Optional Fixed Annuity Sample Clauses

Optional Fixed Annuity. At any time before the earlier of the Benefit Determination Date or the Maturity Date, you may request to begin fixed annuity payments under one of the annuity options described below by sending us Notice. You can add a Joint Annuitant on the Annuity Date if he/she is a Covered Person by sending us Notice. To receive fixed annuity payments, you must liquidate all of the assets in your Designated Account and send the proceeds to us along with a properly completed election form. You may request monthly, quarterly, semi-annual, or annual annuity payments. After the Annuity Date, you cannot change the annuity option or the annuity payment frequency. We reserve the right to require that the annuity payments be in an amount no less than the Minimum Annuity Payment Amount shown on the Contract Schedule. We send the annuity payments you, or to the person or entity you designate. On the Maturity Date if the Designated Account Value is greater than or equal to the Required Minimum, the Selling Firm will liquidate your Designated Account assets and send the balance to us. However, before the Selling Firm sends the Designated Account Value to us, they must confirm this transfer with you. At that time, if you choose not to allow the transfer, the contract terminates. If you allow the transfer, we make monthly fixed annuity payments under Option A if there is one Covered Person, or Option B if there are joint Covered Persons. We guarantee that this monthly fixed annuity payment will not be less than the Permitted Withdrawal Limit as of the end of the last Business Day before the Maturity Date, divided by twelve. If the Withdrawal Start Date has not occurred at this time, we calculate the Permitted Withdrawal Limit using the Benefit Base as of the end of the last Business Day before the Maturity Date and Withdrawal Percentage based on the Current Treasury Rate as of the Maturity Date. On the Maturity Date, if your Designated Account Value is less than the Required Minimum, we contact you to discuss the options available to you.