Common use of SETTLEMENT PHASE Clause in Contracts

SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero by means other than an Excess Withdrawal, provided the Benefit Base is greater than zero. Installments continue during the Settlement Phase under the terms of the Contract. Transfer - The reinvestment or exchange of all or a portion of the Covered Fund Value from one Variable Account to another or outside the Contract to another eligible Plan investment option. Valuation Date - A Business Day on which the net asset value of each Variable Account is determined. Valuation Period - The period between successive Valuation Dates. Variable Account - A division of the Variable Annuity-8 Series Account. There is a different Variable Account for each Covered Fund. Variable Annuity-8 Series Account (Separate Account) - A segregated investment account that Great-West established under the laws of Great-West’s state of domicile. The Variable Annuity-8 Series Account is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”) and is divided into sub-accounts that are referred to in the Contract as “Variable Accounts.” Withdrawal Phase - The period of time between the Initial Installment Date and the first calendar day of the Settlement Phase.

SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero by means other than an Excess Withdrawal, provided the Benefit Base is greater than zero. Installments continue during the Settlement Phase under the terms of the Contract. Transfer - The reinvestment or exchange of all or a portion of the Covered Fund Value from one Variable Account to another or outside the Contract to another eligible Plan investment option. Valuation Date - A Business Day on which the net asset value of each Variable Account is determined. Valuation Period - The period between successive Valuation Dates. Variable Account - A division of the Variable Annuity-8 Series Account. There is a different Variable Account for each Covered Fund. Variable Annuity-8 Series Account (Separate Account) - A segregated investment account that Great-West GWL&A of NY established under the laws GWL&A of Great-WestNY’s state of domicile. The Variable Annuity-8 Series Account is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”) and is divided into sub-accounts that are referred to in the Contract as “Variable Accounts.” Withdrawal Phase - The period of time between the Initial Installment Date and the first calendar day of the Settlement Phase.