Aetna Life Insurance and Annuity Company
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
(000) 000-0000
Herein called Aetna
Agrees to pay benefits as stated in this Contract.
SPECIFICATIONS
THIS CONTRACT IS DELIVERED IN
AND IS SUBJECT TO THE LAWS OF THAT JURISDICTION
DETAILS OF VARIABLE FEATURES OF THIS CONTRACT ARE IN THE DEPOSIT, RESERVE, AND
SURRENDER PROVISIONS, AND ANNUITY PROVISIONS.
RIGHT TO CANCEL
The Owner may cancel this Contract within 10 days of receiving it, by sending a
written notice to Aetna at the above address or to the agent from whom it was
purchased. Aetna will return all payments made for this Contract within 7 days
after it receives the notice of cancellation and this Contract.
This page, and the following pages, and the application, make up the entire
Contract.
Signed at Hartford, Connecticut on the Effective Date.
/s/ Xxxxxxx X. Xxxxxxxxxxx /s/ Xxxxxxx X. Xxxxxx
Secretary President
GROUP VARIABLE OR FIXED ANNUITY OR COMBINATION CONTRACT
NON-PARTICIPATING
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT,
WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT,
ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.
GSD-CDA-HO 39170
SPECIFICATIONS
PLAN
OWNER
GROUP CONTRACT NO.
EFFECTIVE DATE
THIS CONTRACT IS DELIVERED IN
AND IS SUBJECT TO THE LAWS OF THAT JURISDICTION
Deduction From Deposit(s) - The amount of the Net Deposit(s) applied will be the
deposit(s) received minus a deduction for premium taxes, if any then deducted
(see Deposit, Reserve, and Surrender Provisions of this Contract).
Deductions From The Separate Account And The Funds - Total deductions equal 1.5%
on an annual basis. Once Annuity payments begin, Aetna must earn a gross return
on the assets of the Separate Account of: (a) 5% on an annual basis if an
assumed net return rate of 3.5% is chosen; or (b) 6.5% on an annual basis if an
assumed net return rate of 5% is chosen; in order that the dollar amount of the
Variable Annuity payments will not decrease.
GSD-CDA-HO
2
COVER SHEET
This Contract is a legal contract betwee the Owner and Aetna.
READ THIS CONTRACT CAREFULLY. This cover sheet is only a brief outline of some
of the important features of this Contract. This cover sheet is not the
insurance contract. Only the actual terms of this Contract will control. This
Contract sets forth, in detail, all of the rights and obligations of both you
and Aetna. IT IS THEREFORE IMPORTANT THAT YOU READ THIS CONTRACT CAREFULLY.
TABLE OF CONTENTS
Page
GENERAL DEFINITIONS
1. Participant.............................................................5
2. Annuitant...............................................................5
3. Annuity.................................................................5
4. Fixed Annuity...........................................................5
5. Variable Annuity........................................................5
6. General Account.........................................................5
7. Separate Accounts.......................................................5
8. Fund(s).................................................................5
9. Valuation Period........................................................5
GENERAL PROVISIONS
1. Contract................................................................6
2. Incontestability........................................................6
3. Control of Contract and Individual Accounts.............................6
4. Change of Contract by Aetna.............................................6
5. Individual Certificates.................................................6
6. Designation of Beneficiary..............................................6
7. Misstatements and Adjustments...........................................7
8. State Laws..............................................................7
9. Non-Participating Contract..............................................7
DEPOSIT, RESERVE, AND SURRENDER PROVISIONS
1. Net Deposit.............................................................7
2. Individual Accounts.....................................................7
3. Guaranteed Interest Rate -- General Account.............................7
4. Record Units - Separate Account.........................................8
5. Investment Increment Factors - Separate Account.........................8
6. Record Unit Value - Separate Account....................................8
7. Individual Account Reserve..............................................9
8. Active Life Fund........................................................9
9. Experience Credits......................................................9
10. Transfer of Individual Account Reserves................................9
GSD-CDA-HO 3
11. Notice to the Owner....................................................9
12. Sum Payable at Death (Before Annuity Payments Start)..................10
13. Surrender Value.......................................................10
ANNUITY PROVISIONS
1. Choices to be Made.....................................................11
2. Fund(s) Annuity Units - Separate Account...............................11
3. Fund(s) Annuity Unit Value - Separate Account..........................11
4. Annuity Options........................................................12
5. Other Terms of Annuity Options.........................................21
7. Death of Annuitant/Beneficiary.........................................21
GSD-CDA-HO 4
GENERAL DEFINITIONS
1. PARTICIPANT - A person who participates in the Plan and for whom benefits
are being accrued under this Contract.
2. ANNUITANT - A Participant or beneficiary on whose life an Annuity has
been effected under this Contract.
3. ANNUITY - Payment of an income:
. (a) for the life of one or two people;
(b) for a stated period;
(c) for some mix of (a) and (b); or
(d) until there are no funds left.
4. FIXED ANNUITY - An Annuity of a fixed dollar amount paid from the General
Account.
5. VARIABLE ANNUITY - An Annuity of a varying dollar amount paid from the
Separate Account.
6. GENERAL ACCOUNT - The Account which holds the assets of Aetna, other than
those assets of Aetna in the Separate Accounts. Reserves for a Fixed
Annuity are held in the General Account.
7. SEPARATE ACCOUNTS - Accounts set up by Aetna under the Connecticut
Insurance Laws. Assets for this class of variable contracts are set apart
from other assets of Aetna. Reserves for a Variable Annuity are held in a
Separate Account and invested in shares of Fund(s).
8. FUND(S) - The open-end management investment companies (mutual funds)
registered under the Investment Company Act of 1940. They are:
(a) Aetna Variable Fund (Variable Fund);
(b) Aetna Variable Encore Fund, Inc. (Encore Fund);
(c) Aetna Income Shares, Inc. (Income Fund); and
(d) Other funds (if any) which Aetna may allow.
9. VALUATION PERIOD - The period of time from the end of one business day to
the end of the next business day.
GSD-CDA-HO 5
GENERAL PROVISIONS
1. Contract
This Contract may be changed only by an officer of Aetna. Any change must
be made in writing. Any choices under this Contract by the Owner,
Annuitant or beneficiary must be in writing. Until receipt of such
choices in the Home Office of Aetna, Aetna may rely on any previous
choices made.
Aetna will make Annuity payments as and when due. Any other payments will
be made by Aetna within 7 days of receipt of the written claim for
payment, except as otherwise provided in the Surrender Value provision.
2. Incontestability
Aetna cannot cancel this Contract because of any error of fact on the
application.
3. Control of Contract and Individual Accounts
All of the benefits and rights granted by this Contract, or allowed by
Aetna, belong to the Owner.
4. Change of Contract by Aetna
Aetna may change any of the terms of this Contract. Aetna will notify the
Owner in writing 30 days before the effective date of any such change.
Any such change will not affect the amount or terms of any Annuity which
began prior to such change. Changes that affect the following provisions
of this Contract: (a) Annuity Options; (b) Net Deposit; (c) Guaranteed
Interest Rate; (d) Individual Account Reserve; and (e) Surrender Value;
will only apply to deposits made on behalf of Participants who become
covered under this Contract on or after the effective date of such
change. If the Owner fails to agree to any such change, no new
Participants may be covered under this Contract. Aetna will continue to
accept contributions for the Participants covered under this Contract
prior to change. This Contract is subject to change as required by
federal or state law.
5. Individual Certificates
Aetna shall issue certificates for each Participant as required by the
state in which this Contract is delivered. The certificate will contain a
summary of the benefits provided by this Contract.
Certificates are not a part of this Contract.
6. Designation of Beneficiary
GSD-CDA-HO 6
The beneficiary for each Participant shall be as named, or later changed,
by the Owner. If no beneficiary is living at the death of the
Participant, payment of any amount due will be made to the Owner.
7. Misstatements and Adjustments
If the age or sex of any payee is found to be misstated, the correct
facts will be used to adjust payments.
8. State Laws
This Contract follows the laws of the state in which it is delivered. Any
cash, death or Annuity payments are equal to or greater than the minimum
required by such laws.
10. Non-Participating Contract
The Owner will have no right to share in the earnings of Aetna.
DEPOSIT, RESERVE, AND SURRENDER PROVISIONS
1. Net Deposit
The Net Deposit is the actual deposit minus a charge to pay premium
taxes, if any. As a rule, Aetna will take this charge out of an
Individual Account Reserve (see below) when annuity payments are to
start. But, if Aetna determines that it must pay any imposed premium tax
at any other time, it may take out the charge at any time.
2. Individual Accounts
Aetna will maintain Individual Accounts for each Participant. On the
basis of information supplied by the Owner, Aetna will credit the Net
Deposit(s) to such Accounts in either:
(a) the General Account;
(b) the Separate Account where they are invested in Fund(s) as
directed by the Owner; or
(c) a mix of (a) and (b).
3. Guaranteed Interest Rate -- General Account
On Net Deposit(s) made to the General Account, Aetna will add interest
daily at an annual rate no less than:
(a) 4% except under the Annuity Provisions; and
GSD-CDA-HO 7
(b) 3.5% under the Annuity Provisions.
Aetna may add interest daily at any higher rate.
4. Record Units - Separate Account
The portion of the Net Deposit applied to the Separate Account Fund(s)
will determine the number of Record Units. This number is equal to the
Net Deposit(s) divided by the Record Unit Value (see below) for the
Valuation Period when the Net Deposit is received.
5. Investment Increment Factors - Separate Account
Investment Increment Factors are those items used to determine a Fund's
net return factor for each Valuation Period. The net return factor(s) are
then used to compute all Separate Account values and payments.
The gross return is equal to:
(a) investment income; plus
(b) realized and unrealized capital gains; minus
(c) realized and unrealized capital losses; minus
(d) certain investment expenses; and minus
(e) a daily charge at an annual rate of .25% for investment management
expense and profit.
The gross return is divided by the net assets of the Fund at the start of
the Valuation Period to compute the gross return rate. A gross return
rate may be more or less than 0. The net return rate is equal to:
(a) the gross return rate; plus or minus
(b) taxes (or charges to a tax reserve) on the Separate Account; and
minus
(c) a daily charge at an annual rate of 1.25% for annuity mortality
and expense risks and profit.
A net return rate may be more or less than 0.
The net return factor for each Fund is equal to the net return rate plus
1.000000.
6. Record Unit Value - Separate Account
GSD-CDA-HO 8
The Record Unit Value for each Separate Account Fund is computed by
multiplying the net return factor for the current Valuation Period by the
Record Unit Value for the previous Period. The dollar value of Record
Units, Separate Account Reserves, and Variable Annuity payments may go up
or down due to investment gain or loss.
7. Individual Account Reserve
The Individual Account Reserve for each Participant is equal to:
(a) Net Deposits credited to the General Account (if any); plus
(b) General Account interest added by Aetna; plus
(c) the value of Separate Account Record Units (if any); plus
(d) any amount due to Experience Credits (see below); minus
(e) any amounts previously surrendered.
8. Active Life Fund
The Active Life Fund is equal to the combined Reserves of all Individual
Accounts, except those Accounts applied to the payment of Annuities.
9. Experience Credits
Aetna may apply Experience Credits to Individual Accounts in the Active
Life Fund under this Contract. Any such credit will be computed as
decided by Aetna.
10. Transfer of Individual Account Reserves
The Owner may transfer any portion of the Individual Account Reserves
from any Fund to any other Fund or to the General Account. Reserves
cannot be transferred from the General Account to any of the Funds. A
transfer of Reserves cannot be made within 90 days of a previous
transfer.
11. Notice to the Owner
Aetna will notify the Owner each year of:
(a) the investments held in the Fund(s) for the Separate Account; and
(b) the number of record units; or
GSD-CDA-HO 9
(c) the number of annuity units; and
(d) the value of a unit.
Such number or values will be as of a date no more than 60 days before
the date of the notice.
12. Sum Payable at Death (Before Annuity Payments Start)
Aetna will pay to the beneficiary the Individual Account Reserve if:
(a) the participant dies before Annuity payments start; and
(b) the notice of death is received by Aetna.
The sum paid will be the Reserve on the date when the notice is received.
The beneficiary may choose to apply any sum under Annuity Options (see
Annuity Provisions).
13. Surrender Value
The amount paid by Aetna upon the surrender of all or any portion of the
Active Life Fund or Individual Account(s) shall be reduced by a surrender
fee. The surrender fee will be a percentage of the amount surrendered and
will vary according to the period of time between the effective date and
the date of surrender for the Individual Account(s) being surrendered.
For each surrender from an Individual Account, the fee will be as
follows:
If period of time is Fee
Less than 5 5%
From 5 to 6 years 4%
From 6 to 7 3%
From 7 to 8 2%
From 8 to 9 1%
9 or more years None
In no event, however, will the Fee on a total surrender of an Individual
Account exceed 9% of the actual deposit made to that Account.
If the Active Life Fund invested in the General Account exceeds $500,000,
Aetna reserves the right to pay out any surrender in equal installments
over a period not to exceed 60 months.
Under certain emergency conditions, Aetna has the right to defer payment
of any surrender value as provided by federal or state law.
GSD-CDA-HO 10
ANNUITY PROVISIONS
1. Choices to be Made
The Owner may tell Aetna to pay the Individual Account Reserve (minus any
charges for premium taxes) as a premium for an Annuity under Options 2,
3, 4, and 5 (see below). The first Annuity payment must generally be made
no later than the first day of the month following the Annuitant's 75th
birthday. The Owner may tell Aetna to make the first Annuity payment on
the first day of any prior month.
When any option is chosen, the Owner or beneficiary choosing the option
must tell Aetna if payments are to be made other than monthly. They must
also tell Aetna to pay:
(a) a Fixed Annuity;
(b) a Variable Annuity using Variable Fund;
(c) a Variable Annuity using Income Fund; or
(d) any mix of these.
When choosing a Variable Annuity, an assumed net return rate of 5% per
year may be chosen. If not chosen, Aetna will use an assumed net return
rate of 3.5% per year.
2. Fund(s) Annuity Units - Separate Account
The amount of the first Variable Annuity payment will be equal to:
(a) the portion of the Individual Account Reserve (minus any charges
for premium taxes) to be used to pay a Variable Annuity using the
Fund(s); times
(b) the rate for each $1,000 for the Option chosen.
Such amount, or portion, of the payment using a Fund will be divided by
the Fund(s) Annuity Unit Value (see below) on the due date of the first
payment to determine the number of the Fund(s) Annuity Units.
Such number of the Fund(s) Annuity Units remains fixed. Each future
payment is equal to such number times the Fund(s) Annuity Unit Value on
the due date of each payment.
3. Fund(s) Annuity Unit Value - Separate Account
For any Valuation Period the Fund(s) Annuity Unit Value is equal to:
(a) the Value for the next previous Period; times
GSD-CDA-HO 11
(b) the net return factor(s) (see Investment Increment Factors -
Separate Account provisions) for the tenth previous Period; times
(c) a factor to reflect the assumed net return rate.
The factor for 3.5% per year is .9999058; for 5% per year it is .9998663.
The dollar amount of Annuity Units, values, and payments may go up or
down due to investment gain or loss.
Payments shall not be changed due to mortality or expense results.
4. Annuity Options
Option 1 - Payment of Interest on Sum Left With Aetna - This option may
be used only by the beneficiary when the death of the Participant is
before Aetna has started paying an Annuity. A portion or all of the sum
due may be held in the General Account of Aetna at interest (see
Guaranteed Interest Rate - General Account provision). The beneficiary
may later tell Aetna to:
(a) pay a portion, or all, of the sum held by Aetna; or
(b) apply a portion, or all, of the sum held by Aetna under any of the
Annuity Options below.
Option 2 - Payments of a Stated Dollar Amount - An Annuity of a chosen
amount will be paid until there are no funds left. The payments to be
made in a year must be no less than $60 for each $1,000 applied to this
Option, but cannot exceed an amount which would deplete the funds in less
than 3 years.
Where there is a right under Federal Securities Law to forgo future
payments and receive the present value of the Annuity under this Option
in a lump sum, the exercise of that right within a 3 year period after
the start of payments shall be treated as a surrender (see Surrender
Value under Deposit, Reserve and Surrender Provisions).
Option 3 - Payments for a Stated Period of Time - An Annuity will be paid
for the number of years chosen. The number of years must be no less than
3 and no more than 30.
Where there is a right under Federal Securities Law to forgo future
payments and receive the present value of the Annuity under this Option
in a lump sum, the exercise of that right within a 3 year period after
the start of payments shall be treated as a surrender (see Surrender
Value under Deposit, Reserve and Surrender Provisions).
GSD-CDA-HO 12
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
PAYMENTS FOR A STATED PERIOD
Years Years Years
of Pay- Amount of of Pay- Amount of of Pay- Amount of
ments Payments ments Payments ments Payments
----- -------- ----- -------- ----- ---------
3 $29.19 13 $7.94 22 $5.39
4 22.27 14 7.49 23 5.24
5 18.12 15 7.10 24 5.09
6 15.35 16 6.76 25 4.96
7 13.38 17 6.47 26 4.84
8 11.90 18 6.20 27 4.73
9 10.75 19 5.97 28 4.63
10 9.83 20 5.75 29 4.53
11 9.09 21 5.56 30 4.45
12 8.46
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
PAYMENTS FOR A STATED PERIOD
Years Years Years
of Pay- Amount of of Pay- Amount of of Pay- Amount of
ments Payments ments Payments ments Payments
----- -------- ----- -------- ----- ---------
3 $29.80 13 $8.64 22 $6.17
4 22.89 14 8.20 23 6.02
5 18.74 15 7.82 24 5.88
6 15.99 16 7.49 25 5.76
7 14.02 17 7.20 26 5.65
8 12.56 18 6.94 27 5.54
9 11.42 19 6.71 28 5.45
10 10.51 20 6.51 29 5.36
11 9.77 21 6.33 30 5.28
12 9.16
GSD-CDA-HO 13
Option 4 - Life Income - An Annuity will be paid for life. Payments may be made
for a minimum stated period, if chosen, of 60, 120, 180 or 240 months. If the
Annuitant dies before the end of such stated period, payments will be made to
the beneficiary for the rest of the stated period.
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months:
Annuitant None 60 120 180 240
Male Female
---- ------ ---- -- --- --- ---
50 55 $4.98 $4.96 $4.89 $4.77 $4.62
51 56 5.08 5.05 4.98 4.85 4.68
52 57 5.18 5.16 5.07 4.93 4.74
53 58 5.30 5.26 5.17 5.01 4.80
54 59 5.41 5.38 5.27 5.09 4.86
55 60 5.54 5.49 5.37 5.17 4.92
56 61 5.67 5.62 5.48 5.26 4.98
57 62 5.80 5.75 5.59 5.35 5.04
58 63 5.95 5.89 5.71 5.44 5.10
59 64 6.10 6.03 5.83 5.53 5.16
60 65 6.27 6.19 5.96 5.62 5.22
61 66 6.44 6.35 6.09 5.72 5.27
62 67 6.63 6.52 6.23 5.81 5.33
63 68 6.82 6.71 6.38 5.91 5.38
64 69 7.04 6.90 6.53 6.00 5.43
65 70 7.26 7.11 6.68 6.10 5.47
66 71 7.50 7.33 6.84 6.19 5.52
67 72 7.76 7.56 7.01 6.28 5.55
68 73 8.04 7.80 7.18 6.37 5.59
69 74 8.34 8.07 7.35 6.46 5.62
70 75 8.67 8.34 7.52 6.54 5.65
71 9.01 8.63 7.70 6.62 5.67
72 9.39 8.94 7.88 6.69 5.69
73 9.79 9.26 8.05 6.76 5.71
74 10.22 9.61 8.22 6.81 5.72
75 10.69 9.96 8.39 6.87 5.73
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GSD-CDA-HO 14
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months:
Annuitant None 60 120 180 240
Male Female
---- ------ ---- -- --- --- ---
50 55 $5.89 $5.86 $5.78 $5.65 $5.48
51 56 5.99 5.96 5.86 5.71 5.53
52 57 6.09 6.06 5.95 5.79 5.59
53 58 6.20 6.16 6.04 5.86 5.64
54 59 6.32 6.27 6.14 5.94 5.70
55 60 6.44 6.39 6.24 6.02 5.75
56 61 6.57 6.51 6.34 6.10 5.80
57 62 6.71 6.64 6.45 6.18 5.86
58 63 6.85 6.77 6.56 6.26 5.91
59 64 7.00 6.92 6.68 6.35 5.97
60 65 7.16 7.07 6.80 6.43 6.02
61 66 7.34 7.23 6.93 6.52 6.07
62 67 7.52 7.40 7.06 6.61 6.12
63 68 7.72 7.58 7.20 6.70 6.17
64 69 7.93 7.77 7.35 6.79 6.21
65 70 8.16 7.97 7.50 6.88 6.25
66 71 8.40 8.19 7.65 6.97 6.29
67 72 8.66 8.42 7.81 7.05 6.33
68 73 8.94 8.66 7.97 7.14 6.36
69 74 9.24 8.92 8.13 7.22 6.39
70 75 9.56 9.19 8.30 7.29 6.41
71 9.91 9.48 8.47 7.36 6.43
72 10.29 9.78 8.64 7.43 6.45
73 10.69 10.10 8.80 7.49 6.47
74 11.13 10.43 8.97 7.55 6.48
75 11.60 10.79 9.13 7.60 6.49
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
GSD-CDA-HO 15
Option 5 - Life Income for Two Payees - An Annuity will be paid during the lives
of the Annuitant and a second annuitant. At the death of either, payments will
continue to the survivor. When this option is chosen, a choice must be made of:
(a) 100% of the payment to continue to the survivor;
(b) 66 2/3% of the payment to continue to the survivor;
(c) 50% of the payment to continue to the survivor; or
(d) payments for a minimum of 120 months, with 100% of the payment to
continue to the survivor.
GSD-CDA-HO 16
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $4.10 $4.27 $4.43 $4.57 $4.69 $4.79 $4.86
55 60 4.21 4.43 4.65 4.86 5.04 5.20 5.32
60 65 4.30 4.57 4.86 5.15 5.43 5.68 5.88
65 70 4.38 4.69 5.04 5.43 5.83 6.21 6.56
70 75 4.44 4.79 5.20 5.68 6.21 6.78 7.33
75 80 4.48 4.86 5.32 5.88 6.56 7.33 8.16
80 85 -- 4.91 5.41 6.03 6.82 7.80 8.95
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $5.00 $5.16 $5.31 $5.44 $5.57 $5.67 $5.75
55 60 5.11 5.31 5.51 5.71 5.90 6.06 6.19
60 65 5.20 5.44 5.71 5.99 6.26 6.52 6.73
65 70 5.28 5.57 5.90 6.26 6.65 7.04 7.38
70 75 5.34 5.67 6.06 6.52 7.04 7.59 8.14
75 80 5.38 5.75 6.19 6.73 7.38 8.14 8.96
80 85 -- 5.81 6.29 6.90 7.66 8.62 9.76
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GSD-CDA-HO 17
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
66 2/3% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $4.51 $4.72 $4.94 $5.18 $5.44 $5.71 $6.00
55 60 4.70 4.94 5.20 5.49 5.81 6.14 6.49
60 65 4.90 5.18 5.49 5.84 6.23 6.65 7.09
65 70 5.11 5.44 5.81 6.23 6.71 7.25 7.82
70 75 5.34 5.71 6.14 6.65 7.25 7.93 8.69
75 80 5.58 6.00 6.49 7.09 7.82 8.69 9.69
80 85 -- 6.28 6.84 7.53 8.39 9.47 10.77
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
66 2/3% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $5.43 $5.62 $5.84 $6.08 $6.36 $6.65 $6.98
55 60 5.62 5.84 6.10 6.38 6.70 7.06 7.44
60 65 5.82 6.08 6.38 6.72 7.11 7.54 8.01
65 70 6.06 6.36 6.70 7.11 7.58 8.12 8.71
70 75 6.31 6.65 7.06 7.54 8.12 8.80 9.56
75 80 6.59 6.98 7.44 8.01 8.71 9.56 10.56
80 85 -- 7.31 7.84 8.49 9.33 10.38 11.66
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GSD-CDA-HO 18
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
50% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $4.75 $4.98 $5.24 $5.55 $5.91 $ 6.32 $ 6.79
55 60 4.99 5.24 5.54 5.88 6.28 6.76 7.30
60 65 5.26 5.55 5.88 6.27 6.73 7.27 7.90
65 70 5.59 5.91 6.28 6.73 7.26 7.90 8.65
70 75 5.96 6.32 6.76 7.27 7.90 8.67 9.57
75 80 6.37 6.79 7.30 7.90 8.65 9.57 10.69
80 85 -- 7.30 7.88 8.59 9.49 10.61 12.00
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
50% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $5.67 $5.89 $6.15 $6.47 $6.84 $7.29 $7.81
55 60 5.91 6.15 6.44 6.78 7.20 7.70 8.28
60 65 6.20 6.47 6.78 7.16 7.63 8.19 8.86
65 70 6.54 6.84 7.20 7.63 8.16 8.80 9.58
70 75 6.95 7.29 7.70 8.19 8.80 9.56 10.48
75 80 7.42 7.81 8.28 8.86 9.58 10.48 11.60
80 85 -- 8.39 8.94 9.61 10.46 11.56 12.92
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GSD-CDA-HO 19
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $4.10 $4.27 $4.42 $4.56 $4.68 $4.77 $4.83
55 60 4.21 4.42 4.64 4.84 5.02 5.16 5.26
60 65 4.30 4.56 4.84 5.12 5.38 5.61 5.78
65 70 4.37 4.68 5.02 5.38 5.76 6.10 6.37
70 75 4.42 4.77 5.16 5.61 6.10 6.58 7.00
75 80 4.46 4.83 5.26 5.78 6.37 7.00 7.58
80 85 -- 4.86 5.33 5.88 6.55 7.29 8.02
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- -------
50 55 $5.00 $5.15 $5.30 $5.43 $5.55 $5.64 $5.71
55 60 5.10 5.30 5.50 5.69 5.87 6.01 6.12
60 65 5.19 5.43 5.69 5.96 6.21 6.44 6.61
65 70 5.27 5.55 5.87 6.21 6.57 6.90 7.17
70 75 5.32 5.64 6.01 6.44 6.90 7.37 7.78
75 80 5.36 5.71 6.12 6.61 7.17 7.78 8.34
80 85 -- 5.75 6.19 6.72 7.35 8.06 8.76
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GSD-CDA-HO 20
5. Special Terms Under Annuity Options
No choice of any Annuity Option may be made if the first payment would be
less than $20 or if the total payments in a year would be less than $100.
Age, where used in the above tables, means age nearest birthday on the
date of the first payment. The tables for Options 4 and 5 use the Annuity
table for 1949 with:
(a) a 1 year age reduction for males; and
(b) a 6 year age reduction for females.
If Fixed Annuity Options 3, 4, or 5 are chosen and Aetna's current
applicable rates at that time are larger than the rates above, the larger
payment will be made.
6. Death of Annuitant/Beneficiary
When an Annuitant dies while payments are being made under an Annuity
Option, payments will be continued to the beneficiary as provided by the
option. If no beneficiary is living, the present value of any remaining
payments will be paid in one sum to the Owner. The present value will
assume the same interest rate that was used when the first payment was
made.
When a beneficiary dies while a sum is held at interest, the amount held
will be paid in one sum to the estate of the beneficiary. When a
beneficiary dies while payments are being made under an Annuity Option,
the present value of any remaining payments will be paid in one sum to
the estate of the beneficiary. The present value will assume the same
interest rate that was used when the first payment was made.
GSD-CDA-HO 21
Aetna Life Insurance and Annuity Company
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
(000) 000-0000
GROUP VARIABLE OR FIXED ANNUITY OR COMBINATION CONTRACT
NON-PARTICIPATING
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT,
WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT,
ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT
GSD-CDA-HO 22
VI. FEE SCHEDULE
DEFERRED COMPENSATION PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender from an Individual Account, the Surrender Fee will
vary according to the period of time between the effective date of the
Individual Account and the date of surrender. The Surrender Fee will be
determined as follows:
If Period of Time is Surrender Fee
Less than 5 years 5%
From 5 to 6 years 4%
From 6 to 7 years 3%
From 7 to 8 years 2%
From 8 to 9 years 1%
9 or more years 0%
No Surrender Fee is deducted from any portion of the Individual Account
which is paid:
(1) At the death of a Participant before Annuity payments start;
or
(2) As a premium for an Annuity for a Participant under this
Contract; or
(3) Under a Section 457 Plan which meets the following criteria:
(a) The Contract Holder and Aetna agree in writing to
have this section apply when the Contract is
purchased; and
(b) The Contract Holder certifies to Aetna that the
surrender is due to either a permanent disability, or
unforeseen emergency as specified under Section
457(b)(5) of the Internal Revenue Code.
GSD-HD
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to add the following new provisions to the end
of Section 6.02 - Surrender Fee:
No Surrender Fee is deducted from any portion of the Individual Account
which is paid:
On and after the tenth anniversary of the Effective Date of the
Individual Account;
When the Individual Account Cash Value is $2,500 or less and no
surrenders have been taken from the Individual Account within the prior
12 months. If there is more than one Individual Account under the
Contract for a Participant, then this provision will only apply when
the total in all of the Participant's Individual Accounts is $2,500 or
less; or
In an amount equal to or less than 10% of the current Individual
Account Cash Value, as part of the first partial surrender request in a
calendar year to a 403(b) Participant who is at least age 59 1/2 and
less than age 70 1/2. The Individual Account Cash Value is calculated
as of the date the partial surrender request is received in good order
at Aetna's Home Office. Any outstanding loans from the Participant's
Individual Account are excluded when calculating the Individual Account
Cash Value. This provision does not apply to partial surrenders due to
loan defaults made from Individual Account Values and does not apply to
full surrender requests.
Endorsed and made a part of this Contract on May 1, 1989 or the
Effective Date of the Contract whichever is later.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
EGSF-HI
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follow:
Add the following condition under the Contract entitled Deposit, Reserve and
Surrender Provisions as follows:
Distribution Options: The following distribution options may be elected by
the Owner on the Participant's behalf.
(a) Estate Conservation Option (ECO): A distribution option under which a
portion of the Individual Account Current Value will automatically be
surrendered and distributed each year. An ECO payment will be
calculated on the Individual Account's full Current Value. The value of
the Fixed Account and/or the Fund Record Units cancelled by the amounts
paid will be withdrawn pro rata from each investment option used under
the Contract.
(1) Distribution Amount: Each year that ECO is in effect, Aetna will
calculate and distribute an amount equal to the minimum
distribution required under the Internal Revenue Code (Code). The
annual distribution will be determined by dividing the Individual
Account Current Value as of December 31 of the year prior to the
payment year, by a life expectancy factor. These calculations may
be changed as necessary to comply with the Code minimum
distribution rules.
(2) Life Expectancy Factor: The factor is either the single life or
joint life expectancy, as elected by the Owner on the
Participant's behalf, based on tables in Code Section 401 (a) (9)
or related regulations.
The joint life expectancy factor can only be elected based on the
joint life expectancy of the Participant and his or her spouse,
and such spouse must be named as the beneficiary of any death
benefits under the Plan while ECO is in effect. If joint life
expectancy is elected and the Participant or spouse dies, payments
will be based on the survivor's life expectancy. If single life
expectancy is elected and the Participant dies, or if joint life
expectancy is elected and the survivor dies, the life expectancy
is reduced to zero in the year following the year of death. The
full Current Value must be distributed not later than December 31
following the year of death, or as may be otherwise required by
Internal Revenue Service (IRS) regulations.
If joint life expectancy is elected, any changes in the
beneficiary designation under the Plan must be immediately
communicated to Aetna so that subsequent distributions can be
calculated as required by IRS regulations.
EDCESWE-1B 1
(3) Minimum Current Value: At its discretion, Aetna may require a
minimum initial Current Value for election of this option. If
after election of this option the Current Value is insufficient to
make a scheduled ECO payment, Aetna will distribute the entire
balance of the Individual Account.
(4) Distribution Date: The Owner shall specify an annual distribution
date on the Participant's behalf. The distribution date may be the
15th of any month, or such other date Aetna may designate or
allow, but not earlier than the year the Participant attains age
701/2 or retires, whichever occurs later. Subsequent distributions
will be made on the anniversary of that date.
(5) Elections and Revocation: ECO may be elected by the Owner on the
Participant's behalf by submitting a completed and signed election
form to Aetna's Home Office.
Once elected, this option may be revoked by the Owner on the
Participant's behalf by submitting a written request to Aetna at
its Home Office. Any revocation will apply only to amounts not yet
paid. ECO may be elected only once.
(6) Reservation of Rights: Aetna reserves the right to change the
terms of ECO for future elections and discontinue the availability
of this option after proper notification. Aetna also reserves the
right to allow payments to be made more frequently than annually.
(b) Systematic Withdrawal Option (SWO): A distribution option under
which a portion of the Individual Account Current Value will
automatically be surrendered and distributed each year. A SWO
payment will be calculated on the Individual Account's full
Current Value. The value of the Fixed Account and/or the Fund
Record Units cancelled by the amounts paid will be withdrawn pro
rata from each investment option used under the Contract.
(1) Distribution Amount: The Owner may elect one of the two
payment methods described below on the Participant's behalf.
At its discretion, Aetna may require a minimum initial payment
amount. These calculations may be changed as necessary to
comply with the Code minimum distribution rules.
o Specified Payment: Payments of a designated annual dollar
amount which must be no greater than 30% of the initial
Current Value. This amount will remain constant unless a
higher amount is required under Code minimum distribution
rules.
o Each year that the Specified Payment is in effect, Aetna
will calculate the minimum required distribution by
dividing the Individual Account Current Value as of
December 31 of the year prior to the payment year, by a
life
EDCESWE-1B 2
expectancy factor, and distribute this amount if it is
larger than the amount elected by the Owner on the
Participant's behalf; or
o Specified Period: Payments are made over a period of time
which must be at least 3 years, unless otherwise required
by Code minimum distribution rules. The maximum specified
period will be limited by the Participant's life
expectancy factor. The amount paid each year is calculated
by dividing the Individual Account Current Value as of
December 31 of the prior year by the number of payment
years remaining.
(2) Life Expectancy Factor: The factor for the initial
distribution year is either the single life or joint life
expectancy, as elected by the Owner on the Participant's
behalf, based on tables in Code Section 401 (a)(9) or related
regulations. With each subsequent year, the life expectancy
will be the Participant's life expectancy factor (single or
joint) for the initial distribution year, reduced by one.
The joint life expectancy factor can only be elected based on
the joint life expectancy of the Participant and his or her
spouse, and such spouse must be named as the beneficiary of
any death benefits under the Plan while SWO is in effect. If
the joint life expectancy factor is elected and the
Participant or spouse dies, the joint life expectancy factor
will continue to be reduced by one for each distribution year.
Payments upon the Participant's death will continue in the
manner previously elected under (1), unless the Owner elects
an alternate payment mode on behalf of the Plan beneficiary.
Any mode elected must provide payments to be made at least as
rapidly as those made prior to the Participant's death.
If joint life expectancy is elected, any changes in the
beneficiary designation under the Plan must be immediately
communicated to Aetna so that subsequent distributions can be
calculated as required by IRS regulations.
(3) Minimum Initial Current Value: At its discretion, Aetna may
require a minimum initial Current Value for election of this
option. If after election of this option the Current Value is
insufficient to make a scheduled SWO payment, Aetna will
distribute the entire balance of the Individual Account.
(4) Distribution Date: SWO must be elected when the Participant is
eligible to begin receiving payments under the Plan. The Owner
shall specify the distribution date Participant's behalf. SWO
payments will be made quarterly, semi-annually or annually on the
15th of any month, or such other date Aetna may designate or
allow. If payments are made more frequently than annually, the
annual amount payable each year is divided by the number of
payments due per year.
EDCESWE-1B 3
(5) Elections and Revocation: SWO may be elected by the Owner on the
Participant's behalf by submitting a completed and signed election
form to Aetna's Home Office.
Once elected, this option may be revoked by the Owner by
submitting a written request to Aetna at its Home Office. Any
revocation will apply only to amounts not yet paid. SWO may be
elected only once.
(6) Reservation of Rights: Aetna reserves the right to change the
terms of SWO for future elections and discontinue the availability
of this option after proper notification. Aetna also reserves the
right to allow payments to be made more frequently than quarterly.
Endorsed and made a part of the Contract.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EDCESWE-1B 4
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to amend and restate the following:
Section 3.01. Net Purchase Payment(s) - Delete the last paragraph and replace it
with the following:
During any calendar year, Aetna may be told to change the investment mix
twelve times. Should Aetna allow additional changes, each may be subject to
a fee of up to $10.
Section 3.08, 3.11 or 3.12. Transfer of Current Value from the Funds or GA
Account - Delete the last paragraph and replace it with the following:
Twelve transfers of Current Value (excluding transfers from the GA Account
at the end of a Guaranteed Term) can be made during a calendar year period.
Should Aetna allow additional transfers, each may be subject to a fee of up
to $10.
Endorsed and made a part of this Contract effective May 1, 1989.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EGMCVT-HI
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
Add to Section 1. GENERAL DEFINITIONS the following paragraph:
Maturity Date: The last day of a GA Account Term.
Matured Term Value: The amount payable on a GA Account Term's Maturity
Date.
Nonunitized Separate Account: An account set up by Aetna under Title 38,
Sec. 38-154a, of the Connecticut General Statutes, which is used to hold
assets for GA Account Terms greater than three years. The Contract Holder
or Participant, as applicable, does not participate in the investment gain
or loss from the assets held in the GA Account.
Section 3.02 or 3.03 - Guaranteed Accumulation Account (GA Account) is amended
and restated as follows:
The GA Account guarantees stipulated rates of interest for stated periods of
time (see (a) and (c) below). Amounts withdrawn before the end of a Guaranteed
Term may be subject to a Market Value Adjustment (MVA) (see (g) below).
(a) Deposit Period - A calendar month, a calendar quarter, or any other period
of time specified by Aetna during which Net Purchase Payment(s) and
transfers are accepted into the GA Account for one or more Guaranteed
Terms.
(b) Guaranteed Term (Term) - The period of time for which interest rates are
guaranteed on Net Purchase Payment(s) and on transfers made into a Deposit
Period of the GA Account. Terms are offered at Aetna's discretion for
various lengths of time ranging up to and including ten years.
(c) Guaranteed Term Classifications - The grouping of Terms according to their
time to maturity. The following are the Classifications:
(1) Short-Term: Terms of up to and including 3 years; or
(2) Long-Term: Terms of greater than 3 years and up to and including 10
years.
EGAA-IO 1
During a Deposit Period, Aetna may make available one or more Terms within
a Classification. The Contract Holder has the option to allocate Net
Purchase Payment(s) and transfers into any or all of the available Deposit
Period Terms. If no specific direction is given, Net Purchase Payment(s)
and transfers will go into available Terms on a pro rata basis within the
Classification(s) previously chosen by the Contract Holder. At least one
Term in the Short-Term Classification will be available each Deposit
Period.
(d) Guaranteed GA Account Interest Rates (Guaranteed Rates) - Aetna will
declare all interest rate(s) applicable to a specific Term at the start of
the Deposit Period for that Term. These rate(s) are guaranteed by Aetna for
that Deposit Period and the ensuing Term and are not based on the actual
investment experience of the underlying assets in the GA Account. The
Guaranteed Rates are annual effective yields. The interest is credited
daily at a rate that will produce the guaranteed annual effective yield
over the period of a year. No annual rate will ever be less than 4%.
For Terms of one year or less, one Guaranteed Interest Rate is set and
announced for that full Term. For other Terms, there may be two or more
rates. The rate(s) will be set and announced prior to the Deposit Period
for that Term and will not be subject to change.
(e) Withdrawals from GA Account - Full or partial surrenders may be requested
at any time from the GA Account. However, amounts withdrawn prior to the
Maturity Date of a Term to satisfy a surrender request may be subject to an
MVA (see (g) below).
Full and partial surrenders are satisfied by withdrawing amounts from each
of the Fund(s), the Fixed Account, the GA Account Short-Term Classification
and the GA Account Long-Term Classification on a pro rata basis. However,
the Contract Holder or Participant, as applicable, may specify a particular
order in which investment options will be liquidated in order to satisfy a
partial surrender request.
For purposes of withdrawals, Terms within the GA Account Short-Term and
Long-Term Classifications are considered as two separate investment
options. Any withdrawal which is a surrender will be subject to the
Maintenance Fee and Surrender Fee as appropriate. Also, amounts will be
removed within a GA Account Classification starting with the Term still in
effect with the oldest Deposit Period.
Amounts may be transferred at any time subject to Contract specifications
(see 3.10, 3.1 1, or 3.12 below). Amounts transferred prior to the Maturity
Date of a Term are subject to an MVA (see (g) below). Fund(s) will be
removed within the elected Classification starting with the Term still in
effect with the oldest Deposit Period.
During the Deposit Period and the 90 days following the close of the
Deposit Period, any amounts applied to the GA Account during that Deposit
Period may not be withdrawn unless due to:
EGAA-IO 2
(1) A full or partial surrender;
(2) A payment of a premium for an Annuity Option; or
(3) The Sum Payable at Death provision.
(f) Maturity Date/Reinvestment - For all GA Account Term(s) existing as of the
effective date- of this endorsement in addition to GA Account Term(s)
announced subsequent to that date, the Contract Holder or Participant, as
applicable, will be mailed a notice at least 18 calendar days before a
Term's Maturity Date. This notice will contain the current Deposit Period's
Guaranteed Rate(s), Term(s) and a projected Matured Term Value.
The Matured Term Value may be surrendered or transferred on the Term's
Maturity Date without an MVA. If no specific direction is given by the
Contract Holder or Participant, as applicable, prior to the Maturity Date,
each Matured Term Value will be reinvested in a Term of the same duration.
In the event that a Term of the same duration is unavailable, each Matured
Term Value will automatically be reinvested in the next shortest Term
available in the same Classification during the then current Deposit
Period. If however, only one Term is available within the Classification,
then the Matured Term Value will automatically be reinvested in that Term.
Within two business days after the Maturity Date, the Contract Holder or
Participant, as applicable, will be mailed a confirmation statement. This
statement will state the Terms and Guaranteed Rates which will apply to the
reinvested Matured Term Value.
During the calendar month following the Term's Maturity Date, one exception
is allowed to the 90 day transfer restriction and MVA under (e) and (g).
This exception is applicable to each Matured Term Value plus any interest
accrued thereon, provided no part of the Matured Term Value was transferred
on the Maturity Date.
During this calendar month period, the Contract Holder or Participant, as
applicable, may notify Aetna's Home Office to transfer or surrender all or
part of the Matured Term Value plus any interest accrued thereon from the
GA Account without an MVA. This provision only applies to the first such
request received from the Contract Holder or Participant, as applicable,
during this period for any Matured Term Value. The Matured Term Value plus
any interest accrued thereon may be transferred upon such request without
an MVA:
(1) To any other Terms of the GA Account available in the current Deposit
Period; or
(2) To any other allowable Fund(s).
EGAA-IO 3
If no such notification is given, the Matured Term Value will remain
subject to the terms and conditions of the new Term. All surrender and
transfer requests will be processed as of the date they are received in
good order at Aetna's Home Office.
If this Contract is issued under a Tax Deferred Annuity Plan (see
Specifications page) the above notice will be sent to the Participant(s).
(g) Market Value Adjustment (MVA) - There will be an MVA for a withdrawal from
the GA Account before the end of a Term when the withdrawal is due to:
(1) A transfer;
(2) A full or partial surrender; or
(3) A payment of a premium for Annuity Option 2.
The amount of the withdrawal will be adjusted to a market value amount as
described below.
The market value adjusted amount will be equal to the amount withdrawn
multiplied by the following ratio:
x
---
365
(1 + i)
-------
x
---
365
(1 +j)
Where: i is the Deposit Yield
j is the Current Yield
x is the number of days remaining, (computed from Wednesday of
the week of withdrawal) in the Guaranteed Term.
The Deposit Period Yield will be determined as follows:
o At the close of the last business day of each week of the Deposit
Period, a yield will be computed as the average of the yields on that
day of U.S. Treasury Notes which mature in the last three months of the
Guaranteed Term.
o The Deposit Period Yield is the average of those yields for the Deposit
Period. If withdrawal is made prior to the close of the Deposit Period,
it is the average of those yields on each week preceding withdrawal.
EGAA-IO 4
The Current yield is the average of the yields on the last business day of
the week preceding withdrawal on the same U.S. Treasury Notes included in
the Deposit Period Yield.
In the event that no U.S. Treasury Notes which mature in the last three
months of the Guaranteed Term exist, Aetna reserves the right to use the
U.S. Treasury Notes that mature in a following quarter.
Full and partial surrenders as well as transfers made within six months of
the date of death of the Participant under the Sum Payable at Death
provision will be the greater of:
o The aggregate MVA amount which is the sum of all market value adjusted
amounts calculated due to a withdrawal of amounts (for surrender or
transfer) from Terms prior to the end of those Terms. The aggregate MVA
may be either positive or negative; or
o The applicable portion of the Current Value in the GA Account.
After the six month period, the surrender or transfer will be the aggregate
MVA amount (i.e. including all MVAs).
The greater of the aggregate MVA amount or the applicable portion of the
Current Value in the GA Account is applied to amounts withdrawn from the GA
Account for payment of a premium under Annuity Options 3 or 4.
Aetna may make any change to Section 3.02 or 3.03 with 30 days advance
written notice to the Contract Holder or Participant, as applicable. Any
such change shall become effective for Purchase Payment(s), transfers or
reinvestments made to any new Term by any present or future Participant.
(h) Deposits to the GA Account - All amounts in the GA Account under the
Short-Term Classifications are made to the General Account.
All amounts in the GA Account under the Long-Term Classifications are made
to a Nonunitized Separate Account. There are no discrete units for this
Nonunitized Separate Account. The Contract Holder or Participant, as
applicable, does not participate in the gain or loss from the assets held
in the Nonunitized Separate Account. Such gain or loss is borne entirely by
Aetna. These assets may be chargeable with liabilities arising out of any
other business of Aetna.
For Terms under both the Short-Term and Long-Term Classifications, Aetna
guarantees stipulated interest rates to be credited to the GA Account. All
assets of Aetna including amounts made to the GA Account are available to
meet the guarantees under the GA Account.
EGAA-IO 5
Section 3.10, 3.11 or 3.12 - Transfer of Current Value from the Fund(s) or GA
Account is deleted and replaced by the following:
Before an Annuity Option is elected, all or any portion of the Current
Value may be transferred from any Fund or GA Account:
(a) To any other allowable Fund;
(b) To the Fixed Account; or
(c) To Terms of the GA Account available in the current Deposit Period.
Amounts in a specific GA Account Term cannot be transferred to the Deposit
Period of another Term within the same Classification except at the Term's
maturity (see 3.02(f) or 3.03(f)).
Amounts applied to Classifications of the GA Account may not be transferred
to the Fund(s) or to the Fixed Account during the Deposit Period or for 90
days after the close of the Deposit Period.
Transfers from Terms of the GA Account are subject to the Withdrawal and
MVA provisions (see 3.02(e) and (g) or 3.03(e) and (g)).
Twelve transfers of Current Value can be made during a calendar year
period. The Transfer of any portion of the GA Account value at the Maturity
Date of a Term is not counted for this purpose. Aetna may allow additional
transfers, but each may be subject to a fee of up to $10.
Endorsed and made a part of this Contract on May 1, 1991 or the effective date
of the Contract whichever is later.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
EGAA-IO 6
Aetna Life Insurance and Annuity Company
ENDORSEMENT
Aetna hereby endorses this Contract to allow the transfer of Reserves out of the
General Account. Such transfers will be:
(1) a minimum of 10% of the General Account funds held in the Participant's
Individual Account;
(2) without deduction of any charge; and
(3) to any of the Fund(s) or the Guaranteed Accumulation Account;
(4) allowed once during each calendar year;
(5) prior to the election of an Annuity Option;
(6) without affecting the rights of transfer now in the contract.
Aetna may, for temporary periods of time, allow any larger percentage to be
transferred.
The value of the Reserves held in the General Account, as used above, is the
value when the request is received at the Home Office of Aetna. References to
the General Account above shall not apply to the Guaranteed Accumulation
Account.
Endorsed and made a part of this Contract on the later of September 1, 1983 or
the Effective Date of this Contract.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EGAWGA-HC
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
The definition of Separate Account under the Definition of Certain Terms or
General Definitions section of the contract is hereby amended to read as
follows:
Separate Account: An account which buys and holds shares of the Fund(s).
Income, gains or losses, realized or unrealized are credited or charged
to this account without regard to other income, gains or losses of Aetna.
Aetna owns the assets held in a separate account and is not a trustee as
to such amounts. These accounts generally are not guaranteed and are held
at market value. The assets of such accounts, to the extent of reserves
and other contract liabilities of the account, shall not be charged with
other Aetna liabilities.
Endorsed and made a part of the Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity
EGISA-IA
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract is hereby endorsed.
The term Valuation Period under Definitions is amended to read as follows:
The period of time for which a Fund determines its net asset value,
usually from 4:15 p.m. Eastern time each day the New York Stock Exchange
is open until 4:15 p.m. the next such day, or such other day that one or
more of the Funds determines its net asset value.
Endorsed and made a part of the Contract.
/s/ X. X. Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EVPE-IC
