise allowed by
us. Upon the death of either Owner, the surviving Joint Owner will be deemed to
be the primary Beneficiary.
ANNUITANT -- The Annuitant is the person on whose life Annuity Payments are
based. The Annuitant is the person designated by each Owner as of the
Certificate Date, unless changed prior to the Annuity Date. The Annuitant may
not be changed in a Certificate that is owned by a non-natural person. Any
change of Annuitant is subject to our underwriting rules in effect at the time
of the request.
ASSIGNMENT -- Each Owner may assign his/her rights under the Owner's
Certificate. We will not be bound by any assignment until Notice of the
assignment is recorded by us. We are not responsible for the validity of any
assignment. We will not be liable for any payment or other settlement made by us
before we record the Notice of the assignment.
BENEFICIARY PROVISIONS
BENEFICIARY -- The Beneficiary designation in effect on the Certificate Date
will remain in effect, unless changed. Unless an Owner provides otherwise, the
death benefit will be paid in equal shares or all to the Beneficiary(ies) as
follows:
1. to the primary Beneficiary(ies) who survive an Owner (or if the Owner is
not a natural person, the Annuitant's death); or if there are none, then
2. to the contingent Beneficiary(ies) who survive an Owner (or if the Owner is
not a natural person, the Annuitant's death); or if there are none, then
3. to an Owner's estate.
If Joint Owners have been designated, unless an Owner informs us otherwise, the
surviving Joint Owner will be treated as the primary Beneficiary. Any other
primary Beneficiary designation will be treated as a first contingent
Beneficiary unless otherwise indicated in a Notice to us.
CHANGE OF BENEFICIARY -- Subject to the rights of any irrevocable Beneficiary,
an Owner may change the primary Beneficiary or contingent Beneficiary. A change
may be made by filing a Notice with us. The change will take effect as of the
date the Notice is signed. We will not be liable for any payment made or action
taken before we record the change.
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS -- This is a group flexible payment deferred annuity contract.
A Certificate will be issued upon approval of each completed Owner's application
form. The initial Purchase Payment s due on the Certificate Date. The Minimum
Subsequent Purchase Payment and Maximum Total Purchase Payments permitted are
shown on the Contract and Certificate Schedule Pages.
CHANGE IN PURCHASE PAYMENTS -- Subject to the Minimum and Maximum Purchase
Payments shown on the Contract and Certificate Schedule Pages, an Owner may
increase or decrease or change the frequency of subsequent Purchase Payments.
ALLOCATION OF PURCHASE PAYMENTS -- The allocation of Purchase Payments is made
in accordance with each Owner's selection made at the Certificate Date. Unless
an Owner elects otherwise, subsequent Purchase Payments will be allocated in
accordance with each Owner's initial selection. Allocation of the Purchase
Payments is subject to the Allocation Requirements set forth on the Contract and
Certificate Schedule Pages. If there are Joint Owners, unless we are instructed
to the contrary, allocation instructions will be accepted from either one of the
Joint Owners.
ACCOUNT VALUE PROVISION
ACCOUNT VALUE -- An Owner's Account Value for any Business Day is the sum of
each Owner's interest in the Subaccounts of the Separate Account as of such
Business Day.
The portion of each Owner's Account Value in a Subaccount is determined by
multiplying the number of Accumulation Units allocated to the Owner's Account
for the Subaccount by the Accumulation Unit Value.
ACCOUNT FEE -- We will deduct an Account Fee from each Owner's Account Value as
set forth on the Contract and Certificate Schedule Pages.
SEPARATE ACCOUNT PROVISIONS
THE SEPARATE ACCOUNT -- The Separate Account is designated on the Contract and
Certificate Schedule Pages and consists of assets, which are kept separate from
our General Account assets and all of our other segregated asset accounts. The
assets of the Separate Account, equal to reserves and other liabilities of each
Owner's Account and those of other owners who have an interest in the Separate
Account, will not be charged with liabilities arising out of any other business
we may do.
The Separate Account assets are divided into Subaccounts. The assets of each
Subaccount are allocated to an Investment Option.
INVESTMENTS OF THE SEPARATE ACCOUNT -- Purchase Payments applied to the Separate
Account are allocated to the Subaccounts of the Separate Account. We may, from
time to time, add additional Investment Options. An Owner may be permitted to
transfer all or a portion of their Account Value to the additional Investment
Option(s). However, the right to make any transfer will be limited by any terms
and conditions in effect at the time of transfer.
If the shares of any of the Investment Options become unavailable for investment
by the Separate Account, or we deem further investment in these shares
inappropriate, we may prohibit or otherwise limit further purchase of such
shares or substitute shares of another Investment Option for shares already
purchased under the Contract, subject to obtaining any necessary regulatory
approvals.
CHANGE IN OPERATION -- We reserve the right to transfer assets of the Separate
Account to another account, and to modify the structure or operation of the
Separate Account, subject to obtaining any necessary regulatory approvals. If we
do so, we guarantee that such modification will not affect an Owner's Account
Value.
VALUATION OF ASSETS -- Assets of the Separate Account are valued at their fair
market value in accordance with our procedures.
ACCUMULATION UNIT -- Accumulation Units shall be used to account for all amounts
allocated to or withdrawn from a Subaccount of the Separate Account as a result
of Purchase Payments, withdrawals, transfers, or fees and charges. We will
determine the number of Accumulation Units of a Subaccount purchased or
canceled. This is done by dividing the amount allocated to (or the amount
withdrawn from) the Subaccount, by the dollar value of one Accumulation Unit of
the Subaccount as of the end of the Business Day during which the Notice for the
transaction is received at the Annuity Service Office.
ACCUMULATION UNIT VALUE -- The initial Accumulation Unit Value for each
Subaccount was set by us. Subsequent Accumulation Unit values for each
Subaccount are determined by multiplying the Accumulation Unit Value for the
immediately preceding Business Day by the Net Investment Factor of the
Subaccount for the current Business Day.
The Accumulation Unit Value may increase or decrease from Business Day to
Business Day.
NET INVESTMENT FACTOR -- The Net Investment Factor for each Subaccount is
determined by dividing A by B and multiplying by (1-C) where:
A is (i) the net asset value per share of the Investment Option held by
the Subaccount at the end of the current Business Day; plus
(ii) any dividend or capital gains per share declared on behalf of such
Investment Option that has an ex-dividend date as of the current
Business Day.
B is the net asset value per share of the Investment Option held by the
Subaccount for the immediately preceding Business Day.
C is (i) the Separate Account Product Charges which are shown on the Contract
and Certificate Schedule Pages for each day since the
last Business Day. The daily charge is equal to the annual Separate
Account Product Charges divided by 365; plus
(ii) a charge factor, if any, for any taxes or any tax reserve we have
established as a result of the operation of this Subaccount.
PRODUCT CHARGES -- We deduct Product Charges from the Separate Account and
Account Value as shown on the Contract and Certificate Schedule Page.
TRANSFER PROVISIONS
An Owner may make certain transfers of his/her Account Value subject to the
provisions set forth below. An Owner may elect to make these transfers by
telephone or other means acceptable to us. However, to elect this option an
Owner must first provide us with a Notice in a form that we may require. If
there are Joint Owners, unless we are instructed to the contrary, transfer
instructions will be accepted from either one of the Joint Owners. We will use
reasonable procedures to confirm that instructions are genuine. Neither we nor
our Annuity Service Office will be liable for any transfers made in accordance
with an Owner's instructions. All transfers made on the same Business Day will
be treated as one transfer. A transfer will be made as of the end of a Business
Day when we receive a Notice containing all the required information necessary
to process the request.
TRANSFERS DURING THE ACCUMULATION PERIOD
-- During the Accumulation Period, an
Owner may ask us to transfer their Account Value from one Subaccount to another,
subject to the following:
1) the maximum number of transfers per Certificate Year is shown on the
Contract and Certificate Schedule Pages;
2) we reserve the right to assess a transfer fee if the number of transfers
exceeds the maximum number of permissible free transfers shown on the
Contract and Certificate Schedule Pages;
3) the minimum and maximum amounts which may be transferred are shown on the
Contract and Certificate Schedule Pages;
4) each Owner's right to make transfers is subject to limitations or
modification by us if we determine, in our sole opinion, that the exercise
of the right by one or more owners with interests in the Subaccount is, or
would be, to the disadvantage of other owners. Restrictions may be applied
in any manner reasonably designed to prevent any use of the transfer right
that is considered by us to be to the disadvantage of other owners. A
limitation or modification could be applied to transfers to, or from, one
or more of the Subaccounts and could include, but is not limited to:
a) the requirement of a minimum time period between each transfer;
b) not accepting a transfer request from an agent acting under a power of
attorney on behalf of more than one owner;
c) limiting the dollar amount that may be transferred between the Subaccounts
by an owner at any one time;
d) requiring that a written transfer request be provided to us, signed by an
owner;
5) to the extent permitted by applicable law, during times of drastic economic
or market conditions, we may suspend the transfer privilege temporarily
without notice and treat transfer requests based on their separate
components (a redemption order with a simultaneous request for purchase of
another Subaccount). In such a case, the redemption order would be
processed at the source Subaccount's next determined Accumulation Unit
Value. However, the purchase into the new Subaccount would be effective at
the next determined Accumulation Unit Value for the new Subaccount only
after we receive the proceeds from the source Subaccount, or we otherwise
receive cash on behalf of the source Subaccount;
6) transfers do not change the allocation instructions for future Purchase
Payments or any pre-scheduled transfers.
TRANSFERS DURING THE ANNUITY PERIOD --
Transfers made during the Annuity Period are subject to the following:
1) the maximum number of transfers between Subaccounts is shown on the
Contract and Certificate Schedule Pages;
2) an Owner may not make a transfer from the General Account to the Separate
Account;
3) transfers among Subaccounts will be made by converting the number of
Annuity Units being transferred to the number of Annuity Units of the
Subaccount 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; and
4) an Owner may make a transfer from the Separate Account to the General
Account. The amount transferred to the General Account from a Subaccount of
the Separate Account will be equal to the product of "(a)" multiplied by
"(b)" multiplied by "(c)", where (a) is the number of Annuity Units
representing an Owner's interest in the Subaccount per Annuity Payment; (b)
is the Annuity Unit value for the Subaccount; and (c) is the present value
of $1.00 per payment period for the remaining annuity benefit period based
on the Attained Age of the Annuitant at time of transfer, and calculated
using the same actuarial basis as the Variable Annuity rates applied on the
Annuity Date for the Annuity Option elected. Xxxxxxx transferred to the
General Account will be applied under the Annuity Option elected at the
Attained Age of the Annuitant at the time of the transfer using the Fixed
Annuity Option Table. If at the time of transfer, the then current Fixed
Annuity Option rates applicable to this class of contracts provide a
greater payment, the greater payment will be made. All amounts and Annuity
Unit values will be determined as of the end of the Business Day on which
we receive a Notice.
DEATH BENEFIT PROVISIONS
DEATH OF OWNER DURING THE ACCUMULATION PERIOD -- During the Accumulation Period,
the death benefit will be paid to an Owner's Beneficiary(ies) upon an Owner's
death, or upon the first death of a Joint Owner.
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD -- The death benefit is an
Owner's Account Value determined as of the end of the Business Day on which we
have received both due proof of death and an election for the payment method.
The death benefit amount in the Separate Account remains in the Separate Account
until distribution begins. From the time the death benefit is determined until
complete distribution is made, any amount in the Separate Account will continue
to be subject to investment risk. This risk is borne by the Beneficiary.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD -- A Beneficiary must elect
the death benefit to be paid under one of the options below (unless an Owner has
previously made such election) in the event of the death of an Owner during the
Accumulation Period. In addition, if the Beneficiary is the spouse of an Owner,
he or she may elect to continue the Certificate in his or her own name and
exercise all the Owner's rights under the Contract. The death benefit options
available under the Contract are:
Option 1-- lump sum payment of the death benefit; or
Option 2 -- the payment of the entire death benefit within five (5) years of the
date of the death of an Owner or the first Joint Owner to die; 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 an Owner or the first Joint Owner to die.
Any portion of the death benefit not applied under Option 3 within one (1) year
of the date of an Owner's or Joint Owner's death must be distributed within five
(5) years of the date of death.
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 (60) day period beginning with the date of receipt of proof of death.
DEATH OF OWNER DURING THE ANNUITY PERIOD -- If an Owner or a Joint Owner, 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 the time of an Owner's death. Upon the death of an
Owner or a Joint Owner during the Annuity Period, the Beneficiary becomes the
Owner.
DEATH OF ANNUITANT -- Upon the death of an Xxxxxxxxx, who is not the Owner or
Joint Owner, during the Accumulation Period, the Owner automatically becomes the
Annuitant. An Owner may select a new Annuitant if the Owner does not want to be
the Annuitant. Any new Annuitant designation will be subject to the Company's
underwriting rules then in effect. However, if an Owner is a non-natural person,
the death of the primary Annuitant will be treated as the death of the Owner.
Upon the death of an Annuitant during the Annuity Period, the death benefit, if
any, will be as specified in the Annuity Option elected by the Owner. 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 -- We will require due proof of death of an Owner
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;
3) a written statement by a licensed medical doctor who attended the deceased;
or
4) any other proof satisfactory to us.
Any death benefit will be paid in accordance with applicable law or regulations
governing death benefit payments.
In all events, the Certificate(?) will be continued and administered in
accordance with Section 72(s) of the Internal Revenue Code, as amended.
WITHDRAWAL PROVISIONS
WITHDRAWALS -- Prior to the Annuity Date, an Owner may, upon Notice to us, make
a total or partial withdrawal of the Withdrawal Value. A withdrawal will result
in the cancellation of Accumulation Units from each applicable Subaccount of the
Separate Account in the ratio that the Owner's Account Value in the Subaccount
bears to the total Owner's Account Value. An Owner must specify in a Notice to
us from which Subaccount(s) values are to be withdrawn if other than the above
method is desired. We will pay the amount of any withdrawal within seven (7)
days of receipt of the Notice in good order unless the Suspension or Deferral of
Payments or Transfers from the Separate Account provision is in effect.
Each partial withdrawal must be for an amount which is not less than the minimum
shown on the Contract and Certificate Schedule Pages or, if smaller, the
remaining Withdrawal Value. If the withdrawal would result in the Account Value
being less than the Minimum Withdrawal Value that must remain in an Owner's
Account after a Partial Withdrawal as shown on the Contract and Certificate
Schedule Pages we will treat the withdrawal request as a request for a full
withdrawal.
WITHDRAWAL CHARGE -- Upon withdrawal of all or a portion of an Owner's Account
Value, a Withdrawal Charge as set forth on the Contract and Certificate Schedule
Pages may be assessed. Under certain circumstances, described on the Contract
and Certicate Schedule Pages, a withdrawal may be made without the imposition of
a Withdrawal Charge.
For a partial withdrawal, the Withdrawal Charge will be deducted from the
remaining Account Value, if sufficient, or from the amount withdrawn.
ANNUITY PROVISIONS
ANNUITY DATE -- The Annuity Date is shown on the Certificate Schedule Page.
Prior to the Annuity Date, an Owner may, subject to the Annuity Requirements set
forth on the Contract and Certificate Schedule Pages, change the Annuity Date
upon thirty (30) days prior Notice to us.
ELECTION OF ANNUITY OPTION -- The Annuity Option is elected by an Owner. If no
Annuity Option is elected, Option 2 - Life Annuity with Ten (10) Years of
Annuity Payments Guaranteed will automatically be applied. Upon thirty (30) days
Notice prior to the Annuity Date an Owner may change the Annuity Option.
ANNUITY OPTIONS -- An Owner may elect to receive Annuity Payments monthly,
quarterly, semi-annually or annually. The following Annuity Options, or any
other Annuity Option acceptable to an Owner and us, may be elected:
Option 1 -- Life Annuity -- We will make Annuity Payments, payable at the
frequency elected, during the lifetime of the Annuitant and terminating with the
last payment due prior to the Annuitant's death.
Option 2 -- Life Annuity with 10 Years of Annuity Payments Guaranteed -- We will
make Annuity Payments, payable at the frequency elected, during the lifetime of
the Annuitant with a guarantee that if at the Annuitant's death there have been
less than 10 years of Annuity Payments made as selected, Annuity Payments will
continue for the remainder of the Guaranteed Period. An Owner may elect to have
the present value of the guaranteed Variable Annuity Payments remaining, as of
the date due proof of the Annuitant's death is received at our Annuity Service
Office, commuted at the Assumed Investment Return selected. We will require the
return of the Certificate and proof of death prior to the payment of any
commuted values.
Option 3 -- Joint and Last Survivor Annuity -- We will make Annuity Payments,
payable at the frequency elected, during the joint lifetime of the Annuitant and
the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant,
Annuity Payments will continue to be paid during the remaining lifetime of the
survivor. Annuity Payments cease with the final Annuity Payment due prior to the
last survivor's death.
Option 4 -- Joint and Last Survivor Annuity with 10 Years of Annuity Payments
Guaranteed -- We will make Annuity Payments, payable at the frequency elected,
during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the
death of either the Annuitant or Joint Annuitant, Annuity Payments will continue
to be paid during the remaining lifetime of the survivor. If at the last death
of the Annuitant and the Joint Annuitant, there have been less than 10 years of
Annuity Payments made as selected, Annuity Payments will continue to be made for
the remainder of the Guaranteed Period. An Owner may elect to have the present
value of the guaranteed Variable Annuity Payments remaining, as of the date due
proof of the Annuitant's death is received at our Annuity Service Office,
commuted at the Assumed Investment Return selected. We will require the return
of the Owner's Certificate and proof of death prior to the payment of any
commuted values.
ANNUITY -- An Owner can elect to have the Annuity Option payable as Fixed
Annuity Payments or Variable Annuity Payments or a combination. Fixed Annuity
Payments are guaranteed as to dollar amount. Variable Annuity Payments will
reflect the investment experience of the Separate Account in accordance with the
allocation of the Account Value to the Subaccounts. Unless another payee is
designated, the Owner will be the payee of the Annuity Payments.
The Adjusted Account Value will be applied to the applicable Fixed and/or
Variable Annuity Tables to determine an Owner's first Annuity Payment. The
Adjusted Account Value is determined on the Annuity Calculation Date which is a
Business Day no more than five Business Days prior to the Annuity Date. The
Adjusted Account Value is the Account Value, less any Premium and Other Taxes or
other applicable taxes and less the Account Fee. The amount of the first payment
for each $1,000 of Adjusted Account Value is shown in the Annuity Tables.
FIXED ANNUITY -- Fixed Annuity Payments are based upon the Annuity Option
elected, the Annuitant's Attained Age and sex, and the appropriate Fixed Annuity
Option Table. If, as of the Annuity Calculation Date, the then-current Fixed
Annuity Option rates applicable to this class of contracts provide an Annuity
Payment greater than that which is guaranteed under the same Annuity Option
under the Owner's Certificate, then the greater payment will be made.
VARIABLE ANNUITY -- Variable Annuity Payments are not predetermined as to dollar
amount; and will increase or decrease in proportion to the amount that the Net
Investment Factor exceeds the Assumed Investment Return selected.
The dollar amount of the first Variable Annuity Payment is determined as
follows. The first Variable Annuity Payment will be based upon the Annuity
Option elected, the Annuitant's Attained Age and sex, and the appropriate
Variable Annuity Option Table. If, as of the Annuity Calculation Date, the then
current Variable Annuity Option rates applicable to this class of Contracts
provide a first Annuity Payment greater than that which is guaranteed under the
same Annuity Option under the Contract, the greater payment will be made.
The dollar amount of Variable Annuity Payments for each applicable Subaccount
after the first payment is determined as follows:
1) the dollar amount of the first Variable Annuity Payment is divided by the
value of an Annuity Unit for each applicable Subaccount as of the Annuity
Calculation Date. This establishes the number of Annuity Units for each
monthly payment. The number of Annuity Units for each applicable Subaccount
remains fixed during the Annuity Period, unless the Owner transfers values
from the Subaccount to another Subaccount;
2) the fixed number of Annuity Units per payment in each Subaccount is
multiplied by the Annuity Unit value for that Subaccount for the Business
Day for which the Annuity Payment is being calculated. This result is the
dollar amount of the payment for each applicable Subaccount, less any
Account Fee.
The total dollar amount of each Variable Annuity Payment is the sum of all
Subaccount Variable Annuity Payments.
ANNUITY UNIT -- The initial Annuity Unit Value for each Subaccount of the
Separate Account was set by us.
The subsequent Annuity Unit value for each Subaccount is determined by
multiplying the Annuity Unit value for the immediately preceding Business Day by
the Net Investment Factor for the Subaccount for the current Business Day and
multiplying the result by a factor for each day since the last Business Day
which offsets the Assumed Investment Return used to develop the Variable Annuity
Tables. An Owner selects the Assumed Investment Return (which must be acceptable
to us) to be used at the time the Certificate is issued. Upon thirty (30) days
Notice, prior to the Annuity Date, an Owner may change the selected Assumed
Investment Return. If an Owner does not select an Assumed Investment Return, the
Assumed Investment Return will be the one shown in the Annuity Requirements on
the Contract and Certificate Schedule Pages.
FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS -- Annuity Payments will be paid as
monthly installments or at any frequency acceptable to an Owner and us. The
Adjusted Account Value on the Annuity Calculation Date is applied to the Annuity
Table for the Annuity Option elected. If the amount of the Adjusted Account
Value to be applied under an Annuity Option is less than $5,000, we reserve the
right to make one lump sum payment in lieu of Annuity Payments. If the amount of
any Annuity Payment would be or becomes less than $100, we may reduce the
frequency of payments to an interval which will result in each payment being at
least $100.
ANNUITY PAYMENT GUARANTEE -- We guarantee that the dollar amount of each
Variable Annuity Payment after the first Annuity Payment will not be affected by
variations in actual mortality experience or expenses, but only by investment
experience. The amount of each Fixed Annuity Payment will not change.
BASIS OF PAYMENTS -- The Annuity Tables are based on the tables defined under
the Annuity Requirements set forth on the Contract and Certificate Schedule
Pages.
SUSPENSION OR DEFERRAL OF PAYMENTS OR TRANSFERS FROM THE SEPARATE ACCOUNT
We reserve 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 an Owner.
The applicable rules and regulations of the Securities and Exchange Commission
will govern as to whether the conditions described in (2) and (3) exist.
RESERVES, VALUES AND BENEFITS
All reserves are greater than, or equal to, those required by statute. Any
values and death benefits that may be available under the Certificate are not
less than the minimum benefits required by any law of the state in which this
Contract is delivered.
FIXED ANNUITY TABLES AND VARIABLE ANNUITY TABLES
AMOUNT OF FIRST MONTHLY PAYMENT
PER $1000 OF ACCOUNT VALUE
Annuitant Only
Option 1: Life Annuity Option 2: Life Annuity with 10 Years of
Annuity Payments Guaranteed
------------------------------------------------------------------------------------------------------------------------------------
Attained Age Attained Age
of Annuitant Male Female of Annuitant Male Female
------------------------------------------------------------------------------------------------------------------------------------
55 3.95 3.72 55 3.93 3.71
60 4.30 4.01 60 4.26 3.99
65 4.75 4.40 65 4.68 4.36
70 5.37 4.92 70 5.23 4.84
75 6.24 5.64 75 5.92 5.47
80 7.43 6.68 80 6.73 6.29
85 9.08 8.22 85 7.61 7.26
Annuitant and Joint Annuitant
Option 3: Joint and Last Survivor Life Annuity
Age of Female Joint Annuitant
------------------------------------------------------------------------------------------------------------------------------------
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Male Xxxxxxxxx Xxxxxxx Younger Age Older Older
------------------------------------------------------------------------------------------------------------------------------------
55 3.21 3.33 3.44 3.56 3.66
60 3.37 3.52 3.67 3.81 3.94
65 3.58 3.77 3.96 4.15 4.33
70 3.84 4.09 4.35 4.61 4.85
75 4.19 4.53 4.89 5.25 5.58
80 4.66 5.13 5.64 6.15 6.59
85 5.31 5.98 6.71 7.42 8.02
Option 4: Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed
Age of Female Joint Annuitant
------------------------------------------------------------------------------------------------------------------------------------
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Male Xxxxxxxxx Xxxxxxx Younger Age Older Older
------------------------------------------------------------------------------------------------------------------------------------
55 3.21 3.33 3.44 3.55 3.66
60 3.37 3.52 3.67 3.81 3.94
65 3.58 3.76 3.96 4.15 4.32
70 3.84 4.09 4.35 4.60 4.83
75 4.19 4.52 4.87 5.22 5.51
80 4.65 5.10 5.58 6.03 6.38
85 5.27 5.88 6.50 7.02 7.35
Monthly installments for ages not shown will be furnished on request.
GROUP FLEXIBLE PURCHASE PAYMENT
DEFERRED VARIABLE ANNUITY CONTRACT
NONPARTICIPATING
NO DIVIDENDS
MetLife Investors USA Insurance Company
00 Xxxxxxxxx Xxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
