AMERICAN UNITED LIFE
INSURANCE COMPANY(R)
a ONEAMERICA(R) company
CONTRACT NUMBER: [G XX,XXX]
CONTRACTHOLDER: [ABC COMPANY]
DATE OF ISSUE: [JANUARY 2, 2008]
CONTRACT DATE: [JANUARY 1, 2008]
FIRST CONTRACT ANNIVERSARY: [JANUARY 1, 2009]
American United Life Insurance Company (AUL) issues this contract in
consideration of the Contractholder's application and the payment of
Contributions to AUL. When used in this contract, "we," "us," or "our" refer to
AUL and "you" or "your" refer to the Contractholder or any third-party
administrator (TPA) or other representative designated by the Contractholder to
act on its behalf.
All provisions and conditions stated on this and subsequent pages are part of
this contract. This contract is signed for us at our Home Office in
Indianapolis, Indiana. Our mailing address is P.O. Box 368, Indianapolis,
Indiana 46206-0368. Our street address is Xxx Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx,
Xxxxxxx 00000.
NOTICE OF TEN DAY RIGHT TO EXAMINE CONTRACT
Please read this contract carefully. You may return the contract for any reason
within ten days after receiving it. If returned, the contract is void from the
beginning and any Contributions will be refunded.
AMERICAN UNITED LIFE INSURANCE COMPANY(R)
By: /s/ Xxxxxx X. Xxxxxxxxx
[President & Chief Executive Officer]
Attest
/s/ Xxxxxx X. Xxxxx
[Secretary]
AUL American Series
Guaranteed Benefit Unallocated Employer-Sponsored TDA and Qualified Plan
Multiple-Fund Group Variable Annuity [(X)(SBR)]
Current Interest Credited
Nonparticipating
ACCUMULATION UNITS IN AN INVESTMENT ACCOUNT UNDER THIS CONTRACT MAY INCREASE OR
DECREASE IN VALUE ACCORDING TO THE INVESTMENT PERFORMANCE OF THE UNDERLYING
INVESTMENTS HELD BY THE INVESTMENT ACCOUNT. THE VALUE OF SUCH ASSETS AND
ACCUMULATION UNITS IS NOT GUARANTEED. SECTION 4 OF THIS CONTRACT EXPLAINS THE
VALUATION OF SUCH ASSETS AND ACCUMULATION UNITS.
If you have questions concerning your contract, or wish to register a complaint,
you may reach us by calling [0-000-000-0000].
GB10-KuportVA [(SBR)] 1
TABLE OF CONTENTS
SECTION 1 - DEFINITIONS [3]
SECTION 2 - ADMINISTRATION OF THE CONTRACTHOLDER ACCOUNT [6]
2.1----- How Contributions Are Handled
2.2----- Transfers from Other Retirement Programs
2.3----- Excess Contributions
2.4----- Transfers from Other Contracts
SECTION 3 - OPERATION OF THE FIXED INTEREST ACCOUNT [7]
3.1----- Allocations to FIA
3.2----- Provision of a Guaranteed Rate for the FIA
3.3----- Minimum Rate Guarantee
3.4----- Allocation of Withdrawals
3.5----- Limitation on Contributions and Transfers to FIA
SECTION 4 - VALUATION OF INVESTMENT ACCOUNTS [8]
4.1----- Operation of Investment Accounts
4.2----- Valuation of Mutual Funds and Other Entities
4.3----- Accumulation Units
4.4----- Value of Accumulation Units
4.5----- Valuing the Contractholder Account
SECTION 5 - BENEFIT PAYMENTS AND TRANSFERS [9]
5.1----- General Withdrawal Provisions
5.2----- Plan Benefit Payments
5.3----- Transfers Between Investment Options
5.4----- Transfers to and from the FIA
5.5----- Other Funding
SECTION 6 - ANNUITIES [15]
6.1----- Annuity Purchases
6.2----- Annuity Options
6.3----- Determining Annuity Amount
6.4----- Proof of Age and Survival; Minimum Payments
6.5----- Annuity Certificates
SECTION 7 - OTHER CONTRACT CHARGES [16]
7.1----- Investment Option Charge (IOC)
7.2----- Taxes
7.3----- Other Charges
[7.4----- Variable Investment Plus (VIP) Credit Factor]
SECTION 8 - CONTRACT MODIFICATIONS [18]
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8.1----- Contract Amendment
8.2----- Rates and section 7 Charges
8.3----- Conformance with Law
8.4----- Addition, Deletion, or Substitution of Investments
8.5----- Our Right to Initiate Changes
8.6----- Prohibited Amendments
SECTION 9 - TERMINATION OF CONTRACT [20]
9.1----- Termination by You
9.2----- Payment Upon Termination by You
9.3----- Indemnification Required
9.4----- Effect on Contract Obligations
SECTION 10 - GENERAL PROVISIONS [21]
10.1----- Ownership
10.2----- Entire Contract
10.3----- Benefit Determinations
10.4----- Representations and Warranties
10.5----- Contractholder Representative; Misstatement of Data
10.6----- Assignment by Contractholder
10.7----- Form of Request, Notice, Instruction, or Direction
10.8----- Conformity with Law
10.9----- Gender and Number
10.10---- Facility of Payment
10.11---- Voting
10.12---- Acceptance of New Contributions
10.13---- Our Annual Statement
10.14---- Nonforfeitability and Nontransferability
10.15---- Notice of Annual Meeting of Members
[TABLE OF CONTRACT CHARGES] [24]
[TABLE OF GUARANTEED IMMEDIATE ANNUITIES] [25]
[TABLE OF INVESTMENT ACCOUNTS] [26]
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SECTION 1 - DEFINITIONS
1.1 Your "Account Value" as of a date is:
(a) your balance of Code sections 401(a) and 403(b) funds in the Fixed Interest
Account (FIA), if any, on that date; plus
(b) the value of your Accumulation Units attributable to Code sections 401(a)
and 403(b) funds in each Investment Account on that date.
[You are responsible for tracking Code sections 401(a) and 403(b) funds
separately.]
1.2 "Accumulation Unit" is a valuation device used to measure increases in and
decreases to the value of any Investment Account.
1.3 "Annuity Commencement Date" is the first day of the month an annuity begins
under this contract. This date may not be later than the date a
Participant's periodic benefits are required to commence under the Code.
1.4 "Business Day" is any day both the New York Stock Exchange and our Home
Office are open for the general conduct of business.
1.5 "Code" means the Internal Revenue Code of 1986, as amended, and any
applicable regulations or rulings thereunder.
1.6 The "First Contract Anniversary" is listed on the contract face page.
Subsequent "Contract Anniversaries" are on the same day of each subsequent
year.
1.7 "Contract Quarter" is each of the four successive three-month periods in a
Contract Year.
1.8 The first "Contract Year" starts on the Contract Date listed on the
contract face page and ends on the day before the First Contract
Anniversary. Each subsequent Contract Year starts on a Contract Anniversary
and ends on the day before the next Contract Anniversary.
1.9 "Contractholder Account" is an account we maintain for you under this
contract.
1.10 "Contributions" are funds that have been paid to us pursuant to the Plan or
transferred from a prior AUL group annuity contract or a prior funding
medium. Such transferred funds may be listed under categories other than
"Contributions" on contract reports. Code section 403(b) Contributions may
not exceed applicable Code sections 402(g), 403(b), 414(v), and 415 limits.
1.11 "Contribution-Source" means each type of Contribution allowed under the
Plan, including the following types of Code section 403(b) Contributions:
(a) "Elective Deferrals," which means, with respect to any taxable year, any
Contribution made under a salary reduction agreement. A Contribution made under
a salary reduction agreement is not treated as an Elective Deferral if, under
the salary reduction agreement, such Contribution is made pursuant to a one-time
irrevocable election made by the Participant at the time of initial eligibility
to participate in the agreement, or is made pursuant to a similar arrangement
involving a one-time irrevocable election specified in Regulations issued under
the Code.
(b) "Employee Mandatory Contributions," which means Contributions made under a
salary
GB10-KuportVA [(SBR)] 4
reduction agreement pursuant to a one-time irrevocable election made by the
Participant at the time of initial eligibility to participate in the agreement,
or made pursuant to a similar arrangement involving a one-time irrevocable
election specified in Regulations issued under the Code.
(c) "Employer Contributions," which means Contributions made by the
Participant's employer that are not made pursuant to (a) or (b) above.
(d) You are responsible for tracking each Contribution-Source separately.
1.12 "Excess Contributions" are Contributions in excess of the applicable Code
limits. You are responsible for tracking Excess Contributions. Code section
403(b) Contributions that exceed the applicable Code section 415 limits,
and that you identify to us, will be accounted for separately within this
contract.
1.13 "Fixed Interest Account" or "FIA" is an Investment Option described in
section 3 to which Contributions may be allocated for accumulation at the
Guaranteed Rate. The FIA funds constitute a portion of our general asset
account.
1.14 "Guaranteed Rate" is the guaranteed annual effective rate of interest we
credit to the FIA. We credit interest daily to the FIA. The Guaranteed Rate
may be modified as described in section 3.2. 1.15 "Home Office" is our
principal office in Indianapolis, Indiana. For anything to be Areceived by
AUL," it must be received at our Home Office.
1.16 "Investment Account" means each distinct portfolio established within our
[Variable Account] and identified in the Table of Investment Accounts in
this contract. Amounts allocated to any Investment Account are invested in
the shares of the corresponding Mutual Fund, Portfolio, or other entity
identified in the Table of Investment Accounts. Our "[Variable Account]" is
a separate account we maintain under Indiana law which is called the AUL
American Unit Trust and which is registered under the Investment Company
Act of 1940 as a unit investment trust.
1.17 "Investment Option" is the FIA or any Investment Account.
1.18 "Mutual Fund" means any diversified, open-end, management company made
available by us and listed in the Table of Investment Accounts.
1.19 "Participant" is any person participating in a Plan.
1.20 "Plan" means a plan of the Plan Sponsor that [is qualified under Code
section 401(a) or Code section 403(b)] for which Contributions are made to
this contract.
1.21 "Plan Sponsor" is [ABC Company].
1.22 "Portfolio" is a portfolio established within a particular Mutual Fund, as
described in the Mutual Fund's current prospectus.
1.23 "Valuation Periods" start at the close of each Business Day and end at the
close of the next Business Day.
1.24 The "Withdrawal Charge" is a percentage of the Account Value withdrawn
under this contract. The Withdrawal Charge will not apply to amounts
withdrawn to provide certain benefit payments or an
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annuity as described in sections 5.2 and 6.1, respectively. The percentage
varies by the Contract Year in which a withdrawal is made. The Withdrawal
Charge percentage is as follows:
[During Contract Years Percentage
1 7
2 6
3 5
4 4
5 3
6 2
7 1
Thereafter 0]
In no event will the cumulative total of all Withdrawal Charges, including
those previously assessed against any amount withdrawn, exceed [8.5%] of
total Contributions made to this contract.
1.25 "Withdrawal Value" is your Account Value, less any Withdrawal Charge.
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SECTION 2 - ADMINISTRATION OF THE CONTRACTHOLDER ACCOUNT
2.1 How Contributions Are Handled: You determine the amount to be contributed
to this contract. We do not guarantee that the amounts held under this
contract will be sufficient to purchase the benefits provided by the Plan.
Our liability to provide annuities or other benefits is limited to the
amounts available under this contract.
A Contribution is credited to the Contractholder Account on the Business
Day we receive that Contribution. Funds may be allocated to Investment
Options in any increments acceptable to us. An Investment Option election
remains in effect until a new Investment Option election is made. If we do
not receive an Investment Option election as of the date we receive a
Contribution, the Contribution will be credited to the [(insert name of
default Investment Option here)]. Subsequently received Investment Option
elections will be used to allocate future Contributions only. We will
transfer amounts previously allocated to this default Investment Option,
plus gains or minus losses thereon, only if you direct us to make a
transfer. This transfer request must be submitted in a format specifically
authorized by us.
2.2 Transfers from Other Retirement Programs: If permitted by the Plan and by
applicable state and federal law, we may accept, or may initiate the
transfer of, amounts transferred from other retirement programs. Such
transferred amounts, as identified by you, are credited as a rollover
Contribution and are tracked within this contract as required by applicable
state and federal law.
2.3 Excess Contributions: On receipt of your instructions, we will withdraw
Excess Contributions, plus gains and minus losses, and return them as you
direct. Such instructions must state the amount to be returned and certify
that such Contributions are Excess Contributions and that such return is
permitted by the Plan and the Code. A return of Excess Contributions is
treated like a Plan benefit payment under section 5.2(a).
No Participant is permitted to have elective deferral contributions (within
the meaning of Code section 402(g)(3)) made during a calendar year under
this contract, or under any other plans, contracts, or arrangements
maintained by his employer, in excess of the dollar limitation in effect
under Code section 402(g)(1) and any Regulations issued thereunder for
taxable years beginning in such calendar year.
2.4 Transfers from Other Contracts: We may require amounts transferred to this
contract from other AUL group annuity contracts to be credited to [the
FIA]. We will advise you if this limitation applies before accepting such a
transfer.
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SECTION 3 -- OPERATION OF THE FIXED INTEREST ACCOUNT
3.1 Allocations to FIA: We allocate Contributions to the FIA as you direct. We
credit interest daily from the date of the Contribution or transfer to the
FIA to the date of withdrawal or transfer from the FIA to an Investment
Account.
3.2 Provision of a Guaranteed Rate for the FIA: [All Contributions and
transfers to the FIA will earn interest at the Guaranteed Rate in effect at
the time such Contribution or transfer is made. All monies in the FIA will
earn interest at that Guaranteed Rate until that Guaranteed Rate is
changed. We may declare a new Guaranteed Rate for the FIA that becomes
effective on January 1 of each calendar year; however, we may declare an
increase in the Guaranteed Rate at any time. Such declaration will be at
least 30 days in advance of the effective date of the new rate.]
[(Insert the following paragraph if certain commission options apply)]
[Notwithstanding the previous paragraph, all Contributions and transfers to the
FIA during the 12-month period beginning with the Contract Date will earn a 1%
rate of interest in addition to the Guaranteed Rate determined under the
previous paragraph for a period of 12 months from the date of deposit.]
3.3 Minimum Rate Guarantee: No Guaranteed Rate may be less than an annual
effective interest rate equal to the average 5-year Constant Maturity
Treasury Rate reported by the Federal Reserve for the month of October of
the calendar year immediately preceding the calendar year in which the
Guaranteed Rate is in effect (rounded to the nearest 0.05%), minus 1.25%.
This minimum Guaranteed Rate shall not be less than 1% nor greater than 3%.
3.4 Allocation of Withdrawals: Withdrawals or transfers from the FIA are on a
first-in/first-out (FIFO) basis. All amounts paid during an installment
payout period are paid from all Investment Options on a pro-rata basis.
3.5 Limitation on Contributions and Transfers to FIA: Except for annuity
purchases as described in section 6.1, we reserve the right to limit or
disallow allocation of new Contributions and transfers to the FIA upon [30
days] notice to you.
GB10-KuportVA [(SBR)] 8
SECTION 4 - VALUATION OF INVESTMENT ACCOUNTS
4.1 Operation of Investment Accounts: All income, gains, or losses, realized or
unrealized, from assets held in any Investment Account are credited to or
charged against the applicable Investment Account without regard to our
other income, gains, or losses. Investment Account assets are not
chargeable with liabilities arising out of any other business we may
conduct.
4.2 Valuation of Mutual Funds and Other Entities: The current report or
prospectus for each Mutual Fund or other entity listed in the Table of
Investment Accounts describes how that Mutual Fund's or other entity's
assets are valued.
4.3 Accumulation Units: We credit amounts allocated to an Investment Account in
Accumulation Units. The Accumulation Unit value used is the one for the
Valuation Period when we allocate the amount to the Investment Account.
4.4 Value of Accumulation Units: We establish the initial Accumulation Unit
value for a new Investment Account on the inception date of that Investment
Account. The value of an Accumulation Unit for any later Valuation Period
reflects the section 4.1 income, gains, and losses and the section 7.1
Investment Option Charge (IOC). We determine the Accumulation Unit value
before giving effect to any additions, withdrawals, or transfers in the
current Valuation Period.
4.5 Valuing the Contractholder Account: We determine your Account Value in an
Investment Account by multiplying the Accumulation Units in the
Contractholder Account by the Accumulation Unit value. The Accumulation
Unit value of an Investment Account changes only on a Business Day.
GB10-KuportVA [(SBR)] 9
SECTION 5 - BENEFIT PAYMENTS AND TRANSFERS
5.1 General Withdrawal Provisions: Subject to the following provisions of this
Section, you may direct us to withdraw funds from the contract to pay Plan
benefits pursuant to section 5.2.
(a) [Amounts attributable to Code section403(b) Elective Deferral Contributions
made pursuant to a Code section 402(g)(3)(C) salary reduction agreement may be
distributed to a Participant pursuant to the Plan, provided that such
distribution shall not occur until the Participant has either attained age 59
1/2, severed employment, died, become totally disabled (as defined by the Plan),
experienced a hardship (as defined by the Plan), or a withdrawal is made to
provide a Plan loan. In the case of a hardship withdrawal, any gain credited to
such Contributions may not be withdrawn. These timing restrictions do not apply
to such Contributions (but they do apply to earnings thereon) that were
contributed before 1989, to withdrawals to correct Excess Contributions, or to
distributions due to Plan termination.
With regard to amounts attributable to Code section403(b) Contributions made
pursuant to a Code section402(g)(3)(C) salary reduction agreement, termination
of the Code section 403(b) Plan and distribution of such accumulated amounts are
permitted only if the Plan Sponsor (taking into account all entities that are
treated as the same employer under Code section 414(b), (c), (m), or (o) on the
date of the termination) does not make contributions to any Code section 403(b)
contract that is not part of the Plan during the period beginning on the date of
Plan termination and ending 12 months after distribution of all assets from the
terminated Plan. However, if at all times during the period beginning 12 months
before the termination and ending 12 months after distribution of all assets
from the terminated Plan, fewer than 2% of the employees who were eligible under
the Code section 403(b) Plan as of the date of Plan termination are eligible
under the alternative Code section 403(b) contract, the alternative Code section
403(b) contract is disregarded.]
(b) [If this contract is issued after 2008, any distribution of Code section
403(b) Contributions other than Elective Deferrals discussed in Subsection (a)
above shall not occur until the Participant has severed employment or upon the
prior occurrence of some event specified in the Plan, such as the attainment of
a stated age, after a fixed number of years of service, or disability. This
restriction does not apply to withdrawals to correct Excess Contributions as
provided in section 2.3, distributions of after-tax employee Contributions and
earnings thereon, and distributions due to Plan termination.]
(c) An in-service withdrawal of any amount for a Participant from this contract
which is transferred directly by us pursuant to your or a Participant's
instructions to another Code section 403(b) tax-deferred annuity funding vehicle
under applicable IRS rules and regulations is subject to application of the
Withdrawal Charge. You hereby grant to a Participant the right to direct us to
withdraw and make a direct transfer of his voluntary Elective Deferrals (as
determined by you) to another Code section 403(b) tax-deferred annuity funding
vehicle to the extent permitted by the Code and by applicable federal law.
(d) If, as provided in Internal Revenue Code Regulation section
1.403(b)-7(b)(2), the distributee of any eligible rollover distribution elects
to have the distribution paid directly to an eligible retirement plan (as
defined in Code section 402(c)(8)(B) and specifies the eligible retirement plan
to which the distribution is to be paid, then the distribution shall be paid to
that eligible retirement plan in a direct rollover.
GB10-KuportVA [(SBR)] 10
(e) We are not responsible for determining compliance with the requirements
above. Any withdrawal request submitted by you must include certification
as to the purpose of the withdrawal. You assume full responsibility for
determining whether any withdrawal is permitted under applicable law and
under the terms of a particular Plan. We may rely solely upon your
representations made in the withdrawal request.
(f) A withdrawal request is effective, and the Account Value to be applied
pursuant to section 5.2 is determined, on the Business Day that we receive
a proper withdrawal request (or due proof of death, if received later).
(g) We will pay any cash lump-sum to you or your designee within [7 days] from
the appropriate Business Day as determined in Subsection (f) above, except
as we may be permitted to defer such payment of amounts withdrawn from the
Variable Account in accordance with appropriate provisions of the federal
securities laws. We reserve the right to defer the payment of amounts
withdrawn from the FIA for a period of up to [6 months] after we receive
the withdrawal request.
5.2 Plan Benefit Payments: You will advise us of any person for whom a payment
is due under the Plan, including the nature and amount of such payment,
before the date such payment is due or as soon thereafter as is
practicable. Any withdrawal request under this Section must certify the
purpose of the request.
(a) Subject to the limitations provided in section 5.1 and Subsection (b) below,
prior to notification of contract termination (but not thereafter), you may
direct us to withdraw all or a portion of your Account Value to pay to you a
single-sum payment (except as described below) for:
[(1) Plan benefits for retirement, death, disability, hardships,
loans, required minimum distribution benefits pursuant to Code section
401(a)(9), or, for Code section 403(b) plans or profit-sharing plans,
benefits after age 59 1/2 or as otherwise allowed by the Code
(provided that such benefits after age 59 1/2 or as otherwise allowed
by the Code are paid in a taxable distribution to the Participant).
Such a withdrawal is not subject to a Withdrawal Charge.
(2) Plan benefits for termination of employment. Such a withdrawal is not
subject to a Withdrawal Charge, with the following exceptions:
(A) Any such payment requested for a Participant who terminates
employment on or after the date your Plan is terminated is subject to
a Withdrawal Charge.
(B) Any such payment requested for a Participant whose termination of
employment is part of a partial Plan termination under IRS guidelines
is subject to a Withdrawal Charge.
(C) Even if there is no full or partial Plan termination under
paragraphs (A) and (B) above, we reserve the right to apply a
Withdrawal Charge to any such termination of employment payments
during the Contract Year (or, at our option, during the 365-day period
preceding our receipt of a termination of employment benefit payment
request) which
GB10-KuportVA [(SBR)] 11
exceed 20% of your Account Value determined as of the first day of the
Contract Year (or the first day of the 365-day period).
(D) Any such payment requested for a Participant who terminates
employment on or after the date the Plan Sponsor files for protection
under federal bankruptcy law, is deemed insolvent, dissolves, closes,
shuts down its business, or ceases operations is subject to a Withdrawal
Charge.
(3) Plan benefits not otherwise listed in paragraphs (1) and (2) above. Such a
withdrawal is subject to a Withdrawal Charge.]
(b) Under Subsections (a)(2)(A), (B), (C), and (D) and (3) above, if the entire
Account Value is withdrawn, the amount paid equals the Withdrawal Value minus
any charges described in section 7 that are not included in the Accumulation
Unit value. If a portion of the Account Value is withdrawn, the Account Value is
reduced by an amount sufficient to make the payment requested and to cover the
Withdrawal Charge and any charges described in section 7 that are not included
in the Accumulation Unit value. [However, under the exceptions specified in
Subsections (a)(2) (A), (B), and (D) above, we reserve the right to pay you the
FIA Account Value you request (subject to the Withdrawal Charge and any charges
described in section 7 which are not included in the Accumulation Unit value) in
5 equal annual installments according to the provisions of section 9.2(a),
except that the term "termination effective date" as used in section 9.2(a)
shall be replaced by "withdrawal effective date." If we exercise this right to
pay the FIA in installments, as of the date we receive your withdrawal request,
no transfers may be made from the FIA to any Investment Account.]
[(c) Code section 403(b) Required Minimum Distributions Prior to the
Participant's Death: (
(1) Notwithstanding any provision of this contract to the contrary, the
distribution of a Participant's post-1986 Code section 403(b) interest in the
contract (amounts accruing after 1986, including post-1986 earnings on pre-1987
accrued amounts) will be made in accordance with the requirements of Code
sections 403(b)(10) and 401(a)(9) and the regulations issued thereunder. If
distributions are not made in the form of an annuity on an irrevocable basis
(except for acceleration), then distribution of a Participant's post-1986 Code
section 403(b) "interest" in the contract (as determined under section
5.2(d)(2)(D) below) must satisfy the requirements of Code section 403(b)(10) and
401(a)(9) and the regulations issued thereunder, rather than the requirements of
Paragraphs (2), (3), and (4) below and Subsection (d)(2) below.
(2) The Participant's entire post-1986 Code section 403(b) interest will begin
to be distributed no later than the first day of April following the later of
the calendar year in which the Participant attains age 70 1/2 or the calendar
year in which the Participant retires from employment with the employer
maintaining the Plan (the "required beginning date") over (a) the life of the
Participant or the lives of the Participant and his designated beneficiary or
(b) a period certain not extending beyond the life expectancy of the Participant
or the joint and last survivor expectancy of the Participant and his designated
beneficiary. However, if this contract is not part of a governmental plan or
church plan, the
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"required beginning date" for a 5% owner is the first day of April of the
calendar year following the calendar year in which the Participant attains age
70 1/2. Payments will be made in periodic payments at intervals of no longer
than 1 year, and must be either nonincreasing or they may increase only as
provided in Q&As-1 and 4 of section 1.401(a)(9)-6 of the Income Tax Regulations.
In addition, any distribution of section 403(b) amounts accruing pre-1987 or
post- 1986 must satisfy the incidental benefit requirements specified in Code
section 401(a)(9)(G) and Q & A-2 of section 1.401(a)(9)-6.
(3) The distribution periods described in Paragraph (2) above cannot exceed the
periods specified in section 1.401(a)(9)-6 of the Income Tax Regulations.
(4) The first required payment can be made as late as the "required beginning
date," and must be the payment that is required for one payment interval. The
second payment need not be made until the end of the next payment interval.]
[(d) Death Benefits and Code section 403(b) Required Minimum Distributions After
the Participant's Death:
(1) Upon receipt of instructions from you and of due proof of the Participant's
(and, if applicable, the beneficiary's) death, we will apply the portion of your
Account Value that you request, minus any charges described in section 7 which
are not included in the Accumulation Unit value, for the purpose of providing a
death benefit under the Plan. The death benefit will be paid as you direct.
(2) If the Participant dies before his Annuity Commencement Date, his entire
post- 1986 Code section 403(b) interest (as defined in Subsection 5.2(c)(1)
above) will be distributed at least as rapidly as follows:
(A) in a single sum or other method not provided in (B) below; provided,
however, that the entire interest, minus any charges described in section 7
which are not included in the Accumulation Unit value, must be paid on or before
December 31 of the calendar year which contains the fifth anniversary of the
Participant's death, or
(B) as an annuity in accordance with the Annuity Options shown in section 6.2
over a period not to exceed the life or life expectancy of the beneficiary.
(i) If the designated beneficiary is not the Participant's surviving spouse, the
entire interest will be distributed, beginning no later than December 31 of the
calendar year following the calendar year in which the Participant died, over
the remaining life expectancy of such designated beneficiary. Such life
expectancy is determined using the age of the beneficiary as of his birthday in
the year following the year of the Participant's death or, if elected, in
accordance with Subsection (d)(2)(B)(iii) below.
(ii) If the sole designated beneficiary is the Participant's surviving spouse,
the entire interest will be distributed, beginning no later
GB10-KuportVA [(SBR)] 13
than December 31 of the calendar year following the calendar year in which the
Participant died (or by December 31 of the calendar year in which the
Participant would have attained age 70 1/2, if later), over such spouse's life,
or, if elected, in accordance with Subsection (d)(2)(B)(iii) below. If the
surviving spouse dies before required distributions commence to him, the
remaining interest will be distributed, beginning on or before December 31 of
the calendar year immediately following the calendar year in which the spouse
died, over the spouse's designated beneficiary's remaining life expectancy
determined using such beneficiary's age as of his birthday in the year following
the death of the spouse, or, if elected, will be distributed in accordance with
Subsection (d)(2)(B)(iii) below. If the surviving spouse dies after required
distributions commence to him, any remaining interest will continue to be
distributed under the payment option chosen.
(iii) If there is no designated beneficiary, or if applicable by operation of
Subsection (d)(2)(B)(i) or (ii) above, the entire interest will be distributed
no later than December 31 of the calendar year containing the fifth anniversary
of the Participant's death (or of the spouse's death in the case of the
surviving spouse's death before distributions are required to begin under
Subsection (d)(2)(B)(ii) above).
(iv) Life expectancy is determined using the Single Life Table in Q&A-1 of
section 1.401(a)(9)-9 of the Income Tax Regulations. If distributions are being
made to a surviving spouse as the sole designated beneficiary, such spouse's
remaining life expectancy for a year is the number in the Single Life Table
corresponding to such spouse's age in the year. In all other cases, remaining
life expectancy for a year is the number in the Single Life Table corresponding
to the beneficiary's age in the year specified in Subsection (d)(2)(B)(i) or
(ii) above and reduced by 1 for each subsequent year.
(C) If the Participant dies on or after his Annuity Commencement Date, any
interest remaining under the benefit payment option selected will continue to be
distributed under that benefit payment option and will be paid at least as
rapidly as prior to the Participant's death.
(D) The Participant's "interest" includes the amount of any outstanding rollover
or transfer and the actuarial value of any other benefits provided under the
contract, such as guaranteed death benefits, if any.
(E) For purposes of Subsections (d)(2)(A), (B), and (C) above, required
distributions are considered to commence on the Participant's required beginning
date or, if applicable, on the date distributions are required to begin to the
surviving spouse under Subsection (d)(2)(B)(ii) above. However, if distributions
start prior to the applicable date in the
GB10-KuportVA [(SBR)] 14
preceding sentence, on an irrevocable basis (except for acceleration)
under an annuity contract meeting the requirements of section 1.401(a)(9)-6
of the Income Tax Regulations, then required distributions are
considered to commence on the annuity starting date.]
5.3 Transfers Between Investment Options: You may direct us to transfer amounts
between Investment Options. Transfers are effective on the Business Day we
receive the transfer direction. Transfer directions may be made daily on any
Business Day. We will make the transfer as requested within [7 days] from the
date we receive the request, except as we may be permitted to defer the transfer
of amounts withdrawn from the Variable Account in accordance with appropriate
provisions of the federal securities laws. We reserve the right to defer a
transfer of amounts from the FIA for a period of up to [6 months] after we
receive the transfer request.
5.4 Transfers to and from the FIA:
(a) No more than 20% of your FIA Account Value as of the first day of that
Contract Year, less amounts previously transferred by you from the FIA during
that Contract Year, may be transferred by you from the FIA as of the date we
receive your transfer request.
(b) Transfers to the FIA from an Investment Account are subject to our approval.
(c) We may cease to permit transfers upon 30 days notice to you, or as provided
in sections 5.2(b) and 9.1.
5.5 Other Funding: If more than one funding medium is used to fund the
Plan, the amount to be withdrawn from this contract to pay a Plan benefit
is equal to [(1) x (2)] + 3 + 4 where:
(1) is the total Plan benefit payable;
(2) is the percentage of total Plan assets held under this contract, as you
certify to us;
(3) is the amount of any applicable Withdrawal Charge applied under section 5.2;
and
(4) is the amount of any applicable charges under section 7 which are not
included in the Accumulation Unit value.
GB10-KuportVA [(SBR)] 15
SECTION 6 - ANNUITIES
6.1 Annuity Purchases: Prior to notification of contract termination (but not
thereafter), you may withdraw all or a portion of your Account Value to provide
a Plan benefit in the form of an annuity. Such a withdrawal is not subject to a
Withdrawal Charge. On the date we receive an annuity purchase request, we
transfer the entire amount requested to the [FIA]. Such amounts remain in the
[FIA] until the full amount ([plus interest]) is applied to purchase the annuity
on the last day of the month preceding the Annuity Commencement Date. As of that
annuity purchase date, such funds are no longer maintained in this contract.
Your annuity purchase request must specify the purpose for the annuity, the
Participant's name, the election of an annuity option, Annuity Commencement
Date, any contingent annuitant or beneficiary, and any additional information we
require. If the Participant or any contingent annuitant dies before the Annuity
Commencement Date, the annuity election is cancelled.
The minimum amount that you may apply to purchase an annuity is [$10,000].
6.2 Annuity Options: You may elect any optional form of annuity we offer at the
time of purchase. Available annuity options always include:
(a) Life Annuity. A monthly annuity is payable as long as the annuitant lives.
(b) Survivorship Annuity. A monthly annuity is payable as long as the annuitant
lives. After the annuitant's death, all or a portion of the monthly annuity is
paid to the contingent annuitant as long as the contingent annuitant lives.
If a certain period annuity is available, the certain period may not extend
beyond the life expectancy of a Participant or the joint life expectancy of a
Participant and any contingent annuitant, as determined on the Annuity
Commencement Date.
6.3 Determining Annuity Amount: We compute the annuity amount using the factors
reflected in the Table of Guaranteed Immediate Annuities attached to this
contract. However, if our current single premium, nonparticipating, immediate
annuity rates for this class of group annuity contracts produce a higher monthly
annuity than the Table of Guaranteed Immediate Annuities, then that more
favorable annuity rate is applied.
6.4 Proof of Age and Survival; Minimum Payments: We may require proof of any
annuitant's or contingent annuitant's date of birth before commencing payments
under any annuity. We may also require proof that an annuitant or contingent
annuitant is living before making any annuity payment. If a monthly annuity is
less than our current established minimum payment, we may make payments on a
less-frequent basis.
6.5 Annuity Certificates: We issue to each person for whom an annuity is
purchased a certificate setting forth the annuity's amount and terms.
GB10-KuportVA [(SBR)] 16
SECTION 7 - OTHER CONTRACT CHARGES
7.1 Investment Option Charge (IOC): Under section 4.4, the Accumulation Unit
values of all Investment Accounts reflect the daily equivalent of an IOC
expressed as an annual percentage. The IOC for an Investment Account is applied
directly against the Investment Account and is equal to [the sum of "x" + "y"
where:
"x" = a current charge for the investment advisory fees and for the operational,
organizational, and other expenses of the corresponding Mutual Fund, Portfolio,
or other entity in which the Investment Account invests. Periodically, for a
given Investment Account, "x" will change to reflect changes in the related
expenses and other factors. Any change in "x" for an Investment Account will be
effective without prior written notice. Copies of the prospectuses or reports of
the Mutual Fund, Portfolio, or other entity are available for review. "y" = a
current asset charge of 1.25%.
7.2 Taxes: We may deduct any premium tax we incur that is directly related to
amounts received for the Participant from the balance applied to purchase an
annuity, or at such other time as we incur a premium tax. We may also deduct
from Investment Accounts reasonable charges for federal, state, or local income
taxes we incur that are attributable to such Investment Accounts. 7.3 Other
Charges:
(a) We apply those charges listed in the Table of Contract Charges.
[(b) Charges due AUL for which the Plan is responsible, and to which the Plan
Sponsor and Contractholder have otherwise agreed in writing, which are unpaid 60
days after the payment due date, will be deducted from your Account on a
pro-rata basis from the Investment Options. Charges due AUL for which the Plan
Sponsor (not the Plan) is responsible, and to which the Plan Sponsor has
otherwise agreed in writing, must be paid by the Plan Sponsor.]
[(c) Charges due a third-party administrator (TPA) for which the Plan is
responsible, and to which the Plan Sponsor and the TPA have separately agreed in
writing, will be deducted from your Account on a pro-rata basis from the
Investment Options. The entire charge collected by us will be forwarded to the
TPA, and no portion of this charge will be retained by us. Charges due the TPA
for which the Plan Sponsor (not the Plan) is responsible, and to which the Plan
Sponsor has otherwise agreed in writing, must be paid by the Plan Sponsor.]
[(Note: Delete section 7.4 if the VIP Credit Factors are all zeros)]
[7.4 Variable Investment Plus (VIP) Credit Factor: We determine a VIP credit
factor each month by multiplying your month-end Account Value in all Investment
Accounts by the monthly equivalent of the corresponding annual VIP credit factor
in the table below. We multiply the resulting percentage by your month-end
Account Value in each Investment Account, and add the resulting amount to your
Account Value for that Investment Account. Month-End Account Value
GB10-KuportVA [(SBR)] 17
allocated to Investment Accounts Annual VIP Credit Factors
Less Than $ 1,000,000 0.00%
Between $ 1,000,000 and $2,000,000 0.25%
Over $2,000,000 0.50%
The VIP Credit Factor may be reduced by an annual charge percentage equal to the
current fixed dollar charge for expenses to which you have agreed divided by
your period-end Account Value in all Investment Accounts. Period-end will be
month-end. Alternatively, at our option and upon 30 days notice to you prior to
the beginning of the next calendar quarter, we may use your calendar quarter-end
Account Value in all Investment Accounts to calculate this charge. We also
reserve the right to revert to a month-end calculation upon 30 days notice to
you prior to the beginning of the month in which the change is to be effective.
Such charge percentage may not reduce the VIP Credit Factor below 0%.]
GB10-KuportVA [(SBR)] 18
SECTION 8 - CONTRACT MODIFICATIONS
8.1 Contract Amendment: You and we may agree to any change or amendment to this
contract without the consent of any other person or entity. This contract cannot
be modified or amended, nor can any provision or condition be waived, except by
written authorization of a corporate officer of AUL.
8.2 Rates and section 7 Charges: We may announce a new Guaranteed Rate for the
FIA pursuant to section 3.2. We may also modify the charge levels in section 7
(but may not exceed the maximum charge levels listed in the Table of Contract
Charges) using the procedures of section 8.5.
8.3 Conformance with Law: We may amend this contract at any time, without your
consent, or that of any other person or entity, if the amendment is reasonably
needed to comply with, or give you or Participants the benefit of, any
provisions of federal or state laws. Any such amendment will be delivered to you
prior to its effective date.
8.4 Addition, Deletion, or Substitution of Investments:
(a) We reserve the right, subject to compliance with applicable law, to make
additions to, deletions from, substitution for, or combinations of, the
securities that are held by any Investment Account or that any Investment
Account may purchase. We reserve the right to eliminate the shares of any of the
eligible Mutual Funds, Portfolios, or other entities and to substitute shares
of, or interests in, another Mutual Fund, Portfolio, or another investment
vehicle, for shares already purchased or to be purchased in the future under the
contract, if the shares of any or all eligible Mutual Funds, Portfolios, or
other entities are no longer available for investment or if further investment
in any or all eligible Mutual Funds, Portfolios, or other entities becomes
inappropriate in view of the purposes of the contract. Where required under
applicable law, we will not substitute any shares attributable to your interest
in any Investment Account without notice, your approval, Participant approval,
or prior approval of the Securities and Exchange Commission or a state insurance
commissioner, and without following the filing or other procedures established
by applicable state insurance regulators.
Nothing contained herein will prevent the Variable Account from purchasing other
securities for other series or classes of contracts, or from effecting a
conversion between series or classes of contracts on the basis of requests made
by a majority of other contractholders or as permitted by federal law.
(b) We reserve the right to establish additional Investment Accounts, each of
which would invest in the corresponding Mutual Fund, Portfolio, or other entity,
or in other securities or investment vehicles. We reserve the right to eliminate
or combine existing Investment Accounts if marketing, tax, or investment
conditions warrant. We reserve the right to provide other Investment Options
under this contract at any time. Subject to any required regulatory approvals,
we reserve the right to transfer assets from any Investment Account to another
separate account of AUL or Investment Account.
(c) In the event of any such substitution or change, we may, by appropriate
amendment, make such changes in this contract as may be necessary or appropriate
to reflect such substitution or change. Any transfer request or Investment
Option election received on or after the effective date of such substitution or
change which reflects the previous Investment Option which has been substituted
or changed will be transacted using the new substituted or
GB10-KuportVA [(SBR)] 19
changed Investment Option. If deemed by us to be in the best interests of
persons or entities having voting rights under this contract, the Variable
Account may be operated as a management investment company under the Investment
Company Act of 1940 or any other form permitted by law, it may be deregistered
in the event such registration is no longer required under the Investment
Company Act of 1940, or it may be combined with other separate accounts of AUL
or an affiliate thereof. We may take such action as is necessary to comply with,
or to obtain, exemptions from the Securities and Exchange Commission with regard
to the Variable Account. Subject to compliance with applicable law, we also may
combine one or more Investment Accounts and may establish a committee, board, or
other group to manage one or more aspects of the Investment Accounts.
8.5 Our Right to Initiate Changes: In addition to those amendments permitted by
section 8.2, 8.3, and 8.4, we may initiate an additional provision or
modification of any other provision of this contract (except for those
prohibited amendments listed in section 8.6) by giving you [60 days] notice of
such modification. Any such modification is effective without your affirmative
assent.
8.6 Prohibited Amendments:
(a) Notwithstanding our right to initiate changes under section 8.5, we may not
initiate changes to the section 3.3 minimum rate guarantee provision, our
obligation to set a Guaranteed Rate for the FIA specified in section 3.2, the
payment provisions upon contract termination specified in section 9.2, the
maximum charge levels listed in the Table of Contract Charges, or the Table of
Guaranteed Immediate Annuities.
(b) No modification to this contract may change the terms of a previously
purchased annuity or reduce any interest guarantee applicable to balances held
in the FIA on the modification's effective date.
GB10-KuportVA [(SBR)] 20
SECTION 9 - TERMINATION OF CONTRACT
9.1 Termination by You: You may terminate this contract by giving us notice and
electing a form of payment described in section 9.2. [As of the date we receive
your notice, no transfers may be made from the FIA to any Investment Account.]
Your termination is effective on [the Business Day that we receive your notice,
unless you and we agree to another date.]
9.2 Payment Upon Termination by You: If you terminate the contract:
(a) We pay you a lump-sum equal to your Investment Account Withdrawal Value.
Such Investment Account Withdrawal Value will be determined on the termination
effective date and paid within [7 days] from the termination effective date,
except as we may be permitted to defer payment in accordance with appropriate
provisions of the federal securities laws.
[(use this paragraph for a governmental Plan Sponsor)] [We pay you your FIA
Withdrawal Value in 5 equal annual installments. Calculation of the amount of
each installment to be paid is made on the termination effective date. We pay
the first installment within 7 days from the termination effective date.
Subsequent installments are paid on the anniversary of the termination effective
date. During the installment payment period, interest is credited to your
terminating FIA amounts at a rate equal to the Guaranteed Rate for the FIA (as
determined on the first installment payment date), less 1%. The minimum rate
guarantee provided in section 3.3 applies to the interest credited under this
Section. Interest is paid with each installment.]
[(use this paragraph for a private sector Plan Sponsor)] [We pay you your FIA
Withdrawal Value in 5 equal annual installments. Calculation of the amount of
each installment to be paid is made on the termination effective date. We pay
the first installment within 7 days from the termination effective date.
Subsequent installments are paid on the anniversary of the termination effective
date. However, we will advance to you and deduct from the next subsequent
installment any portion of the next subsequent installment that you certify to
us is necessary to pay individual Participant Plan benefits arising since the
last installment payment, to the extent that amounts previously disbursed
pursuant to this Subsection (a) are insufficient to pay such individual
Participant Plan benefits. During the installment payment period, interest is
credited to your terminating FIA amounts at a rate equal to the Guaranteed Rate
for the FIA (as determined on the first installment payment date), less 1%. The
minimum rate guarantee provided in section 3.3 applies to the interest credited
under this Section. Interest is paid with each installment.]
(b) Transfer to Another Contract: In lieu of the payments provided in Subsection
(a) above, you may transfer your Account Value to any group annuity contract
which we may make available. Any such amounts are calculated on the termination
effective date and are transferred to such group annuity contract within [7
days] from the termination effective date.
9.3 Indemnification Required: Payments or transfers under section 9.2 are in
full settlement of our obligations under this contract. Prior to making such
payments or transfers under section 9.2, we may require you and the Plan Sponsor
to indemnify and hold us harmless from any and all losses, claims, or demands
that may later be asserted against us in connection with the making of such
payment or transfer.
9.4 Effect on Contract Obligations: Any annuities purchased prior to
notification of contract termination are unaffected by a termination. We may
refuse further Contributions at any time after a termination
GB10-KuportVA [(SBR)] 21
notice has been given. This contract terminates automatically if no amounts
remain in either the FIA or any Investment Account.
GB10-KuportVA [(SBR)] 22
SECTION 10 - GENERAL PROVISIONS
10.1 Ownership: You own this contract. No other person or entity has any right,
title, or interest in this contract or to amounts received or credited under it
until you make such amounts available to them. All amounts received or credited
under this contract become our property. We are obligated to make only the
payments or distributions specified in this contract.
10.2 Entire Contract: This contract and your application constitute the entire
agreement between you and us. We are not a party to, nor bound by, a Plan,
trust, custodial agreement, or other agreement (including your TPA agreement),
or any amendment or modification to any of the same. We are not a fiduciary
under this contract or under any such Plan, trust, custodial agreement, or other
agreement.
10.3 Benefit Determinations: You will furnish to us whatever information is
necessary to establish the eligibility for and amount of annuity or other
benefit due. We rely solely on your instructions and certifications with respect
to Participant benefits. You are fully responsible for determining:
(a) whether benefit payments are permitted under applicable law and the Plan and
(b) the existence or amount of Excess Contributions (plus gains or minus losses
thereon), and that returns of Excess Contributions are permitted by the Plan and
the Code.
We may rely on your or your designee's statements or representations in honoring
any benefit payment request.
We require that a Participant execute and submit to us an affidavit that we
prepare in order that we may process that Participant's benefit payable under
this contract if you, the Plan Sponsor, the Plan Trustee, and the Plan
Administrator are no longer in existence at the time we receive that
Participant's benefit payment request.
10.4 Representations and Warranties: You and we mutually represent and warrant,
each to the other, that each is fully authorized to enter into this contract and
that this contract is a valid and binding obligation and that the execution of
this contract does not violate any law, regulation, judgment, or order by which
the representing party is bound. In addition, you represent and warrant to us
that:
(a) Code section 401(a) Contributions made to this contract are allowed pursuant
to a Code section 401(a) Plan that you have established and that meets the
requirements of Code section 401(a), and Code section 403(b) Contributions made
to this contract are allowed pursuant to a Code section 403(b) Plan that you
have established and that meets the requirements of Code section 403(b);
(b) the execution of this contract has been authorized by the Plan fiduciary or
other Plan representative responsible for Plan investment decisions; and
(c) the execution or performance of this contract does not violate any Plan
provision or any law, regulation, judgment, or order by which the Plan is bound.
We do not make any representation or warranty regarding the federal, state, or
local tax status of this contract or any transaction involving this contract.
10.5 Contractholder Representative; Misstatement of Data: You may designate a
representative to act on your behalf under sections 2 or 3 or to receive any
payment under sections 5 or 9. We may rely on any information you or your
designee furnishes. We need not inquire as to the accuracy or completeness of
such information. If any essential data pertaining to any person has been
omitted or misstated, including, but not limited to, a misstatement of an
annuitant's or contingent annuitant's age, we will make an equitable adjustment
to provide the annuity or other benefit determined using correct data.
GB10-KuportVA [(SBR)] 23
10.6 Assignment by Contractholder: You may assign your interest in Code section
401(a) funds held in this contract by filing the original or a duplicate of the
assignment with us. We are not responsible for the validity of an assignment.
10.7 Form of Request, Notice, Instruction, or Direction: When reference is made
to you or your designated representative making a request or giving notice,
instruction, or direction, such request, notice, instruction, or direction must
be in writing, or in a form otherwise acceptable to us, and is effective when we
receive it.
10.8 Conformity with Law: Any benefit payable under this contract shall not be
less than the minimum benefit required by the insurance laws of the state in
which the contract is delivered. Language in this contract referring to state or
federal tax, securities, or other statutes or rules do not incorporate within
this contract any such statutes or rules.
10.9 Gender and Number: Whenever the context so requires, the plural includes
the singular, the singular the plural, and the masculine the feminine.
10.10 Facility of Payment: If you have directed us to pay any Participant,
contingent annuitant, or beneficiary who is legally incapable of giving a valid
receipt for any payment, and no guardian has been appointed, we will pay you
directly. Any such payment fully discharges us to the extent of such payment.
10.11 Voting: We own all shares of a Mutual Fund, Portfolio, or other entity
held in an Investment Account. We exercise the voting rights of such shares at
all shareholder meetings on all matters requiring shareholder voting under the
Investment Company Act of 1940 or other applicable laws. Our vote reflects
instructions received from persons having the voting interest in the shares, as
follows:
(a) You have the voting interest under this contract. Unless otherwise required
by applicable law, the number of shares of a Mutual Fund, Portfolio, or other
entity for which you may give voting instructions is determined by dividing your
Account Value in the affected Investment Account by the net asset value of the
shares of the Mutual Fund, Portfolio, or other entity. Fractional votes are
counted. Our determination is made as of the date used by the Mutual Fund,
Portfolio, or other entity to determine shareholders eligible to vote.
(b) We vote shares proportionally, to reflect the voting instructions we receive
in a timely manner from you and from all other contractholders. If no timely
voting instructions are received from you, we vote shares proportionally, to
reflect the voting instructions we received in a timely manner for all other
contracts. To the extent permitted by applicable law, we may vote shares in our
own right or may modify the above procedures to reflect changes in the law or
its interpretation. We will provide prospectuses and other reports as required
by applicable federal law.
10.12 Acceptance of New Contributions: We may refuse to accept new Contributions
at any time.
10.13 Our Annual Statement: No provision of this contract controls, determines,
or modifies any annual statement made by us to any insurance department,
contractholder, regulatory body, or other person.
GB10-KuportVA [(SBR)] 24
Nor does anything in such annual statement control, determine, or modify the
provisions of this contract.
10.14 Nonforfeitability and Nontransferability: The entire Withdrawal Value of
the vested portion (as determined pursuant to the Code section 403(b) Plan) of
Code section 403(b) funds of a Participant is nonforfeitable at all times. No
sum payable under this contract that is attributable to Code section 403(b)
funds with respect to a Participant may be sold, assigned, discounted, or
pledged as collateral for a loan or as security for the performance of an
obligation or for any other purpose to any person or entity other than us. In
addition, to the extent permitted by law, no such sum shall in any way be
subject to legal process requiring the payment of any claim against the payee.
10.15 Notice of Annual Meeting of Members: By-law, Art II, Sec. 2: the regular
annual meeting of the members of American United Mutual Insurance Holding
Company shall be held at its principal place of business on [the third Thursday
in February each year at ten o'clock A.M.] local time or at such other location,
place, or time as may be designated by the Board of Directors. The election of
directors shall be held at the annual meeting.
GB10-KuportVA [(SBR)] 25
[TABLE OF CONTRACT CHARGES
(1) Charge for Non-Electronic Transfers: We charge a service fee of up to $5 for
non-electronic transfers between Investment Options, which will be billed to
you.
(2) Contract Termination Individual Participant Check Fee: We bill you for a fee
of up to $100 for each Participant for whom an individual check is prepared upon
contract termination. (This charge does not apply to a lump-sum payment to you
upon contract termination.)
(3) Participant Account Charge: Should we ever begin to provide individual
Participant recordkeeping services under this contract, we reserve the right to
deduct a Participant Account Charge of up to $10 per Contract Quarter on the
last day of each Contract Quarter from each Participant Account in existence on
such day for as long as the Participant Account is in effect. Alternatively, we
may bill this charge to you. If the entire balance of a Participant Account is
applied or withdrawn before the last day of the Contract Quarter pursuant to the
contract, the Participant Account Charge attributable to the period of time
which has elapsed since the first day of the Contract Quarter in which such
application or withdrawal of funds is made will not be deducted from the amount
applied or withdrawn and will not be billed to you.]
GB10-KuportVA [(SBR)] 26
[TABLE OF GUARANTEED IMMEDIATE ANNUITIES
MONTHLY INCOME PER $1,000 OF ACCOUNT VALUE
10-YEAR CERTAIN
ADJUSTED AGE LIFE ANNUITY AND LIFE ANNUITY
45 2.7498 2.7455
46 2.7986 2.7938
47 2.8498 2.8444
48 2.9036 2.8975
49 2.9602 2.9532
50 3.0197 3.0116
51 3.0823 3.0730
52 3.1483 3.1375
53 3.2178 3.2052
54 3.2913 3.2763
55 3.3690 3.3512
56 3.4511 3.4299
57 3.5381 3.5126
58 3.6301 3.5995
59 3.7273 3.6906
60 3.8300 3.7862
61 3.9387 3.8865
62 4.0536 3.9919
63 4.1751 4.1024
64 4.3037 4.2184
65 4.4397 4.3400
66 4.5837 4.4676
67 4.7365 4.6014
68 4.8992 4.7419
69 5.0735 4.8895
70 5.2610 5.0448
71 5.4635 5.2077
72 5.6823 5.3783
73 5.9180 5.5559
74 6.1718 5.7400
75 6.4456 5.9301
Adjusted Age = Actual Age at Settlement (in years and completed months) less the
following number of months: [0.6 times (Birth Year - 1915)] rounded to the
nearest integer.
Guaranteed purchase rates are 100% of the net single premium for the benefit
provided based on 85% of the unprojected 1994 Group Annuity Reserving Table for
females with interest at 1.5%.]
GB10-KuportVA [(SBR)] 27
[TABLE OF INVESTMENT ACCOUNTS]
[The following Investment Accounts are made available to you under this
contract. By completing a form we require, you may restrict the Investment
Accounts you make available to your Participants. Amounts allocated to any
Investment Account identified below are invested in the shares of the
corresponding Mutual Fund, Portfolio, or other entity listed below. Any
restrictions imposed on AUL's ability to buy or sell shares in a Mutual Fund,
Portfolio, or other entity listed below, and any fees imposed on AUL in
connection with the purchase or sale of such shares, will be applied to any
transaction by the Contractholder or Participant involving the corresponding
listed Investment Account.
Investment Account Mutual Fund, Portfolio, or Other Entity
AIM Basic Value AIM Basic Value Fund (R Class)
AIM Capital Development AIM Capital Development (R Class)
AIM Energy AIM Energy Fund (A Class)
AIM Financial Services AIM Financial Services Fund (A Class)
AIM Global Equity AIM Global Equity Fund (A Class)
AIM Global Health Care AIM Global Health Care Fund (A Class)
AIM International Growth AIM International Growth (R Class)
AIM Leisure AIM Leisure Fund (K Class)
AIM Mid Cap Core Equity AIM Mid Cap Core Equity Fund (R Class)
AIM Small Cap Growth AIM Small Cap Growth Fund (R Class)
AIM Technology AIM Technology Fund (A Class)
Xxxxx Capital Appreciation Institutional Xxxxx Capital Appreciation Institutional (R Class)
Xxxxx Small /Cap Growth Institutional Xxxxx Small/Cap Growth Institutional (R Class)
AllianceBernstein 2010 Retirement Strategy AllianceBernstein 2010 Retirement Strategy (R Class)
AllianceBernstein 2015 Retirement Strategy AllianceBernstein 2015 Retirement Strategy (R Class)
AllianceBernstein 2020 Retirement Strategy AllianceBernstein 2020 Retirement Strategy (R Class)
AllianceBernstein 2025 Retirement Strategy AllianceBernstein 2025 Retirement Strategy (R Class)
AllianceBernstein 2030 Retirement Strategy AllianceBernstein 2030 Retirement Strategy (R Class)
AllianceBernstein 2035 Retirement Strategy AllianceBernstein 2035 Retirement Strategy (R Class)
AllianceBernstein 2040 Retirement Strategy AllianceBernstein 2040 Retirement Strategy (R Class)
AllianceBernstein 2045 Retirement Strategy AllianceBernstein 2045 Retirement Strategy (R Class)
AllianceBernstein 2050 Retirement Strategy AllianceBernstein 2050 Retirement Strategy (R Class)
AllianceBernstein 2055 Retirement Strategy AllianceBernstein 2055 Retirement Strategy (R Class)
AllianceBernstein Focused Growth & Income AllianceBernstein Focused Growth & Income Fund (R Class)
AllianceBernstein Global Value AllianceBernstein Global Value Fund (R Class)
AllianceBernstein International Growth AllianceBernstein International Growth Fund (R Class)
AllianceBernstein International Value AllianceBernstein International Value Fund (R Class)
AllianceBernstein Mid-Cap Growth AllianceBernstein Mid-Cap Growth Fund (R Class)
AllianceBernstein Small/Mid Cap Value AllianceBernstein Small/Mid Cap Value Fund (R Class)
AllianceBernstein Small-Cap Growth AllianceBernstein Small - Cap Growth Fund (R Class)
AllianceBernstein Value AllianceBernstein Value Fund (R Class)
Allianz CCM Capital Appreciation Allianz CCM Capital Appreciation Fund (R Class)
Allianz CCM Mid-Cap Allianz CCM Mid-Cap (R Class)
Allianz NFJ Dividend Value Allianz NFJ Dividend Value (R Class)
Allianz NFJ Small-Cap Value Allianz NFJ Small-Cap Value (R Class)
Allianz OCC Renaissance Fund Allianz OCC Renaissance Fund (R Class)
Allianz OCC Value Fund Allianz OCC Value Fund (R Class)
American Century(R) Emerging Markets American Century (R) Emerging Markets (Adv Class)
American Century(R) Equity Growth American Century(R) Equity Growth Fund (Advisor Class)
American Century(R) Equity Income American Century(R) Equity Income Fund (Advisor Class)
American Century (R) Xxxxxx Xxx American Century (R) Xxxxxx Xxx Fund (Advisor Class)
GB10-KuportVA [(SBR)] 28
American Century (R) Growth American Century (R) Growth Fund (Advisor Class)
American Century(R) Heritage American Century(R) Heritage Fund (Advisor Class)
American Century(R) Inflation-Adjusted Bond American Century(R) Inflation-Adjusted Bond Fund (Advisor Class)
American Century(R) International Growth American Century(R) International Growth Fund (Advisor Class)
American Century(R) International Discovery American Century(R) International Discovery Fund (Advisor Class)
American Century(R) Large Company Value American Century(R) Large Company Value Fund (Advisor Class)
American Century(R) New Opportunities II American Century(R) New Opportunities II Fund (A Class)
American Century(R) Real Estate American Century(R) Real Estate (Advisor Class)
American Century(R) Select American Century(R) Select Fund (Advisor Class)
American Century(R) Strategic Allocation: American Century(R) Strategic Allocation: Aggr Fund (Adv Fund)
Aggessive
American Century(R) Strategic Allocation: American Century(R) Strategic Allocation:Conservative Fund (Adv Fund)
Conservative
American Century(R) Strategic Allocation: American Century(R) Strategic Allocation:Moderate Fund (Advisor Fund)
Moderate
American Century(R) Ultra(R) American Century(R) Ultra(R) Fund (Advisor Class)
American Century(R) Vista American Century(R) Vista Fund (Advisor Class)
American Funds(R) AMCAP(R) American Funds(R) AMCAP(R) (R3 Class)
American Funds(R) American High Income Trust American Funds(R) American High Income Trust (Retirement Class)
American Funds(R) Capital World Growth & Income American Funds(R) Capital World Growth & Income (Retirement Class)
American Funds(R) EuroPacific Growth(R) American Funds(R) EuroPacific Growth(R) (Retirement Class)
American Funds(R) Fundamental Investors American Funds(R) Fundamental Investors (Retirement Class)
American Funds(R) Growth Fund of America American Funds(R) Growth Fund of America (Retirement Class)
American Funds(R) Intermediate Bond Fund American Funds(R) Intermediate Bond Fund of America(R) (Retirement Class)
of America(R)
American Funds(R) SmallCap World American Funds(R) SmallCap World (Retirement Class)
Dreyfus Premier Future Leaders Dreyfus Premier Future Leaders Fund (T Class)
Dreyfus Premier Health Care Dreyfus Premier Health Care (T Class)
Dreyfus Premier International Equity Dreyfus Premier International Equity Fund (T Class)
Dreyfus Premier New Leaders Dreyfus Premier New Leaders Fund (T Class)
Dreyfus Premier Structured MidCap Dreyfus Premier Structured MidCap Fund (T Class)
Dreyfus Premier Third Century Dreyfus Premier Third Century Fund (T Class)
Dreyfus Premier Worldwide Growth Dreyfus Premier Worldwide Growth Fund (T Class)
Fidelity(R) Advisor Dividend Growth Fidelity(R) Advisor Dividend Growth Fund (T Class)
Fidelity(R) Advisor Dynamic Capital Fidelity(R) Advisor Dynamic Capital Appreciation Fund (T Class)
Appreciation
Fidelity(R) Advisor Equity Growth Fidelity(R) Advisor Equity Growth Fund (T Class)
Fidelity(R) Advisor Equity Income Fidelity(R) Advisor Equity Income Fund (T Class)
Fidelity(R) Advisor Freedom Income Fidelity(R) Advisor Freedom Income Fund (T Class)
Fidelity(R) Advisor Fifty Fidelity(R) Advisor Fifty (T Class)
Fidelity(R) Advisor Growth & Income Fidelity(R) Advisor Growth & Income Fund (T Class)
Fidelity(R) Advisor Growth Opportunities Fidelity(R) Advisor Growth Opportunities Fund (T Class)
Fidelity(R) Advisor Leveraged Company Stock Fidelity(R) Advisor Leveraged Company Stock (T Class)
Fidelity(R) Advisor New Insights Fund Fidelity(R) Advisor New Insights Fund (T Class)
Fidelity(R) Advisor Small Cap Fidelity(R) Advisor Small Cap Fund (T Class)
Fidelity(R) Advisor Value Fidelity(R) Advisor Value (T Class)
Fidelity Freedom 2010 Fidelity Freedom 2010 Fund (T Class)
Fidelity Freedom 2015 Fidelity Freedom 2015 Fund (T Class)
Fidelity Freedom 2020 Fidelity Freedom 2020 Fund (T Class)
Fidelity Freedom 2025 Fidelity Freedom 2025 Fund (T Class)
Fidelity Freedom 2030 Fidelity Freedom 2030 Fund (T Class)
Fidelity Freedom 2035 Fidelity Freedom 2035 Fund (T Class)
Fidelity Freedom 2040 Fidelity Freedom 2040 Fund (T Class)
Fidelity Freedom 2045 Fidelity Freedom 2045 Fund (T Class)
Fidelity Freedom 2050 Fidelity Freedom 2050 Fund (T Class)
Fifth Third Mid Cap Growth Fifth Third Mid Cap Growth Fund (Advisor Class)
Fifth Third Multi Cap Value Fifth Third Multi Cap Value Fund (Advisor Class)
Fifth Third Quality Growth Fifth Third Quality Growth Fund (Advisor Class)
Fifth Third Strategic Income Fifth Third Strategic Income Fund (Advisor Class)
First American Mid-Cap Growth Opportunities First American Mid-Cap Growth Opportunities (R Class)
GB10-KuportVA [(SBR)] 29
First American Mid-Cap Value First American Mid-Cap Value (R Class)
First American Small Cap Select First American Small Cap Select (R Class)
First American Small Cap Value First American Small Cap Value (R Class)
First American Strategy Growth Allocation First American Strategy Growth Allocation (R Class)
Franklin Capital Growth Franklin Capital Growth Fund (R Class)
Franklin Flex Cap Growth Franklin Flex Cap Growth Fund (R Class)
Franklin Small Cap Value Franklin Small Cap Value (R Class)
Franklin Small-Mid Cap Growth Franklin Small-Mid Cap Growth Fund (R Class)
Franklin Strategic Income Franklin Strategic Income Fund (R Class)
Xxxxxxx Xxxxx Mid-Cap Value Xxxxxxx Xxxxx Mid-Cap Value (SVC Class)
Xxxxxxx Xxxxx Small Cap Value Xxxxxxx Xxxxx Small Cap Value (SVC Class)
Xxxxxxx Xxxxx Structured International Equity Xxxxxxx Xxxxx Structured International Equity (Institutional Class)
Xxxxxxx Xxxxx Growth Strategy Xxxxxxx Xxxxx Growth Strategy (SVC Class)
Xxxxxxx Xxxxx Tollkeeper Xxxxxxx Xxxxx Tollkeeper (SVC Class)
Janus Adviser Forty Janus Adviser Forty Fund (R Class)
Janus Adviser Growth & Income Janus Adviser Growth & Income Fund (R Class)
Janus Adviser INTECH Risk-Managed Large Cap Janus Adviser INTECH Risk-Managed Large Cap Growth Fund (S Class)
Growth
Janus Adviser Mid Cap Value Janus Adviser Mid Cap Value (R Class)
Janus Adviser Small Company Value Janus Adviser Small Company Value Fund (S Class)
Lord Xxxxxx Developing Growth Lord Xxxxxx Developing Growth Fund (P Class)
Lord Xxxxxx Growth Opportunities Lord Xxxxxx Growth Opportunities Fund (P Class)
Lord Xxxxxx Small-Cap Blend Lord Xxxxxx Small-Cap Blend Fund (P Class)
Xxxxxxxx Mid-Cap Growth Xxxxxxxx Mid-Cap Growth Fund (Investor Class)
Xxxxxxxx Mid-Cap Value Xxxxxxxx Mid-Cap Value (Investor Class)
Xxxxxxxx Small Cap Growth Xxxxxxxx Small Cap Growth (Investor Class)
Xxxxxxxxx Xxxxxx Xxxxxxxx Xxxxxxxxx Xxxxxx Xxxxxxxx Fund (Advisor Class)
Xxxxxxxxx Xxxxxx Focus Xxxxxxxxx Xxxxxx Focus Fund (Advisor Class)
Xxxxxxxxx Xxxxxx Millennium Xxxxxxxxx Xxxxxx Millennium Fund (Advisor Class)
Xxxxxxxxx Xxxxxx Partners Xxxxxxxxx Xxxxxx Partners Fund (Advisor Class)
OneAmerica Asset Director OneAmerica Asset Director Portfolio (Advisor Class)
OneAmerica Investment Grade Bond OneAmerica Investment Grade Bond Portfolio (Advisor Class)
OneAmerica Money Market OneAmerica Money Market Portfolio (Advisor Class)
OneAmerica Socially Responsive OneAmerica Socially Responsive Portfolio (Advisor Class)
OneAmerica Value OneAmerica Value Portfolio (Advisor Class)
Xxxxxxxxxxx Global Xxxxxxxxxxx Global Fund (N Class)
Xxxxxxxxxxx International Bond Xxxxxxxxxxx International Bond Fund (N Class)
Xxxxxxxxxxx International Growth Xxxxxxxxxxx International Growth Fund (N Class)
Xxxxxxxxxxx Main Street Opportunity Xxxxxxxxxxx Main Street Opportunity Fund (N Class)
Xxxxxxxxxxx Main Street Small Cap Fund Xxxxxxxxxxx Main Street Small Cap Fund (N Class)
Xxxxxxxxxxx Strategic Income Xxxxxxxxxxx Strategic Income Fund (N Class)
Xxxxxxxxxxx Value Xxxxxxxxxxx Value Fund (N Class)
PIMCO High Yield PIMCO High Yield Fund (R Class)
PIMCO Total Return PIMCO Total Return (R Class)
Pioneer Bond Pioneer Bond Fund (R Class)
Pioneer Emerging Markets Pioneer Emerging Markets (A Class)
Pioneer Equity Income Pioneer Equity Income (R Class)
Pioneer Pioneer Fund (R Class)
Pioneer High Yield Pioneer High Yield Fund (R Class)
Pioneer Mid-Cap Value Pioneer Mid-Cap Value Fund (R Class)
Pioneer Oak Ridge Large Cap Growth Pioneer Oak Ridge Large Cap Growth Fund (R Class)
Pioneer Small Cap Value Pioneer Small Cap Value Fund (R Class)
Xxxxxxx LifePoints Balanced Xxxxxxx LifePoints Balanced Strategy Fund (R3 Class)
Xxxxxxx LifePoints Conservative Xxxxxxx LifePoints Conservative Strategy Fund (R3 Class)
Xxxxxxx LifePoints Equity Growth Strategy Xxxxxxx LifePoints Equity Growth Strategy Fund (R3 Class)
Xxxxxxx LifePoints Growth Strategy Xxxxxxx LifePoints Growth Strategy Fund (R3 Class)
GB10-KuportVA [(SBR)] 30
Xxxxxxx LifePoints Xxxxxxxx Xxxxxxx LifePoints Moderate Strategy Fund (R3 Class)
Xxxxxxx 2010 Strategy Xxxxxxx 2010 Strategy Fund (R3 Class)
Xxxxxxx 2020 Strategy Xxxxxxx 2020 Strategy Fund (R3 Class)
Xxxxxxx 2030 Strategy Xxxxxxx 2030 Strategy Fund (R3 Class)
Xxxxxxx 2040 Strategy Xxxxxxx 2040 Strategy Fund (R3 Class)
X. Xxxx Price Blue Chip Growth X. Xxxx Price Blue Chip Growth Fund (R Class)
X. Xxxx Price Equity-Income X. Xxxx Price Equity-Income Fund (R Class)
X. Xxxx Price Growth Stock X. Xxxx Price Growth Stock Fund (R Class)
X. Xxxx Price International Growth and Income X. Xxxx Price International Growth and Income Fund (R Class)
X. Xxxx Price International Stock X. Xxxx Price International Stock Fund (R Class)
Xxxxxxxxx Foreign Xxxxxxxxx Foreign Fund (R Class)
Xxxxxxxxx Growth Xxxxxxxxx Growth (R Class)
Xxxxxxxxx Core Growth Xxxxxxxxx Core Growth Fund (R3 Class)
Xxxxxxxxx International Value Xxxxxxxxx International Value Fund (R3 Class)
Xxxxxxxxx Limited-Term Income Xxxxxxxxx Limited-Term Income Fund (R3 Class)
Xxxxxxxxx Value Xxxxxxxxx Value Fund (R3 Class)
Xxxxxxx Conservative Growth Xxxxxxx Conservative Growth (A Class)
Xxxxxxx Strategic Growth Xxxxxxx Strategic Growth (A Class)]
