The PRUDENTIAL THE PRUDENTIAL
INSURANCE COMPANY
OF AMERICA
agrees to pay the benefits provided under this contract in accordance with and
subject to its terms.
Contract-Holder: Plan:
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Effective Date: Group Annuity Contract Number:
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Provisions and Schedules Jurisdiction:
attached:
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THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA
By:
--------------------------------
Title: President /s/ Xxxxxx X. Xxxxxx
Date: Secretary /s/ Xxxxxxx X. Light
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Attest
-------------------------
Date:
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Group Annuity Contract providing for contributions on account of Participants.
Annual determination of participation in divisible surplus. All subject to the
provisions of this contract.
NOTICE - ALL CONTRACTUAL VALUES OR PAYMENTS PROVIDED BY THIS CONTRACT, WHEN
BASED ON THE INVESTMENT RESULTS OF A PRUDENTIAL SEPARATE ACCOUNT DESCRIBED IN
THIS CONTRACT, ARE VARIABLE, SUBJECT TO CHANGE BOTH UP AND DOWN, AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.
DEFERRED COMPENSATION
(NON-QUALIFIED)
GVA-1010 19081-A
9/84
TABLE OF CONTENTS
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Provision Serial Page
I. CONTRIBUTIONS - ACCOUNTS - CHARGES
1.1 Contributions. . . . . . . . . . . . . . 100
1.2 Participant's Accounts . . . . . . . . . 100
1.3 Annual Account Charge. . . . . . . . . . 100
1.4 Reports. . . . . . . . . . . . . . . . . 110
II. INVESTMENT ACCOUNT - UNIT VALUES - COMMITTEE
2.1 The Prudential Variable Contract
Account-10 (VCA-10). . . . . . . . . . 200
2.2 VCA-10 Unit Value. . . . . . . . . . . . 200
2.3 VCA-10 Committee . . . . . . . . . . . . 210
III. WITHDRAWALS AND TRANSFERS - DEATH PAYMENTS
3.1 Withdrawals. . . . . . . . . . . . . . . 300
3.2 Death Payments . . . . . . . . . . . . . 300
3.3 Transfers between Related Contracts. . . 310
3.4 Transfers to Another Funding Agent . . . 310
IV. ANNUITIES
4.1 Annuity Elections. . . . . . . . . . . . 400
4.2 Annuity - Single Sum Payment
Combination. . . . . . . . . . . . . 400
4.3 Small Annuities and Accounts . . . . . . 400
4.4 Terms of Payment of Annuities. . . . . . 400
4.5 Contract-Holder as Payee -
Prudential as Agent. . . . . . . . . 410
V. CHANGES
5.1 Changes by Prudential. . . . . . . . . . 500
5.2 Changes by Agreement . . . . . . . . . . 500
5.3 Persons Empowered to Act for Prudential. 500
VI. DISCONTINUANCE - TERMINATION OF CONTRACT
6.1 Discontinuance of Establishing
Participants' Accounts . . . . . . . 600
6.2 Discontinuance of Contributions under
this Contract. . . . . . . . . . . . 600
6.3 Termination of Contract. . . . . . . . . 600
VII. GENERAL TERMS
7.1 Contract-Holder. . . . . . . . . . . . . 700
7.2 Communications . . . . . . . . . . . . . 700
7.3 Place of Payment -- Currency . . . . . . 700
7.4 Information -- Records . . . . . . . . . 710
7.5 Misstatements. . . . . . . . . . . . . . 710
7.6 Plan Changes . . . . . . . . . . . . . . 710
7.7 Divisible Surplus. . . . . . . . . . . . 720
7.8 Entire Contract -- Construction . . . . 720
GVA-1010
TC-100 (10)
9/84
TABLE OF CONTENTS
(Continued)
Serial Page
SCHEDULES
Schedule A Forms of Annuity Which May Be
Purchased . . . . . . . . . . . A-100
Schedule B Life - Payment Certain Annuity. . S-100
Schedule C Life - Contingent Annuity . . . . S-100
Schedule D Payment Certain Annuity . . . . . S-100
GVA/GAA-1010/7211-82
TC-110
Provision I. CONTRIBUTIONS - ACCOUNTS - CHARGES:
1.1 CONTRIBUTIONS:
The contributions which are payable under this contract for a Participant
are the amounts of his compensation deferred pursuant to the Plan and any
other amounts contributed by him or on his behalf pursuant to the Plan
and directed for payment hereunder. Contributions will be transmitted by
the Contract-Holder. A Participant is a person for whom contributions
have been paid under this contract and whose Participant's Account (see
section 1.2) has not been cancelled.
(To save words, male pronouns are used in this contract to refer to both
men and women.)
1.2 PARTICIPANT'S ACCOUNT:
Prudential will establish a "Participant's Account" for each person for
whom a contribution is paid under this contract. (The term "Participant's
Account" is not meant to confer on the Participant any rights to his
Account except as specifically provided in the Plan.) This Account is
expressed in Units of the separate investment account described in
section 2.1.
A number of Units will be added to the Participant's Account on each day
a contribution is received by Prudential for the Participant. This number
is determined by dividing the dollar amount of the contribution by the
Unit Value for the day the contribution is received (see section 2.2 for
a description of the Unit Value). A number of Units will be subtracted
from the Participant's Account on each day on which a withdrawal is made
from his Account. This number is equal to the number requested for
withdrawal or, if applicable, the number determined by dividing the
dollar amount to be withdrawn by the Unit Value for the day of
withdrawal.
A Participant's Account is the sum of the Units added to it, less the sum
of the Units subtracted from it. The dollar value of a Participant's
Account as of any day is the product of the number of Units in his
Account at the close of business on that day and the Unit Value for that
day.
The Account is subject to charges described later.
1.3 ANNUAL ACCOUNT CHARGE:
On the last business day (see section 2.2) of each calendar year an
amount will be withdrawn from each Participant's Account equal to the
Annual Account Charge. Also, on any other day on which a Participant's
Account is cancelled, an amount will be withdrawn from his Account equal
to the Annual Account Charge. However, no Charge will be withdrawn if the
Participant's Account is being cancelled on a January 1 to purchase an
annuity for him under this contract.
GVA-1010
Serial 100 1.1-1.3
5/87
The Annual Account Charge is $20.
An Account may be established for the Participant in connection with the
Plan under another group annuity contract issued to the Contract-Holder
by Prudential (a "companion contract"). If so, the total Annual Account
Charge that applies to all his Accounts will not exceed $20. This charge
will be shared among his Accounts as Prudential determines. Also, no
charge will be withdrawn from his Account under this contract when it is
cancelled unless no amounts remain in an Account for him under a
companion contract.
In addition to the Annual Account Charge, a charge may be made upon a
withdrawal from the Participant's Account (see section 3.1).
The Charge may be changed as provided in section 5.1.
1.4 REPORTS:
Prudential will periodically furnish a report with respect to each
Participant's Account which has not been cancelled. The report will show
the status of each Account as of the date of the report.
GVA-1010
Serial 110 (as modified by Form GAA-7471A) 1.4
Provisions II. INVESTMENT ACCOUNT - UNIT VALUES - COMMITTEE:
2.1 THE PRUDENTIAL VARIABLE CONTRACT ACCOUNT - 10 (VCA-10):
VCA-10 is a separate investment account of Prudential established
pursuant to a resolution adopted by its Board of Directors. The
resolution provides that this account is to be used for contracts which
state that certain payments and values under them will vary to reflect
the investment results of this account.
The investments held in VCA-10 are intended to be composed primarily of
common stocks. Prudential will invest and reinvest the assets held in
VCA-10 in accordance with the investment objectives and policies
established for it.
The total market value of the assets held in VCA-10 at all times will be
at least equal to the total reserve liability required by law for all
payments or values which vary in dollar amount to reflect the investment
results of VCA-10. Assets held in VCA-10 equal in market value to that
reserve liability will be held for the sole benefit of all contracts
which participate in VCA-10. The amount, if any, by which the total
market value exceeds the total reserve liability will be subject to the
exclusive control of Prudential. Thus, Prudential may from time to time
make transfers between VCA-10 and its other investment accounts as, in
its judgment, experience warrants. A transfer will not affect
Prudential's contractual liabilities under this contract.
2.2 VCA-10 UNIT VALUE:
The VCA-10 Unit Value for any Business Day is the dollar value of one
VCA-10 Unit for that Business Day. ("Business Day" means a day the New
York Stock Exchange is open for trading.) The initial VCA-10 Unit Value
was $1.00. The VCA-10 Unit Value for any subsequent Business Day is
determined as of the end of that Business Day by multiplying the VCA-10
Unit Change Factor for that Business Day by the VCA-10 Unit Value for the
immediately preceding Business Day. The VCA-10 Unit Value for any day
which is not a Business Day is equal to the VCA-10 Unit Value for the
next Business Day. The VCA-10 Unit Value will go up or down in accordance
with the VCA-10 Unit Change Factor described below.
To determine the VCA-10 Unit Change Factor for any Business Day,
Prudential will proceed as follows:
(a) Increase $1.00 by the rate of investment results of VCA-10 for
that Business Day, taking into account investment income and
market value changes after provision for any taxes applicable
to contracts of this class arising from the operation of
VCA-10.
(b) Subtract from the result found in (a) the VCA-10 Investment
Management Fee per $1.00 at the effective annual rate of 0.25%
for the number of calendar days in the period from the end of
the prior Business Day to the end of the current Business Day.
The aggregate amount by which VCA-10 is reduced in each year by
the Investment Management Fee will be deducted from investment
income to the extent possible; any balance will be deducted
from principal.
GVA-1010 (10)
Serial 200 2.1-2.2
(c) Provide for the Administrative Expense Charge at the effective
annual rate of 0.75%, against the assets of VCA-10. To do so,
the result found in (b) is divided by $1.00 increased at the
effective annual rate of 0.75% for the number of calendar days
in the period from the end of the prior Business Day to the end
of the current Business Day.
The result found in (c) is the VCA-10 Unit Change Factor for that
Business Day.
The Investment Management Fee specified in item (b) above may be changed
from time to time pursuant to a change in the investment management
agreement between Prudential and the VCA-10 Account. Prudential will
notify the Contract-Holder of any such change.
In addition, this section may be changed as provided in section 5.1.
2.3 VCA-10 COMMITTEE:
The operation of VCA-10 will be supervised by The Prudential VCA-10
Committee (the "Committee"). The initial Committee members will be
appointed by Prudential. Thereafter, members will be elected by vote in
which the Contract-Holder will participate.
GVA-1010 (10) (as modified by GAA-7664)
Serial 210 2.3
Provision II. INVESTMENT ACCOUNT - UNIT VALUES - COMMITTEE:
2.1 THE PRUDENTIAL VARIABLE CONTRACT ACCOUNT - 11 (VCA-11):
VCA-11 is a separate investment account of Prudential established
pursuant to a resolution adopted by its Board of Directors. The
resolution provides that this account is to be used for contracts which
state that certain payments and values under them will vary to reflect
the investment results of this account.
The investments held in VCA-11 are intended to be composed of high-grade
money market instruments. Prudential will invest and reinvest the assets
held in VCA-11 in accordance with the investment objectives and policies
established for it.
The total value of the assets held in VCA-11 at all times will be at
least equal to the total reserve liability required by law for all
payments or values which vary in dollar amount to reflect the investment
results of VCA-11. Assets held in VCA-11 equal in value to that reserve
liability will be held for the sole benefit of all contracts which
participate in VCA-11. The amount, if any, by which the total value
exceeds the total reserve liability will be subject to the exclusive
control of Prudential. Thus, Prudential may from time to time make
transfers between VCA-11 and its other investment accounts as, in its
judgment, experience warrants. A transfer will not affect Prudential's
contractual liabilities under this contract.
2.2 VCA-11 UNIT VALUE:
The VCA-11 Unit Value for any Business Day is the dollar value of one
VCA-11 Unit for that Business Day. ("Business Day" means a day the New
York Stock Exchange is open for trading.) The initial VCA-11 Unit Value
was $1.00. The VCA-11 Unit Value for any subsequent Business Day is
determined as of the end of that Business Day by multiplying the VCA-11
Unit Change Factor for that Business Day by the VCA-11 Unit Value for the
immediately preceding Business Day. The VCA-11 Unit Value for any day
which is not a Business Day is equal to the VCA-11 Unit Value for the
next Business Day. The VCA-11 Unit Value will go up or down in accordance
with the VCA-11 Unit Change Factor described below.
To determine the VCA-11 Unit Change Factor for any Business Day,
Prudential will proceed as follows:
(a) Increase $1.00 by the rate of investment results of VCA-11 for
that Business Day, taking into account investment income and
changes in the value of investments after provision for any taxes
applicable to contracts of this class arising from the operation
of VCA-11.
(b) Subtract from the result found in (a) the VCA-11 Investment
Management Fee per $1.00 at the effective annual rate of 0.25% for
the number of calendar days in the period from the end of the
prior Business Day to the end of the current Business Day. The
aggregate amount by which VCA-11 is reduced in each year by the
Investment Management Fee will be deducted from investment income
to the extent possible; any balance will be deducted from
principal.
GVA-1010 (11)
Serial 200 2.1-2.2
(c) Provide for the Administrative Expense Charge at the effective
annual rate of 0.75%, against the assets of VCA-11. To do so, the
result found in (b) is divided by $1.00 increased at the effective
annual rate of 0.75% for the number of calendar days in the period
from the end of the prior Business Day to the end of the current
Business Day.
The result found in (c) is the VCA-11 Unit Change Factor for that
Business Day.
Prudential may, upon notice to the Contract-Holder, change the basis for
determining the Unit Value. The changed basis would be one designed to
maintain a constant Unit Value, with investment results being reflected
through the number of Units in Participants' Accounts.
The Investment Management Fee specified in item (b) above may be changed
from time to time pursuant to a change in the investment management
agreement between Prudential and the VCA-11 Account. Prudential will
notify the Contract-Holder of any such change.
This section may also be changed as provided in section 5.1.
2.3 VCA-11 COMMITTEE:
The operation of VCA-11 will be supervised by The Prudential VCA-11
Committee (the "Committee"). The initial Committee members will be
appointed by Prudential. Thereafter, members will be elected by vote in
which the Contract-Holder will participate.
GVA-1010 (11) (as modified by GAA-7664)
Serial 210 2.3
5/87
Provision III. WITHDRAWALS AND TRANSFERS - DEATH PAYMENTS:
3.1 WITHDRAWALS:
The Contract-Holder will notify Prudential when a withdrawal is to be
made from a Participant's Account pursuant to the Plan. The minimum
withdrawal is $500, or the dollar value of his Account if smaller.
Payment will normally be made within seven days of Prudential's receipt
of a duly completed request for it. However, it may be paid at a later
day if permitted under the Investment Company Act of 1940.
The amount paid to the Contract-Holder will be the dollar amount
withdrawn less the withdrawal charge determined from the following table
and the Annual Account Charge if it applies. The amount payable is also
referred to as the "Withdrawal Value".
TABLE
Withdrawals made in the months
indicated, counting from the day
the Participant's Account was Withdrawal Charge per $1.00
established* being withdrawn.**
---------------------------------- ---------------------------
First 24 months $0.06
Next 36 months 0.05
Next 60 months 0.03
Next 60 months 0.02
Thereafter 0.00
*Or, if earlier, the day an Account was established for him under a
companion contract.
**No charge is made after the amount withdrawn equals the contributions
made for the Participant. In addition, no charge is made if the
withdrawal is made for reasons of Financial Hardship or Disability
Retirement pursuant to the terms of the Plan.
As of the first day no amounts remain in a Participant's Account or in an
Account for him under a companion contract, his Account is cancelled.
This section may be changed as provided in section 5.1.
3.2 DEATH PAYMENTS:
If a Participant dies before his Participant's Accounts have been
cancelled, the dollar value will be paid to the Contract-Holder. The
payment will be made in one sum unless the Contract-Holder directs
Prudential to purchase an annuity for the Participant's beneficiary
pursuant to the Plan. However, the Contract-Holder will retain all rights
with respect to the annuity. Proof of the Participant's death must be
received by Prudential before any payment will be made.
GVA-1010
Serial 300 3.1-3.2
5/87
The annuity form may be any of those described in section 4.4. No
contributions may be made to the Account after the Participant's death.
If a one sum payment is made on the Plan beneficiary's behalf within one
year of the Participant's death, it will be at least equal to the
contributions made for him under this contract less any withdrawals and
transfers.
As of the first day no amounts remain in the Participant's Account or in
an Account with respect to the Participant under a companion contract,
the Participant's Account is cancelled. Section 3.1 does not apply.
3.3 TRANSFERS BETWEEN RELATED CONTRACTS:
The Contract-Holder may transfer, pursuant to the Plan, an amount from a
Participant's Account to an Account maintained for him under a companion
contract. The minimum withdrawal to provide a transfer is $500, or the
dollar value of his Account if smaller. The transfer will normally be
made within seven days of Prudential's receipt of a duly completed
request for it. Section 3.1 does not apply to a withdrawal for this
purpose. Transfers are deemed to be made first from the contributions
paid for the Participant. Investment income is transferred when there are
no longer any contributions in the Participant's Account.
Amounts may be transferred to this contract from a companion contract. An
amount transferred to this contract for a Participant will be treated as
though it were a contribution made for him (see section 1.2). However in
determining any withdrawal charge, any portion of the amount transferred
which is investment income will not be considered as a contribution.
Prudential may, upon notice to the Contract-Holder, limit the frequency
of transfers. This action will take effect on the date of the notice.
This section may be changed as provided in section 5.1.
3.4 TRANSFERS TO ANOTHER FUNDING AGENT:
(a) At the Request of a Participant:
The Contract-Holder may transfer, pursuant to the request of a
Participant, the Withdrawal Value of the Participant's Account to an
annuity contract issued to the Contract-Holder which meets the
conditions of Section 457 of the Federal Internal Revenue Code and is
provided by another financial institution. The transfer may be made
directly to that institution or by a payment (or payments) to the
Contract-Holder who then makes payment to the institution. The
transfer will normally be made within seven days after Prudential's
receipt of a duly completed transfer request.
The transfer will be a full settlement of Prudential's liability for
the Participant's Account.
GVA-1010
Serial 310 (as modified by Form GAA-7471A) 3.3-3.4
9/84
(b) At the Contract-Holder's Request:
The Contract-Holder may request Prudential to make transfer payments
to a funding agent named in the request. The transfer payment will be
made on the Transfer Date. The Transfer Date is the later of the day
specified in the request and the 90th day after its receipt by
Prudential.
All Participant's Accounts will be cancelled as of the Transfer Date.
A single liquidation account will be established equal to the sum of
the Withdrawal Values expressed in Units of the cancelled Accounts.
On the Transfer Date Prudential will withdraw the Units from the
liquidation account. The product of the number of Units withdrawn and
the Unit Value for the day of withdrawal will be transferred within
seven days thereafter.
Instead of making the transfer payment in cash, Prudential may make
all or part of it in the form of securities representing a uniform
percentage of each holding of the separate investment account
described in section 2.1.
(c) Upon Notice by Prudential:
If contributions are discontinued for all Participants pursuant to
section 6.2, Prudential may notify the Contract-Holder that transfer
payments will be made to the Contract-Holder or to a funding agent
named by the Contract-Holder. Prudential would do this if the
contributions are discontinued due to certain circumstances, such as
a change in any law or regulation, which in Prudential's judgment
would have an adverse effect on Prudential in fulfilling the terms of
this contract. In that case,
a Transfer Date will be established,
Participants' Accounts will be cancelled and a liquidation account
established, and
the transfer will be made
in the same manner as described in section 3.4(b).
This section may be changed as provided in section 5.1.
GVA-1010
Serial 320 (as modified by Form GAA-7471A) 3.4
5/87
Provision IV. ANNUITIES:
4.1 ANNUITIES:
Whenever a benefit with respect to a Participant's Account is payable in
a series of payments pursuant to the Plan, with the dollar amount of each
payment being determined as of the date payments begin, the
Contract-Holder will notify Prudential to have the Participant's Account
applied to purchase an annuity for him. However, the Contract-Holder will
retain all rights with respect to the annuity. The dollar value of the
Account will be applied.
The schedule of annuity purchase rates that applies is determined from
Schedule A. The monthly amount of annuity is determined from the schedule
of purchase rates for that annuity.
As of the first day no amounts remain in the Participant's Account or in
an Account for him under a companion contract, his Account is cancelled.
4.2 ANNUITY - SINGLE SUM PAYMENT COMBINATION:
The Contract-Holder may notify Prudential that only a portion of the
Participant's Account is to be applied to purchase an annuity with the
balance to be paid in a single sum. The first portion will be subject to
section 4.1 and the balance to section 3.1.
4.3 SMALL ANNUITIES AND ACCOUNTS:
If the total monthly amount of annuity which would otherwise be purchased
on behalf of any person under this contract and the companion contracts
is less than $50,Prudential may, in lieu of an annuity under this
contract, make payment in a single sum. The single sum will be equal to
the amount that would otherwise be applied to purchase an annuity as
described in section 4.1.
If no contributions have been made under this contract or any companion
contract for a Participant for a period of 24 months and the dollar value
of his Accounts under all the contracts is $1,000 or less, Prudential may
cancel his Account under this contract. If the Account is cancelled, its
dollar value will be paid to the Contract-Holder. The Annual Account
Charge will be made only if no Account remains for him under a companion
contract.
4.4 TERMS OF PAYMENT OF ANNUITIES:
Life annuities and Payment Certain annuities are available under this
contract. A Life form of annuity is one payable at least during the
lifetime of the person (referred to as the "Annuitant") for whom it was
purchased. Depending upon the existence and nature of any payment payable
after the death of the Annuitant, a Life annuity will be one of the
following forms: Life-Payment Certain, Life - Contingent, or Life -
Payment Certain Contingent annuity. A Payment Certain form of annuity may
be payable for a period less than the lifetime of the person for whom the
annuity was purchased. The terms of payment of each form of annuity are
described below.
GVA-1010
Serial 400 (as modified by Form GAA-7471A) 4.1-4.4
Left Margin 05
9/84
(a) Life Form of Annuity
The first monthly payment of a Life - Payment Certain annuity is
payable on the date the annuity is purchased. Monthly payments are
payable on the first day of each month thereafter throughout the
Annuitant's remaining lifetime. If the Annuitant dies before the
number of annuity payments made equals the number of Payments Certain
applicable to him, monthly annuity payments will be continued until
the total number of payments is so equal. These continued annuity
payments will each be in the same amount as was payable to the
Annuitant. The number of Payments Certain is established when the
annuity is purchased and may be 60, 120, 180, 240, or any other
number accepted by Prudential.
The first monthly payment of a Life - Contingent annuity is payable
on the date the annuity is purchased. Monthly payments are payable on
the first day of each month thereafter throughout the Annutiant's
remaining lifetime. If the Annuitant dies before the death of his
Contingent Annuitant, monthly Contingent Annuity payments will become
payable. The first payment of Contingent Annuity will be payable on
the first day of the month following the month in which the
Annuitant's death occurs. Monthly Contingent Annuity payments are
payable on the first day of each month thereafter throughout the
Contingent Annuitant's remaining lifetime. The last monthly payment
is payable for the month in which his death occurs. The amount of
each monthly Contingent Annuity payment will be a percentage of the
monthly annuity payment payable before the Annuitant's death. The
percentage is established when the annuity is purchased and may be 33
1/3%, 50%, 66 2/3% or 100%, or any other percentage accepted by
Prudential. Under a Life - Payment Certain Contingent annuity, a
percentage payment will not take effect until the end of the selected
Payment Certain period.
(b) Payment Certain Annuity:
The first monthly payment of a Payment Certain annuity is payable on
the date the annuity is purchased. Monthly payments are payable on
the first day of each month thereafter until the total number of
Payments Certain specified when the annuity was purchased has been
paid. The number of Payments Certain may be 60, 120, 180, 240, or any
other number accepted by Prudential.
Other forms of annuity payments may be provided with the consent of
Prudential.
4.5 CONTRACT-HOLDER AS PAYEE - PRUDENTIAL AS AGENT:
Every payment with respect to any annuity will be paid to the Contract-
Holder. The Contract-Holder will notify Prudential forthwith of the death
of any Annuitant and Contingent Annuitant. The Contract-Holder will
reimburse Prudential for any payments made by Prudential which are in
excess of those provided by the annuity for the Annuitant.
However, the Contract-Holder may request Prudential to act as its agent
for the purpose of making payments to Annuitants, Contingent Annuitants,
and their beneficiaries. If Prudential assents to the request, it will
make payments to the persons rather than to the Contract-Holder. The
Contract-Holder may terminate this agency relationship at any time upon
45 days' advance notice to Prudential. Thereafter payments will be made
to the Contract-Holder.
GVA/GAA-1010/7211-82
Serial 410 (as modified by Forms GAA-7471A/7471) 4.5
9/84
Provision. V. CHANGES:
5.1 CHANGES BY PRUDENTIAL:
Prudential may make changes in this contract as follows:
(a) The Annual Account Charge and the table of withdrawal charges may be
changed periodically on and after the second anniversary of the
Effective Date.
(b) The effective annual rate of the Administrative Expense Charge and
the terms and amounts (excluding the withdrawal charge table) of
withdrawals and transfers pursuant to Provision III may be changed
periodically on and after the fifth anniversary of the Effective
Date.
(c) The schedules of annuity purchase rates may be changed periodically
on and after the tenth anniversary of the Effective Date.
Any change in the table of withdrawal charges and in Schedule D will
apply only to amounts added to Participants' Accounts on and after the
date the change takes effect. Any other change will apply to amounts in
Participants' Accounts whether added before or on and after the date the
change takes effect. Any change in the schedules of annuity purchase
rates will remain in effect for at least ten years.
Any change in accordance with this section will be made by giving notice
to the Contract-Holder at least 90 days before the date on which the
change is to take effect.
5.2 CHANGES BY AGREEMENT:
This contract may also be changed in any respect at any time or times by
agreement between the Contract-Holder and Prudential.
5.3 PERSONS EMPOWERED TO ACT FOR PRUDENTIAL:
No agent or other person except one of the following officers of
Prudential may change this contract or bind Prudential.
Chairman and Chief Executive Officer Associate Actuary
President Secretary
Vice President Assistant Secretary
Actuary
GVA-1010
Serial 500 (as modified by Form GAA-7471A) 5.1-5.3
9/84
Provision VI. DISCONTINUANCE - TERMINATION OF CONTRACT:
6.1 DISCONTINUANCE OF ESTABLISHING PARTICIPANTS' ACCOUNTS:
Prudential may notify the Contract-Holder that on and after a specified
date no new Participants' Accounts will be established under this
contract. The specified date may not be earlier than 90 days after the
date of the notice. Thereafter, only contributions for persons who are
Participants on the specified date will be accepted hereunder. In all
other respects this contract will continue to operate in accordance with
its terms.
6.2 DISCONTINUANCE OF CONTRIBUTIONS UNDER THIS CONTRACT:
Contributions under this contract will be discontinued with respect to
all Participants:
(a) at any time after receipt by Prudential of notice thereof from the
Contract-Holder,
(b) when the Plan terminates,
(c) as of the effective date of any Plan change to which Prudential is
unable or unwilling to give effect under this contract (see section
7.6), or
(d) as of a date at least 90 days after notice to the Contract-Holder by
Prudential that no further contributions will be accepted hereunder.
After discontinuance the contract will continue to operate in accordance
with its terms with respect to Participants' Accounts. (This includes the
initiation of transfer payments as described in section 3.4(c)).
6.3 TERMINATION OF CONTRACT:
This contract will terminate when all the following have occurred:
(a) no further contributions may be paid under this contract;
(b) no Participant's Account remains uncancelled; and
(c) no further annuity or transfer payments are payable from this
contract.
GVA/GAA-1010/7211-82
Serial 600 (as modified by Forms GAA-7471A/7471) 6.1-6.3
5/87
Provision VII. GENERAL TERMS:
7.1 CONTRACT HOLDER:
Prudential will normally deal only with the Contract-Holder. However,
Prudential and the Contract-Holder may agree to do otherwise. Also, in
some cases the contract calls for dealing with another. Prudential will
be entitled to rely on any action taken or omitted by the Contract-Holder
pursuant to the terms of this contract.
The Contract-Holder may, from time to time, delegate to an agency certain
administrative powers and responsibilities which this contract assigns to
the Contract-Holder. Prudential is not bound to recognize any delegation
until it has received notice of it. The notice must specify those powers
and responsibilities and include evidence of acceptance by the agency. On
and after the date of receipt of the notice, Prudential will deal with
the agency with respect to those powers and responsibilities and will be
entitled to rely on any action taken or omitted by the agency with
respect thereto in the same manner as if dealing with the
Contract-Holder. If any agency fails or refuses to act with respect
thereto, then the delegation will be void for the purposes of this
contract. Thereafter, Prudential will deal only with the Contract-Holder.
The Contract-Holder may give notice to Prudential of delegation to
another agency of specified powers and responsibilities.
7.2 COMMUNICATIONS:
All communications to the Contract-Holder or to Prudential will be in
writing. They will be addressed to the Contract-Holder at its principal
office, or at such other address as it may communicate to Prudential.
They will be addressed to Prudential, c/o The Prudential Asset Management
Company, Inc., 00 Xxxxxxx Xxxx, Xxxxxxx Xxxx, Xxx Xxxxxx 00000, or at
such other address as it may communicate to the Contract-Holder. All
communications to any other person or organization dealing with
Prudential will be addressed to that person or organization at the last
address of record.
7.3 PLACE OF PAYMENT -- CURRENCY:
All payments to Prudential under this contract will be payable at its
office described above or at an address or to a representative as may be
specified by Prudential by notice to the Contract-Holder.
All payments under this contract, whether to or by Prudential, will be in
lawful money of the United States of America. Dollars and cents, as
specified in this contract, means lawful dollars and cents of United
States currency.
GVA/GAA-1010/7211-82
Serial 700 (as modified by Forms GAA-7471A/7471) 7.1-7.3
9/84
7.4 INFORMATION -- RECORDS:
The Contract-Holder will furnish all information which Prudential may
reasonably require for the administration of this contract. If the
Contract-Holder cannot furnish any required item of information,
Prudential may request the person concerned to furnish the information.
Prudential will not be liable for the fulfillment of any obligations in
any way dependent upon information unless and until it receives the
information in form satisfactory to it.
Information furnished to Prudential may be corrected for demonstrated
errors in it unless Prudential has already acted to its prejudice by
relying on the information. Except for the corrections, information
furnished to Prudential will be regarded as conclusive. Prudential will
maintain the records necessary for its administration of this contract.
These records will be prepared from the information furnished to
Prudential and will constitute evidence as to the truth of the
information in the records.
7.5 MISSTATEMENTS:
If any other relevant fact relating to any person is found to have been
misstated, the following will apply:
(a) The amount of annuity payable by Prudential will be that which would
be provided by the amount allocated to purchase the annuity on the
basis of the correct information, without changing the date of first
payment of the annuity.
Any adjustment by Prudential of the amount or terms of payment made
in accordance with this section will be conclusive upon any other
person affected by it.
(b) The amount of any underpayment by Prudential will be paid in full
with the next payment due. The amount of any overpayment by
Prudential will be deducted to the extent possible from amounts
payable thereafter.
7.6 PLAN CHANGES:
This contract applies to the terms of the Plan in effect on the Effective
Date and to each Plan change. However, Prudential may, within 60 days
after its receipt of a copy of any Plan change, notify the
Contract-Holder that Prudential is unable or unwilling to give effect
under this contract to the change. Prudential would do this if the change
might have an adverse effect on Prudential in fulfilling the terms of the
contract. This would be determined based on Prudential's underwriting
principles then in effect. The Contract-Holder will furnish Prudential a
copy of the Plan and, while this contract is active, a copy of each Plan
change at least 60 days before it is to become effective.
GVA/GAA-1010/7211-82
Serial 710 (as modified by Forms GAA-7471A/7471) 7.4-7.6
7.7 DIVISIBLE SURPLUS:
The portion, if any, of the divisible surplus of Prudential accruing upon
this contract will be determined annually by the Board of Directors of
Prudential and credited to Participants' Accounts as determined by the
Board. (It is unlikely any divisible surplus will accrue upon this
contract.)
No annuity under this contract will be taken into account in the
determination of any divisible surplus to be credited to this contract.
7.8 ENTIRE CONTRACT -- CONSTRUCTION:
This document constitutes the entire contract.
This contract will be construed according to the laws of the jurisdiction
set forth on the first page.
GVA/GAA-1010/7211-82
Serial 720 7.7-7.8
9/84
SCHEDULE A
FORMS OF ANNUITY WHICH MAY BE PURCHASED
FORM OF PAYMENT PAYABLE APPLICABLE SCHEDULE
1. Life - Payment Certain Annuity. 1. Use Schedule B for allocation.
2. Life - Contingent Annuity. 3. Use Schedule C for allocation.
3. Payment Certain Annuity. 4. Use Schedule D for allocation.
Prudential may provide monthly amounts of annuity larger than those shown in the
following schedules for annuities purchased during any period specified by
Prudential. Annuity purchase rates for other forms of annuity consented to by
Prudential will be furnished on request. The following schedules may be changed
as provided in section 5.1.
GVA/GAA-1010/7211-82
Serial A-100 (as modified by Forms GAA-7471A/7471) Schedule A
1/88
SCHEDULES
Monthly amount of annuity purchased per $10,000 of a Participant's Account,
after deduction from it of any taxes on annuity considerations that apply.
SCHEDULE B - Life-Payment Certain Annuity (120 Payments Certain)
Monthly Amount
--------------
If date the annuity is purchased is in:
Age 1988 1990 1995 2000
--- ---- ---- ---- ----
60 $52.94 $41.56 $40.58 $39.85
65 58.01 46.81 45.60 44.68
70 64.46 53.48 51.98 50.82
SCHEDULE C - Life-Contingent Annuity
Monthly Amount
--------------
If Annuitant and Contingent Annuitant have same date of birth.
If the date the annuity is purchased is in:
Age 1988 1990 1995 2000
--- ---- ---- ---- ----
If specified percentage to Contingent Annuitant is 100%:
60 $47.28 $36.06 $35.31 $34.78
65 51.11 40.07 39.10 38.39
70 56.56 45.62 44.32 43.32
If specified percentage to Contingent Annuitant is 50%:
60 $50.36 $38.89 $38.00 $37.34
65 55.18 43.77 42.61 41.75
70 61.91 50.47 48.92 47.71
SCHEDULE D - Payment Certain Annuity
Monthly Amount
--------------
Number of If date the annuity is purchased is in:
Payments Certain 1988 1990 1995 2000
---------------- ---- ---- ---- ----
60 $173.76 $165.62 $164.73 $164.73
120 97.43 88.93 88.45 88.45
180 72.47 63.55 63.20 63.20
* * * *
The rates in these Schedules are to be used without adjustment only when the
facts that apply to the Participant and his annuity are as shown. Rates for
other facts will be furnished upon request.
GVA/GAA-1010/7211-82
Serial S-100 Schedules B-D