AMENDMENT NO. 20 to the VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT Effective January 1, 2002 Between JACKSON NATIONAL LIFE INSURANCE COMPANY (“CEDING COMPANY”) and ACE TEMPEST LIFE REINSURANCE LTD. (“REINSURER”)
EX-7
AMENDMENT NO. 20
to the
Effective January 1, 2002
Between
XXXXXXX NATIONAL LIFE INSURANCE COMPANY
(“CEDING COMPANY”)
and
ACE TEMPEST LIFE REINSURANCE LTD.
(“REINSURER”)
Effective May 2, 2011, this Amendment is hereby attached to and becomes a part of the above-described Reinsurance Agreement. It is mutually agreed that the Agreement will be amended to clarify the calculation of the ADJUSTED GMIB CLAIM, to remove the minimum annuity purchase amounts by product, and to include new investment funds, fund name changes and fund mergers. To effect these changes, the following provisions of this Agreement are hereby amended:
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§
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Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, amendment #19, is hereby replaced by the attached Schedule B-2.
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§
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Schedule C-1, Limits and Rules of the CEDING COMPANY, amendment #12, is hereby replaced by the attached Schedule C-1.
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§
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Schedule G, Ceding Company Reporting Format and Data Requirements, is hereby replaced by the attached Schedule G.
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§
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Schedule I, Calculation of ADJUSTED GMIB CLAIM, amendment #3, is hereby replaced by the attached Schedule X.
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Xxxxxxx National Life Insurance Company ACE Tempest Life Reinsurance Ltd.
By ______Lisa C. Drake___________ By ______Huan Tseng______________
Name____Lisa C. Drake___________ Name_____Huan Tseng_____________
Title _SVP & Chief Actuary________ Title __SVP & Chief Pricing Officer__
Date ___4/7/11___________________ Date_____4/4/11___________________
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
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Fund Name
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Comment
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Product Availability
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JNL/American Funds Global Small Capitalization Fund
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New 5/3/2010
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All
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JNL/American Funds New World Fund
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New 5/3/2010
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All
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JNL/American Funds International Fund
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New 5/3/2010
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All
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JNL/American Funds Growth-Income Fund
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New 5/3/2010
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All
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JNL/American Funds Blue Chip Income and Growth Fund
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New 5/3/2010
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All
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JNL/American Funds Global Bond Fund
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New 5/3/2010
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All
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JNL/Black Rock Commodity Securities Fund
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New 1/16/2007 – Name changed from JNL/Credit Suisse Global Natural Resources effective 9/28/2009. Effective 10/11/2010, name changed from JNL/Credit Suisse Commodity Securities Fund.
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All
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JNL/BlackRock Global Allocation Fund
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New 10/11/2010
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All
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JNL/Capital Guardian Global Balanced Fund
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Subadvisor changed from Janus on 2/18/04. Name changed from JNL/FMR Balanced Fund effective 4/30/2007 and from JNL/FI Balanced Fund effective 12/3/2007.
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All
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JNL/Capital Guardian Global Diversified Research Fund
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Formerly JNL/Janus Global Equities Fund. Name changed from JNL/Select Global Growth Fund effective 12/3/2007.
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All
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JNL/Capital Guardian U.S. Growth Equity Fund
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Formerly JNL/Janus Aggressive Growth Fund. Name changed from JNL/Select Large Cap Growth Fund effective 12/3/2007.
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All
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JNL/Eagle Core Equity Fund
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All
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JNL/Eagle Small Cap Equity Fund
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All
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JNL/Franklin Xxxxxxxxx Founding Strategy
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New 1/16/2007
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All
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JNL/Franklin Xxxxxxxxx Global Growth
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New 1/16/2007
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All
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JNL/Franklin Xxxxxxxxx Income Fund
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New 5/1/2006
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All
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JNL/Franklin Xxxxxxxxx International Small Cap Growth Fund
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New 12/3/2007 – Name changed from JNL/Capital Guardian International Small Cap Fund effective 5/3/2010
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All
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JNL/Franklin Xxxxxxxxx Mutual Shares
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New 1/16/2007
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All
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JNL/Franklin Xxxxxxxxx Small Cap Value Fund
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New 5/2/05
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All
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JNL/ Xxxxxxx Sachs Core Plus Bond Fund
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Formerly JNL/Salomon Brothers Global Bond Fund. Name changed from JNL/Salomon Brothers Strategic Bond Fund effective 5/1/2006, from JNL/Western Strategic Bond Fund effective 1/16/2007, and from JNL/Western Asset Strategic Bond Fund effective 4/30/2007.
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All
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JNL/Xxxxxxx Xxxxx Emerging Markets Debt Fund
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New 10/6/2008
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All
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JNL/Xxxxxxx Sachs Mid Cap Value Fund
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New 5/2/05
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All
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JNL/Xxxxxxx Xxxxx U.S. Equity Flex
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New 1/16/2007. Effective 10/11/2010, name changed from JNL/Credit Suisse Long/Short.
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All
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JNL Institutional Alt 20 Fund
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New 4/6/2009
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All
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JNL Institutional Alt 35 Fund
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New 4/6/2009
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All
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JNL Institutional Alt 50 Fund
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New 4/6/2009
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All
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JNL Institutional Alt 65 Fund
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New 4/6/2009
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All
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JNL/Invesco International Growth Fund
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Named changed from JNL/Xxxxxx International Equity Fund effective 5/2/05 and from JNL/JPM International Equity Fund effective 12/3/2007. Effective 10/11/2010, name changed from JNL/AIM International Growth Fund.
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All
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JNL/Invesco Large Cap Growth Fund
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2/18/2004 merged with JNL/AIM Premier Equity II Fund . Name changed from JNL/AIM Large Cap Growth Fund effective 10/11/2010.
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All
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JNL/Invesco Global Real Estate Fund
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New 5/2/05, Name changed from JNL/AIM Real Estate Fund effective 10/6/2008. Effective 10/11/2010, name changed from JNL/AIM Global Real Estate Fund .
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All
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JNL/Invesco Small Cap Growth Fund
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Name changed from JNL/AIM Small Cap Growth Fund effective 10/11/2010.
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All
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JNL/ Ivy Asset Strategy
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New 9/28/2009
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All but Fifth Third
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JNL/JPMorgan International Value Fund
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All
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JNL/JPMorgan Mid Cap Growth Fund
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Subadvisor changed from Janus on 2/18/04. Name changed from JNL/FMR Capital Growth Fund effective 5/1/2006, from JNL/FMR Mid-Cap Equity Fund effective 4/30/2007 and from JNL/FI Mid-Cap Equity Fund effective 12/3/2007. Also, the JNL/Xxxxxx Xxxxxx Growth Fund merged with this fund effective 12/3/2007.
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All
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JNL/JPMorgan U.S. Government & Quality Bond Fund
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Name changed from JNL/Salomon Brothers U.S. Govt. & Quality Bond Fund effective 5/1/2006, from JNL/Western U.S. Govt. & Quality Bond Fund effective 1/16/2007, and from JNL/Western Asset U.S. Govt. & Quality Bond Fund effective 4/30/2007.
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All
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JNL/Lazard Emerging Markets Fund
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New 5/1/2006
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All
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JNL/Lazard Mid Cap Equity Fund
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Name changed from JNL/Lazard Mid Cap Value Fund effective 3/31/2008
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All
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JNL/M&G Global Basics Fund
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New 10/6/2008
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All
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JNL/M&G Global Leaders Fund
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New 10/6/2008
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All
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JNL/ Mellon Capital Management 10 x 10 Fund
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New 4/30/2007
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All
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JNL/ Mellon Capital Management 25 Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/Mellon Capital Management Bond Index Fund
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All
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JNL/ Mellon Capital Management Communications Sector Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/ Mellon Capital Management Consumer Brands Sector Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/ Mellon Capital Management Oil & Gas Sector Fund
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Subadvisor changed from Curian effective 2/18/04. Name changed from JNL/Mellon Capital Management Energy Sector Fund on 5/2/05
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All
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JNL/Mellon Capital Management European 30 Fund
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New 10/6/2008
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All
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JNL/ Mellon Capital Management Financial Sector Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/ Mellon Capital Management Global 15 Fund
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All
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JNL/Mellon Capital Management International Index Fund
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All
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JNL/Mellon Capital Management Index 5 Fund
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New 4/30/2007
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All
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JNL/ Mellon Capital Management JNL 5 Fund
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Effective 10/4/04
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All
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JNL/Mellon Capital Management JNL Optimized 5 Fund
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New 5/1/2006
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All
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JNL/ Mellon Capital Management Healthcare Sector Fund
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Subadvisor changed from Curian effective 2/18/04. Name changed from JNL/Mellon Capital Management Pharmaceutical/Healthcare Sector Fund on 5/2/05
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All
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JNL/ Mellon Capital Management NYSE® International 25 Fund
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New 4/30/2007
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All
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JNL/Mellon Capital Management Pacific Rim 30 Fund
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New 10/6/2008
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All
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JNL/ Mellon Capital Management S&P ® XXxx 60 Fund
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New 4/30/2007
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All
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JNL/Mellon Capital Management S&P ® 24 Fund
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New 5/1/2006
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All
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JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund
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Subadvisor was Curian between 12/15/03 and 2/18/04 and Mellon Capital Management prior to 12/15/03
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All
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JNL/Mellon Capital Management S&P 500 Index Fund
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Subadvisor was Curian between 12/15/03 and 2/18/04 and Mellon Capital Management prior to 12/15/03; Effective 4/6/2009, the JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund was merged into this fund.; Effective 9/28/2009, the JNL/PPM America Core Equity Fund was merged into this fund.
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All
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JNL/ Mellon Capital Management Select Small-Cap Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/Mellon Capital Management Small Cap Index Fund
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Subadvisor was Curian between 12/15/03 and 2/18/04 and Mellon Capital Management prior to 12/15/03; Effective 4/6/2009, the JNL/Lazard Small Cap Equity Fund was merged into this fund.
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All
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JNL/ Mellon Capital Management Technology Sector Fund
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Subadvisor changed from Curian effective 2/18/04
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All
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JNL/Mellon Capital Management Xxx XX Dividend
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New 1/17/2006
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All
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JNL/ Mellon Capital Management Dowsm 10 Fund
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Name changed from JNL/Mellon Capital Management The Dow 10 effective 1/17/2006
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All
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JNL/ Mellon Capital Management S&P® 10 Fund
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Name changed from JNL/Mellon Capital Management The S&P 10 effective 1/17/2006
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All
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JNL/ Mellon Capital Management VIP Fund
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Effective 10/4/2004
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All
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JNL/Mellon Capital Mgmt Nasdaq® 25 Fund
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Effective 10/4/2004. Name changed from JNL/Mellon Capital Management Nasdaq® 15 Fund effective 12/3/2007
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All
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JNL/Mellon Capital Mgmt Value Line® 30 Fund
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Effective 10/4/2004. Name changed from JNL/Mellon Capital Management Value Line® 25 Fund effective 12/3/2007
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All
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JNL/Mellon Capital Management Global Alpha Fund
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New 9/28/2009
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All but Fifth Third
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JNL/Xxxxxxxxxxx Global Growth Fund
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All
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JNL/XXX Asia ex-Japan Fund
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New 3/31/2008
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All
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JNL/XXX China-India Fund
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New 3/31/2008
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All
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JNL/PIMCO Real Return
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New 1/16/2007
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All
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JNL/PIMCO Total Return Bond Fund
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All
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JNL/PPM America Floating Rate Income Fund
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New 5/2/2011
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All
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JNL/PPM America High Yield Bond Fund
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Effective 10/4/04. JNL/PPM America High Yield Bond Fund was merged into this on 10/4/04. Name changed from JNL/Salomon Brothers High Yield Bond Fund effective 5/1/2006, from JNL/Western High Yield Bond Fund effective 1/16/2007 and from JNL/Western Asset High Yield Bond Fund effective 4/30/2007.
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All
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JNL/PPM America Mid-Cap Value Fund
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New 3/31/2008
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All
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JNL/PPM America Small Cap Value Fund
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New 3/31/2008
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All
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JNL/PPM America Value Equity
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Name changed from JNL/Xxxxxx Value Equity Fund effective 1/16/2007
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All
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JNL/Red Rocks Listed Private Equity Fund
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New 10/6/2008
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All
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JNL/S&P 4 Fund
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New 12/3/2007
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All
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JNL/S&P Competitive Advantage Fund
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New 12/3/2007
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All
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JNL/S&P Disciplined Growth
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New 1/16/2007
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All but Fifth Third
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JNL/S&P Disciplined Moderate
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New 1/16/2007
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All but Fifth Third
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JNL/S&P Disciplined Moderate Growth
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New 1/16/2007
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All but Fifth Third
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JNL/S&P Dividend Income & Growth Fund
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New 12/3/2007
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All
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JNL/S&P Intrinsic Value Fund
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New 12/3/2007
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All
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JNL/S&P Managed Aggressive Growth Fund
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Prior to 10/4/04 named JNL/S&P Aggressive Growth Fund I. On 10/4/04 merged with JNL/S&P Equity Growth Fund I, JNL/S&P Equity Aggressive Growth Fund I, JNL/S&P Very Aggressive Growth Fund I, JNL/S&P Core Index 50 Fund, and JNL/S&P Core Index 75 Fund
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All
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JNL/S&P Managed Conservative Fund
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Effective 10/4/04
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All
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JNL/S&P Managed Growth Fund
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Prior to 10/4/04 named JNL/S&P Moderate Growth Fund I. On 10/4/04 merged with JNL/S&P Core Index 100 Fund. Effective 9/28/2009, the JNL/S&P Retirement 2020 Fund and the JNL/S&P Retirement 2025 Fund was merged into this fund.
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All
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JNL/S&P Managed Moderate Fund
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Effective 10/4/04 – Effective 9/28/2009, the JNL/S&P Retirement Income Fund was merged into this fund.
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All
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JNL/S&P Managed Moderate Growth Fund
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Prior to 10/4/04 named JNL/S&P Conservative Growth Fund I; Effective 9/28/2009, the JNL/S&P Retirement 2015 Fund was merged into this fund.
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All
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JNL/S&P Total Yield Fund
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New 12/3/2007
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All
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JNL/WMC Balanced
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Name changed from JNL/Select Balanced effective 5/2/2011
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All
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JNL/WMC Money Market
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Name changed from JNL/Select Money Market effective 5/2/2011
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All
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JNL/WMC Value
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Name changed from JNL/Select Value effective 5/2/2011
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All
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JNL/X. Xxxx Price Established Growth Fund
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JNL/Alliance Capital Growth Fund was merged with this fund 5/2/05. JNL/Xxxxx Growth Fund and JNL/Xxxxxxxxxxx Growth Fund were merged with this fund on 4/30/2007.
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All
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JNL/X. Xxxx Price Mid-Cap Growth Fund
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All
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JNL/X.Xxxx Price Short Term Bond Fund
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New 5/1/2006 – Name changed from JNL/Xxxxxxx Xxxxx Duration Bond Fund effective 9/28/2009
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All
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JNL/X. Xxxx Price Value Fund
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All
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Fifth Third Balanced VIP Fund
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Fund no longer available for new investments effective 8/13/2007 and was liquidated effective 10/12/2007
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Fifth Third Only
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Fifth Third Disciplined Value VIP Fund
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Fund no longer available for new investments effective 8/13/2007 and was liquidated effective 10/12/2007
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Fifth Third Only
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Fifth Third Mid Cap VIP Fund
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Fund no longer available for new investments effective 8/13/2007 and was liquidated effective 10/12/2007
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Fifth Third Only
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Fifth Third Quality Growth VIP Fund
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Fund no longer available for new investments effective 8/13/2007 and was liquidated effective 10/12/2007
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Fifth Third Only
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JNL General Account
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Guaranteed Five Year Fixed
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All but Focus
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12 Month DCA
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All
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6 Month DCA
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All
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Guaranteed One Year Fixed
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All
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Guaranteed Seven Year Fixed
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All but Focus
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Guaranteed Three Year Fixed
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All
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S&P 500 Composite Stock Price Index – 9 Year Period
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Only available prior to 10/4/04
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Perspective II and Fifth Third
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JNL Ace 2002 Treaty Schedule B-2 Amendment # 20
SCHEDULE C-1
Limits and Rules of the CEDING COMPANY
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1)
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The CEDING COMPANY will determine the Guaranteed Minimum Income Benefits for each qualified annuitization within seven (7) working days of receipt of election to annuitize under the GMIB.
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2)
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The CEDING COMPANY reserves the right to limit cumulative RETAIL ANNUITY PREMIUMS on ANNUITY CONTRACTS to a maximum of $1,000,000.
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3)
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For the purpose of Article IV paragraph G, the maximum RETAIL ANNUITY PREMIUMS per life without REINSURER’s approval is $5,000,000.
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4)
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Valid issue ages for GMIB are 0 to 75, age last birthday.
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JNL ACE 2002 Treaty Schedule C-1 Amendment # 20
SCHEDULE G
Reporting Format and Data Requirements
Monthly Reporting Data Requirements (prepared by CEDING COMPANY)
ACTIVE CONTRACTS and those terminating during the month only:
Insured Life (annuitant) SSN
Contract Identifier
Insured Life Indicator (Annuitant, Owner, or Other)
Insured Life Date of Birth
Insured Life Sex
Second Life Date of Birth (if joint contract)
Second Life Sex (if joint contract)
Issue Date
Qualified Status
Contract Type
Initial Retail Premium
Cumulative Retail Premium
Cumulative Withdrawals
Account value by subaccount
GMIB Income Base
Termination Date
Termination Reason (surrender, death, annuitization)
Optional benefit indicators
Quarterly Reporting Requirements (prepared by REINSURER)
GAAP Surplus position
Standard and Poors Ratings
GMIB Monthly Seriatim Claim Reporting (prepared by CEDING COMPANY)
This includes the following items determined as of the Date of Annuitization:
Policy Number
Date of Annuitization
Contract Issue Date
Guaranteed Purchase Rate
Current Purchase Rate based on treaty definition
Interest rate used in calculation of Current Purchase Rate
Certain Period Elected, but not to exceed 10 years
GMIB Income Base
Account Value
Income Benefit Net Amount at Risk
ADJUSTED GMIB CLAIM
Annuitant DOB
Annuitant Sex
Joint Annuitant DOB (if applicable)
Joint Annuitant Sex (if applicable)
Quarterly Statement of Account (prepared by CEDING COMPANY)
(prepared for each CONTRACT TYPE and GMIB TYPE combination and in aggregate)
1. Calculated value of MONTHLY INCOME BASE
2. Calculated value of QUARTERLY REINSURANCE PREMIUM
3. Calculated value of FORMULA CLAIM LIMIT, AGGREGATE FORMULA CLAIM LIMIT, DOLLAR CLAIM LIMIT and AGGREGATE DOLLAR CLAIM LIMIT
4. ADJUSTED GMIB CLAIMS reported during the current quarter
JNL ACE 2002 Treaty Schedule G Amendment # 20
SCHEDULE I
Calculation of ADJUSTED GMIB CLAIM
A. Income Benefit Net Amount at Risk (IBNARt)
The IBNARt for each ANNUITY CONTRACT reinsured hereunder in calendar year t shall be equal to the following:
IBNARt = Maximum (RGIBt * Minimum (GAPRt / CAPRt, 0.8) – RAVt, 0)
where:
RGIBt is the REINSURED GMIB INCOME BASE, and RAVt is the REINSURED ACCOUNT VALUE, both as defined in Article I, calculated on the ANNUITY CONTRACT’s annuitization date that occurs on or following the contract’s calendar year t anniversary.
GAPRt is the Guaranteed Annuity Purchase Rate (monthly income per $1000 of RGIB), calculated on the ANNUITY CONTRACT’s annuitization date that occurs on or following the contract’s calendar year t anniversary, using the following assumptions:
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Mortality Table Annuity2000 Valuation Table – Age Nearest Birthday
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Age Setback 10 years
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Mortality Improvement: None
|
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Interest Rate: 2.5% all years; annual effective rate
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Age: Age Last Birthday on exercise date
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Annuity Form: Life contingent immediate annuity, not to exceed 10-year certain
|
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Annuity Load: 2.0%
|
Payment Mode: Monthly, regardless of mode elected
Certain Period: Elected period but no greater than 10 years
Single Life Formulas: Life Annuity =
Life Annuity with 10 year certain period =
Joint Life Formulas: Joint Life Annuity =
Joint Life Annuity with 10 year certain period =
Unisex Rates: 40%/60% male/female blended at the qx level
CAPRt is the Current Annuity Purchase Rate (monthly income per $1000 of RGIB), calculated on the ANNUITY CONTRACT’s annuitization date that occurs on or following the contract’s calendar year t anniversary, using the following assumptions:
|
·
|
Mortality Table Annuity2000 Valuation Table – Age Nearest Birthday
|
|
·
|
Age Setback None
|
|
§
|
Mortality Improvement:Scale G (as shown in the 1995 Transactions of the Society
|
of Actuaries) from calendar year 2000 to exercise year
|
Interest Rate:
|
The yield on the most recently auctioned 10-year Treasury Security, as posted in the Wall Street Journal, at the beginning of the month in which exercise occurs, plus 75 bps; annual effective rate
|
|
·
|
Age: Age Last Birthday on exercise date
|
|
·
|
Annuity Form: Life contingent immediate annuity, not to exceed 10-year certain
|
|
·
|
Annuity Load: 0.0%.
|
Payment Mode: Monthly, regardless of mode elected
Certain Period: Elected period but no greater than 10 years
Single Life Formulas: same as for GAPRt
Joint Life Formulas: same as for GAPRt
|
Unisex Rates:
|
Projected sex-distinct mortality rates according to Mortality
|
|
|
Improvement section, then blended 40%/60% male/female
|
The impact of premium taxes, commissions, other expenses, and gender on the calculation of GAPRt and CAPRt will be applied on a consistent basis.
The monthly income calculated from CAPRt is for reinsurance purposes only, and the CEDING COMPANY may use other approaches with retail customers.
B. Annual Annuitization Limit Ratio (AALRatiot)
The AALRatiot for calendar year t shall be equal to the following:
AALRatiot = ExercisedRGIBt / EligibleRGIBt
where:
ExercisedRGIBt is the sum of the REINSURED GMIB INCOME BASE measured on the annuitization date for each ACTIVE CONTRACT that terminates through a GMIB EXERCISE on or following the contract’s calendar year t anniversary.
EligibleRGIBt is the sum of a) plus b) plus c) where
|
a)
|
is the ExercisedRGIBt,
|
|
b)
|
is the sum of the REINSURED GMIB INCOME BASE as of the first MONTHLY VALUATION DATE on or following the contract’s calendar year t anniversary for each ANNUITY CONTRACT that:
|
|
i.)
|
was an ACTIVE CONTRACT as of the first MONTHLY VALUATION DATE on or following the contract’s calendar year t anniversary, and
|
|
ii.)
|
had been reinsured hereunder for at least 120 months, and
|
|
iii.)
|
is not included in a).
|
|
c)
|
is the sum of the REINSURED GMIB INCOME BASE as of the termination date for each ANNUITY CONTRACT that:
|
|
i.)
|
terminated between the contract’s calendar year t anniversary and the first MONTHLY VALUATION DATE on or following the contract’s calendar year t anniversary, and
|
|
ii.)
|
had been reinsured hereunder for at least 120 months, and
|
|
iii.)
|
is not included in a).
|
C. ADJUSTED GMIB CLAIM (AdjGMIBt)
The ADJUSTED GMIB CLAIM for each ANNUITY CONTRACT that terminated through a GMIB EXERCISE on or following the contract’s calendar year t anniversary shall be equal to the following:
AdjGMIBt = IBNARt * (Minimum (AALRatiot, 0.20) / AALRatiot)
D. GUARANTEED ANNUITY PURCHASE RATES TABLE
The following table contains the Guaranteed Annuity Purchase Rates for both “life only” and "life with 10-year certain" annuitization payout options for attained ages 40 through 99 and selected combinations of joint life ages.. Values shown are the monthly income amounts per $1,000 applied. The purchase rates for other ages and options are to be calculated in a consistent manner.
Single Life Annuities
|
TABLE OF GUARANTEED ANNUITY PURCHASE RATES
|
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(MONTHLY INSTALLMENTS)
|
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No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
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|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
||||||||||||
|
Payee
|
Payee
|
Payee
|
Payee
|
Payee
|
Payee
|
||||||||||||||||||
|
Male
|
Life
|
120
|
Male
|
Life
|
120
|
Female
|
Life
|
120
|
Female
|
Life
|
120
|
Unisex
|
Life
|
120
|
Unisex
|
Life
|
120
|
||||||
|
40
|
2.85
|
2.84
|
70
|
4.62
|
4.53
|
40
|
2.74
|
2.74
|
70
|
4.24
|
4.19
|
40
|
2.78
|
2.78
|
70
|
4.39
|
4.33
|
||||||
|
41
|
2.88
|
2.87
|
71
|
4.74
|
4.64
|
41
|
2.76
|
2.76
|
71
|
4.34
|
4.29
|
41
|
2.81
|
2.81
|
71
|
4.50
|
4.43
|
||||||
|
42
|
2.90
|
2.90
|
72
|
4.87
|
4.76
|
42
|
2.79
|
2.79
|
72
|
4.45
|
4.39
|
42
|
2.84
|
2.83
|
72
|
4.62
|
4.54
|
||||||
|
43
|
2.93
|
2.93
|
73
|
5.01
|
4.88
|
43
|
2.81
|
2.81
|
73
|
4.57
|
4.50
|
43
|
2.86
|
2.86
|
73
|
4.75
|
4.65
|
||||||
|
44
|
2.97
|
2.96
|
74
|
5.16
|
5.00
|
44
|
2.84
|
2.84
|
74
|
4.69
|
4.61
|
44
|
2.89
|
2.89
|
74
|
4.88
|
4.77
|
||||||
|
45
|
3.00
|
2.99
|
75
|
5.32
|
5.13
|
45
|
2.87
|
2.87
|
75
|
4.83
|
4.73
|
45
|
2.92
|
2.92
|
75
|
5.02
|
4.89
|
||||||
|
46
|
3.03
|
3.03
|
76
|
5.49
|
5.27
|
46
|
2.90
|
2.90
|
76
|
4.97
|
4.85
|
46
|
2.95
|
2.95
|
76
|
5.18
|
5.02
|
||||||
|
47
|
3.07
|
3.06
|
77
|
5.67
|
5.41
|
47
|
2.93
|
2.93
|
77
|
5.12
|
4.99
|
47
|
2.99
|
2.98
|
77
|
5.34
|
5.16
|
||||||
|
48
|
3.11
|
3.10
|
78
|
5.87
|
5.56
|
48
|
2.96
|
2.96
|
78
|
5.28
|
5.13
|
48
|
3.02
|
3.02
|
78
|
5.51
|
5.30
|
||||||
|
49
|
3.15
|
3.14
|
79
|
6.07
|
5.72
|
49
|
2.99
|
2.99
|
79
|
5.46
|
5.27
|
49
|
3.06
|
3.05
|
79
|
5.70
|
5.45
|
||||||
|
50
|
3.19
|
3.18
|
80
|
6.29
|
5.87
|
50
|
3.03
|
3.03
|
80
|
5.65
|
5.43
|
50
|
3.09
|
3.09
|
80
|
5.90
|
5.61
|
||||||
|
51
|
3.23
|
3.22
|
81
|
6.53
|
6.04
|
51
|
3.07
|
3.06
|
81
|
5.85
|
5.59
|
51
|
3.13
|
3.13
|
81
|
6.12
|
5.77
|
||||||
|
52
|
3.28
|
3.27
|
82
|
6.78
|
6.20
|
52
|
3.10
|
3.10
|
82
|
6.07
|
5.76
|
52
|
3.17
|
3.17
|
82
|
6.35
|
5.94
|
||||||
|
53
|
3.33
|
3.32
|
83
|
7.04
|
6.37
|
53
|
3.14
|
3.14
|
83
|
6.31
|
5.94
|
53
|
3.22
|
3.21
|
83
|
6.60
|
6.12
|
||||||
|
54
|
3.38
|
3.36
|
84
|
7.33
|
6.55
|
54
|
3.19
|
3.18
|
84
|
6.57
|
6.12
|
54
|
3.26
|
3.25
|
84
|
6.87
|
6.30
|
||||||
|
55
|
3.43
|
3.41
|
85
|
7.63
|
6.72
|
55
|
3.23
|
3.22
|
85
|
6.85
|
6.31
|
55
|
3.31
|
3.30
|
85
|
7.16
|
6.48
|
||||||
|
56
|
3.48
|
3.47
|
86
|
7.96
|
6.90
|
56
|
3.28
|
3.27
|
86
|
7.15
|
6.51
|
56
|
3.36
|
3.35
|
86
|
7.47
|
6.67
|
||||||
|
57
|
3.54
|
3.52
|
87
|
8.31
|
7.07
|
57
|
3.32
|
3.31
|
87
|
7.48
|
6.71
|
57
|
3.41
|
3.40
|
87
|
7.80
|
6.86
|
||||||
|
58
|
3.60
|
3.58
|
88
|
8.68
|
7.24
|
58
|
3.37
|
3.36
|
88
|
7.83
|
6.91
|
58
|
3.47
|
3.45
|
88
|
8.16
|
7.05
|
||||||
|
59
|
3.66
|
3.64
|
89
|
9.08
|
7.42
|
59
|
3.43
|
3.42
|
89
|
8.21
|
7.11
|
59
|
3.52
|
3.51
|
89
|
8.55
|
7.23
|
||||||
|
60
|
3.73
|
3.70
|
90
|
9.51
|
7.58
|
60
|
3.48
|
3.47
|
90
|
8.63
|
7.30
|
60
|
3.58
|
3.56
|
90
|
8.97
|
7.42
|
||||||
|
61
|
3.80
|
3.77
|
91
|
9.97
|
7.75
|
61
|
3.54
|
3.53
|
91
|
9.08
|
7.50
|
61
|
3.65
|
3.63
|
91
|
9.43
|
7.60
|
||||||
|
62
|
3.87
|
3.84
|
92
|
10.46
|
7.90
|
62
|
3.60
|
3.59
|
92
|
9.57
|
7.68
|
62
|
3.71
|
3.69
|
92
|
9.92
|
7.77
|
||||||
|
63
|
3.95
|
3.91
|
93
|
10.98
|
8.05
|
63
|
3.67
|
3.65
|
93
|
10.10
|
7.86
|
63
|
3.78
|
3.76
|
93
|
10.44
|
7.94
|
||||||
|
64
|
4.03
|
3.99
|
94
|
11.54
|
8.19
|
64
|
3.74
|
3.72
|
94
|
10.67
|
8.03
|
64
|
3.86
|
3.83
|
94
|
11.01
|
8.10
|
||||||
|
65
|
4.11
|
4.07
|
95
|
12.13
|
8.32
|
65
|
3.81
|
3.79
|
95
|
11.29
|
8.19
|
65
|
3.93
|
3.90
|
95
|
11.62
|
8.24
|
||||||
|
66
|
4.20
|
4.15
|
96
|
12.77
|
8.44
|
66
|
3.89
|
3.86
|
96
|
11.96
|
8.33
|
66
|
4.01
|
3.98
|
96
|
12.28
|
8.38
|
||||||
|
67
|
4.30
|
4.24
|
97
|
13.44
|
8.55
|
67
|
3.97
|
3.94
|
97
|
12.68
|
8.46
|
67
|
4.10
|
4.06
|
97
|
12.98
|
8.50
|
||||||
|
68
|
4.40
|
4.33
|
98
|
14.16
|
8.65
|
68
|
4.05
|
4.02
|
98
|
13.44
|
8.58
|
68
|
4.19
|
4.14
|
98
|
13.73
|
8.61
|
||||||
|
69
|
4.51
|
4.43
|
99
|
14.93
|
8.74
|
69
|
4.15
|
4.10
|
99
|
14.25
|
8.68
|
69
|
4.29
|
4.24
|
99
|
14.52
|
8.71
|
||||||
Guaranteed Purchase Rates -Joint and Survivor Life Annuity
|
Age of Male Annuitant
|
Age of Female Contingent Annuitant
|
||||||||
|
50
|
55
|
60
|
65
|
70
|
75
|
80
|
85
|
90
|
|
|
55
|
$2.89
|
$2.99
|
$3.09
|
$3.18
|
$3.25
|
$3.31
|
$3.35
|
$3.38
|
$3.40
|
|
60
|
2.93
|
3.06
|
3.19
|
3.32
|
3.43
|
3.52
|
3.59
|
3.64
|
3.68
|
|
65
|
2.96
|
3.11
|
3.27
|
3.44
|
3.60
|
3.75
|
3.87
|
3.96
|
4.02
|
|
70
|
2.98
|
3.15
|
3.34
|
3.55
|
3.77
|
3.99
|
4.18
|
4.34
|
4.45
|
|
75
|
3.00
|
3.18
|
3.39
|
3.64
|
3.92
|
4.21
|
4.51
|
4.77
|
4.98
|
|
80
|
3.01
|
3.20
|
3.42
|
3.70
|
4.03
|
4.41
|
4.82
|
5.23
|
5.59
|
|
85
|
3.02
|
3.21
|
3.45
|
3.74
|
4.11
|
4.56
|
5.09
|
5.68
|
6.25
|
|
90
|
3.02
|
3.22
|
3.46
|
3.77
|
4.16
|
4.66
|
5.30
|
6.06
|
6.90
|
Guaranteed Purchase Rates - Joint and Survivor Life Annuity and 10 Year Certain Period
|
Age of Male Annuitant
|
Age of Female Contingent Annuitant
|
||||||||
|
50
|
55
|
60
|
65
|
70
|
75
|
80
|
85
|
90
|
|
|
55
|
$2.89
|
$2.99
|
$3.09
|
$3.18
|
$3.25
|
$3.31
|
$3.35
|
$3.38
|
$3.40
|
|
60
|
2.93
|
3.06
|
3.19
|
3.32
|
3.43
|
3.52
|
3.59
|
3.64
|
3.67
|
|
65
|
2.96
|
3.11
|
3.27
|
3.44
|
3.60
|
3.75
|
3.87
|
3.95
|
4.01
|
|
70
|
2.98
|
3.15
|
3.34
|
3.55
|
3.77
|
3.98
|
4.17
|
4.32
|
4.43
|
|
75
|
3.00
|
3.18
|
3.39
|
3.63
|
3.91
|
4.21
|
4.49
|
4.74
|
4.93
|
|
80
|
3.01
|
3.20
|
3.42
|
3.70
|
4.02
|
4.40
|
4.80
|
5.18
|
5.49
|
|
85
|
3.02
|
3.21
|
3.44
|
3.74
|
4.10
|
4.54
|
5.05
|
5.58
|
6.06
|
|
90
|
3.02
|
3.22
|
3.46
|
3.76
|
4.15
|
4.63
|
5.23
|
5.90
|
6.57
|
E. SAMPLE CURRENT ANNUITY PURCHASE RATES TABLES
The following tables contains sample Current Annuity Purchase Rates for both “life only” and "life with 10-year certain" annuitization payout options for attained ages 40 through 99 and selected combinations of joint life ages, based on a GMIB exercise in 2015 and a 10-year Treasury Security equal to 5% . Values shown are the monthly income amounts per $1,000 applied. The purchase rates for other ages, options, exercise years, and 10-year Treasury Security rates are to be calculated in a consistent manner.
Single Life Annuities
|
TABLE OF SAMPLE CURRENT ANNUITY PURCHASE RATES
|
|||||||||||||||||
|
2015 year of annuitization and 10-yr Treasury rate = 5%
|
|||||||||||||||||
|
(MONTHLY INSTALLMENTS)
|
|||||||||||||||||
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
No. of Mos.
|
||||||||||||
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
Age of
|
Certain
|
||||||
|
Payee
|
Payee
|
Payee
|
Payee
|
Payee
|
Payee
|
||||||||||||
|
Male
|
Life
|
120
|
Male
|
Life
|
120
|
Female
|
Life
|
120
|
Female
|
Life
|
120
|
Unisex
|
Life
|
120
|
Unisex
|
Life
|
120
|
|
40
|
5.24
|
5.23
|
70
|
7.95
|
7.50
|
40
|
5.11
|
5.10
|
70
|
7.28
|
7.06
|
40
|
5.16
|
5.15
|
70
|
7.55
|
7.24
|
|
41
|
5.27
|
5.26
|
71
|
8.16
|
7.64
|
41
|
5.13
|
5.13
|
71
|
7.46
|
7.20
|
41
|
5.19
|
5.18
|
71
|
7.74
|
7.38
|
|
42
|
5.31
|
5.30
|
72
|
8.39
|
7.79
|
42
|
5.16
|
5.15
|
72
|
7.66
|
7.35
|
42
|
5.22
|
5.21
|
72
|
7.95
|
7.53
|
|
43
|
5.35
|
5.33
|
73
|
8.63
|
7.95
|
43
|
5.19
|
5.18
|
73
|
7.88
|
7.51
|
43
|
5.25
|
5.24
|
73
|
8.17
|
7.69
|
|
44
|
5.39
|
5.37
|
74
|
8.89
|
8.10
|
44
|
5.22
|
5.21
|
74
|
8.11
|
7.67
|
44
|
5.29
|
5.27
|
74
|
8.42
|
7.85
|
|
45
|
5.43
|
5.41
|
75
|
9.16
|
8.26
|
45
|
5.25
|
5.24
|
75
|
8.36
|
7.84
|
45
|
5.32
|
5.31
|
75
|
8.68
|
8.01
|
|
46
|
5.47
|
5.45
|
76
|
9.46
|
8.42
|
46
|
5.28
|
5.27
|
76
|
8.63
|
8.02
|
46
|
5.36
|
5.34
|
76
|
8.96
|
8.18
|
|
47
|
5.52
|
5.49
|
77
|
9.78
|
8.59
|
47
|
5.32
|
5.31
|
77
|
8.92
|
8.20
|
47
|
5.40
|
5.38
|
77
|
9.26
|
8.36
|
|
48
|
5.57
|
5.54
|
78
|
10.11
|
8.75
|
48
|
5.36
|
5.35
|
78
|
9.23
|
8.38
|
48
|
5.44
|
5.42
|
78
|
9.58
|
8.53
|
|
49
|
5.62
|
5.58
|
79
|
10.48
|
8.91
|
49
|
5.40
|
5.38
|
79
|
9.58
|
8.57
|
49
|
5.49
|
5.47
|
79
|
9.93
|
8.71
|
|
50
|
5.67
|
5.63
|
80
|
10.87
|
9.08
|
50
|
5.44
|
5.43
|
80
|
9.95
|
8.76
|
50
|
5.54
|
5.51
|
80
|
10.31
|
8.89
|
|
51
|
5.73
|
5.69
|
81
|
11.28
|
9.24
|
51
|
5.49
|
5.47
|
81
|
10.35
|
8.94
|
51
|
5.59
|
5.56
|
81
|
10.72
|
9.07
|
|
52
|
5.79
|
5.74
|
82
|
11.73
|
9.39
|
52
|
5.54
|
5.52
|
82
|
10.79
|
9.13
|
52
|
5.64
|
5.61
|
82
|
11.16
|
9.24
|
|
53
|
5.85
|
5.80
|
83
|
12.21
|
9.55
|
53
|
5.59
|
5.56
|
83
|
11.26
|
9.31
|
53
|
5.70
|
5.66
|
83
|
11.63
|
9.41
|
|
54
|
5.92
|
5.86
|
84
|
12.72
|
9.69
|
54
|
5.65
|
5.62
|
84
|
11.77
|
9.48
|
54
|
5.76
|
5.72
|
84
|
12.15
|
9.57
|
|
55
|
5.99
|
5.93
|
85
|
13.27
|
9.83
|
55
|
5.70
|
5.67
|
85
|
12.33
|
9.65
|
55
|
5.82
|
5.78
|
85
|
12.70
|
9.72
|
|
56
|
6.07
|
6.00
|
86
|
13.86
|
9.96
|
56
|
5.77
|
5.73
|
86
|
12.94
|
9.80
|
56
|
5.89
|
5.84
|
86
|
13.30
|
9.87
|
|
57
|
6.15
|
6.07
|
87
|
14.50
|
10.09
|
57
|
5.83
|
5.79
|
87
|
13.59
|
9.95
|
57
|
5.96
|
5.91
|
87
|
13.95
|
10.01
|
|
58
|
6.24
|
6.15
|
88
|
15.19
|
10.21
|
58
|
5.90
|
5.86
|
88
|
14.29
|
10.09
|
58
|
6.04
|
5.98
|
88
|
14.65
|
10.14
|
|
59
|
6.33
|
6.24
|
89
|
15.92
|
10.32
|
59
|
5.98
|
5.93
|
89
|
15.04
|
10.22
|
59
|
6.12
|
6.05
|
89
|
15.39
|
10.26
|
|
60
|
6.44
|
6.33
|
90
|
16.70
|
10.42
|
60
|
6.06
|
6.00
|
90
|
15.84
|
10.33
|
60
|
6.21
|
6.13
|
90
|
16.18
|
10.37
|
|
61
|
6.54
|
6.42
|
91
|
17.52
|
10.51
|
61
|
6.15
|
6.08
|
91
|
16.68
|
10.44
|
61
|
6.31
|
6.22
|
91
|
17.01
|
10.47
|
|
62
|
6.66
|
6.52
|
92
|
18.40
|
10.59
|
62
|
6.24
|
6.17
|
92
|
17.56
|
10.53
|
62
|
6.41
|
6.31
|
92
|
17.89
|
10.56
|
|
63
|
6.78
|
6.62
|
93
|
19.34
|
10.67
|
63
|
6.34
|
6.26
|
93
|
18.48
|
10.62
|
63
|
6.52
|
6.41
|
93
|
18.82
|
10.64
|
|
64
|
6.92
|
6.73
|
94
|
20.36
|
10.73
|
64
|
6.45
|
6.35
|
94
|
19.47
|
10.68
|
64
|
6.64
|
6.51
|
94
|
19.83
|
10.70
|
|
65
|
7.06
|
6.85
|
95
|
21.50
|
10.78
|
65
|
6.56
|
6.45
|
95
|
20.56
|
10.74
|
65
|
6.76
|
6.61
|
95
|
20.93
|
10.76
|
|
66
|
7.22
|
6.97
|
96
|
22.78
|
10.82
|
66
|
6.69
|
6.56
|
96
|
21.77
|
10.79
|
66
|
6.90
|
6.73
|
96
|
22.17
|
10.80
|
|
67
|
7.38
|
7.09
|
97
|
24.25
|
10.85
|
67
|
6.82
|
6.67
|
97
|
23.17
|
10.83
|
67
|
7.04
|
6.84
|
97
|
23.60
|
10.84
|
|
68
|
7.56
|
7.22
|
98
|
26.03
|
10.87
|
68
|
6.96
|
6.79
|
98
|
24.86
|
10.86
|
68
|
7.20
|
6.97
|
98
|
25.32
|
10.86
|
|
69
|
7.75
|
7.36
|
99
|
28.03
|
10.88
|
69
|
7.12
|
6.92
|
99
|
26.75
|
10.88
|
69
|
7.37
|
7.10
|
99
|
27.26
|
10.88
|
Current Purchase Rates - 2015 year of annuitization and 10-yr Treasury rate = 5%:
Joint and Survivor Life Annuity
|
Age of Male Annuitant
|
Age of Female Contingent Annuitant
|
||||||||
|
50
|
55
|
60
|
65
|
70
|
75
|
80
|
85
|
90
|
|
|
55
|
$5.24
|
$5.36
|
$5.48
|
$5.60
|
$5.71
|
$5.80
|
$5.87
|
$5.92
|
$5.95
|
|
60
|
5.29
|
5.44
|
5.61
|
5.78
|
5.95
|
6.10
|
6.22
|
6.30
|
6.36
|
|
65
|
5.34
|
5.52
|
5.73
|
5.96
|
6.21
|
6.45
|
6.65
|
6.81
|
6.91
|
|
70
|
5.37
|
5.57
|
5.83
|
6.13
|
6.47
|
6.83
|
7.16
|
7.44
|
7.64
|
|
75
|
5.39
|
5.62
|
5.90
|
6.27
|
6.70
|
7.20
|
7.72
|
8.18
|
8.55
|
|
80
|
5.41
|
5.65
|
5.96
|
6.37
|
6.90
|
7.55
|
8.27
|
9.01
|
9.64
|
|
85
|
5.42
|
5.67
|
6.00
|
6.44
|
7.04
|
7.83
|
8.78
|
9.84
|
10.86
|
|
90
|
5.43
|
5.68
|
6.03
|
6.49
|
7.14
|
8.03
|
9.20
|
10.61
|
12.12
|
|
|
Joint and Survivor Life Annuity and 10 Year Certain Period
|
|
Age of Male Annuitant
|
Age of Female Contingent Annuitant
|
||||||||
|
50
|
55
|
60
|
65
|
70
|
75
|
80
|
85
|
90
|
|
|
55
|
$5.24
|
$5.36
|
$5.48
|
$5.60
|
$5.71
|
$5.79
|
$5.86
|
$5.90
|
$5.92
|
|
60
|
5.29
|
5.44
|
5.61
|
5.78
|
5.94
|
6.08
|
6.19
|
6.26
|
6.30
|
|
65
|
5.33
|
5.51
|
5.72
|
5.96
|
6.20
|
6.42
|
6.61
|
6.73
|
6.80
|
|
70
|
5.37
|
5.57
|
5.82
|
6.12
|
6.45
|
6.78
|
7.07
|
7.29
|
7.42
|
|
75
|
5.39
|
5.61
|
5.89
|
6.25
|
6.66
|
7.12
|
7.56
|
7.90
|
8.12
|
|
80
|
5.41
|
5.64
|
5.94
|
6.34
|
6.84
|
7.41
|
8.01
|
8.51
|
8.84
|
|
85
|
5.42
|
5.66
|
5.98
|
6.40
|
6.95
|
7.63
|
8.36
|
9.02
|
9.49
|
|
90
|
5.42
|
5.67
|
5.99
|
6.43
|
7.02
|
7.76
|
8.60
|
9.38
|
9.96
|
JNL ACE 2002 Treaty - Schedule I Amendment No. 20
