Common use of ANNUITY ELECTIONS Clause in Contracts

ANNUITY ELECTIONS. A Participant may, upon notice to Prudential, elect to have his Participant's Account applied to purchase an annuity for him. The Withdrawal Value of the Account will be applied if the purchase is made during the first 36 months from the day an Account was established for him. The earliest of the days an Account was established for him under this contract, under a companion contract, or under a similar contract if section 3.5 applies will be used in counting the 36 months. If the purchase is made after the 36 months, 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 any 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. If the Participant's Account has not been cancelled before the month in which he reaches age 75, a 120 monthly Payment Certain annuity will be purchased for him at the beginning of that month (see section 4.4).