Common use of Effect of Excess Withdrawals during the Withdrawal Phase Clause in Contracts

Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base and XXX will be adjusted by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). Numerical Example: Covered Fund Value before XXX = $55,000 Benefit Base = $100,000 XXX %: 5% XXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 - $5,000 = $5,000 Covered Fund Value after XXX = $55,000 - $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 - $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted XXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500 If an Excess Withdrawal occurs, Great-West will adjust the Covered Fund Value, Benefit Base, XXX and Installments as follows: • The Benefit Base, Covered Fund Value, and XXX are adjusted immediately in the event of an Excess Withdrawal. • If such an adjustment results in a lower XXX amount, Great-West will not decrease any remaining Installments scheduled to be paid before the next Ratchet Date unless directed to do so by the GLWB Participant. However, on the next Ratchet Date, Great-West will automatically reduce the amount of the Installments in accordance with Section 9 of this Contract to reflect the adjusted XXX.

Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base and XXX will be adjusted by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). Numerical Example: Covered Fund Value before XXX = $55,000 Benefit Base = $100,000 XXX %: 5% XXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 - $5,000 = $5,000 Covered Fund Value after XXX = $55,000 - $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 - $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted XXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500 If an Excess Withdrawal occurs, Great-West of New York will adjust the Covered Fund Value, Benefit Base, XXX and Installments as follows: :. • The Benefit Base, Covered Fund Value, and XXX are adjusted immediately in the event of an Excess Withdrawal. • If such an adjustment results in a lower XXX amount, Great-West of New York will not decrease any remaining Installments scheduled to be paid before the next Ratchet Date unless directed to do so by the GLWB ParticipantXXX Owner. However, on the next Ratchet Date, Great-West of New York will automatically reduce the amount of the Installments in accordance with Section 9 of this Contract to reflect the adjusted XXX.

Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base and XXX will be adjusted by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). Numerical Example: Covered Fund Value before XXX = $55,000 Benefit Base = $100,000 XXX %XXX%: 5% XXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 - $5,000 = $5,000 Covered Fund Value after XXX = $55,000 - $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 - $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted XXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500 If an Excess Withdrawal occurs, Great-West GWL&A of NY will adjust the Covered Fund Value, Benefit Base, XXX XXX, and Installments as follows: • The Benefit Base, Covered Fund Value, and XXX are adjusted immediately in the event of an Excess Withdrawal. • If such an adjustment results in a lower XXX amount, Great-West GWL&A of NY will not decrease any remaining Installments scheduled to be paid before the next Ratchet Date unless directed to do so by the GLWB Participant. However, on the next Ratchet Date, Great-West GWL&A of NY will automatically reduce the amount of the Installments in accordance with Section 9 of this Contract to reflect the adjusted XXX.

Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base and XXX will be adjusted by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). Numerical Example: Covered Fund Value before XXX = $55,000 Benefit Base = $100,000 XXX %: 5% XXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 - $5,000 = $5,000 Covered Fund Value after XXX = $55,000 - $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 - $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted XXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500 If an Excess Withdrawal occurs, Great-West will adjust the Covered Fund Value, Benefit Base, XXX and Installments as follows: :. • The Benefit Base, Covered Fund Value, and XXX are adjusted immediately in the event of an Excess Withdrawal. • If such an adjustment results in a lower XXX amount, Great-West will not decrease any remaining Installments scheduled to be paid before the next Ratchet Date unless directed to do so by the GLWB ParticipantIRA Owner. However, on the next Ratchet Date, Great-West will automatically reduce the amount of the Installments in accordance with Section 9 of this Contract to reflect the adjusted XXX.