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EXHIBIT 6.7
FORM OF GROUP VARIABLE ANNUITY CONTRACT
FOR 408 PLANS, FORM TA-VA-9894
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American United Life
INSURANCE COMPANY
GROUP POOLED EQUITY FUND B CONTRACT NO.
CONTRACTHOLDER
CONTRACT DATE
American United Life Insurance Company ("Company") agrees to make the payments
provided by this contract.
This contract is issued in consideration of the application for this contract
and of the payment to the Company of Contributions as provided in this contract.
This contract provides for investment in Pooled Equity Fund B, and supplements
Group Annuity Contract which provides for fixed-dollar benefits and which shall
hereinafter be referred to as the "Companion Contract"
The provisions and tables on the following pages are part of this contract.
This contract is delivered in
Signed at the Home Office of the Company on the Contract Date.
AMERICAN UNITED LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxx
---------------------------------------
President
Attest
By: /s/ Xxxxxx X. Xxxx
---------------------------------------
Secretary
Group Pension Builder
Group Annuity Contract
Equity Fund - Variable Annuities
Participating
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT ARE VARIABLE AS HEREIN
PROVIDED AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.
TP VA-9894
TABLE OF CONTENTS
ARTICLE I DEFINITIONS
Section 1 ----------- Definitions
ARTICLE II PARTICIPANTS
Section 1 ----------- Eligibility
Section 2 ----------- Participant
Section 3 ----------- Cessation of Participation
ARTICLE III CONTRIBUTIONS TO THE COMPANY
Section 1 ----------- Contributions
Section 2 ----------- Application of Contributions
Section 3 ----------- Credit of Accumulation Units
Section 4 ----------- Suspension of Contributions
ARTICLE IV VALUATION
Section 1 ----------- Gross Investment Rate and Net Investment Rate
Section 2 ----------- Net Investment Factor
Section 3 ----------- Accumulation Unit Value
Section 4 ----------- Annuity Unit Value
Section 5 ----------- Valuation of Assets
ARTICLE V BENEFITS
Section 1 ----------- Variable Retirement Annuity
Section 2 ----------- Optional Variable Annuity Settlements
Section 3 ----------- Amount of Variable Retirement Annuity
Section 4 ----------- Transfer Option
Section 5 ----------- Termination Benefits
Section 6 ----------- Withdrawal Benefits
Section 7 ----------- Death Benefits
Section 8 ----------- Disability Benefits
ARTICLE VI GENERAL PROVISIONS
Section 1 ----------- Certificates
Section 2 ----------- Beneficiary
Section 3 ----------- Participating
Section 4 ----------- Contract
Section 5 ----------- Waiver and Modification
Section 6 ----------- Amendments
Section 7 ----------- Not Transferable
Section 8 ----------- Misstatements
TC
(TABLE OF CONTENTS)
Section 9 ---------- Information, Proofs and Determination of Facts
Section 10 ---------- Frequency of Payments
Section 11 ---------- Facility of Payment
Section 12 ---------- Relation of this Contract to Pooled Equity Fund B
Section 13 ---------- Voting
TABLES
TC(2)
ARTICLE I
DEFINITIONS
SECTION 1--DEFINITIONS. Yearly Date is the Contract Date and each January 1
thereafter.
MONTHLY DATE is the Contract Date and the same day of each month thereafter.
CONTRACT YEAR is a period of one year beginning on a Yearly Date.
EMPLOYER is the Contractholder designated on the title page. Any similar or
related organization which makes written election to come under this contract
shall be an "Employer" if such election is approved by the Company.
PARTICIPANT is as set out in Article II.
MARRIED PARTICIPANT is a Participant, who, at his Annuity Commencement Date or
date of death has been married throughout the one-year period ending on such
Participant's Annuity Commencement Date or date of death.
ANNUITANT is a Participant who is receiving annuity benefits hereunder.
POOLED EQUITY FUND B is that segregated investment account entitled "American
United Life Pooled Equity Fund B" which has been established by the Company for
this and other variable annuity contracts sold by the Company which are fundable
and computable as to payments or benefits on the basis of experience factors of
such account, the assets of which are set aside by the Company from
contributions received under such contracts.
VALUATION PERIOD is that period beginning immediately after a valuation of
Pooled Equity Fund B and ending with the next valuation of Pooled Equity Fund B.
Valuations shall occur as of the close of trading on the New York Stock Exchange
on each day during which the Exchange is open for trading.
PARTICIPANT'S INDIVIDUAL ACCOUNT is the sum of the accumulation units credited
to such Participant.
NORMAL RETIREMENT DATE is, for a Participant, the Monthly Date immediately
following the date on which he attains age 65.
ANNUITY COMMENCEMENT DATE is, for a Participant, his Normal Retirement Date,
except that,
(a) upon written request of the Participant, the Annuity Commencement Date
shall become any Monthly Date specified in such request which is prior to
his Normal Retirement Date and sub-
1--1
sequent to (i) the date of such request, and (ii) the earlier of (a) his
age 59% or (b) the date of his Total and Permanent Disability.
(b) upon written request of the Participant, Annuity Commencement Date shall
become any Monthly Date specified in such request which is subsequent to
his Normal Retirement Date, but not later than the Monthly Date preceding
the date he attains age 70 1/2%.
TOTALLY AND PERMANENTLY DISABLED means that the Participant must be receiving
disability benefits under the Federal Social Security Act, as amended.
VARIABLE RETIREMENT ANNUITY is a series of retirement payments under this
contract in amounts which may vary from time to time because of the investment
results of Pooled Equity Fund B.
COMPANION CONTRACT is the Group Annuity Contract issued by the Company to the
Contractholder which provides for fixed dollar annuity payments which are
guaranteed as to dollar amount throughout the payment period.
1--1(2)
ARTICLE II
PARTICIPANTS
SECTION 1--ELIGIBILITY. An employee of an Employer shall be eligible to become a
Participant on the earliest Monthly Date on which he is employed by such
Employer.
SECTION 2--PARTICIPANT. An eligible employee shall become a Participant when he
has made written request to the Contractholder on a form furnished or approved
by the Company and said request has been delivered to the Company.
SECTION 3--CESSATION OF PARTICIPATION. A Participant shall cease to be a
Participant upon the earliest of the following dates:
(a) The date he no longer has accumulation units or annuity units under this
contract.
(b) The date of his death.
TA-VA; 2--1,2,3 719
ARTICLE III
CONTRIBUTIONS TO THE COMPANY
SECTION l--CONTRIBUTIONS. The Contractholder shall, upon the written request of
a Participant, direct the Company to invest the Contributions for that
Participant in Pooled Equity Fund B. The amount of such Contribution for each
Participant may not be less than $240 annually.
SECTION 2--APPLICATION OF CONTRIBUTIONS. The Company shall deduct for its sales
and administrative service (provided pursuant to the agreement therefor between
the Company and Pooled Equity Fund B) (i) 6% of each Contribution made for such
Participant until Contributions under this Contract plus any Contributions made
for such Participant under any other Group Fund B contract with the Company
total $5,000, and (ii) 4% of any Contributions made thereafter for such
Participant. The Company will invest the balance of such Contributions in Pooled
Equity Fund B.
SECTION 3--CREDIT OF ACCUMULATION UNITS. The number of accumulation units
credited to a Participant's Individual Account as a result of investing such
balance shall be determined by dividing such balance by the dollar value of an
accumulation unit next computed following receipt of such Contribution by the
Company at its Home Office. The number of accumulation units so determined shall
not be changed by any subsequent change in the dollar value of accumulation
units.
SECTION 4--SUSPENSION OF CONTRIBUTIONS. Suspension of Contributions may occur on
any Monthly Date on which the amount of Contributions paid to the Company is
less than the amount specified in Section l of this Article, if written notice
has been given prior thereto by the Company to the Contractholder that
Suspension of Contributions will occur.
On or after the effective date of Suspension of Contributions no further
Contributions shall be payable under this contract. The Company shall not be
liable for the payment of any benefits other than those provided by
Contributions previously received.
3--1,2,3,4
ARTICLE IV
VALUATION
SECTION 1--GROSS INVESTMENT RATE AND NET INVESTMENT RATE. The Gross Investment
rate of Pooled Equity Fund B for each Valuation Period is equal to (i) the
investment income and capital gains and losses for such Valuation Period,
whether realized or unrealized, on the assets of Pooled Equity Fund B less a
deduction for any applicable taxes and less expenses of Pooled Equity Fund B
which are not the contractual liability of the Company divided by (ii) the value
of such assets of Pooled Equity Fund B at the beginning of such Valuation
Period. Such Gross Investment Rate may be either positive or negative. The Net
Investment Rate of Pooled Equity Fund B for any Valuation Period is equal to
such Gross Investment Rate expressed in decimal form to seven places less a
deduction of .0000328 for each Calendar day in the Valuation Period, which
deduction reflects the fee payable to the Company for its mortality risk and
expense guarantees and its investment management services (provided pursuant to
the agreement therefor between the Company and Pooled Equity Fund B.)
SECTION 2--NET INVESTMENT FACTOR. The net investment factor for each Valuation
Period is the sum of 1.0000000 plus the Net Investment Rate for that Valuation
Period.
SECTION 3--ACCUMULATION UNIT VALUE. The value of an accumulation unit was
established at $1.0000000 on April 3, 1969. The value of an accumulation unit at
the end of any specific Valuation Period thereafter is determined by multiplying
such value at the end of the previous Valuation Period by the Net Investment
Factor for the specific Valuation Period.
SECTION 4--ANNUITY UNIT VALUE . The value of an annuity unit was established at
$1.0000000 on April 3, 1969. The value of an annuity unit at the end of any
specific Valuation Period thereafter is determined by multiplying the value of
an annuity unit at the end of the previous Valuation Period by .9999058 for each
calendar day in the specific Valuation Period and by the Net Investment Factor
for the specific Valuation Period.
SECTION 5--VALUATION OF ASSETS. The value of the assets in Pooled Equity Fund B
at the end of any Valuation Period shall be the aggregate of the following:
(a) The face amount of cash; plus
(b) When market quotations are readily available with respect to securities,
the total market value of such securities, valued at the closing prices on
the last business day during the Valuation Period for securities traded on
organized exchanges, and at the bid price preceding the valuation date for
non-traded securities and securities not traded on an organized exchange;
plus
(c) When market quotations are not readily available, or when restricted
securities or other assets are being valued, the fair value as determined
in good faith by the Pooled Equity Fund B Board of Managers of any other
assets; minus
TA_VA 4--1,2,3,4,5 719
(d) An amount for taxes on realized and unrealized capital gains and any other
taxes based on income of, assets in, or the existence of, Pooled Equity
Fund B which may be applicable; and minus
(e) Liabilities of Pooled Equity Fund B other than contract liabilities.
The determination by the Company of the value of the assets and the accumulation
units and annuity units shall be conclusive. Any change in the method of
valuation must be approved by the Board of Managers of Pooled Equity Fund B.
TA-VA;4--5(2)
ARTICLE V
BENEFITS
SECTION 1--VARIABLE RETIREMENT ANNUITY. Prior to a Participant's Annuity
Commencement Date, the Participant may file a written request with the Company
at its Home Office on a form satisfactory to the Company to select one of the
Optional Variable Annuity Settlements, and on the date such annuity is to
commence, the Company shall apply all accumulation units then in the
Participant's Individual Account to provide a Variable Retirement Annuity on the
selected settlement. In the absence of written notice of election by the
Participant given to the Company at least 30 days prior to the date Variable
Retirement Annuity payments are to begin, the Variable Retirement Annuity will
be the ten years Certain and Life Annuity; provided, however, for a Married
Participant, the Variable Retirement Annuity will be the fifty percent (50%)
Survivorship Annuity. The Company reserves the right to require proof
satisfactory to it of the age of any Annuitant and any contingent annuitant
prior to making the first payment under any option.
SECTION 2--OPTIONAL VARIABLE ANNUITY SETTLEMENTS.
OPTION 1--LIFE ANNUITY. An annuity payable monthly during the lifetime of the
Annuitant and terminating with the last monthly payment preceding the death of
the Annuitant.
OPTION 2--CERTAIN AND LIFE ANNUITY. An annuity payable monthly during the
lifetime of the Annuitant with the guarantee that if, at the death of the
Annuitant, payments have been made for less than a stated certain period, which
may be five, ten, fifteen or twenty years, as elected, annuity payments will be
continued during the remainder of said period to the beneficiary designated by
the Annuitant.
OPTION 3---SURVIVORSHIP ANNUITY. An annuity payable monthly during the lifetime
of the Annuitant, and after the death of the Annuitant, 50%, 66 2/3% or 100% (as
specified in the election) of such annuity will be paid to the contingent
annuitant named in the election if and so long as such contingent annuitant
lives. An election of this option shall be automatically cancelled if either the
contingent annuitant or Participant dies prior to his Annuity Commencement Date.
OPTION 4--UNIT REFUND LIFE ANNUITY. An annuity payable monthly during the
lifetime of the Annuitant and terminating with the last monthly payment
preceding the death of the Annuitant, provided that, at the death of the
Annuitant, the beneficiary designated by the Annuitant will receive an
additional payment of the then dollar value of the number of annuity units equal
to the excess, if any, of (a) over (b) where (a) is the total amount applied
under this option divided by the annuity unit value at the Annuity Commencement
Date and (b) is the number of annuity units represented by each monthly payment
multiplied by the number of monthly payments made.
5--1,2,
Any other option that is mutually agreed upon between the Participant and the
Company will be made available.
Provided, however, in no event shall any option selected provide a Retirement
Annuity to the Participant or to the Participant and his Spouse which will
extend for a period beyond the life expectancy of such Participant or such
Participant and his Spouse as determined on the date the Participant retires.
The first payment under any option will be determined in accordance with Section
3 of this Article.
SECTION 3--AMOUNT OF VARIABLE RETIREMENT ANNUITY. The Tables contained herein
show the dollar amount of the first monthly payment which can be purchased with
$1,000 of value in the Participant's Individual Account, after deduction of any
applicable premium taxes The value of the Participant's Individual Account will
be computed at the valuation next following the eighteenth day of the month
prior to the Participant's Annuity Commencement Date.
The amount of the first monthly payment shall be divided by the Annuity Unit
Value at the valuation next following the eighteenth day of the month prior to
the Participant's Annuity Commencement Date to determine the number of annuity
units on which subsequent payments are based. The amount of each monthly
Variable Retirement Annuity payment after the first monthly payment will be
equal to such number of annuity units multiplied by the Annuity Unit Value at
the valuation next following the eighteenth day of the month prior to the month
in which the payment is due.
SECTION 4--TRANSFER OPTION. A Participant may, prior to his Annuity Commencement
Date, by filing written request with the Company at its Home Office on a form
satisfactory to the Company, elect to transfer a portion or all of his
Participant's Individual Account to the Companion Contract. The Company will
transfer the value of such portion of the Participant's Individual Account to
the Participant's Accumulated Deposits under the Companion Contract, at the end
of the Valuation Period in which such request is received or at the end of any
later Valuation Period selected by the Participant.
SECTION 5--TERMINATION BENEFITS. If a Participant terminates employment prior to
his Annuity Commencement Date, he may elect to:
(a) Have his Participant's Individual Account applied to provide Variable
Retirement Annuity payments under one of the Optional Variable Annuity
Settlements, such payments to begin on the first Monthly Date at least 30
days after the election of the Participant is received by the Company;
(b) Leave his Participant's Individual Account under this contract to provide
Variable Retirement Annuity payments on his Annuity Commencement Date, in
which case the number of accumulation units in his Individual Account will
remain fixed, except as provided in Section 3 of Article VI;
TA-VA; 5--3,4,5 719
(c) Withdraw his Participant's Individual Account, as provided in Section 6 of
this Article V.
SECTION 6--WITHDRAWAL BENEFITS. A Participant may elect prior to his Annuity
Commencement Date to withdraw a portion or all of his Participant's Individual
Account upon proper written request to the Company. If the amount of any
withdrawal by a Participant would reduce his Participant's Individual Account
below $500, his entire Participant's Individual Account must be withdraw. Upon
receipt of such request the Company will pay in cash the amount of the withdrawn
Participant's Individual Account, determined as of the end of the Valuation
Period in which such request is received, and such payment, by the amount
withdrawn, shall be in lieu of all other benefits under this contract as to such
Participant, his beneficiary and his contingent annuitant.
If a Participant withdraws his entire Participant's Individual Account, the
Company shall have the right to refuse subsequent Contributions on behalf of
such Participant unless Accumulated Deposits are then being held for such
Participant under the Companion Contract.
SECTION 7--DEATH BENEFITS. If the death of a Participant occurs prior to his
Annuity Commencement Date, the Company, on receipt of due proof of his death,
will pay to his beneficiary a Death Benefit equal to the value of such
Participant's Individual Account determined at the end of the Valuation Period
in which written proof of death is received by the Company. Such Death Benefit
will be paid:
(a) in a single sum, or
(b) if elected by the Participant and approved by the Company prior to his
Death, to his beneficiary under one of the Optional Variable Annuity
Settlements set forth in Section 2, of this Article. If no such election
has been made and approved, the beneficiary may, for his benefit only,
elect one of such Settlements.
SECTION 8--DISABILITY BENEFITS. If a Participant becomes Totally and Permanently
Disabled he may elect to:
(a) Continue his Contributions;
(b) Receive his Participant's Individual Account in cash in lieu of all other
benefits under this contract, or
(c) Have his Participant's Individual Account applied to provide Variable
Retirement Annuity payments under one of the Optional Variable Annuity
Settlements.
5--6,7,8
ARTICLE VI
GENERAL
PROVISIONS
SECTION 1--CERTIFICATES. The Company shall issue to the Contractholder for
delivery to each Participant an individual certificate. Such certificate shall
not constitute a part of this contract.
SECTION 2--BENEFICIARY. The beneficiary is as designated on the Company's
records in accordance with the Participant's written request. Any Participant
may change his beneficiary by filing written notice in form satisfactory to the
Company. When the change is recorded by the Company, the change will take effect
as of the date the notice was signed, except that it will not apply to any
action taken by the Company before the notice was received at the Home Office.
If at the death of the Participant there is no living beneficiary, any payments
due will be paid to the estate of the Participant except that the Company, in
such case may make such payment to any one or more of the surviving relatives of
such Participant in accordance with the laws of the State of domicile of the
Participant, and such payment will completely discharge the Company with respect
to the amount paid. If any beneficiary dies while receiving payments and no
beneficiary is designated to receive any remaining payments, such remaining
payments will be paid to the estate of such beneficiary except that the Company,
in such case may make such payments to any one or more of the surviving
relatives of such beneficiary in accordance with the laws of the State of
domicile of the beneficiary, and such payments will completely discharge the
Company with respect to the amount paid.
SECTION 3--PARTICIPATING. The proportion of the divisible surplus, if any, as
determined by the Company, which accrues on this contract will be determined
annually by the Company and will be credited to this contract. Any credit will
be in the form of an adjustment in the next succeeding year to the deduction
from Contributions, as provided in Article III, Section 2, or in the form of
additional accumulation units credited to the Participant's Individual Account
or in the form of additional annuity units, as applicable. Any additional units
credited will be considered Contributions in the year credited for the purpose
of determining the guarantees applicable.
TA-VA;; 6--1,2,3 719
SECTION 4--CONTRACT. This contract and the application of the Contractholder, a
copy of which is attached hereto and made a part hereof, constitute the entire
contract between the parties.
SECTION 5--WAIVER AND MODIFICATION. Only the President, a Vice President or the
Secretary of the Company has power on behalf of the Company to make or to modify
this contract. No waiver nor modification of this contract shall be binding on
the Company unless it is in writing signed by one of such officers.
SECTION 6--AMENDMENTS. This contract may be changed at any time as to any of its
provisions by written agreement between the Contractholder and the Company but
no such change shall, without the written consent of the affected Participants,
adversely affect the benefits provided by Contributions made before the
effective date of the change; except that any change of any kind whatsoever in
this contract necessary to conform this contract to, or give the Contractholder
or Participant the benefit of, any federal or state statute or any rule or
regulation of the United States Treasury Department may be made effective, with
the consent of the Company, as of the Contract Date or any subsequent date
without the consent of any Participant or any other person affected thereby.
All benefits under this contract shall be nonforfeitable with respect to a
Participant, beneficiary or contingent annuitant.
The Company shall have the right at the fifth Yearly Date and each subsequent
Monthly Date to change this contract in any respect and without the consent of
any Participant or beneficiary provided that (i) any such change will not affect
in any way the benefits provided by Contributions made before the effective date
of the change, and (ii) any such change shall not affect Section 2 of Article
III, Sections 1, 2, 3 and 4 of Article IV and Section 3 of Article V as they
apply to accumulation unit purchases made by Contributions made on behalf of any
Participant who is a Participant on the day immediately preceding the effective
date of such change to the extent that such Contributions in any Contract Year
are not in excess of the greater of (i) twice the average of the Contributions
made for such Participant in the five Contract Years (or lesser period if the
Participant has not completed five Contract Years) immediately preceding the
effective date of such change, and (ii) $5,000 for such Participant. The Company
shall give the Contractholder thirty (30) days prior written notice of any such
change.
The portions of Contributions made on behalf of any Participant in any Contract
Year which are in excess of the greater of (i) twice the average of the
Contributions made for such Participant in the five Contract Years (or lesser
period if the Participant has not completed five Contract Years) immediately
preceding the effective date of such change, and (ii) $5,000 shall be subject to
the provisions of Section 2 of Article III, Sections 1, 2, 3 and 4 of Article IV
and Section 3 of Article V which are in effect at the time such Contributions
are first received by the Company and such provisions shall apply without change
to such Contributions so long as they are continuously contributed.
6--4,5,6
SECTION 7--NOT TRANSFERABLE. No benefit or privilege under this contract may be
sold, assigned, discounted, or pledged as collateral for a loan or as security
for the performance of an obligation or for any other purpose, to any person
other than this Company.
SECTION 8--MISSTATEMENTS. If the age or sex of any payee has been misstated, the
correct amount paid or payable by the Company shall be such as the Contributions
would have provided for the correct age or sex. For Variable Retirement Annuity
payments following such a correction, the number of annuity units will be
corrected and the dollar amount of payments will be adjusted for any
overpayments or underpayments made.
SECTION 9--INFORMATION, PROOFS AND DETERMINATION OF FACTS. Each Employer shall
furnish to the Company records, data, proofs and all other information which the
Company may reasonably require to administer this contract. If such Employer
cannot furnish any required item of information, the Company may request such
information from the person concerned. The Company shall not be liable for the
fulfillment of any obligations in any way dependent on such information until
such information is received.
SECTION 10--FREQUENCY OF PAYMENTS. Variable Retirement Annuity payments under
this contract will be paid monthly, except that, if at any time such monthly
payments are less than $20 each, the Company shall have the right to make
payments at less frequent intervals, or the Company may make such other
settlement as may be equitable to the payee.
SECTION 11--FACILITY OF PAYMENT. If any Participant, beneficiary, or contingent
annuitant is, in the opinion of the Company, legally incapable of giving a valid
receipt for any payment due him and no guardian has been appointed, the Company
may, at its option, make such payment to the person or persons as have, in the
Company's opinion assumed the care and principal support of such Participant,
beneficiary, or contingent annuitant, except that any payment due a minor will
be paid at a rate not exceeding $100 per month. Any such payment made by the
Company will fully discharge the Company to the extent of such payment.
SECTION 12--RELATION OF THIS CONTRACT TO POOLED EQUITY FUND B. The Company shall
have absolute ownership of the assets in Pooled Equity Fund B.
SECTION 13--VOTING. The Participants shall not be entitled to vote at meetings
of the policyholders of the Company but shall be entitled to vote at meetings of
the Participants of Pooled Equity Fund B in accordance with the Rules and
Regulations of Pooled Equity Fund B.
TA-VA;; 6--7,8,9,10,11,12,13 719
TABLE OF BENEFIT OPTION VALUES
Amounts shown in Table I are based upon the 1951 Group Annuity Table, projected
to 1967 by Scale C, with interest at the rate of 3 1/2% per annum. Amounts shown
in Table I are for exact adjusted ages and must be interpolated between ages for
each full month of adjusted age in excess of the exact age. For convenience in
interpolation Table II gives the addition to Table I for each month of adjusted
age in excess of that exact age.
The adjusted age is determined by the following process:
MALES
1. Determine the Participant's age in years and full months on the date
retirement payments are to commence, and
2. Deduct one month for each year his calendar year of birth exceeds l900AD,
or add one month for each year his calendar year of birth precedes l900AD.
FEMALES
1. Determine the Participant's age in years and full months on the date
retirement payments are to commence, and
2. Deduct five years from such age, and
3. Deduct one month for each year her calendar year of birth exceeds l900AD,
or add one month for each year her calendar year of birth precedes 1900AD.
All monthly payments will be rounded to the nearest cent with exact one-half
cents rounded up.
Example: A male participant born on June 15, 1903 decides to retire and receive
his first annuity check on January 1, 1968. His exact age on January 1, 1968 is
64 years, 6 months and 16 days. His calendar year of birth exceeds 1900AD by 3
years and therefore his adjusted age is 64 years and 3 months. His annuity
payable for life with 120 payments guaranteed is $6.6296 plus 3 times 0.0142 or
$6.6722 per $1,000 of proceeds applied on January 1, 1968.
A female participant born on the same date and retiring on the same date would
have an adjusted age of 59 years and 3 months and her annuity on the same option
would be $5.8700 plus 3 times 0.0117 or $5.9051 per $1,000 of proceeds applied
on January 1, 1968.
149
TABLE I
Dollar Amount of the First Monthly Payment Which is Purchased with Each $1,000
of Proceeds Applied for Each Full Year of Adjusted Exact Age.
Adjusted Options 1, 2 and 4 - Single Life Annuities
Exact Age --------------------------------------------------------
in Full Period Certain
-------------------------------------------------------- Unit
Years None Years 10 Years 15 Years 20 Years Refund
--------------------------------------------------------------------------------
45 $4.5100 $4,5004 $4.4696 $4.4196 $4.3400 $4.3396
46 4.5904 4.5796 4.5404 4.4796 4.3904 4.3804
47 4.6696 4.6600 4.6196 4.5504 4.4504 4.4404
48 4.7596 4.7500 4.7000 4.6200 4.5104 4.5100
49 4.8496 4.8400 4.7804 4.6896 4.5704 4.5796
50 4.9504 4.9300 4.8704 4.7700 4.6304 4.6504
51 5.0500 5.0296 4.9604 4.8504 4.6904 4.7296
52 5.1604 5.1304 5.0600 4.9296 4.7600 4.8004
53 5.2696 5.2396 5.1596 5,0196 4.8200 4.8904
54 5.3896 5.3596 5.2604 5.1000 4.8800 4.9804
55 5.5204 5.4796 5.3696 5.1900 4.9496 5.0704
56 5.6596 5.6104 5.4896 5.2800 5.0096 5.1604
57 5.8000 5.7496 5.6096 5.3796 5.0804 5.2696
58 5.9500 5.8996 5.7404 5.4804 5.1404 5.3704
59 6.1204 6.0604 5.8700 5.5800 5.2004 5.4904
60 6.2896 6.2200 6.0104 5.6796 5.2604 5.6104
61 6.4804 6.4000 6.1604 5.7804 5.3204 5.7304
62 6.6904 6.5896 6.3104 5.8800 5.3696 5.8600
63 6.9100 6.7900 6.4700 5.9796 5.4200 6.0004
64 7.1404 7.0096 6.6296 6.0804 5.4704 6.1504
65 7.3900 7.2400 6.8000 6.1800 5.5100 6.3100
66 7.6600 7.4800 6.9800 6.2796 5.5496 6.4696
67 7.9504 7.7404 7.1600 6.3696 5.5904 6.6400
68 8.2600 8.0104 7.3400 6.4596 5.6204 6.8296
69 8.5996 8.2996 7.5200 6.5400 5.6396 7.0204
70 8.9596 8.6104 7.7096 6.6204 5.6696 7.2196
71 9.3496 8.9296 7.8896 6.6900 5.6804 7.4404
72 9.7804 9.2800 8.0696 6.7596 5.6996 7.6696
73 10.2400 9.6400 8.2496 6.8100 5.7104 7.9000
74 10.7296 10.0096 8.4200 6.8604 5.7200 8.1496
75 11.2696 10.4104 8.5796 6.9096 5.7296 8.4196
149
TABLE I (continued)
OPTION 3 - Survivorship Annuity Sample Values
Adjusted
Exact Age
of the Adjusted Exact Age of the Contingent Annuitant in Full
Years 50 55 60 65 70
Annuitant -- -- -- -- --
in Full Years With 100% Payable to Surviving Contingent Annuitant
50 4.3032 4.4616 4.5936 4.7088 4.7940
55 4.4616 4.6836 4.8876 5.0784 5.2272
60 4.5936 4.8876 5.1864 5.4828 5.7360
65 4.7088 5.0784 5.4828 5.9160 6.3288
70 4.7940 5.2272 5.7360 6.3288 6.9552
With 66 2/3% Payable to Surviving Contingent Annuitant
50 4.4988 4.6128 4.7064 4.7868 4.8456
55 4.7664 4.9332 5.0820 5.2176 5.3208
60 5.0484 5.2812 5.5092 5.7288 5.9112
65 5.3568 5.6700 6.0000 6.3372 6.6480
70 5.6736 6.0696 6.5184 7.0152 7.5156
With 50% Payable to Surviving Contingent Annuitant
50 4.6044 4.6932 4.7664 4.8264 4.8720
55 4.9356 5.0688 5.1852 5.2908 5.3700
60 5.3124 5.5020 5.6868 5.8608 6.0036
65 5.7540 6.0216 6.2964 6.5736 6.8196
70 6.2472 6.6036 6.9960 7.4184 7.8336
Values for ages not shown in these Tables will be furnished any
Participant upon request and will be calculated on the same basis
as those shown in these Tables.
TABLE II - Interpolation Factor for Table I
Dollar Amount to be added to Table I for each Full Month of
Adjusted Age in Excess of the Adjusted Exact Age in Full Years.
Table I
Adjusted Options 1. 2 and 4 - Single Life Annuities
Exact Age -------------------------------------------------------------------
In Full Period Certain
---------------------------------------------------------- Unit
Years None 5 Years 10 Years 15 Year 20 Years Refund
------ ----------------------------------------------------------- -------
55 $0.0116 $0.0109 $0.0100 $0.0075 $0.0050 $0.0075
56 0.0117 0.0116 0.0100 0.0083 0.0059 0.0091
57 0.0125 0.0125 0.0109 0.0084 0.0050 0.0084
58 0.0142 0.0134 0.0108 0.0083 0.0050 0.0100
59 0.0141 0.0133 0.0117 0.0083 0.0050 0.0100
60 0.0159 0.0150 0.0125 0.0084 0.0050 0.0100
61 0.0175 0.0158 0.0125 0.0083 0.0041 0.0108
62 0.0183 0.0167 0.0133 0.0083 0.0042 0.0177
63 0.0192 0.0183 0.0133 0.0084 0.0042 0.0125
64 0,0208 0.0192 0.0142 0.0083 0.0033 0.0133
65 0.0225 0.0200 0.0150 0.0083 0.0033 0.0133
66 0.0242 0.0217 0.0150 0.0075 0.0034 0.0142
67 0.0258 0.0225 0.0150 0.0075 0.0025 0.0158
68 0.0283 0.0241 0.0150 0.0067 0.0016 0.0159
69 0.0300 0.0259 0.0158 0.0067 0.0025 0.0166
70 0.0325 0.0266 0.0150 0.0058 0.0009 0.0184
71 0.0359 0.0292 0.0150 0.0058 0.0016 0.0191
72 0.0383 0.0300 0.0150 0.0042 0.0009 0.0192
73 0.0408 0.0308 0.0142 0.0042 0.0008 0.0208
74 0.0450 0.0334 0.0133 0.0041 0.0008 0.0225
149
