Aetna Life Insurance and Annuity Company
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
(000) 000-0000
Herein called Aetna
Agrees to pay the benefits stated in this Contract.
1.06 General Account..................................................
1.07. Purchase Payment(s)..............................................
1.08. Separate Accounts................................................
1.09. Valuation Period.................................................
1.10. Variable Annuity.................................................
II. GENERAL PROVISIONS
2.01. Change of Contract...............................................
2.02. Change of Fund(s)................................................
2.03. Non-Participating Contract.......................................
2.04. Payments.........................................................
2.05. State Laws.......................................................
2.06. Control of Contract..............................................
2.07. Designation of Beneficiary.......................................
2.08. Misstatements and Adjustments....................................
2.09. Incontestability.................................................
THE VARIABLE FEATURES OF THIS CONTRACT ARE DESCRIBED IN PARTS III AND IV.
RIGHT TO CANCEL
The Contract Holder may cancel this Contract within 10 days of receiving it, by
returning this Contract along with a written notice to Aetna at the above
address or to the agent from whom it was purchased. Within 7 days after it
receives the notice of cancellation and this Contract at its Home Office, Aetna
will return the entire consideration paid; plus any increase or minus any
decrease in the cash value of any funds allocated to the Separate Accounts.
This page, the following pages, and the application make up the entire Contract.
Signed at the Home Office on the Effective Date.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxx
Secretary President
INDIVIDUAL VARIABLE, FIXED, OR COMBINATION ANNUITY 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.
1
TABLE OF CONTENTS
I. GENERAL DEFINITIONS
Page
1.01. Annuitant...........................................................4
1.02. Annuity.............................................................4
1.03. Fixed Account.......................................................4
1.04. Fixed Annuity.......................................................4
1.05. Fund(s).............................................................4
1.06. General Account.....................................................4
1.07. Purchase Payments...................................................4
1.08. Separate Accounts...................................................4
1.09. Valuation Period....................................................4
1.10. Variable Annuity....................................................4
II. GENERAL PROVISIONS
2.01. Change of Contract..................................................5
2.02. Change of Fund(s)...................................................5
2.03. Non-Participating Contract..........................................5
2.04. Payments............................................................5
2.05. State Laws..........................................................6
2.06. Control of Contract.................................................6
2.07. Designation of Beneficiary..........................................6
2.08. Misstatements and Adjustments.......................................6
2.09. Incontestability....................................................6
2.10. Grace Period........................................................6
III. PURCHASE PAYMENT, CURRENT VALUE AND SURRENDER PROVISIONS
3.01. Net Purchase Payment(s):............................................7
3.02. Guaranteed Interest Rate - Fixed Account............................7
3.03. Maintenance Fee.....................................................7
3.04. Fund(s) Record Units - Separate Account.............................7
3.05. Net Return Factor(s) - Separate Account.............................7
3.06. Fund(s) Record Unit Value - Separate Account........................8
3 07 Current Value.......................................................8
3.08. Transfer of Current Value from the Funds............................8
3.09. Transfer of Current Value from the Fixed Account....................8
3.10. Notice to the Contract Holder.......................................9
3.11 Sum Payable at Death (Before Annuity Payments Start):...............9
3.12. Surrender Value.....................................................9
3.13. Payment of Surrender Value..........................................9
3.14. Reinstatement.......................................................9
2
IV. ANNUITY PROVISIONS
4.01. Choices to be Made.................................................10
4.02. Terms of Annuity Options...........................................10
4.03. Death of Annuitant/Beneficiary.....................................11
4.04. Fund(s) Annuity Units - Separate Account...........................11
4.05. Fund(s) Annuity Unit Value - Separate Account......................11
4.06. Annuity Options....................................................12
V. SPECIAL PROVISIONS
5.01 Deferred Compensation Plan.........................................23
5.02. Pension or Profit Sharing Plan.....................................24
5.03. Individual Retirement Annuity Plan (IRA)...........................24
5.04. Tax Deferred Annuity Plan..........................................26
5.05. Individual Annuity Plan............................................26
VI. FEE SCHEDULE
6.01. Maintenance Fee....................................................28
6.02. Surrender Fee......................................................28
6.03. Table of Minimum Values - Fixed Account:...........................28
3
I. GENERAL DEFINITIONS
1.01. Annuitant - A person on whose life an Xxxxxxx has been effected under
this Contract.
1.02. Annuity - Payment of an income:
(a) for the life of one or two persons;
(b) for a stated period, or amount; or,
(c) for some mix of (a) and (b).
1.03. Fixed Account - An accumulation option with a guaranteed minimum interest
rate. Aetna may credit a higher rate which is not guaranteed.
1.04. Fixed Annuity - An Annuity with payments which do not vary in amount.
1.05. Fund(s) - The open-end registered management investment companies,
(mutual funds) made available by Aetna under this Contract.
1.06. General Account - The Account holding the assets of Aetna, other than
those assets held in the Separate Accounts.
1.07. Purchase Payments - Payments made to Aetna.
1.08. Separate Accounts - Accounts set up by Aetna under the Connecticut
Insurance Laws which purchase shares of the Fund(s).
1.09. Valuation Period (Period) - The period of time from the end of one
business day on the New York Stock Exchange to the end of the next
business day.
1.10. Variable Annuity - An Annuity with payments which vary with the net
investment results of a Separate Account.
4
II. GENERAL PROVISIONS
2.01. Change of Contract: Only an authorized officer of Aetna may change the
terms of this Contract. Aetna will notify the Contract Holder in writing
at least 30 days before the effective date of any change. Any change will
not affect the amount or terms of any Annuity which begins before the
change. The following provisions of this Contract will not be changed:
(a) Net Purchase Payment(s);
(b) Guaranteed Interest Rate - Fixed Account;
(c) Net Return Factor(s) - Separate Account;
(d) Current Value;
(e) Surrender Value;
(f) Fund(s) Annuity Unit Value - Separate Account;
(g) Annuity Options;
(h) Fixed Annuity minimum interest rate;
(i) Maximum transfer, maintenance or surrender fees.
This Contract may also be changed as required by federal or state law.
2.02. Change of Fund(s): Aetna, or the Separate Account and the Fund(s), may:
(a) change the Fund(s) which may be invested in by the Separate
Account; and
(b) replace the shares of any Fund(s) held in the Separate Account
with shares of any other Fund(s).
Changes must be:
(1) approved by a majority vote of persons having an interest in the
Separate Account and the Fund(s); or
(2) deemed necessary by Aetna under the Investment Company Act of
1940; or
(3) deemed necessary by Aetna to accomplish the purpose of the
Separate Account.
Aetna will notify the Contract Holder of any change.
2.03. Non-Participating Contract: The Contract Holder, Annuitant, or
beneficiaries will not have a right to share in the earnings of Aetna.
2.04. Payments: Aetna will make Annuity payments as and when due. Aetna will
make other payments within 7 days of receipt at its Home Office of a
written claim for payment which is in good order, except as provided in
3.13.
5
2.05. State Laws: This Contract complies with 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. Annuity tables for legal reserve
valuation shall be as required by state law. Such tables may be different
from annuity tables used to determine Annuity payments.
2.06. Control of Contract: See Part V.
2.07. Designation of Beneficiary: See Part V. The beneficiary may be changed at
any time.
2.08. Misstatements and Adjustments: If Aetna finds the age, or any other
relevant facts to be misstated, the correct facts will be used to adjust
payments.
2.09. Incontestability: Aetna cannot cancel this Contract because of any error
of fact on the application.
2.10. Grace Period: This Contract will remain in effect even if Purchase
Payments are not continued.
6
III. PURCHASE PAYMENT, CURRENT VALUE AND SURRENDER PROVISIONS
3.01. Net Purchase Payment(s): The actual Purchase Payment less any premium
tax. As a rule, Aetna will deduct the premium tax when Annuity benefits
are purchased (see Part IV). If Aetna determines that it must pay a
premium tax when Purchase Payments are received or at any other time,
it will deduct the tax at that time.
The Net Purchase Payment(s) will be credited to:
(a) the Fixed Account;
(b) the Fund(s) in which the Separate Account invests.
Aetna must be told the percentage of the Net Purchase Payment(s) to be
applied to each investment above.
During any calendar year, Aetna may be told to change the investment
mix four times if more than one Purchase Payment is made. If additional
changes are allowed, each may be subject to a fee of up to $10.
3.02. Guaranteed Interest Rate - Fixed Account: On any Purchase Payment(s)
made to the Fixed Account, Aetna will add interest daily at any annual
rate no less than 4%. Aetna may add interest daily at any higher rate
determined by its Board of Directors.
3.03. Maintenance Fee: See Part V.
3.04. Fund(s) Record Units - Separate Account: The portion of the Net
Purchase Payment(s) applied to the Separate Account will determine the
number of Fund(s) Record Units. This number is equal to a Net Purchase
Payment divided by the Fund(s) Record Unit Value (see 3.06) for the
Valuation Period in which the Purchase Payment is received in good
order.
3.05. Net Return Factor(s) - Separate Account:
The Net Return Factors are used to compute all Separate Account values
and payments for any Fund.
The Net Return Factor for each Fund is equal to 1.0000000 plus the Net
Return Rate.
The Net Return Rate is equal to:
(a) The value of the shares of the Fund held by the Separate
Account at the end of a Valuation Period; minus
(b) the value of the shares of the Fund held by the Separate
Account at the start of the Valuation Period; plus or minus
(c) taxes (or reserves for taxes) on the Separate Account (if any);
divided by
(d) the total value of the Fund Record Units and Fund Annuity Units
of the Separate Account (see 3.06 and 4.05) at the start of the
Valuation Period; minus
(e) a daily actuarial charge at an annual rate of 1.25% for annuity
mortality and expense risks and profit; and a daily
administrative charge which will not exceed .25% on an annual
basis.
7
A Net Return Rate may be more or less than 0.
The value of a share of the Fund is equal to the net assets of the Fund
divided by the number of shares outstanding.
The administrative charge may be changed annually except for amounts
which have been used to purchase an annuity. This charge will not
exceed .25%.
3.06. Fund(s) Record Unit Value - Separate Account: The Fund(s) Record Unit
Value is computed by multiplying the Net Return Factor for the current
Valuation Period by the Fund(s) Record Unit Value for the previous
Period. The dollar value of the Fund(s) Record Units, Separate Account
assets, and Variable Annuity payments may go up or down due to
investment gain or loss.
3.07. Current Value: The Current Value (of this Contract) is equal to:
(a) Any amounts in the Fixed Account, including Fixed Account
interest added by Aetna; plus
(b) The sum of any Separate Account Record Unit value(s); less
(c) Any Maintenance Fee(s) due.
Current Value does not include amounts used to purchase an Annuity.
3.08. Transfer of Current Value from the Funds: Before an annuity option is
elected, all or any portion of the Current Value may be transferred
from any Fund to any other Fund or to the Fixed Account.
Four transfers of Current Value can be made during a calendar year
period. If additional transfers are allowed, each may be subject to a
fee of up to $10.
3.09. Transfer of Current Value from the Fixed Account: 10% of the Current
Value held in the Fixed Account may be transferred to any Fund(s). Such
transfer will be:
(a) without charge;
(b) allowed once per calendar year;
(c) not allowed under an annuity option.
Aetna may, on a temporary basis, allow any larger percent to be
transferred.
The Current Value of the Fixed Account, as used above, is the value
when the request is received at the Home Office of Aetna.
3.10. Notice to the Contract Holder: Aetna will notify the Contract Holder
each year of:
(a) The value of any amounts held in:
(1) the Fixed Account; and
(2) the Fund(s) for the Separate Account; and
(b) the number of any Fund(s) Record Units; and
(c) the Fund(s) Record Unit Value(s).
Such number or values will be as of a date no more than 60 days before
the date of the notice.
3.11. Sum Payable at Death (Before Annuity Payments Start): See Part V.
8
3.12. Surrender Value: See Part V.
3.13. Payment of Surrender Value: Under certain emergency conditions, Aetna
may defer payment:
(a) for a period of up to 6 months (unless not allowed by state
law); and
(b) as provided by federal law.
Aetna may pay any Fixed Account surrender value with interest in equal
payments over a period not to exceed 60 months when the amount held in
the Fixed Account under this Contract exceeds $500,000. This will apply
only if the sum of the amounts surrendered within the past 12 months
exceeds 20% of such Fixed Account amount.
Interest, as used above, will not be more than two percentage points
below any rate determined prospectively by the Board of Directors for
this class of Contract. In no event will the interest rate be less than
4%.
3.14. Reinstatement: All or a portion of the proceeds of a full surrender of
this Contract may be reinvested within 30 days after the surrender if
allowed by law. Any Maintenance Fee and Surrender Fee charged at the
time of surrender on the amount being reinvested will be included in
the reinstatement. Amounts will be reinstated among the Fixed Account
and Separate Account in the same proportion as they were at the time of
surrender. The number of Record Units reinstated will be based on the
Record Unit Value(s) next computed after receipt at Aetna's Home Office
of the reinstatement request and the amount to be reinvested.
Any Maintenance Fee which falls due after the surrender and before the
reinstatement will be deducted from the amount reinstated.
Reinstatement is permitted only once.
9
IV. ANNUITY PROVISIONS
4.01. Choices to be Made: An Annuity Option may be elected by telling Aetna
to pay all or any portion of the Current Value (minus any premium tax)
as a premium for an Annuity under Option 2, 3, 4 or 5 (see 4.06). The
first Annuity payment must generally be made no later than the first
day of the month following the Annuitant's 75th birthday. If this
Contract is issued under an IRA (see Specifications page), the first
Annuity payment must be made not later than December 31 of the year the
Annuitant attains age 70-1/2. Aetna may be told to make the first
Annuity payment during any prior month.
When an Option is chosen, Aetna must also be told whether payments are
to be made other than monthly and (except for Option 2) to pay:
(a) a Fixed Annuity using the General Account; or
(b) a Variable Annuity using any of the Fund(s) made available by
Aetna for Annuity purposes; or
(c) a mix of (a) and (b).
If a Fixed Annuity is chosen, Aetna will add interest daily at an
annual rate no less than 3.5%. Aetna may add interest daily at any
higher rate.
If a Variable Annuity is chosen, an Assumed Annual Net Return Rate of
5% may be chosen. If not chosen, Aetna will use an Assumed Annual Net
Return Rate of 3.5%.
4.02. Terms of Annuity Options:
(a) When payments start, the age of the Annuitant plus the number
of years for which payments are guaranteed must not exceed 95.
(b) The present value of the expected payments to the Annuitant
when payments start shall be more than 50% of the present value
of the total expected payments to be made; this restriction
does not apply if Option 5 is chosen and the second Annuitant
is the spouse of the Annuitant.
(c) 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.
(d) If a Fixed Annuity under Option 3, 4 or 5 is chosen and a
larger payment would result from applying the surrender value
to a current Aetna single premium immediate annuity, Aetna will
make the larger payment.
(e) Age, where used in the following tables, means age on the
birthday closest to the date of the first payment.
(f) Assumed Annual Net Return Rate is the interest rate used to
determine the amount of the first annuity payment under a
Variable Annuity. The Separate Account must earn this rate plus
enough to cover the mortality and expense risk and
administrative fee charges if future Variable Annuity payments
are to remain level.
4.03. Death of Annuitant/Beneficiary: When an Annuitant dies any remaining
payments
10
will be continued to the beneficiary. If the beneficiary is not a
person or persons, the present value of any remaining payments will be
paid in one sum. If no beneficiary exists, the present value of any
remaining payments will be paid in one sum to the estate of the
Annuitant.
If a beneficiary dies while under Option 1; or while receiving Annuity
payments, the present value of any remaining payments will be paid in
one sum to the estate of the beneficiary. The interest rate used to
determine the first payment will be used to calculate the present
value.
4.04. Fund(s) Annuity Units - Separate Account: The number of Fund(s) Annuity
Units is based on the amount of the first Variable Annuity payment
which is equal to:
(a) the portion of the Current Value (minus any premium tax)
applied to pay a Variable Annuity; divided by
(b) 1,000; times
(c) the payment rate for the Option chosen.
Such amount, or portion, of the variable payment will be divided by the
Fund(s) Annuity Unit Value (see 4.05) on the tenth Valuation Period
before the due date of the first payment to determine the number of
Fund(s) Annuity Units. The number of Fund(s) Annuity Units remains
fixed. Each future payment is equal to this number times the Fund(s)
Annuity Unit Value on the tenth Valuation Period prior to the due date
of the payment.
4.05. 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 previous Period; times
(b) the Net Return Factor(s) (see 3.05) for the Period; times
(c) a factor to reflect the Assumed Annual Net Return Rate.
The factor for 3.5% per year is .9999058; for 5% per year it is
.9998663.
The dollar value of the Fund(s) Annuity Unit Values and payments may go
up or down due to investment gain or loss.
If Variable Annuity payments are not to decrease, Aetna must earn a
gross return on the assets of the Separate Account of:
[bullet] 4.75% on an annual basis, plus an annual return of up to .25%
needed to offset the administrative charge set at the time
Annuity payments commenced, if an Assumed Annual Net Return
Rate of 3.5% is chosen; or,
[bullet] 6.25% on an annual basis, plus an annual return of up to .25%
needed to offset the administrative charge set at the time
Annuity payments commence, if an Assumed Annual Net Return Rate
of 5% is chosen.
Payments shall not be changed due to changes in the mortality or
expense results or administrative charges.
4.06. Annuity Options:
Option 1 - Payment of Interest on Sum Left with Aetna. This Option may
be used only by the beneficiary when the Annuitant dies before Aetna
has started paying an Annuity. A portion or all of the sum paid upon
death may be held under this Option and will be held in the General
11
Account of Aetna at interest (see 4.01). 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 to any
Annuity Option below.
If this Contract is issued under an IRA and the beneficiary elects that
the full sum paid upon death is to be held under this Option, the
beneficiary, if a spouse, must elect (a) or (b) above within 5 years
after the death of the Annuitant. If the beneficiary is not a spouse,
the beneficiary must tell Aetna to pay the full sum within 5 years
after the death of the Annuitant.
Option 2 - Payments of a Stated Dollar Amount - This Option may only be
elected as a Fixed Annuity. An Annuity of a chosen amount will be paid
until no funds are left. The payments to be made in a year must be
greater than $65 for each $1,000 applied to this Option, but cannot
exceed an amount which would deplete the funds in less than 3 years.
During any year, Aetna reserves the right to make as a minimum payment
an amount equal to 105% of the interest for that year.
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 at
least 3 and not more than 30.
If payments for this Option are made under a Variable Annuity, the
present value of any remaining payments may be withdrawn at any time.
If a withdrawal is requested within 3 years after the start of
payments, it will be treated as a surrender (see Part V).
Option 4 - Life Income - An Annuity will be paid for the life of the
Annuitant. If also chosen, Aetna will guarantee payments for 60, 120,
180, or 240 months.
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.
Other Options - Aetna may make other options available as allowed by
the laws of the state in which this Contract is delivered.
12
OPTION 3
PAYMENTS FOR A STATED PERIOD OF TIME
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%
Years of Amount of Years of Amount of Years of Amount of
Payments Payments Payments Payments Payments 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%
Years of Amount of Years of Amount of Years of Amount of
Payments Payments Payments Payments Payments 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
13
OPTION 4
LIFE INCOME
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 Guaranteed for a Stated Period of Months
Age of None 60 120 180 240
Annuitant Male Female Male Female Male Female Male Female Male Female
--------- ---- ------ ---- ------ ---- ------ ---- ------ ---- ------
50 $4.56 $4.20 $4.55 $4.19 $4.51 $4.18 $4.45 $4.15 $4.36 $4.11
51 4.64 4.26 4.62 4.25 4.58 4.24 4.51 4.21 4.42 4.16
52 4.72 4.32 4.70 4.32 4.66 4.30 4.58 4.26 4.48 4.21
53 4.80 4.39 4.79 4.38 4.74 4.36 4.65 4.32 4.53 4.27
54 4.89 4.46 4.87 4.46 4.82 4.43 4.73 4.39 4.59 4.32
55 4.99 4.54 4.97 4.53 4.91 4.50 4.80 4.46 4.65 4.38
56 5.09 4.62 5.07 4.61 5.00 4.58 4.88 4.53 4.72 4.44
57 5.20 4.71 5.17 4.70 5.10 4.66 4.96 4.60 4.78 4.50
58 5.32 4.80 5.29 4.79 5.20 4.75 5.05 4.68 4.84 4.57
59 5.44 4.90 5.41 4.88 5.31 4.84 5.14 4.76 4.91 4.63
60 5.57 5.00 5.53 4.99 5.42 4.93 5.23 4.84 4.97 4.70
61 5.71 5.11 5.67 5.09 5.54 5.03 5.32 4.93 5.03 4.77
62 5.86 5.23 5.81 5.21 5.66 5.14 5.42 5.02 5.09 4.84
63 6.02 5.36 5.97 5.33 5.79 5.25 5.51 5.11 5.16 4.91
64 6.20 5.49 6.13 5.46 5.93 5.37 5.61 5.21 5.21 4.98
65 6.38 5.64 6.31 5.60 6.07 5.49 5.71 5.31 5.27 5.05
66 6.58 5.79 6.49 5.75 6.22 5.63 5.81 5.41 5.32 5.12
67 6.79 5.95 6.69 5.91 6.38 5.76 5.91 5.52 5.38 5.18
68 7.02 6.13 6.89 6.08 6.53 5.91 6.01 5.63 5.42 5.25
69 7.26 6.32 7.11 6.26 6.70 6.06 6.11 5.74 5.47 5.31
70 7.52 6.53 7.35 6.45 6.86 6.23 6.20 5.85 5.51 5.37
71 7.80 6.75 7.59 6.66 7.03 6.39 6.29 5.96 5.54 5.42
72 8.09 6.99 7.85 6.89 7.21 6.57 6.38 6.07 5.57 5.47
73 8.41 7.26 8.12 7.13 7.38 6.75 6.46 6.17 5.60 5.51
74 8.75 7.54 8.41 7.39 7.55 6.94 6.53 6.28 5.63 5.55
75 9.12 7.85 8.71 7.66 7.73 7.13 6.61 6.38 5.65 5.59
Rates are based on mortality from 1983 Table a.
Rate for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
14
OPTION 4
LIFE INCOME
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 5.0%
Payments Guaranteed for a Stated Period of Months
Age of None 60 120 180 240
Annuitant Male Female Male Female Male Female Male Female Male Female
--------- ---- ------ ---- ------ ---- ------ ---- ------ ---- ------
50 $5.48 $5.12 $5.46 $5.11 $5.41 $5.09 $5.34 $5.06 $5.24 $5.01
51 5.55 5.17 5.53 5.17 5.48 5.14 5.40 5.11 5.29 5.05
52 5.63 5.23 5.61 5.23 5.55 5.20 5.46 5.16 5.34 5.10
53 5.71 5.30 5.69 5.29 5.62 5.26 5.53 5.22 5.40 5.15
54 5.80 5.37 5.77 5.36 5.70 5.33 5.60 5.27 5.45 5.20
55 5.89 5.44 5.86 5.43 5.79 5.39 5.67 5.34 5.51 5.25
56 5.99 5.52 5.96 5.51 5.87 5.47 5.74 5.40 5.56 5.31
57 6.10 5.60 6.06 5.59 5.97 5.54 5.82 5.47 5.62 5.37
58 6.21 5.69 6.17 5.67 6.06 5.62 5.90 5.54 5.68 5.42
59 6.33 5.79 6.29 5.77 6.17 5.71 5.98 5.61 5.74 5.48
60 6.46 5.89 6.41 5.87 6.28 5.80 6.06 5.69 5.79 5.55
61 6.60 6.00 6.55 5.97 6.39 5.90 6.15 5.77 5.85 5.61
62 6.75 6.11 6.69 6.08 6.51 6.00 6.24 5.86 5.91 5.67
63 6.91 6.23 6.84 6.20 6.64 6.10 6.33 5.95 5.96 5.73
64 7.09 6.37 7.00 6.33 6.77 6.22 6.42 6.04 6.02 5.80
65 7.27 6.51 7.18 6.46 6.91 6.34 6.52 6.13 6.07 5.86
66 7.47 6.66 7.36 6.61 7.05 6.46 6.61 6.23 6.12 5.92
67 7.68 6.82 7.55 6.76 7.20 6.60 6.70 6.33 6.16 5.99
68 7.91 7.00 7.76 6.93 7.35 6.74 6.80 6.43 6.21 6.04
69 8.15 7.19 7.98 7.11 7.51 6.89 6.89 6.54 6.25 6.10
70 8.41 7.39 8.21 7.30 7.67 7.04 6.97 6.64 6.28 6.15
71 6.69 7.62 8.45 7.51 7.83 7.21 7.06 6.74 6.32 6.20
72 8.99 7.86 8.70 7.73 8.00 7.38 7.14 6.85 6.35 6.25
73 9.31 8.12 8.97 7.97 8.16 7.55 7.21 6.95 6.37 6.29
74 9.65 8.41 9.26 8.23 8.33 7.73 7.29 7.04 6.39 6.33
75 10.02 8.72 9.55 8.50 8.50 7.92 7.35 7.14 6.41 6.36
Rates are based on mortality from 1983 Table a.
Rate for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
15
OPTION 5
LIFE INCOME FOR TWO PAYEES
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
NO MINIMUM 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%
Age of Female Annuitant
Age of
Male Annuitant 45 50 55 60 65 70 75 80 85
-------------- -- -- -- -- -- -- -- -- --
45 $3.69 $3.80 $3.90 $3.98 $4.05 $4.11 $4.15 $4.18 $4.20
50 3.75 3.89 4.03 4.16 4.27 4.36 4.43 4.48 4.52
55 3.81 3.97 4.16 4.34 4.51 4.66 4.78 4.86 4.92
60 3.84 4.04 4.27 4.51 4.76 4.99 5.18 5.33 5.43
65 3.87 4.09 4.35 4.66 4.99 5.34 5.66 5.92 6.11
70 3.90 4.13 4.42 4.78 5.19 5.67 6.16 6.61 6.95
75 3.91 4.15 4.47 4.86 5.35 5.95 6.64 7.33 7.95
80 3.92 4.17 4.50 4.92 5.46 6.17 7.04 8.04 9.03
85 3.92 4.18 4.51 4.95 5.53 6.31 7.34 8.63 10.05
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $4.63 $4.72 $4.81 $4.89 $4.96 $5.02 $5.07 $5.10 $5.12
50 4.68 4.80 4.93 5.05 5.16 5.25 5.33 5.38 5.42
55 4.73 4.88 5.04 5.21 5.38 5.52 5.65 5.74 5.80
60 4.77 4.95 5.15 5.37 5.61 5.83 6.04 6.19 6.30
65 4.80 5.00 5.24 5.52 5.83 6.17 6.49 6.76 6.96
70 4.82 5.04 5.30 5.63 6.04 6.49 6.97 7.42 7.79
75 4.84 5.06 5.35 5.72 6.20 6.77 7.45 8.14 8.76
80 4.85 5.08 5.39 5.79 6.31 6.99 7.86 8.84 9.83
85 4.86 5.10 5.41 5.83 6.39 7.15 8.16 9.43 10.86
Rates are based on mortality from 1983 Table a.
16
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.
17
OPTION 5
LIFE INCOME FOR TWO PAYEES
JOINT AND LAST SURVIVOR ANNUITY
66 2/3% TO THE SURVIVOR
NO MINIMUM 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%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $3.94 $4.06 $4.20 $4.36 $4.54 $4.74 $4.96 $5.19 $5.42
50 4.05 4.20 4.36 4.55 4.76 4.99 5.24 5.51 5.78
55 4.18 4.35 4.54 4.76 5.00 5.28 5.58 5.90 6.22
60 4.32 4.51 4.73 4.99 5.29 5.63 6.00 6.40 6.79
65 4.48 4.69 4.95 5.25 5.61 6.03 6.51 7.02 7.52
70 4.66 4.89 5.18 5.53 5.97 6.49 7.10 7.77 8.45
75 4.84 5.09 5.42 5.82 6.33 6.96 7.73 8.62 9.56
80 5.02 5.30 5.65 6.11 6.69 7.43 8.39 9.54 10.82
85 5.19 5.49 5.87 6.37 7.02 7.88 9.02 10.46 12.15
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $4.87 $4.99 $5.12 $5.28 $5.46 $5.68 $5.93 $6.21 $6.49
50 4.99 5.12 5.27 5.45 5.66 5.90 6.18 6.50 6.82
55 5.12 5.26 5.44 5.65 5.89 6.17 6.50 6.86 7.23
60 5.27 5.43 5.63 5.87 6.16 6.50 6.89 7.32 7.76
65 5.44 5.63 5.85 6.14 6.49 6.90 7.38 7.92 8.47
70 5.64 5.85 6.11 6.44 6.84 7.35 7.96 8.64 9.36
75 5.86 6.09 6.38 6.75 7.23 7.84 8.60 9.49 10.46
80 6.09 6.33 6.65 7.07 7.62 8.34 9.28 10.42 11.71
85 6.30 6.57 6.92 7.38 8.00 8.83 9.93 11.35 13.04
Rates are based on mortality from 1983 Table a.
18
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.
19
OPTION 5
LIFE INCOME FOR TWO PAYEES
JOINT AND LAST SURVIVOR ANNUITY
50% TO THE SURVIVOR
NO MINIMUM 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%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $4.07 $4.21 $4.38 $4.58 $4.83 $5.13 $5.49 $5.91 $6.35
50 4.22 4.37 4.55 4.77 5.04 5.37 5.77 6.23 6.72
55 4.40 4.56 4.76 5.00 5.29 5.66 6.10 6.62 7.18
60 4.61 4.79 5.00 5.27 5.60 6.01 6.51 7.11 7.76
65 4.87 5.06 5.31 5.61 5.99 6.46 7.04 7.74 8.52
70 5.17 5.39 5.66 6.01 6.44 6.99 7.68 8.52 9.47
75 5.49 5.75 6.06 6.46 6.96 7.61 8.43 9.45 10.64
80 5.84 6.13 6.49 6.95 7.54 8.29 9.29 10.54 12.03
85 6.18 6.51 6.91 7.43 8.11 9.00 10.17 11.71 13.57
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $5.01 $5.14 $5.30 $5.50 $5.75 $6.08 $6.48 $6.96 $7.49
50 5.15 5.29 5.46 5.68 5.95 6.29 6.73 7.25 7.82
55 5.33 5.48 5.66 5.89 6.18 6.56 7.03 7.60 8.24
60 5.56 5.71 5.91 6.16 6.49 6.90 7.42 8.06 8.78
65 5.83 6.01 6.23 6.51 6.87 7.33 7.93 8.67 9.50
70 6.17 6.36 6.61 6.93 7.34 7.87 8.56 9.43 10.43
75 6.55 6.78 7.05 7.42 7.89 8.51 9.33 10.35 11.57
80 6.98 7.23 7.54 7.96 8.51 9.23 10.20 11.44 12.95
85 7.40 7.68 8.05 8.53 9.16 10.00 11.14 12.64 14.51
Rates are based on mortality from 1983 Table a.
20
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.
21
OPTION 5
LIFE INCOME FOR TWO PAYEES
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
120 MONTHS MINIMUM 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%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
--------- -- -- -- -- -- -- -- -- --
45 $3.69 $3.79 $3.89 $3.98 $4.05 $4.11 $4.15 $4.17 $4.19
50 3.75 3.89 4.03 4.16 4.27 4.36 4.42 4.47 4.49
55 3.80 3.97 4.15 4.34 4.51 4.65 4.76 4.83 4.88
60 3.84 4.04 4.26 4.50 4.75 4.97 5.16 5.29 5.36
65 3.87 4.09 4.35 4.65 4.98 5.31 5.61 5.83 5.97
70 3.89 4.13 4.41 4.76 5.17 5.62 6.07 6.43 6.67
75 3.91 4.15 4.46 4.84 5.31 5.87 6.48 7.02 7.40
80 3.91 4.16 4.48 4.89 5.41 6.05 6.79 7.50 8.04
85 3.92 4.17 4.49 4.91 5.46 6.15 6.98 7.83 8.50
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
Age of Female Annuitant
Age of Male
Annuitant 45 50 55 60 65 70 75 80 85
45 $4.63 $4.72 $4.81 $4.89 $4.96 $5.02 $5.06 $5.09 $5.11
50 4.68 4.80 4.93 5.05 5.15 5.25 5.32 5.36 5.39
55 4.73 4.88 5.04 5.21 5.37 5.51 5.63 5.71 5.75
60 4.77 4.94 5.14 5.37 5.60 5.82 6.00 6.14 6.22
65 4.80 4.99 5.23 5.51 5.82 6.13 6.43 6.66 6.80
70 4.82 5.03 5.29 5.62 6.00 6.44 6.87 7.23 7.47
75 4.84 5.06 5.34 5.70 6.15 6.68 7.27 7.80 8.17
80 4.85 5.07 5.37 5.75 6.24 6.86 7.57 8.26 8.79
85 4.85 5.08 5.38 5.78 6.30 6.96 7.76 8.58 9.23
Rates are based on mortality from 1983 Table a.
22
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.
V. SPECIAL PROVISIONS
The Special Provisions section which applies to this Contract is shown on the
Specifications page under Type of Plan. The other sections under Special
Provisions do not apply.
5.01 Deferred Compensation Plan
(a) Control of Contract: All rights in this Contract rest with the
Contract Holder, who is entitled to all amounts held under this
Contract. The Contract Holder, or authorized designee of the
Contract Holder (as allowed by law), may make any choices
allowed by this Contract. Any choices made under this Contract
must be in writing. Until receipt of such choices in its Home
Office, Aetna may rely on any prior choices made. This Contract
is not subject to the claims of any creditors of the Annuitant
except to the extent permitted by law.
(b) Designation of Beneficiary: The beneficiary shall be the
Contract Holder.
(c) Maintenance Fee: The Maintenance Fee, if any, (see 6.01) will
be deducted from the Current Value on the anniversary of the
Contract effective date and on surrender of the entire
Contract.
(d) Sum Payable at Death (Before Annuity Payments Start): Aetna
will pay to the Beneficiary the Current Value if:
(1) The Annuitant dies before Annuity payments start; and
(2) The notice of death is received in good order by Aetna.
The sum paid will be the Current Value on the date the notice
is received at Aetna's Home Office. The amount paid from the
Fixed Account will not be less than the Net Purchase Payment(s)
allocated to the Fixed Account for the Annuitant (less any
prior transfers (see 3.09) or surrenders). The beneficiary may
choose to apply all or any part of the proceeds to an Annuity
Option (see Part IV).
(e) Surrender Value: After deduction of the Maintenance Fee, if
any, Aetna will reduce the amount payable upon surrender of any
portion of the Current Value by a Surrender Fee. The Surrender
Fee will be in accordance with the Surrender Fee table in 6.02.
The Fee on a total surrender of the Contract will not exceed
8.5% of the Purchase Payment(s) made to the Contract.
(f) The following sections 5.02, 5.03, 5.04 and 5.05 of the Special
Provisions do not apply to this Contract.
23
5.02. Pension or Profit Sharing Plan
(a) The preceding section 5.01 of the Special Provisions does not
apply to this Contract.
(b) Control of Contract: All rights in this Contract rest with the
Contract Holder. The Contract Holder owns all amounts held
under this Contract. The Contract Holder (or authorized
designee,) may make any choices allowed by this Contract. Any
choices under this Contract must be in writing. Until receipt
of such choices in its Home Office, Aetna may rely on any prior
choices made. This Contract is not subject to the claims of any
creditors except to the extent permitted by law.
(c) Designation of Beneficiary: The Contract Holder shall name the
beneficiary.
(d) Maintenance Fee: The Maintenance Fee, if any, (see 6.01) will
be deducted from the Current Value on each anniversary of the
Contract effective date and upon surrender of the entire
Contract.
(e) Sum Payable at Death (Before Annuity Payments Start): Aetna
will pay the Current Value to the beneficiary if:
(1) the Annuitant dies before Annuity payments start; and
(2) the notice of death is received in good order by Aetna.
The sum paid will be the Current Value on the date when the
notice is received at Aetna's Home Office. The amount paid from
the Fixed Account will not be less than the Net Purchase
Payment(s) allocated to the Fixed Account (less any prior
transfers (see 3.09) or surrenders). The Contract Holder will
determine if any additional amounts are payable to the
beneficiary. The beneficiary may choose to apply all or part of
the payment to an Annuity Option (see Part IV). If no
beneficiary exists, the payment will be made to the estate of
the Annuitant.
(f) Surrender Value: After deduction of the Maintenance Fee, if
any, Aetna will reduce the amount payable upon surrender of any
portion of the Current Value by a Surrender Fee. The Surrender
Fee will be in accordance with the Surrender Fee table in 6.02.
(g) The following Sections 5.03, 5.04 and 5.05 of the Special
Provisions do not apply to this Contract.
5.03. Individual Retirement Annuity Plan (IRA)
(a) The preceding Sections 5.01 and 5.02 of the Special Provisions
do not apply to this Contract.
(b) Control of Contract: All rights in this Contract rest with the
Contract Holder. The Contract Holder owns all amounts held
under this Contract. The Contract Holder may make any choices
allowed by this Contract. Any choices under this Contract must
be in writing. Until receipt of such choices in its Home
Office, Aetna may rely on any prior choices made. The Contract
may not be transferred.
24
The Contract may not be assigned except to the Company.
(c) Designation of Beneficiary: The Contract Holder shall name the
beneficiary.
(d) Maintenance Fee: The Maintenance Fee, if any, (see 6.01) will
be deducted from the Current Value on each anniversary of the
Contract effective date and upon surrender of the entire
Contract.
(e) Purchase Payments: The total deductible annual Purchase
Payments made on behalf of any individual under this Contract
cannot exceed $2,000.
(f) Sum Payable at Death (Before Annuity Payments Start): Aetna
will pay the current value to the beneficiary if:
(1) The Annuitant dies before Annuity payments start; and
(2) The notice of death is received in good order by Aetna.
The sum paid will be the Current Value on the date the notice
is received at Aetna's Home Office. The amount paid from the
Fixed Account will not be less than the Net Purchase Payment(s)
allocated to the Fixed Account (less any prior transfers (see
3.09) or surrenders). The beneficiary, if a spouse, may choose
to apply all or any portion of the payment to any Annuity
Option. If the beneficiary is not a spouse, all or a portion of
the payment may be applied only to Annuity Options 1, 2 or 3,
providing the full sum is paid to the beneficiary within 5
years of the death of the Annuitant. (See Part IV) If no
beneficiary exists, the payment will be made to the estate of
the Annuitant.
(g) Annuity Payments: In no event may any payments to the Annuitant
or beneficiary under any Annuity Option extend beyond:
(1) The life of the Annuitant; or
(2) The lives of the Annuitant and spouse; or
(3) Any certain period greater than the Annuitant's life
expectancy; or
(4) Any certain period greater than the life expectancies
of the Annuitant and spouse.
(h) Surrender Value: After deduction of the Maintenance Fee (if
any), the amount paid by Aetna upon the surrender of any
portion of the Current Value shall be reduced by a Surrender
Fee. The Surrender Fee will be in accordance with the Surrender
Fee table in 6.02.
The Fee on a total surrender of the Contract will not exceed
8.5% of the actual Purchase Payment(s) made to the Contract.
(i) The following Sections 5.04 and 5.05 of the Special Provisions
do not apply to this Contract.
25
5.04. Tax Deferred Annuity Plan
(a) The preceding Sections 5.01, 5.02 and 5.03 of the Special
Provisions do not apply to this Contract.
(b) Control of Contract: The Contract Holder shall own all amounts
held under this Contract and may make any choices allowed by
this Contract. Choices made under this Contract must be in
writing. Until receipt of such choices in its Home Office,
Aetna may rely on any previous choices made. This Contract
shall not be subject to the claims of any creditors. This
Contract is non-assignable and non-transferable.
(c) Designation of Beneficiary: The Contract Holder shall name the
beneficiary.
(d) Maintenance Fee: The Maintenance Fee, if any, (see 6.01) will
be deducted from the Current Value on each anniversary of the
Contract effective date and upon surrender of the entire
Contract.
(e) Sum Payable at Death (Before Annuity Payments Start): Aetna
will pay the Current Value to the beneficiary if:
(1) The Contract Holder dies before Annuity payments start;
and
(2) The notice of death is received in good order by Aetna.
The sum paid will be the Current Value on the date the notice
is received at Aetna's Home Office. The amount paid from the
Fixed Account will not be less than the Net Purchase Payment(s)
allocated to the Fixed Account (less any prior transfers (see
3.09) or surrenders). The beneficiary may choose to apply all
or any portion of the payment to an Annuity Option (see Part
IV). If no beneficiary exists, the payment will be made to the
estate of the Contract Holder.
(f) Surrender Value: After deduction of the Maintenance Fee (if
any), Aetna will reduce the amount payable upon surrender of
any portion of the Current Value by a Surrender Fee. The
Surrender Fee will be in accordance with the Surrender Fee
table in 6.02.
The Fee on a total surrender of the Contract will not exceed
8.5% of the actual Purchase Payment(s) made to the Contract.
(g) The following Section 5.05 of the Special Provisions does not
apply to this Contract.
5.05. Individual Annuity Plan
(a) The preceding Sections 5.01, 5.02, 5.03 and 5.04 of the Special
Provisions do not apply to this Contract.
(b) Control of Contract: All rights in this Contract rest with the
Contract Holder. The Contract Holder owns all amounts held
under this Contract. The Contract Holder may make any choices
allowed by this Contract. Choices made under this Contract must
be in writing. Until receipt of such choices at its Home
Office, Aetna may rely on any previous choices made.
26
(c) Designation of Beneficiary: The Contract Holder shall name the
beneficiary.
(d) Maintenance Fee: The Maintenance Fee, if any, (see 6.01) will
be deducted from the Current Value on the anniversary of the
Contract effective date and on surrender of the entire
Contract.
(e) Sum Payable at Death (Before Annuity Payments Start): Aetna
will pay the Current Value to the beneficiary if:
(1) The Contract Holder dies before Annuity payments start;
and
(2) The notice of death is received in good order by Aetna.
The sum paid will be the Current Value on the date the notice
is received at Aetna's Home Office. The amount paid from the
Fixed Account will not be less than the Net Purchase Payment(s)
allocated to the Fixed Account (less any prior transfers (see
3.09) or surrenders). The beneficiary may choose to apply all
or any portion of the payment to an Annuity Option (see Part
IV). If no beneficiary exists, the payment will be made to the
estate of the Contract Holder.
(f) Surrender Value: After deduction of the Maintenance Fee, if
any, Aetna will reduce the amount payable upon surrender of any
portion of the Current Value by a Surrender Fee. The Surrender
Fee will be in accordance with the Surrender Fee table in 6.02.
The Fee on a total surrender of the Contract will not exceed
8.5% of the actual Purchase Payment(s) made to the Contract.
27
VI. FEE SCHEDULE
PENSION/PROFIT SHARING PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the period
of time between the effective date of the Contract 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 Current Value
which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract.
6.03. Table of Minimum Values - Fixed Account:
The following Table shows minimum Fixed Account values at the end of
Contract years. These values assume:
(a) The portion of the Purchase Payment was allocated to the Fixed
Account at the beginning of the first Contract year;
(b) There have been no partial surrenders; and
(c) Interest has been added at the guaranteed interest rate (see
3.02).
If interest is added at a higher rate at any time, actual values will
be more than those shown.
28
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENT ALLOCATED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,040 $ 988 16 $1,872 $1,872
2 1,082 1,028 17 1,947 1,947
3 1,125 1,069 18 2,025 2,025
4 1,170 1,111 19 2,106 2,106
5 1,217 1,156 20 2,191 2,191
6 1,265 1,215
7 1,316 1,276 25 2,665 2,665
8 1,369 1,341 30 3,243 3,243
9 1,423 1,409
10 1,480 1,480 35 3,946 3,946
11 1,539 1,539
12 1,601 1,601 40 4,801 4,801
13 1,665 1,665 45 5,841 5,841
14 1,731 1,731
15 1,800 1,800 50 7,106 7,106
29
VI. FEE SCHEDULE
DEFERRED COMPENSATION PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the period
of time between the effective date of the Contract 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 Current Value
which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract.
6.03. Table of Minimum Values - Fixed Account:
The following Table shows minimum Fixed Account values at the end of
Contract years. These values assume:
(a) The portion of the Purchase Payment was allocated to the Fixed
Account at the beginning of the first Contract year;
(b) There have been no partial surrenders; and
(c) Interest has been added at the guaranteed interest rate (see
3.02).
If interest is added at a higher rate at any time, actual values will
be more than those shown.
30
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENT ALLOCATED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,040 $ 988 16 $1,872 $1,872
2 1,082 1,028 17 1,947 1,947
3 1,125 1,069 18 2,025 2,025
4 1,170 1,111 19 2,106 2,106
5 1,217 1,156 20 2,191 2,191
6 1,265 1,215
7 1,316 1,276 25 2,665 2,665
8 1,369 1,341 30 3,243 3,243
9 1,423 1,409
10 1,480 1,480 35 3,946 3,946
11 1,539 1,539
12 1,601 1,601 40 4,801 4,801
13 1,665 1,665 45 5,841 5,841
14 1,731 1,731
15 1,800 1,800 50 7,106 7,106
31
VI. FEE SCHEDULE
PENSION/PROFIT SHARING PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $30.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the number
of Purchase Payment Cycles completed. The number and amount of Purchase
Payments to be made in a year is chosen by the Contract Holder. A
Purchase Payment Cycle is completed when this number and amount of
Purchase Payments have been made. The number of Purchase Payment Cycles
completed may not be greater than the number of whole years since the
Contract was issued. For each surrender, the Fee will be as follows:
Number of Purchase Payment Cycles Completed Surrender Fee
Less than 5 5%
5 or more but less than 7 4%
7 or more but less than 9 3%
9 or more 2%
No Surrender Fee is deducted from any portion of the Current Value
which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract; or
(c) After the Annuitant has reached age 59 1/2 and 9 or more
Purchase Payment Cycles have been completed.
6.03. Table of Minimum Values - Fixed Account:
The values in the following Table only apply to Annual Purchase
Payments of exactly $1,000 credited to the Fixed Account. Values would
be different for other Purchase Payment amounts, if Purchase Payments
are not made when due, if partial surrenders are made, or if Aetna adds
interest at a rate greater than the Guaranteed Interest Rate-Fixed
Account (see 3.02).
The Surrender Value assumes that a Purchase Payment of exactly $1,000
is credited to the Fixed Account at the Guaranteed Interest Rate at the
beginning of each Contract year. The Maintenance Fee and applicable
Surrender Fee are deducted.
32
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENTS APPLIED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,010 $ 960 16 $22,043 $21,602
2 2,060 1,957 17 23,934 23,456
3 3,153 2,995 18 25,902 25,384
4 4,289 4,074 19 27,948 27,389
5 5,470 5,252 20 30,076 29,474
6 6,699 6,431
7 7,977 7,738 25 42,062 41,221
8 9,306 9,027 30 56,646 55,513
9 10,689 10,475
10 12,126 11,884 35 74,389 72,901
11 13,621 13,349
12 15,176 14,873 40 95,976 94,056
13 16,793 16,457 45 122,240 119,795
14 18,475 18,105
15 20,224 19,819 50 154,194 151,110
33
VI. FEE SCHEDULE
TAX DEFERRED ANNUITY PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the period
of time between the effective date of the Contract 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 Current Value
which is paid:
(a) At the death of the Contract Holder before Annuity payments
start; or
(b) As a premium for an Annuity under this Contract.
6.03. Table of Minimum Values - Fixed Account:
The following Table shows minimum Fixed Account values at the end of
Contract years. These values assume:
(a) The portion of the Purchase Payment was allocated to the Fixed
Account at the beginning of the first Contract year;
(b) There have been no partial surrenders; and
(c) Interest has been added at the guaranteed interest rate (see
3.02).
If interest is added at a higher rate at any time, actual values will
be more than those shown.
34
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENT ALLOCATED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,040 $ 988 16 $1,872 $1,872
2 1,082 1,028 17 1,947 1,947
3 1,125 1,069 18 2,025 2,025
4 1,170 1,111 19 2,106 2,106
5 1,217 1,156 20 2,191 2,191
6 1,265 1,215
7 1,316 1,276 25 2,665 2,665
8 1,369 1,341 30 3,243 3,243
9 1,423 1,409
10 1,480 1,480 35 3,946 3,946
11 1,539 1,539
12 1,601 1,601 40 4,801 4,801
13 1,665 1,665 45 5,841 5,841
14 1,731 1,731
15 1,800 1,800 50 7,106 7,106
35
VI. FEE SCHEDULE
INDIVIDUAL RETIREMENT ANNUITY PLAN (IRA)
6.01. Maintenance Fee: The Maintenance Fee will be $20.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the number
of Purchase Payment Cycles completed. The number and amount of Purchase
Payments to be made in a year is chosen by the Contract Holder. A
Purchase Payment Cycle is completed when this number and amount of
Purchase Payments have been made. The number of Purchase Payment Cycles
completed may not be greater than the number of whole years since the
Contract was issued. For each surrender, the Fee will be as follows:
Number of Purchase Payment Cycles Completed Surrender Fee
Less than 5 5%
5 or more but less than 7 4%
7 or more but less than 9 3%
9 or more 2%
No Surrender Fee is deducted from any portion of the Current Value
which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract; or
(c) After the Annuitant has reached age 59 1/2 and 9 or more
Purchase Payment Cycles have been completed.
6.03. Table of Minimum Values - Fixed Account:
The values in the following Table only apply to Annual Purchase
Payments of exactly $1,000 credited to the Fixed Account. Values would
be different for other Purchase Payment amounts, if Purchase Payments
are not made when due, if partial surrenders are made, or if Aetna adds
interest at a rate greater than the Guaranteed Interest Rate-Fixed
Account (see 3.02).
The Surrender Value assumes that a Purchase Payment of exactly $1,000
is credited to the Fixed Account at the Guaranteed Interest Rate at the
beginning of each Contract year. The Maintenance Fee and applicable
Surrender Fee are deducted.
36
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENTS APPLIED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,020 $ 969 16 $22,261 $21,816
2 2,081 1,977 17 24,171 23,688
3 3,184 3,025 18 26,158 25,635
4 4,331 4,115 19 28,224 27,660
5 5,524 5,304 20 30,373 29,766
6 6,765 6,495
7 8,056 7,815 25 42,478 41,629
8 9,398 9,117 30 57,206 56,063
9 10,794 10,579
10 12,246 12,001 35 75,124 73,622
11 13,756 13,481
12 15,326 15,020 40 96,925 94,987
13 16,959 16,620 45 123,448 120,979
14 18,658 18,285
15 20,424 20,016 50 155,719 152,605
37
VI. FEE SCHEDULE
TAX DEFERRED ANNUITY PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $20.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the number
of Purchase Payment Cycles completed. The number and amount of Purchase
Payments to be made in a year is chosen by the Contract Holder. A
Purchase Payment Cycle is completed when this number and amount of
Purchase Payments have been made. The number of Purchase Payment Cycles
completed may not be greater than the number of whole years since the
Contract was issued. For each surrender, the Fee will be as follows:
Number of Purchase Payment Cycles Completed Surrender Fee
Less than 5 5%
5 or more but less than 7 4%
7 or more but less than 9 3%
9 or more 2%
No Surrender Fee is deducted from any portion of the Current Value
which is paid:
(a) At the death of the Contract Holder before Annuity payments
start; or
(b) As a premium for an Annuity under this Contract; or
(c) After the Contract Holder has reached age 59 1/2 and 9 or more
Purchase Payment Cycles have been completed.
6.03. Table of Minimum Values - Fixed Account:
The values in the following Table only apply to Annual Purchase
Payments of exactly $1,000 credited to the Fixed Account. Values would
be different for other Purchase Payment amounts, if Purchase Payments
are not made when due, if partial surrenders are made, or if Aetna adds
interest at a rate greater than the Guaranteed Interest Rate-Fixed
Account (see 3.02).
The Surrender Value assumes that a Purchase Payment of exactly $1,000
is credited to the Fixed Account at the Guaranteed Interest Rate at the
beginning of each Contract year. The Maintenance Fee and applicable
Surrender Fee are deducted.
38
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENTS APPLIED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,020 $969 16 $22,261 $21,816
2 2,081 1,977 17 24,171 23,688
3 3,184 3,025 18 26,158 25,635
4 4,331 4,115 19 28,224 27,660
5 5,524 5,304 20 30,373 29,766
6 6,765 6,495
7 8,056 7,815 25 42,478 41,629
8 9,398 9,117 30 57,206 56,063
9 10,794 10,579
10 12,246 12,001 35 75,124 73,622
11 13,756 13,481
12 15,326 15,020 40 96,925 94,987
13 16,959 16,620 45 123,448 120,979
14 18,658 18,285
15 20,424 20,016 50 155,719 152,605
39
VI. FEE SCHEDULE
INDIVIDUAL RETIREMENT ANNUITY PLAN (IRA)
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the period
of time between the effective date of the Contract 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 Current Value
which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract.
6.03. Table of Minimum Values - Fixed Account:
The following Table shows minimum Fixed Account values at the end of
Contract years. These values assume:
(a) The portion of the Purchase Payment was allocated to the Fixed
Account at the beginning of the first Contract year;
(b) There have been no partial surrenders; and
(c) Interest has been added at the guaranteed interest rate (see
3.02).
If interest is added at a higher rate at any time, actual values will
be more than those shown.
40
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENT ALLOCATED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,040 $ 988 16 $1,872 $1,872
2 1,082 1,028 17 1,947 1,947
3 1,125 1,069 18 2,025 2,025
4 1,170 1,111 19 2,106 2,106
5 1,217 1,156 20 2,191 2,191
6 1,265 1,215
7 1,316 1,276 25 2,665 2,665
8 1,369 1,341 30 3,243 3,243
9 1,423 1,409
10 1,480 1,480 35 3,946 3,946
11 1,539 1,539
12 1,601 1,601 40 4,801 4,801
13 1,665 1,665 45 5,841 5,841
14 1,731 1,731
15 1,800 1,800 50 7,106 7,106
41
VI. FEE SCHEDULE
INDIVIDUAL ANNUITY PLAN
6.01. Maintenance Fee: The Maintenance Fee will be $0.
6.02. Surrender Fee:
For each surrender, the Surrender Fee will vary according to the period
of time between the effective date of the Contract 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 Current Value
which is paid:
(a) At the death of the Contract Holder before Annuity payments
start; or
(b) As a premium for an Annuity under this Contract.
6.03. Table of Minimum Values - Fixed Account:
The following Table shows minimum Fixed Account values at the end of
Contract years. These values assume:
(a) The portion of the Purchase Payment was allocated to the Fixed
Account at the beginning of the first Contract year;
(b) There have been no partial surrenders; and
(c) Interest has been added at the guaranteed interest rate (see
3.02).
If interest is added at a higher rate at any time, actual values will be more
than those shown.
42
TABLE OF MINIMUM FIXED ACCOUNT VALUES
PER $1,000 OF NET PURCHASE PAYMENT ALLOCATED TO THE FIXED ACCOUNT
Minimum Minimum
End of Minimum Current Surrender End of Minimum Current Surrender
Year Value Value Year Value Value
------ --------------- --------- ------ --------------- ---------
1 $1,040 $ 988 16 $1,872 $1,872
2 1,082 1,028 17 1,947 1,947
3 1,125 1,069 18 2,025 2,025
4 1,170 1,111 19 2,106 2,106
5 1,217 1,156 20 2,191 2,191
6 1,265 1,215
7 1,316 1,276 25 2,665 2,665
8 1,369 1,341 30 3,243 3,243
9 1,423 1,409
10 1,480 1,480 35 3,946 3,946
11 1,539 1,539
12 1,601 1,601 40 4,801 4,801
13 1,665 1,665 45 5,841 5,841
14 1,731 1,731
15 1,800 1,800 50 7,106 7,106
43
AETNA LIFE INSURANCE AND ANNUITY COMPANY
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
(000) 000-0000
INDIVIDUAL VARIABLE, FIXED, 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
I-CDA-HD (NU) PRINTED IN U.S.A.
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to include the following provision:
Any Payments to a beneficiary named pursuant to Section 72(s) of the Internal
Revenue Code of 1954, as amended, will be made in accordance with Section 72(s)
and any associated regulations.
Endorsed and made a part of this Contract on the later of January 19, 1985 or
the effective date of this Contract.
/s/ Xxxxxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to add the following provision to the end of
the section on page 26 titled Surrender Fee:
On the tenth anniversary of the Effective Date of this Contract, the
Surrender Fee shall reduce to 0%.
Endorsed and made a part of this Contract effective September 1, 1984.
/s/ Xxxxxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to delete Section 3.13 Payment of Surrender
Value and replace it with the following:
3.13. Payment of Surrender Value: Under certain emergency conditions, Aetna
may defer payment:
(a) For a period of up to 6 months (unless not allowed by state
law); or
(b) As provided by federal law.
In addition, Aetna may pay any Fixed Account surrender requested from
the Contract, Plan Account, or from any one or more Individual
Accounts, with interest, in equal payments over a period not to exceed
60 months, when:
(a) The Fixed Account value for such Contract, Plan Account or for
the total of the Individual Account(s) under the Contract
exceeds $250,000 on the day prior to the current surrender; and
(b) The sum of the current Fixed Account surrender and the total of
all Fixed Account surrenders from the Contract, Plan Account,
or any Individual Account within the past 12 calendar months
exceeds 20% of the amount in the Fixed Account on the day prior
to the current surrender.
Interest, as used above will not be more than two percentage points
below any rate determined prospectively by the Board of Directors for
this class of Contract. In no event, will the interest rate be less
than 4%.
Endorsed and made a part of this Contract on January 1, 1988 or the
effective date of the Contract whichever is later.
/s/ Xxxx X. Xxxxxxx
President
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to restate and amend 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. Transfer of Current Value from the Funds - Delete the last
paragraph and replace it with the following:
Twelve transfers of Current Value 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/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
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 entitled Surrender Fee as follows:
No Surrender Fee is deducted from any portion of the Current Value which is
paid:
(d) When the Current Value is $2,500 or less and no surrenders have
been taken from the Contract within the prior 12 months. If
there is more than one Contract, then this provision will only
apply when the total in all of the Contracts is $2,500 or less.
Endorsed and made a part of this Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity Company
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
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract and the Certificate, (as applicable), is hereby endorsed.
The term Valuation Period under General 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 and the Certificate, (as applicable).
/s/ X. X. Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EIMSF-HI
Aetna Life Insurance and Annuity
ENDORSEMENT
This Contract is hereby endorsed to add the following new provision to
INDIVIDUAL ANNUITY PLAN, Section 6.02, Surrender Fee:
(c) In an amount equal to or less than 10% of the current Contract
Cash Value, as part of the first partial surrender request in a
calendar year. The Contract Cash Value is calculated as of the
date the partial surrender request is received in good order at
Aetna's Home Office. This provision does not apply to full
surrender requests.
Endorsed and made a part of this Contract effective September 1, 1989.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
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 entitled Surrender Fee as follows:
No Surrender Fee is deducted from any portion of the Current Value which is
paid:
(c) When the Current Value is $2,500 or less and no surrenders have
been taken from the Contract within the prior 12 months. If
there is more than one Contract, then this provision will only
apply when the total in all of the Contracts is $2,500 or less.
Endorsed and made a part of this Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity Company
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is endorsed to allow for the election of a loan subject to the
following conditions:
Add to the PURCHASE PAYMENT, CURRENT VALUE AND SURRENDER PROVISIONS the
following provision:
3.15. Loan Value - During the accumulation period, a Contract Holder may request
a loan from his or her Current Value by submitting a loan request form to
Aetna's Home Office. For Tax Deferred Annuity Contracts governed by The Employee
Retirement Income Security Act Title I, the loan request form must be
accompanied by the appropriate waiver and spousal consent form. A loan may not
be requested within 12 months from the date of any prior loan. The following
conditions must also be met:
(1) The minimum Current Value must be $5,000. The loan amount must be at
least $3,500. The loan amount may not exceed the lesser of:
(a) 50% of the vested Current Value reduced by the outstanding loan
balance on the date on which the loan is made; or
(b) $50,000 reduced by the highest outstanding balance of loans
within the preceding 12 months ending on the day before the
loan is made.
However, if the Current Value is between $5,000 and $20,000, the loan
amount is the lesser of (c) 75% of the vested Current Value reduced by
the outstanding loan balance on the date on which the loan is made, or
(d) $10,000 reduced by the outstanding loan balance on the date on
which the loan is made.
Loans can be made from those account values held in the Fund(s) and the
Fixed Account. Loans may not be made against amounts held in GET Fund
although such values are included in the determination of Current
Value. If a Contract Holder intends to request a loan against any
portion of GET Fund, that portion must be transferred to any of the
other Funds or to the Fixed Account. Amounts transferred from GET Fund
prior to the Maturity Date will be at the then applicable GET Fund Unit
Value.
Aetna reserves the right to restrict or limit the amount that may be
borrowed from any investment option at any time. However, the full
value of all investment options is included in the determination of
Current Value.
When a loan is made, the number of accumulation units equal to the loan
amount will be withdrawn from the Current Value. Accumulation units
taken from the Current Value to provide a loan do not participate in
the investment experience of the related investment options. Unless
instructed otherwise, the amount withdrawn will be allocated on a pro
rata basis among the Fixed Account and the Fund(s).
(2) Loan interest payable to Aetna will accrue on a daily basis at the rate
of 3% annually.
(3) Principal and interest on loans will be amortized over a 5 year term.
However, principal and interest on loans taken for the acquisition of a
Contract Xxxxxx's principal residence may be amortized over a period of
1 to 20 whole years, as elected by the Contract Holder. The projected
final repayment must be no later than the end of the calendar year in
which the Contract Holder attains age 70.
(4) Repayment of principal and interest is required at 3 month intervals. A
bill in the amount of the quarterly repayment due will be mailed to the
Contract Holder in advance of the payment due date. The repayment due
date will be the first business day of the month in which the 7th
calendar day after the loan effective date falls. The loan effective
date will be the date Aetna receives the loan request form in good
order. Payment will be due before the end of the month in which the due
date falls.
(5) Unless otherwise specified, the repayments of principal will be
allocated among the same Contract investment options and in the same
proportion as when the loan was initially made. The Contract Holder may
specify the allocation of the principal repayments among the current
investment options including the current GA Account Deposit Period.
(6) If a billed quarterly installment of principal and interest is not paid
by the last day of the month in which it is due, a partial surrender
equal to the quarterly amount of principal and interest due, and
deferred sales charge, if applicable, will be made from the Contract. A
partial surrender equal to any remaining loan balance and interest due,
and a deferred sales charge, if applicable, will be made from the
Contract if, with a twelve-month period, a second billed quarterly
installment of principal and interest is not paid.
(7) If a partial surrender is taken from a Contract Xxxxxx's Current Value
due to nonpayment of a billed quarterly installment, the date of the
surrender will be the first business day following the last day of the
month in which the repayment was due.
(8) If a repayment is received in excess of a billed amount, the excess
will be applied towards the principal portion of the outstanding loan.
Payments received which are less than the billed amount will be
returned to the Contract Holder.
(9) Prepayment of the entire loan will be allowed. At the time of
prepayment, Aetna will bill the Contract Holder for any accrued
interest. Aetna will consider the loan paid when this accrued interest
is paid.
(10) If a Contract is surrendered with an outstanding loan balance, accrued
interest and any applicable deferred sales charge will be deducted from
the surrender amount. If a Contract with an outstanding loan balance is
surrendered due to the Contract Xxxxxx's death or the election of an
Annuity Option, accrued interest will be deducted from the surrender
amount.
(11) If the Contract Holder's Current Value falls below an amount equal to
25% of the total loans outstanding, repayment of all outstanding loans
may be required.
Add to the end of Section 5.04(b) entitled Control of Contract the following
sentence.
2
In the event a loan against this Contract is requested, however, a portion of
the Current Value necessary to cover the loan amount plus interest must be
assigned to Aetna.
Add to Section 5.04(e) entitled Sum Payable at Death (Before Annuity Payments
Start), the following:
The Current Value payable under the terms of this section will be reduced by the
amount of the accrued but not yet paid interest on any outstanding loan.
Add to Section 5.04(h) entitled Surrender Value, the following:
The amount payable by Aetna upon the total surrender of a Contract with a
loan(s) outstanding shall be reduced by accrued interest and if applicable, a
Surrender Fee on the loan amount.
Endorsed and made a part of this Contract on January 1, 1987 or the effective
date of the Contract whichever is later.
/s/ Xxxx X. Xxxxxxx
President
3
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 entitled Surrender Fee as follows:
No Surrender Fee is deducted from any portion of the Current Value which is
paid:
(c) When the Current Value is $2,500 or less and no surrenders have
been taken from the Contract within the prior 12 months. If
there is more than one Contract, then this provision will only
apply when the total in all of the Contracts is $2,500 or less;
or
(d) In an amount equal to or less than 10% if the Current Value, as
part of the first partial surrender request in a calendar year
to a Contract Holder who is at least age 59-1/2 and less than
70-1/2. The Current 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 Contract are
excluded when calculating the Current Value. This provision
does not apply to partial surrenders due to loan defaults made
from the Contract and does not apply to full surrender
requests.
Endorsed and made a part of this Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity Company
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
Add the following paragraph to subsection (a) of the Contract's Loan provision
(added via separate Loan Endorsement) as follows:
If a Contract Xxxxxx is married, his or her spouse must consent in
writing to a loan request. This consent must be given within the 90 day
period before the loan is to be made.
The current provision under Section 5.04(b) entitled Control of Contract is
deleted and replaced by the following:
This is a Contract between the Contract Holder and Aetna only to
satisfy the "purchase" requirements of Section 403(b)(1) of the
Internal Revenue Code of 1986. The Contract Holder has no right, title
or interest in the amounts held under the Contract either by reason of
remitting Purchase Payment(s) or applying for this Contract.
The Contract Holder shall notify Aetna in writing of the applicability
of Title I of the Employee Retirement Income Security Act of 1974 as
amended by subsequent law including the Retirement Equity Act of 1984
(Act) to the Plan. Aetna shall rely on the Contract Holder's
determination and representation of applicability.
Each Contract Holder shall own all amounts held in his or her
Individual Account. Each Contract Holder may make any choices allowed
by this Contract for his or her Individual Account. Choices made under
this Contract must be in writing. Until receipt of such choices in its
Home Office, Aetna may rely on any previous choices made. This Contract
and any Individual Accounts shall not be subject to the claims of any
creditors. This Contract and any Individual Accounts are nonassignable,
except to Aetna in the amount of any outstanding loan plus interest or
pursuant to a "qualified domestic relations order" as set forth under
the Act, and nontransferable.
Section 5.04(c) is deleted and replaced as follows:
Each Contract Holder shall name a beneficiary. However, if the Contract
Xxxxxx is married on the date of death, and the named beneficiary is
other than the current spouse, Aetna shall disregard the named
beneficiary if upon the Contract Xxxxxx's death:
(1) The Contract Holder had not reached age 35; or
(2) The Contract Holder had reached age 35, and the appropriate
preretirement survivor benefit waiver and spousal consent form
have not been submitted to Aetna.
Any existing or future beneficiary designations not in conformance with
this provision or null and void.
1
Section 5.04(e) entitled Sum Payable at Death is deleted and replaced as
follows:
The Current Value payable under the terms of this section will be
reduced by the amount of the accrued interest on any outstanding loan.
Aetna will pay the Current Value to the beneficiary when:
(1) The Contract Holder dies before Annuity payments start; and
(2) The notice of death is received in good order by Aetna.
The sum payable will be the Current Value on the date when the notice is
received in good order at Aetna's Home Office. The beneficiary may choose
to apply any sum under an Annuity Option (see Annuity Provisions), subject
to any other terms and conditions of this Contract, or to receive a lump
sum payment.
If the beneficiary is the surviving spouse, the first Annuity payment
or the lump sum payment may be deferred to a date not later than when
the Contract Holder would have attained age 70-1/2 or such later date
as may be allowed under Federal law or regulations. If the beneficiary
is not the surviving spouse, all of the Current Value must either be
applied to an Annuity Option within one year of the Contract Xxxxxx's
death or be paid to the beneficiary within 5 years of Contract Xxxxxx's
death (see Part IV). In no event may payments to any beneficiary under
an Annuity Option extend beyond the life of the beneficiary or any
period certain greater than the beneficiary's life expectancy. If no
beneficiary exists, the payment will be made to the estate of the
Contract Holder.
Add the following provision to Section 5.04(f) entitled -Surrender Value:
Surrender Restrictions: Limitations apply to full and partial
surrenders of the Restricted Amount from this Contract, as required by
Code Section 403(b)(11). The Restricted Amount is the sum of:
(a) Net Purchase Payments attributable to Contract Holder salary
reduction contributions made on and after January 1, 1989; plus
(b) The net increase, if any, in the Current Value of the Contract
Xxxxxx's Individual Account after December 31, 1988
attributable to investment gains and losses and credited
interest.
The Restricted Amount may be fully or partially surrendered only if one
or more of the following conditions are met:
(a) The Contract Holder has reached age 59-1/2;
(b) The Contract Holder has separated from service;
(c) The Contract Xxxxxx has died;
(d) The Contract Holder has become disabled, within the meaning of
Code Section 72(m)(7); or
(e) The withdrawal is otherwise allowed by federal law, regulations
or rulings.
2
A full or partial surrender is also allowed if the Contract Holder
incurs a "hardship" as that term is defined in the Code or regulations
under 403(b). However, the amount available for hardship is limited to
the lesser of the amount necessary to satisfy the need, or the Net
Purchase Payments attributable to Contract Holder salary reduction
contributions made on and after January 1, 1989.
Aetna may require that the Contract Holder certify and/or provide
satisfactory proof that one of these conditions has been met before a
surrender request will be considered to be in good order.
The Contract Holder or beneficiary must notify Aetna in writing when a
lump sum payment is to be made or Annuity payments are to commence.
Section 5.04(g) is renumbered as Section 5.04(j).
Add the following as the new Section 5.04(g):
Limitation on Contributions: The Purchase Payment(s) made to a Contract
Holder's Individual Account in any year cannot exceed the lesser of the
amount determined under the exclusion allowance of Code Section
403(b)(2) or the annual additions limitation of Code Section 415(c)(1).
In addition, in no event may the Purchase Payment(s) attributable to
elective deferrals as defined in Code Section 402(g) exceed $9,500 (or,
such larger amount as adjusted by the Secretary of the Treasury) during
any calendar year, unless the alternate limitation of Code Section
402(g)(8) applies.
Add the following provision as Section 5.04(h) as follows:
Timing of Distributions: The distribution of benefits accrued after
December 31, 1986, must be made in a lump sum or must begin not later
than the April 1 of the calendar year following the calendar year in
which the Contract Holder attains age 70-1/2. However, for a Contract
Holder who attained age 70-1/2 before January 1, 1988, the distribution
of such benefits must be made or must begin not later than the April 1
of the calendar year following the calendar year in which the Contract
Holder retires.
The above does not apply if the Contract Holder is employed by a
governmental entity or a church. For Contract Holders of such an
employer, the distribution of benefits accrued after December 31, 1986,
must be made or must begin not later than the April 1 of the calendar
year following the calendar year in which the Contract Holder attains
age 70-1/2 or retires, whichever occurs later.
The required distribution described in either of the above rules must
be made over the life of the Contract Holder (or the joint lives of the
Contract Holder and beneficiary) or over a period not exceeding the
life expectancy of the Contract Holder (or the joint life expectancies
of the Contract Holder and the beneficiary).
If the Contract Holder does not request commencement of benefits as
described above, Aetna will not be responsible for compliance with the
Code 401(a)(9) minimum distribution requirements and for any adverse
tax consequences that may result.
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Endorsed and made a part of the Contract effective on October 15, 1990 or the
effective date of the Contract whichever is later.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
4
Aetna Life Insurance and Annuity Company
ENDORSEMENT
Add the following provision as Section 5.04(i) Distribution Options as follows:
The following distribution options may be elected by the Participant.
(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.
(1) An ECO payment will be determined in the following manner:
a. Payments will commence no earlier than the year in
which the Participant attains age 70 1/2, and will be
calculated on the full Current Value of the
Individual Account, except as provided in b.
b. If Aetna maintains separate records of the value of
the account as of December 31, 1986, (see below),
payments made on or after the year in which the
Participant attains age 75 will only be calculated on
amounts contributed after December 31, 1986, plus all
interest credited after that date. The method under
this rule is only used upon election of the
Participant and will no longer be effective if the
Participant submits a withdrawal request in addition
to a scheduled ECO payment from the Individual
Account, at which time ECO payments will then be
determined under a.
Aetna will maintain separate records if the
Participant has not requested any withdrawals from
his or her Individual Account since December 31,
1986. If a Participant attained age 70 1/2 prior to
1988 or is a Participant in a governmental or church
Tax Deferred Annuity (TDA) plan, the Participant must
be retired in order to qualify under b.
(2) Amount of Distribution: Each year that ECO is in effect, Aetna
will calculate and distribute an amount equal to the minimum
required distribution under the Code. The annual distribution
will be determined by dividing the Individual Account Current
Value, including any current loan(s) outstanding, as of
December 31 of the year prior to the year for which the payment
is to be made, by a life expectancy factor.
As elected by the Participant, the factor is either the single
life or joint life expectancy based on tables in Section
401(a)(9) of the Code or related regulations. If joint life
expectancy is elected and the Participant or spouse dies,
payments will be calculated based on the survivor's life
expectancy.
These calculations may be changed as necessary to comply with
the Code minimum distribution rules. 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
Contract while ECO is in effect.
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) Date of Distribution: The Participant shall specify the initial
distribution date. The earliest date is the first day of the
calendar year in which the Participant attains age 70 1/2.
Subsequent distributions will be made annually on June 15 or
such other date Aetna may designate or allow.
(5) Elections and Revocation: ECO may be elected by the Participant
by submitting a completed and signed election form to Aetna's
Home Office. If the Contract Holder has notified Aetna that the
TDA Plan is subject to Title I of the Employee Retirement
Income Security Act of 1974 as amended, the Participant must
also submit the appropriate joint and survivor annuity waiver
and spousal consent form(s) to Aetna at its Home Office.
Once elected, this option may be revoked by the Participant 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.
(1) Amount of Distribution: The Participant may elect one of the
two payment methods described below.
[bullet] Specified Amount: Payments of a designated dollar
amount which must be no greater than 10% of the initial
Current Value and shall remain constant unless a higher
amount is required under Code minimum distribution
rules. Each year that the Specified Amount is in
effect, Aetna will calculate the minimum required
distribution under the Code and distribute this amount
if it is larger than the amount elected by the
Participant. The life expectancy factor for this
purpose will be the Participant's life expectancy at
the time of the election of this option, and with each
subsequent calendar year the factor will be reduced by
one. The minimum required distribution will be
determined by dividing the Individual Account Current
Value, including any current loan(s) outstanding, as of
December 31 of the year prior to the year for which the
payment is to be made, by a life expectancy factor. At
its discretion, Aetna may require a minimum initial
payment amount; or
[bullet] Specified Period: Payments which are made over a period
of time which must be at least 10 years, unless
otherwise required by Code minimum distribution rules.
The maximum specified period will be limited by the
Code minimum distribution rules. The annual amount paid
each year is calculated by dividing the Individual
Account
2
Current Value as of December 31 of the prior year,
including any outstanding loan(s), by the number of
payment years remaining.
The life expectancy factor is either the single life or joint
life expectancy, as elected by the Participant, based on tables
in Section 401(a)(9) of the Code or related regulations. If the
joint life expectancy is elected, upon the death of either the
Participant or the spouse, the minimum required distribution
for the Specified Amount payment method will continue to be
calculated in the same manner as described in (b)(1). Payments
upon the Participant's death will continue in the manner
described above, unless the spouse elects an alternate payment
mode. Any mode elected must provide payments to be made at
least as rapidly as those made prior to the Participant's
death.
These calculations may be changed as necessary to comply with
the Code minimum distribution rules. 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
Contract while SWO is in effect.
(2) 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.
(3) Date of Distribution: The Participant shall specify the initial
distribution date. The earliest date is the first day of the
calendar year in which the Participant attains age 70-1/2.
SWO payments will be made annually. Subsequent distributions
will be made annually on June 15 or such other date Aetna may
designate or allow.
(5) Elections and Revocation: SWO may be elected by the Participant
by submitting a completed and signed election form to Aetna's
Home Office. If the Contract Holder has notified Aetna that the
TDA Plan is subject to Title I of the Employee Retirement
Income Security Act of 1974 as amended, the Participant must
also submit the appropriate joint and survivor annuity waiver
and spousal consent form(s) to Aetna at its Home Office.
Once elected, this option may be revoked by the Participant 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 annually.
3
Endorsed and made a part of the Contract effective on October 15, 1990 or the
effective date of the Contract whichever is later.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
4
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 entitled Surrender Fee as follows:
No Surrender Fee is deducted from any portion of the Current Value which is
paid:
(d) When the Current Value is $2,500 or less and no surrenders have
been taken from the Contract within the prior 12 months. If
there is more than one Contract, then this provision will only
apply when the total in all of the Contracts is $2,500 or less;
or
(e) In an amount equal to or less than 10% if the Current Value, as
part of the first partial surrender request in a calendar year
to a Contract Holder who is at least age 59 1/2 and less than
70 1/2. The Current 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 Contract are
excluded when calculating the Current Value. This provision
does not apply to partial surrenders due to loan defaults made
from the Contract and does it apply to full surrender requests.
Endorsed and made a part of this Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity Company
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to amend and restate the previous Guaranteed
Interest Account (GI Account) endorsement as follows:
Add to Section 1. GENERAL DEFINITIONS the following paragraph:
Maturity Date: The last day of a GI Account Term.
Matured Term Value: The amount payable on a GI 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 GI Account Terms greater than three years. The Contract
Holder does not participate in the investment gain or loss from the
assets held in the GI Account.
Section 3.08, - Transfer of Current Value from the Fund(s) 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 GI Account:
(a) To any other allowable Fund;
(b) To the Fixed Account; or
(c) To Terms of the GI Account available in the current Deposit
Period. Amounts in a specific GI Account Term cannot be
transferred to the Deposit Period of another Term within the
same Classification except at the Term's maturity (see
3.15(f)).
The following amended and restated provision now designated Section 3.15 -
Guaranteed Interest Account (GI Account) is described and limited as follows:
The GI Account provides a guaranteed effective annual yield for Net Purchase
Payments and transfers held in the GI Account for stipulated periods of time
(see (a) and (b) 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 GI Account for one or more
Guaranteed Terms.
(b) Guaranteed Term (Term) - The period of time for which Guaranteed
Effective Yields are earned on Net Purchase Payment(s) and on transfers
made into a Deposit Period of the GI Account. Terms are offered at
Aetna's discretion for various lengths of time ranging up to and
including ten years.
(c) Guaranteed Term Classifications (Classifications) - The grouping of
Terms according to their time to maturity. The following are the
Classifications:
1
(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.
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.
(d) Guaranteed Effective Yields (Yields) - The effective annual yield(s)
are guaranteed by Aetna for Net Purchase Payment(s) and transfers
accepted into a Deposit Period for available Terms in the GI Account
Yield(s) will gradually increase to the end of a Term and will never be
less than 4%.
Representative Yields for 5 year Terms are shown in the Table (see (j)
below). The Yields are shown for Net Purchase Payment(s) accepted into
Terms of the GI Account during a Deposit Period and held to the end of
each subsequent elapsed quarter. Tables for other Yields and Terms will
be provided upon request and will be computed on a basis consistent
with the representative Yield(s) in the Table (see (j) below).
The ending Term Effective Yield is the rate which Aetna will declare
prior to each Deposit Period. Aetna will also calculate the interim
Yield(s). Aetna will add interest daily for each applicable quarter.
(e) Withdrawals from GI Account - Full or partial surrenders may be
requested at any time from the GI Account prior to the end of a Term.
The amount withdrawn before the Maturity Date of a Term will receive a
Yield which is reduced from the ending Term Effective Yield. The
reduced Yield will never be less than 4%.
Full and partial surrenders are satisfied by withdrawing amounts from
each of the Fund(s), the Fixed Account, the GI Account Short-Term
Classification and the GI Account Long-Term Classification on a pro
rata basis. However, the Contract Holder 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 GI Account Short-Term and
Long-Term Classifications are considered as two separate investment
options. Also, amounts will be removed within a GI Account
Classification starting with the Term still in effect with the oldest
Deposit Period.
Any withdrawal which is a surrender will be subject to the Maintenance
Fee and Surrender Fee as appropriate.
Net Purchase Payment(s) withdrawn from the GI Account under the Sum
Payable at Death provision prior to the end of a Term will earn the
Yield stated for the Net Purchase Payment(s) remaining in the
Classification of the GI Account to the end of the Term.
2
(f) Transfers - Twelve times during each calendar year, any portion of the
amounts held in Classifications of the GI Account may be transferred to
any other accumulation option(s) available under the Contract. The
Transfer of any portion of the GI Account value at the Maturity Date of
a Term is not counted for this purpose.
Such transfers are subject to the Withdrawal provision (see (e) above).
Amounts may be transferred from any of the Fund(s) to Terms available
in the GI Account's current Deposit Period.
Aetna may allow transfers from the Fixed Account at certain times under
the following conditions:
(1) 10% of the Current Value in the Fixed Account under the
Contract may be transferred to the Fund(s) and/or to GI Account
Terms during the then current. Deposit Period without charge.
The transfer will be allowed once per calendar year except as
provided in (2) below. Fixed Account transfers are not allowed
under an Annuity Option.
Aetna may, for temporary periods of time allow any larger percentage to
be transferred.
(2) Any remaining balance in the Fixed Account under the Contract
may be transferred by the Contract Holder in its entirety to
the Fund(s) and/or Terms available in the GI Account's current
Deposit Period if:
(a) The Current Value in the Fixed Account under the
Contract is $2,000 or less; or
(b) The maximum percentage allowed was transferred from the
Fixed Account in each of the four consecutive prior
calendar years and no additional Net Purchase
Payment(s) to the Contract have been allocated to the
Fixed Account during the same four consecutive calendar
year periods.
The Current Value of the Fixed Account, as used above, is the value
when the request is received at Aetna's Home Office in good order.
Amounts in a specific GI Account Term cannot be transferred to the
Deposit Period of another Term within the same Classification except at
the Term's maturity (see (g) below).
(g) Maturity Date/Reinvestment - For all GI Account Term(s) existing as of
the effective date of this endorsement in addition to GI Account
Term(s) announced subsequent to that date, the Contract Holder 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 Yield(s),
Term(s) and a projected Matured Term Value.
The Matured Term Value may be surrendered or transferred on the Term's
Maturity Date. If no specific direction is given by the Contract Holder
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
3
Contract Holder will be mailed a confirmation statement. This statement
will state the Terms and Yields which will apply to the reinvested
Matured Term Value.
During the calendar month following the Term's Maturity Date, the
Contract Holder 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 GI Account. This provision only applies to the first such
request received from the Contract Holder during this period for any
Matured Term Value. The Matured Term Value plus any interest accrued
thereon may be transferred upon such request:
(1) To any Terms of the GI Account available in the current Deposit
Period; or
(2) To any other allowable Fund(s).
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.
(h) Current Value - Current Value will also include any amounts in the GI
Account, including GI Account interest added by Aetna.
(i) Deposits to the GI Account - All amounts in the GI Account under the
Short-Term Classification are made to the General Account.
All amounts in the GI 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 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 Yields to be credited to the GI Account.
All assets of Aetna including amounts made to the GI Account are
available to meet the guarantees under the GI Account.
(j) Table of Representative Yields - Five Year Terms: Please note that the
following examples are based on hypothetical percentages for the
Guaranteed Effective Yield. Actual past effective yields and future
effective yields may vary.
4
Guaranteed Effective Guaranteed Effective Guaranteed Effective Guaranteed Effective
Yield at end of Yield at end of Yield at end of Yield at end of
End of Quarter Quarter Quarter Quarter Quarter
-------------- -------------------- -------------------- -------------------- --------------------
01 5.7421% 5.9860% 6.2283% 6.4689%
02 5.5103% 5.6493% 5.7872% 5.9241%
03 5.4772% 5.5744% 5.6709% 5.7666%
04 5.5057% 5.5806% 5.6548% 5.7283%
05 5.5610% 5.6219% 5.6822% 5.7420%
06 5.6305% 5.6818% 5.7326% 5.7830%
07 5.7082% 5.7524% 5.7964% 5.8745%
08 5.7912% 5.8302% 5.8689% 6.8182%
09 5.8778% 5.9126% 6.5664% 7.5655%
10 5.9667% 6.1733% 7.1726% 8.1720%
11 6.0574% 6.6750% 7.6745% 8.6740%
12 6.1335% 7.0972% 8.0968% 9.0964%
13 6.4576% 7.4573% 8.4570% 9.4567%
14 6.7684% 7.7682% 8.7680% 9.7677%
15 7.0394% 8.0392% 9.0391% 10.0389%
16 7.2778% 8.2776% 9.2775% 10.2774%
17 7.4891% 8.4890% 9.4889% 10.4888%
18 7.6777% 8.6776% 9.6776% 10.6775%
19 7.8471% 8.8470% 9.8470% 10.8470%
20 8.0000%* 9.0000%* 10.0000%* 11.0000%*
* Ending Term Effective Yield.
The GI Account cannot be used as a pay-out option under the ANNUITY PROVISIONS
of the Contract.
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
5
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
The Contract section entitled General Definitions is amended to include the
following terms:
Aetna GET Fund (GET Fund): An open-end registered management investment
company organized as a series fund. Each series of GET Fund constitutes
a separate Fund under this Contract.
Allocation Period: The period of time, usually from one to three
months, during which amounts may be allocated to a series of GET Fund,
whether by Transfer or by Net Purchase Payment(s). Each series of GET
Fund will have a specific Allocation Period.
At its discretion, Aetna may allow additional amounts to be allocated
to a series of GET Fund during the Guarantee Period. The Guarantee
established at the close of the Allocation Period will apply to these
amounts.
At its discretion, Aetna may specify a minimum amount per Transfer and
per Net Purchase Payment amount for each series prior to the beginning
of the Allocation Period for that series.
Aetna will specify a minimum amount of assets that a series of the GET
Fund must contain at the close of the Allocation Period; and reserves
the right to terminate a series if it does not meet this minimum
standard. If Aetna elects to terminate the GET Fund and not to start
the Guarantee Period, Aetna will mail each Contract Holder with
amount(s) in the series a notice that the series is being canceled. The
cancellation notice will be mailed no later than 15 calendar days after
the Allocation Period ends. The Contract Holder will have 45 calendar
days from the end of the Allocation Period to Transfer the Current
Value of the canceled series of GET Fund to another accumulation
option(s). If no Transfer is made prior to the end of the 45 calendar
day period, the Current Value in the canceled series of GET Fund will
be transferred to Aetna Variable Encore Fund, a money market fund
during the next Valuation Period.
Aetna will also specify the maximum amount of assets that will be
accepted into a series of the GET Fund; and reserves the right to not
allow additional allocation to a series if it exceeds this maximum
standard. If Aetna elects not to allow additional allocation to the
series of GET Fund, Aetna will stop accepting Net Purchase Payments and
Transfers into the series 10 calendar days after such election. The
Allocation Period will continue until the date the Guarantee Period
begins.
GET Fund Maturity Date: The date at which the Guaranteed Period for a
series will end and the GET Fund Record Units for that series will be
liquidated. Another accumulation option must then be elected. If no
such election is made by the GET Fund Maturity Date, the portion of the
Current Value based on that GET Fund series will be transferred to the
Allocation Period for another series of GET Fund. If no GET Fund Series
is available, 50% of the Current Value from that GET Fund series will
be transferred to Aetna Variable Fund, a growth and income fund. The
remaining 50%
1
of the Current Value will be transferred to Aetna Income Shares, a bond
fund. The Transfers will be made during the next Valuation Period. Such
Transfers will not be counted as one of the free Transfers. The GET
Fund Maturity Date will be specified before the Allocation Period for
that series begins.
Guarantee: Aetna guarantees that on a series' GET Fund Maturity Date,
the value of each GET Fund Record Unit then outstanding in that series
will not be less than the value of the Record Unit on the last day of
the Allocation Period. Aetna will transfer any amount necessary from
its general account to the Separate Account in order to bring that
Record Unit Value to the guaranteed level. This Guarantee does not
apply to GET Fund Record Unit Values withdrawn or transferred before
the GET Fund Maturity Date.
Guaranteed Period: The length of time to which the Guarantee applies
for a series, ending on the GET Fund Maturity Date. This period will be
specified before the Allocation Period for a series begins.
The Contract section entitled Fund(s) is amended to add the following sentence:
Unless specifically indicated otherwise in this Contract, all
references to Fund(s) in this Contract shall include each series of GET
Fund.
The Contract section entitled Net Return Factor(s) - Separate Account is hereby
endorsed to add the following as subsection (f):
Minus a daily fee at an annual rate of 0.25% during the Guaranteed
Period for Aetna's guarantee of GET Fund Record Unit Values. This fee
will be determined prior to the start of any series of GET Fund's
Allocation Period.
The Contract section entitled Transfer of Current Value from the Funds is
amended to include the following paragraph at the end of this provision:
Withdrawals or Transfers from a GET Fund series before the Maturity
Date will be at the then applicable GET Fund Record Unit Value, which
may be more or less than the Record Unit Value guaranteed at the GET
Fund Maturity Date.
The Contract section entitled Reinstatement is amended to include the following
paragraph at the end of this provision:
Amounts attributable to GET will be reinstated to the Allocation Period
of a GET series, if available. If a GET series Allocation Period is
unavailable, amounts will be reallocated among other Fund(s), the Fixed
Account and the GI Account, (if applicable), on a prorata basis.
The Contract section entitled Choice to be Made is amended to include the
following paragraph at the end of this provision:
Contract values based on any GET Fund series must be transferred to
another accumulation option prior to election of an Annuity Option.
2
Endorsed and made a part of this Contract on the effective date of the Contract.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
3
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract and the Certificate, (as applicable), is hereby endorsed.
The term Valuation Period under General 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 and the Certificate, (as applicable).
/s/ X. X. Xxxxxxx
President
Aetna Life Insurance and Annuity Company
