CHARGE FOR PARTIAL AND TOTAL SURRENDERS Sample Clauses

CHARGE FOR PARTIAL AND TOTAL SURRENDERS. A partial or total surrender of a Participant's Account may be subject to a surrender charge. The surrender charge is equal to the lesser of 5% of (a) any Purchase Payment received for the Participant's Account during the most recent 60 months prior to receipt of the surrender request by VALIC at its Home Office, or (b) the amount of the surrender. It is always assumed that the most recent Purchase Payments are withdrawn first, and no surrender charge is ever imposed on any amount not actually withdrawn. If no Purchase Payments have been received during the most recent 60 months or if the Participant's Account has been in effect for 15 years or longer, there will be no charge for partial or total surrenders under that account. There is no surrender charge if the Participant Account has been in effect for 5 years or longer and the Participant has attained age 59 1/2. Up to 10% of the Accumulation Value in any Certificate Year may be withdrawn without a surrender charge. The surrender charge will be applicable only to the amount withdrawn that exceeds 10%. The percentage withdrawn will be calculated as the ratio of the amount withdrawn to the Accumulation Value immediately prior to the withdrawal. If multiple withdrawals are made in a Certificate Year, the percentage withdrawn for each withdrawal will be added together to determine the 10% free withdrawal portion. Once a surrender charge has been imposed on any Purchase Payment, that payment or portion thereof will not thereafter be treated as a Purchase Payment for purposes of the charge. The surrender charge is not imposed upon annuitization at the Annuity Date upon any payments received by an Annuitant or Beneficiary in lieu of annuity payments during the Annuity Period, or upon payments to a Beneficiary when a Participant dies during the Accumulation Period. There is no surrender charge if the Participant is eligible for and has qualified to receive Social Security disability benefits. VALIC may ask for proof of disability. Proof of disability will be made by sending VALIC a certified copy of a Social Security Administration determination of disability. The amount payable upon full surrender in the case of disability will be the Accumulation Value on the date VALIC receives due proof of disability. VALIC may reduce the surrender charge under this Section.
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