Lifetime Withdrawal Sample Clauses

Lifetime Withdrawal. Phase The Lifetime Withdrawal Phase is the period under the Minimum Guaranteed Withdrawal Benefit during which the Maximum Annual Withdrawal is calculated and is available for withdrawal. The Contract will enter the Lifetime Withdrawal Phase of the Minimum Guaranteed Withdrawal Benefit on the date of the first Withdrawal on or following the date the Annuitant reaches the Lifetime Withdrawal Eligibility Age as shown in the Contract Schedule. The Contract will remain in the Lifetime Withdrawal Phase until the earlier of: (1) The date the Contract is Surrendered or otherwise terminated, at which time the Minimum Guaranteed Withdrawal Benefit also is terminated; (2) The Annuitant’s death in the case of single life MGWB, or the later of the date of the Annuitant’s death and the Annuitant’s spouse’s death in the case of a Joint and Survivor MGWB, at which time the Minimum Guaranteed Withdrawal Benefit will terminate and no further Minimum Guaranteed Withdrawal Benefits will be payable (see Section 6.3 for details about spousal continuation); (3) The Contract’s Annuity Commencement Date unless you elect the Payments for Life with Surrender Right and Death Benefit Annuity Plan; (4) The date the Accumulation Value is reduced to zero by an Excess Withdrawal, at which time the Minimum Guaranteed Withdrawal Benefit will terminate and no further Minimum Guaranteed Withdrawal Benefits will be payable; and (5) The date the Contract enters the Lifetime Automatic Periodic Benefit Status. Maximum Annual Withdrawal (MAW) Calculation On the day the Contract enters the Lifetime Withdrawal Phase or on any other date the MGWB Base is recalculated, the Maximum Annual Withdrawal (MAW) will be set equal to: (1) The MAW percentage, as shown in the Contract Schedule, which is based on the MAW Percentage under the retirement plan annuity contract rolled into this Contract; multiplied by (2) The MGWB Base, after any calculations occurring on that day that would result in a change to the MGWB Base. The MAW is subject to downward or upward adjustment when the Lifetime Withdrawal Phase is elected at an age that is earlier or later than the Assumed Lifetime Withdrawal Commencement Age as shown in the Contract Schedule. The adjustment factors for early and for deferred Lifetime Withdrawal Commencements are shown in the Contract Schedule. If the Annuitant was receiving MAW payments under the retirement plan annuity contract at the time that the Annuitant rolled their interest in that contrac...