FIXED INCOME OPTIONS. Guaranteed Income Options The fixed income option is determined by multiplying each $1,000 of policy proceeds allocated to a fixed income option by the amounts shown on pages 16 and 17 for the option You select Options 1 and 3 are based on a guaranteed interest rate of 1.5%. Options 2 and 4 are based on a guaranteed interest rate of 1.5% and the “Annuity 2000” male, female mortality table projected for improvement using projection scale G (50% of the female scale G factors were used, while 100% of the male scale G factors were used). The rates were projected dynamically using an assumed Annuity Commencement date of 2005. The “Annuity 2000” mortality rates are adjusted based on improvements in mortality since 2000 to more appropriately reflect increased longevity. This is accomplished using a set of improvement factors referred to as projection scale G. Option 1 - Income for a Specified Period We will make level payments only for the fixed period. You choose. The duration of the payments may not exceed the Annuitant’s life expectancy, (as defined by the Internal Revenue Code and regulations adopted under that code) nor be for a period of time that is less than 60 months. In the event of the death of the person receiving payments prior to the end of the fixed period elected, payments will be continued to that person’s beneficiary. AV1397 101 179 1003 Page 13 SB1739 SECTION 10 – CONTINUED Option 2 – Life Income – You may choose between:
FIXED INCOME OPTIONS. XII. FOREIGN BONDS --------------------------------------------------------------------------------------------------------------- STATE STREET BANK AND TRUST COMPANY PRICE SOURCE AUTHORIZATION XII. Private Placements and Other Manual Quotes Information ---------------------------------------------------------------------------------------------------------------- SECURITY TYPE ADVISOR BROKER OTHER ADDITIONAL INFORMATION: CONTACT NAME, TELEPHONE NUMBER ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------
FIXED INCOME OPTIONS. XII. FOREIGN BONDS ------------------------------------------------------------------------------------------------------- STATE STREET CAYMAN TRUST COMPANY, LTD. PRICE SOURCE AUTHORIZATION XII. Private Placements and Other Manual Quotes Information -------------------------------------------------------------------------------------------------------------- SECURITY TYPE ADVISOR BROKER OTHER ADDITIONAL INFORMATION: CONTACT NAME, TELEPHONE NUMBER -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------...
FIXED INCOME OPTIONS. BlackRock GNMA Option BlackRock GNMA Portfolio BlackRock High Yield Bond Option BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Option BlackRock Inflation Protected Bond Portfolio BlackRock Strategic Income Opportunities Option BlackRock Strategic Income Opportunities Portfolio Xxxxx Fargo Core Bond Option Xxxxx Fargo Core Bond Fund Money Market Option BlackRock Money Market Option T-Fund Underlying Funds Summaries of the investment objectives, investment strategies, benchmarks and investment risks of the Underlying Funds in which each Investment Option invests as of June 30, 2021 are located in Appendix A to this Program Description, based on the most recent prospectus of each Underlying Fund as of the date of this Program Description. OTTA and the Program Manager reserve the right to change, at any time, and without any notice to Account Owners, the Underlying Fund(s) in which any Investment Option invests, including the addition of Underlying Funds that are not described in Appendix A. The descriptions set forth in Appendix A are summaries only and do not purport to describe all of the investment strategies and the associated risks of each Underlying Fund. For a complete description of the investment strategies and associated risks of an Underlying Fund, please read such Underlying Fund’s prospectus and statement of additional information. For information on how to obtain copies of the prospectuses, statements of additional information, and annual and semi-annual reports of the Underlying Funds, see “Additional Information About Your Account — Obtaining Additional Information about the Underlying Funds.” The investment objective, investment strategies, investment Benchmarks and investment risks of an Underlying Fund may change at any time, without the consent of, or notice to, an Account Owner.
FIXED INCOME OPTIONS. Commutation of Payments after the Annuity Commencement Date For options 1, 2 and 3, if the present value is paid in a single sum, the interest rate used for commutation is the interest rate that equated the amount applied at annuitization to the present value of annuity payments. For option 2(b), present values would be determined using only an interest rate component, but not using a mortality component. Only the remaining guaranteed annuity payments may be commuted, payments beyond the certain period that are contingent on the life of the annuitant may not be commuted.
FIXED INCOME OPTIONS. XIII. FOREIGN BONDS ---------------------------------------------------------------------------------------- STATE STREET BANK - MUTUAL FUNDS PRICE SOURCE AUTHORIZATION
FIXED INCOME OPTIONS. Commutation of Payments after the Annuity Commencement Date For options 1, 2 and 3, if the present value is paid in a single sum, the interest rate used for commutation is the interest rate that equated the amount applied at annuitization to the present value of annuity payments. Guaranteed Income Options The fixed income option is determined by multiplying each $1,000 of policy proceeds allocated to a fixed income option by the amounts shown on pages 16 and 17 for the option You select. Options 1 and 3 are based on a guaranteed interest rate of 1.5%. Options 2 and 4 are based on a guaranteed interest rate of 1.5% and the "Annuity 2000" (male, female, and unisex if required by law) mortality table projected for improvement using projection scale G (50% of the female scale G factors were used, while 100% of the male scale G factors were used). The rates were projected dynamically using an assumed Annuity Commencement date of 2005. The "Annuity 2000" mortality rates are adjusted based on improvements in mortality since 2000 to more appropriately reflect increased longevity. This is accomplished using a set of improvement factors referred to as projection scale G. Option 1 - Income for a Specified Period We will make level payments only for the fixed period You choose. In the event of the death of the person receiving payments prior to the end of the fixed period elected, payments will be continued to that person's beneficiary or their present value may be paid in a single sum. No funds will remain at the end.
FIXED INCOME OPTIONS. Optional Payment Plans 1 and 2 are available as fixed income options. Proceeds applied to a fixed income option will be transferred to our General Account. Payments made will equal or exceed those required by New York. Payments will not be less than those that would be provided to a single premium immediate annuity applicant of the same class issued when such payments begin. Payments will be based on the greater of the Surrender Value or 95% of what the Surrender Value would be if there were no surrender charges. The age used to determine the payment may be subject to an adjustment as shown in the Maximum Age Adjustment table in the Monthly Income Benefit section. Variable Income Options Optional Payment Plans 1 and 2 are available as variable income options. Proceeds applied to a variable income option will be transferred to the Subaccount. This means that Income Payments, after the first, will reflect the investment experience of the Subaccount. No minimum amount is guaranteed. Payments under a variable income option will not be less than those that would be provided to an applicant of the same class under the corresponding option for a single premium variable immediate annuity issued when such benefits begin. Payments will be based on the greater of the Surrender Value or 95% of what the Surrender Value would be if there were no surrender charges. Once variable Income Payments have commenced, neither expenses actually incurred, other than taxes on the investment return, nor mortality actually experienced will adversely affect the dollar amount of variable Income Payments.
FIXED INCOME OPTIONS. Optional Payment Plans 1 through 5 are available as fixed income options. Any amount left with us under a fixed income option will be transferred to our General Account. Payments made will equal or exceed those required by the state where this Contract is delivered. The age used to determine the payment may be subject to an adjustment as shown in the age adjustment table below. Optional Payment Plans 1 and 5 are available as variable income options. This means that Income Payments, after the first, will reflect the investment experience of the Subaccounts. No minimum amount is guaranteed. Determination of the Amount of the First Variable Income Payment: The tables for Optional Payment Plans 1 and 5 are used to determine the first Income Payment. They show, for various plans, ages and genders, the monthly payment that can be purchased with $1,000 of proceeds. The first payment is equal to (a) times (b), divided by 1,000, where:
