Annuity Payments. Annuity Payments will commence on the Annuity Payment Date. Payments are made under the Annuity Payment Option selected (see Section 8.02).
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 401(a)(9) and 408(b)(3). If guaranteed payments are to be made, the period over which the guaranteed payments are made may not exceed the period permitted under Section 1.401(a)(9)-6 of the Income Tax Regulations. Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page and the Annuity Commencement Date is considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is described below. If the monthly income is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in one lump sum on the Maturity Date, or the Annuity Commencement Date if earlier. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first Variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and assumed interest rate shown in the Specifications Page. We will provide a table of the annuity factors upon request. If the current rates in use by us on the Annuity Commencement Date are more favorable to you, we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Annuity Commencement Date. Subsequent payments will be based on the investment performance of the Investment Options you elected. The amount of each subsequent variable annuity payment is determined by multiplying the number of Annuity Units credited for each Investment Option you elect by the appropriate Annuity Unit value on each subsequent determination...
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 72(s) (or section 401(a)(9) and 408(b)(3) if this Contract is issued in a Qualified Plan). Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Maturity Date. If by the Maturity Date, you are not receiving LIA payments, do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page. You can change the Annuity Option at any time before Annuity Payments begin. We will provide Fixed Annuity payments. The method used to calculate the amount of the Fixed Annuity payments is described below. If the monthly Annuity Payment is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in one lump sum on the Maturity Date, or the date Annuity Payments would begin, if earlier. FIXED ANNUITY PAYMENTS We will determine the amount of each Fixed Annuity payment by applying the Contract Value as of a date not more than 10 business days prior to the date Annuity Payments begin (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and interest rate shown on the Specifications Page. The Fixed Annuity payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity then offered by us or a company affiliated with us to the same class of annuitants. We guarantee the dollar amount of Fixed Annuity payments.
Annuity Payments. If the Accumulation Value, increased for any positive Market Value Adjustment, is less than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, such Accumulation Value, increased for any positive Market Value Adjustment, in one lump sum payment as directed by you and this Contract will have no further value. If the Accumulation Value, increased for any positive Market Value Adjustment, is equal to or greater than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed as provided below and an Annuitant is living on the Annuity Commencement Date, we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Annuity Commencement Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. However, requests for periodic payments other than monthly, quarterly, semi-annually or annually require our consent. If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. IU-IA-3096 15 The amount applied to an Annuity Plan will be the Accumulation Value, plus a positive Market Value Adjustment, if any, as set forth in Section 5.4, less any applicable premium tax. The Annuity Payment amount will be determined by the amount applied to the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005.
Annuity Payments. If you elect to receive Annuity Payments, you may apply your Contract Value to any Annuity Payment option in accordance with your contract terms. If you apply less than the entire Contract Value to provide Annuity Payments under an Annuity Payment option, that amount will be treated as a withdrawal for purposes of adjusting the Benefit Base and GAI. If Annuity Payments are required to begin and the oldest Annuitant is a Designated Life, you may elect from an additional annuity payment option to receive an annual amount equal to the GAI at any frequency offered by us, but at least annually, until the death of both Designated Lives. Required Minimum Distribution (RMD) This provision applies if your contract is a Qualified Contract and is subject to required minimum distribution (RMD) provisions pursuant to the Internal Revenue Code (the “Code”), as amended from time to time, and the Treasury Regulations issued thereunder. A123456 ICC20-70594 Minnesota Life 4 A withdrawal in any Contract Year after you are eligible for an RMD will not be treated as an excess withdrawal if that withdrawal does not cause the total withdrawals for the Contract Year to exceed the greater of the GAI or your RMD for the current calendar year. Such treatment is contingent on your acceptance of our calculation of the RMD amounts. RMD calculations will be based solely on the value of this contract and any attached riders and will be determined for the calendar year in which the RMD withdrawal is requested. Each RMD amount is calculated based on information provided by you and our understanding of the Code. We reserve the right to make changes in our calculations, as needed, to comply with the Code and Treasury Regulations. While this contract is subject to RMD provisions, the benefit will be treated as follows: • Each Contract Year the GAI will be calculated as described in the Guaranteed Annual Income section above. The GAI will not be changed based on the RMD requirement. • If the RMD amount is greater than the GAI, the Benefit Base and GAI will not be reduced for withdrawals up to the RMD amount. Amounts withdrawn in any Contract Year in excess of the greater of GAI or RMD will be treated as an excess withdrawal. If the RMD amount for two calendar years is withdrawn in a single Contract Year, your withdrawal may be subject to excess withdrawal treatment to the extent the Contract Year withdrawals exceed the greater of the GAI or current calendar year RMD amount. Excess Withdrawal C...
Annuity Payments. The Annuity Option is shown on page 3. The Owner may choose any form of Annuity Option that is allowed by the Company. The Owner may choose an Annuity Option by written request. This request must be Received by the Company at least 30 days prior to the Annuity Payout Date. Several Annuity Options are listed on pages 18 and 19. No Annuity Option can be selected that requires the Company to make periodic payments of less than $20.00. If no Annuity Option is chosen prior to the Annuity Payout Date, the Company will use the Life with 10-Year Fixed Period Option. Each Annuity Option allows for making Annuity Payments annually, semiannually, quarterly or monthly. CHANGE OF ANNUITY OPTION Prior to the Annuity Payout Date, the Owner may change the Annuity Option chosen. The Owner must request the change in writing. This request must be Received by the Company at least 30 days prior to the Annuity Payout Date.
Annuity Payments. An election to receive payments under an Annuity Payment Option must be made before the Maturity Date. If an Annuity Payment Option is not chosen before the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option which provides a life annuity with annuity payments guaranteed for 10 years. The Maturity Date may be deferred upon request (either in writing or through the Internet Service Center) by the Owner and any Beneficiary who cannot be changed. Purchase Payments may be made until the new Maturity Date.
Annuity Payments. Annuitizations under the terms of the Base Annuities will be treated as surrenders. The Reinsurer will reimburse the Ceding Company for Annuity Payments equal to the quota share percentage of the Annuities times the Cash Surrender Values of such Annuities as of the date of such annuitization. The Reinsurer will reimburse the Ceding Company for payments made pursuant to Rider guarantees as described in Paragraph 6 above.
Annuity Payments. The amount of the Withdrawal Charge depends on how long your Purchase Payments are held under the Contract. Each Purchase Payment you make is considered to have a certain "age," depending on the length of time since that Purchase Payment was effective. A Purchase Payment is "age one" in the year beginning on the date the purchase payment is Received by FSBL and increases in age each year thereafter. When you withdraw an amount, the "age" of any Purchase Payment you withdraw determines the level(s) of Withdrawal Charge as shown on page 3. For the purpose of calculating Withdrawal Charge, FSBL assumes that withdrawal amounts will be applied to Purchase Payments first in the order Purchase Payments were received. The Withdrawal Charge will be deducted proportionately from each Account selected for Withdrawal. This charge is guaranteed not to increase. FREE WITHDRAWALS During a Contract Year, you may make Free Withdrawals, which are Withdrawals that are not subject to the Withdrawal Charge. The amount of Free Withdrawals available in any Contract Year is determined as follows. In the first Contract Year, the amount is equal to:
Annuity Payments. The series of payments made to the Certificate Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.
