Aetna Life Insurance and Annuity Company
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
0-000-000-0000
Herein called Aetna
Agrees to pay benefits as stated in this Contract.
DETAILS OF VARIABLE FEATURES OF THIS CONTRACT ARE IN THE DEPOSIT, RESERVE, AND
SURRENDER PROVISIONS, AND ANNUITY PROVISIONS.
RIGHT TO CANCEL
The Owner may cancel this Contract within 10 days of receiving it, by sending a
written notice to Aetna at the above address or to the agent from whom it was
purchased. Aetna will return all payments made for this Contract within 7 days
after it receives the notice of cancellation and this Contract.
This page, and the following pages, and the application, make up the entire
Contract.
Signed at Hartford, Connecticut on the Effective Date.
/s/ Xxxxxxx X. Xxxxxxxxx /s/ Xxx Xxxxxxx
Secretary President
GROUP VARIABLE OR FIXED ANNUITY OR COMBINATION CONTRACT
NON-PARTICIPATING
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT,
WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT,
ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.
GLID-CDA-HO 39169
SPECIFICATIONS
PLAN
OWNER
GROUP CONTRACT NO.
EFFECTIVE DATE
THIS CONTRACT IS DELIVERED IN
AND IS SUBJECT TO THE LAWS OF THAT JURISDICTION
Deduction From Deposit(s) - The amount of the Net Deposit(s) applied will be the
deposit(s) received minus a deduction for premium taxes, if any then deducted
(see Deposit, Reserve, and Surrender Provisions of this Contract).
Deductions From The Separate Account And The Funds - Total deductions equal 1.5%
on an annual basis. Once Annuity payments begin, Aetna must earn a gross return
on the assets of the Separate Account of: (a) 5% on an annual basis if an
assumed net return rate of 3.5% is chosen; or (b) 6.5% on an annual basis if an
assumed net return rate of 5% is chosen; in order that the dollar amount of the
Variable Annuity payments will not decrease.
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COVER SHEET
This Contract is a legal contract between the Owner and Aetna.
READ THIS CONTRACT CAREFULLY. This cover sheet is only a brief outline of some
of the important features of this Contract. This cover sheet is not the
insurance contract. Only the actual terms of this Contract will control. This
Contract sets forth, in detail, all of the rights and obligations of both you
and Aetna. IT IS THEREFORE IMPORTANT THAT YOU READ THIS CONTRACT CAREFULLY.
TABLE OF CONTENTS
Page
GENERAL DEFINITIONS
1. Participant..........................................................5
2. Annuitant............................................................5
3. Xxxxxxx..............................................................5
4. Fixed Annuity........................................................5
5. Variable Annuity.....................................................5
6. General Account......................................................5
7. Separate Accounts....................................................5
8. Fund(s)..............................................................5
9. Valuation Period.....................................................6
GENERAL PROVISIONS
1. Contract.............................................................7
2. Incontestability.....................................................7
3. Control of Contract and Individual Accounts..........................7
4. Change of Contract by Aetna..........................................7
5. Individual Certificates..............................................7
6. Designation of Beneficiary...........................................8
7. Misstatements and Adjustments........................................8
8. State Laws...........................................................8
9. Grace Period.........................................................8
10. Non-Participating Contract...........................................8
DEPOSIT, RESERVE, AND SURRENDER PROVISIONS
1. Net Deposit..........................................................8
2. Individual Accounts..................................................8
3. Guaranteed Interest Rate -- General Account..........................9
4. Record Units - Separate Account......................................9
5. Investment Increment Factors - Separate Account......................9
6. Record Unit Value - Separate Account................................10
7. Individual Account Reserve..........................................10
8. Active Life Fund....................................................10
9. Experience Credits..................................................10
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10. Transfer of Individual Account Reserves.............................11
11. Notice to the Owner.................................................11
12. Sum Payable at Death (Before Annuity Payments Start)................11
13. Surrender Value.....................................................11
ANNUITY PROVISIONS
1. Choices to be Made..................................................12
2. Fund(s) Annuity Units - Separate Account............................12
3. Fund(s) Annuity Unit Value - Separate Account.......................13
4. Annuity Options.....................................................13
5. Other Terms of Annuity Options......................................23
6. Death of Annuitant/Beneficiary......................................23
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GENERAL DEFINITIONS
1. PARTICIPANT - A person who participates in the Plan and for whom benefits
are being accrued under this Contract.
2. ANNUITANT - A Participant or beneficiary on whose life an Annuity has
been effected under this Contract.
3. ANNUITY - Payment of an income:
. (a) for the life of one or two people;
(b) for a stated period;
(c) for some mix of (a) and (b); or
(d) until there are no funds left.
4. FIXED ANNUITY - An Annuity of a fixed dollar amount paid from the General
Account.
5. VARIABLE ANNUITY - An Annuity of a varying dollar amount paid from the
Separate Account.
6. GENERAL ACCOUNT - The Account which holds the assets of Aetna, other than
those assets of Aetna in the Separate Accounts. Reserves for a Fixed
Annuity are held in the General Account.
7. SEPARATE ACCOUNTS - Accounts set up by Aetna under the Connecticut
Insurance Laws. Assets for this class of variable contracts are set apart
from other assets of Aetna. Reserves for a Variable Annuity are held in a
Separate Account and invested in shares of Fund(s).
8. FUND(S) - The open-end management investment companies (mutual funds)
registered under the Investment Company Act of 1940. They are:
(a) Aetna Variable Fund Inc. (Variable Fund);
(b) Aetna Variable Encore Fund, Inc. (Encore Fund);
(c) Aetna Income Shares, Inc. (Income Fund); and
(d) Other funds (if any) which Aetna may allow.
9. VALUATION PERIOD - The period of time from the end of one business day to
the end of the next business day.
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GENERAL PROVISIONS
1. Contract
This Contract may be changed only by an officer of Aetna. Any change must
be made in writing. Any choices under this Contract by the Owner,
Annuitant or beneficiary must be in writing. Until receipt of such
choices in the Home Office of Aetna, Aetna may rely on the previous
choices made.
Aetna will make Annuity payments as and when due. Any other payments will
be made by Aetna within 7 days of receipt of the written claim for
payment, except as otherwise provided in the Surrender Value provision.
2. Incontestability
Aetna cannot cancel this Contract because of any error of fact on the
application.
3. Control of Contract and Individual Accounts
All of the benefits and rights granted by this Contract, or allowed by
Aetna, belong to the Owner.
4. Change of Contract by Aetna
Aetna may change any of the terms of this Contract. Aetna will notify the
Owner in writing 30 days before the effective date of any such change.
Any such change will not affect the amount or terms of any Annuity which
began prior to such change. Changes that affect the following provisions
of this Contract: (a) Annuity Options; (b) Net Deposit; (c) Guaranteed
Interest Rate; (d) Individual Account Reserve; and (e) Surrender Value;
will only apply to deposits made on behalf of Participants who become
covered under this Contract on or after the effective date of such
change. If the Owner fails to agree to any such change, no new
Participants may be covered under this Contract. Aetna will continue to
accept contributions for the Participants covered under this Contract
prior to the change. This Contract is subject to change as required by
federal or state law.
5. Individual Certificates
Aetna shall issue certificates for each Participant as required by the
state in which this Contract is delivered. The certificate will contain a
summary of the benefits provided by this Contract.
Certificates are not a part of this Contract.
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6. Designation of Beneficiary
The beneficiary for each Participant shall be as named, or later changed,
by the Owner. If no beneficiary is living at the death of the
Participant, payment of any amount due will be made to the Owner.
7. Misstatements and Adjustments
If the age or sex of any payee is found to be misstated, the correct
facts will be used to adjust payments.
8. State Laws
This Contract follows the laws of the state in which it is delivered. Any
cash, death or Annuity payments are equal to or greater than the minimum
required by such laws.
9. Grace Period
This Contract will remain in effect even if deposits are not continued.
10. Non-Participating Contract
The Owner will have no right to share in the earnings of Aetna.
DEPOSIT, RESERVE, AND SURRENDER PROVISIONS
1. Net Deposit
The Net Deposit is the actual deposit minus a charge to pay premium
taxes, if any. As a rule, Aetna will take this charge out of an
Individual Account Reserve (see below) when annuity payments are to
start. But, if Aetna determines that it must pay any imposed premium tax
at any other time, it may take out the charge at any time.
2. Individual Accounts
Aetna will maintain Individual Accounts for each Participant. On the
basis of information supplied by the Owner, Aetna will credit the Net
Deposit(s) to such Accounts in either:
(a) the General Account;
(b) the Separate Account where they are invested in Fund(s) as
directed by the Owner; or
(c) a mix of (a) and (b).
3. Guaranteed Interest Rate -- General Account
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On Net Deposit(s) made to the General Account, Aetna will add interest
daily at an annual rate no less than:
(a) 4% except under the Annuity Provisions; and
(b) 3.5% under the Annuity Provisions.
Aetna may add interest daily at any higher rate.
4. Record Units - Separate Account
The portion of the Net Deposit applied to the Separate Account Fund(s)
will determine the number of Record Units. This number is equal to the
Net Deposit(s) divided by the Record Unit Value (see below) for the
Valuation Period when the Net Deposit is received.
5. Investment Increment Factors - Separate Account
Investment Increment Factors are those items used to determine a Fund's
net return factor for each Valuation Period. The net return factor(s) are
then used to compute all Separate Account values and payments.
The gross return is equal to:
(a) investment income; plus
(b) realized and unrealized capital gains; minus
(c) realized and unrealized capital losses; minus
(d) certain investment expenses; and minus
(e) a daily charge at an annual rate of .25% for investment management
expense and profit.
The gross return is divided by the net assets of the Fund at the start of
the Valuation Period to compute the gross return rate. A gross return
rate may be more or less than 0. The net return rate is equal to:
(a) the gross return rate; plus or minus
(b) taxes (or charges to a tax reserve) on the Separate Account; and
minus
(c) a daily charge at an annual rate of 1.25% for annuity mortality
and expense risks and profit.
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A net return rate may be more or less than 0.
The net return factor for each Fund is equal to the net return rate plus
1.000000.
6. Record Unit Value - Separate Account
The Record Unit Value for each Separate Account Fund is computed by
multiplying the net return factor for the current Valuation Period by the
Record Unit Value for the previous Period. The dollar value of Record
Units, Separate Account Reserves, and Variable Annuity payments may go up
or down due to investment gain or loss.
7. Individual Account Reserve
The Individual Account Reserve for each Participant is equal to:
(a) Net Deposit(s) credited to the General Account (if any); plus
(b) General Account interest added by Aetna; plus
(c) the value of Separate Account Record Units (if any); plus
(d) any amount due to Experience Credits (see below); minus
(e) a charge of $15 on each anniversary of each Individual Account
effective date; and minus
(f) any amounts previously surrendered.
8. Active Life Fund
The Active Life Fund is equal to the combined Reserves of all Individual
Accounts, except those Accounts applied to the payment of Annuities.
9. Experience Credits
Aetna may apply Experience Credits to Individual Accounts in the Active
Life Fund under this Contract. Any such credit will be computed as
decided by Aetna.
10. Transfer of Individual Account Reserves
The Owner may transfer any portion of the Individual Account Reserves
from any Fund to any other Fund or to the General Account. Reserves
cannot be transferred from the General Account to any of the Funds. A
transfer of Reserves cannot be made within 90 days of a previous
transfer.
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11. Notice to the Owner
Aetna will notify the Owner each year of:
(a) the investments held in the Fund(s) for the Separate Account; and
(b) the number of record units; or
(c) the number of annuity units; and
(d) the value of a unit.
Such number or values will be as of a date no more than 60 days before
the date of the notice.
12. Sum Payable at Death (Before Annuity Payments Start)
Aetna will pay to the beneficiary the Individual Account Reserve if:
(a) the participant dies before Annuity payments start; and
(b) the notice of death is received by Aetna.
The sum paid will be the Reserve on the date when the notice is received.
The beneficiary may choose to apply any sum under Annuity Options (see
Annuity Provisions).
13. Surrender Value
The amount paid by Aetna upon the surrender of all or any portion of the
Active Life Fund or Individual Account(s) shall be reduced by a surrender
fee. The surrender fee will be a percentage of the amount surrendered and
will vary according to the number of Deposit Cycles completed for the
Individual Account(s) being surrendered. The number of deposits to be
made in a year is chosen by the Owner. A Deposit Cycle is completed when
this number of deposits has been made. For each surrender from an
Individual Account, the fee will be as follows:
Number of Deposit Cycles Completed Fee
Less than 5 5%
5 or more but less than 7 4%
7 or more but less than 9 3%
9 or more but less than 19 2%
19 or more 0%
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In no event, however, will the Fee on a total surrender of an Individual
Account exceed 9% of the actual deposit made to that Account.
If the Active Life Fund invested in the General Account exceeds $500,000,
Aetna reserves the right to pay out any surrender in equal installments
over a period not to exceed 60 months.
Under certain emergency conditions, Aetna has the right to defer payment
of any surrender value as provided by federal or state law.
ANNUITY PROVISIONS
1. Choices to be Made
The Owner may tell Aetna to pay the Individual Account Reserve (minus any
charges for premium taxes) as a premium for an Annuity under Options 2,
3, 4, and 5 (see below). The first Annuity payment must generally be made
no later than the first day of the month following the Annuitant's 75th
birthday. The Owner may tell Aetna to make the first Annuity payment on
the first day of any prior month.
When any option is chosen, the Owner or beneficiary choosing the option
must tell Aetna if payments are to be made other than monthly. They must
also tell Aetna to pay:
(a) a Fixed Annuity;
(b) a Variable Annuity using Variable Fund;
(c) a Variable Annuity using Income Fund; or
(d) any mix of these.
When choosing a Variable Annuity, an assumed net return rate of 5% per
year may be chosen. If not chosen, Aetna will use an assumed net return
rate of 3.5% per year.
2. Fund(s) Annuity Units - Separate Account
The amount of the first Variable Annuity payment will be equal to:
(a) the portion of the Individual Account Reserve (minus any charges
for premium taxes) to be used to pay a Variable Annuity using the
Fund(s); times
(b) the rate for each $1,000 for the Option chosen.
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Such amount, or portion, of the payment using a Fund will be divided by
the Fund(s) Annuity Unit Value (see below) on the due date of the first
payment to determine the number of the Fund(s) Annuity Units.
Such number of the Fund(s) Annuity Units remains fixed. Each future
payment is equal to such number times the Fund(s) Annuity Unit Value on
the due date of each payment.
3. Fund(s) Annuity Unit Value - Separate Account
For any Valuation Period the Fund(s) Annuity Unit Value is equal to:
(a) the Value for the next previous Period; times
(b) the net return factor(s) (see Investment Increment Factors -
Separate Account provisions) for the tenth previous Period; times
(c) a factor to reflect the assumed net return rate.
The factor for 3.5% per year is .9999058; for 5% per year it is .9998663.
The dollar amount of Annuity Units, values, and payments may go up or
down due to investment gain or loss.
Payments shall not be changed due to mortality or expense results.
4. Annuity Options
Option 1 - Payment of Interest on Sum Left With Aetna - This option may
be used only by the beneficiary when the death of the Participant is
before Aetna has started paying an Annuity. A portion or all of the sum
due may be held in the General Account of Aetna at interest (see
Guaranteed Interest Rate - General Account provision). The beneficiary
may later tell Aetna to:
(a) pay a portion, or all, of the sum held by Aetna; or
(b) apply a portion, or all, of the sum held by Aetna under any of the
Annuity Options below.
Option 2 - Payments of a Stated Dollar Amount - An Annuity of a chosen
amount will be paid until there are no funds left. The payments to be
made in a year must be no less than $60 for each $1,000 applied to this
Option, but cannot exceed an amount which would deplete the funds in less
than 3 years.
Where there is a right under Federal Securities Law to forgo future
payments and receive the present value of the Annuity under this Option
in a lump sum, the exercise of that right
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within a 3 year period after the start of payments shall be treated as a
surrender (see Surrender Value under Deposit, Reserve and Surrender
Provisions).
Option 3 - Payments for a Stated Period of Time - An Annuity will be paid
for the number of years chosen. The number of years must be no less than
3 and no more than 30.
Where there is a right under Federal Securities Law to forgo future
payments and receive the present value of the Annuity under this Option
in a lump sum, the exercise of that right within a 3 year period after
the start of payments shall be treated as a surrender (see Surrender
Value under Deposit, Reserve and Surrender Provisions).
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AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
PAYMENTS FOR A STATED PERIOD
Years Years Years
of Pay- Amount of of Pay- Amount of of Pay- Amount of
ments Payments ments Payments ments Payments
----- -------- ----- -------- ----- ---------
3 $29.19 13 $7.94 22 $5.39
4 22.27 14 7.49 23 5.24
5 18.12 15 7.10 24 5.09
6 15.35 16 6.76 25 4.96
7 13.38 17 6.47 26 4.84
8 11.90 18 6.20 27 4.73
9 10.75 19 5.97 28 4.63
10 9.83 20 5.75 29 4.53
11 9.09 21 5.56 30 4.45
12 8.46
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
PAYMENTS FOR A STATED PERIOD
Years Years Years
of Pay- Amount of of Pay- Amount of of Pay- Amount of
ments Payments ments Payments ments Payments
----- -------- ----- -------- ----- ---------
3 $29.80 13 $8.64 22 $6.17
4 22.89 14 8.20 23 6.02
5 18.74 15 7.82 24 5.88
6 15.99 16 7.49 25 5.76
7 14.02 17 7.20 26 5.65
8 12.56 18 6.94 27 5.54
9 11.42 19 6.71 28 5.45
10 10.51 20 6.51 29 5.36
11 9.77 21 6.33 30 5.28
12 9.16
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Option 4 - Life Income - An Annuity will be paid for life. Payments may be made
for a minimum stated period, if chosen, of 60, 120, 180 or 240 months. If the
Annuitant dies before the end of such stated period, payments will be made to
the beneficiary for the rest of the stated period.
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months:
Annuitant None 60 120 180 240
Male Female
---- ------ ---- -- --- --- ---
50 55 $4.98 $4.96 $4.89 $4.77 $4.62
51 56 5.08 5.05 4.98 4.85 4.68
52 57 5.18 5.16 5.07 4.93 4.74
53 58 5.30 5.26 5.17 5.01 4.80
54 59 5.41 5.38 5.27 5.09 4.86
55 60 5.54 5.49 5.37 5.17 4.92
56 61 5.67 5.62 5.48 5.26 4.98
57 62 5.80 5.75 5.59 5.35 5.04
58 63 5.95 5.89 5.71 5.44 5.10
59 64 6.10 6.03 5.83 5.53 5.16
60 65 6.27 6.19 5.96 5.62 5.22
61 66 6.44 6.35 6.09 5.72 5.27
62 67 6.63 6.52 6.23 5.81 5.33
63 68 6.82 6.71 6.38 5.91 5.38
64 69 7.04 6.90 6.53 6.00 5.43
65 70 7.26 7.11 6.68 6.10 5.47
66 71 7.50 7.33 6.84 6.19 5.52
67 72 7.76 7.56 7.01 6.28 5.55
68 73 8.04 7.80 7.18 6.37 5.59
69 74 8.34 8.07 7.35 6.46 5.62
70 75 8.67 8.34 7.52 6.54 5.65
71 9.01 8.63 7.70 6.62 5.67
72 9.39 8.94 7.88 6.69 5.69
73 9.79 9.26 8.05 6.76 5.71
74 10.22 9.61 8.22 6.81 5.72
75 10.69 9.96 8.39 6.87 5.73
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
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AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months:
Annuitant None 60 120 180 240
Male Female
---- ------ ---- -- --- --- ---
50 55 5.89 5.86 5.78 5.65 5.48
51 56 5.99 5.96 5.86 5.71 5.53
52 57 6.09 6.06 5.95 5.79 5.59
53 58 6.20 6.16 6.04 5.86 5.64
54 59 6.32 6.27 6.14 5.94 5.70
55 60 6.44 6.39 6.24 6.02 5.75
56 61 6.57 6.51 6.34 6.10 5.80
57 62 6.71 6.64 6.45 6.18 5.86
58 63 6.85 6.77 6.56 6.26 5.91
59 64 7.00 6.92 6.68 6.35 5.97
60 65 7.16 7.07 6.80 6.43 6.02
61 66 7.34 7.23 6.93 6.52 6.07
62 67 7.52 7.40 7.06 6.61 6.12
63 68 7.72 7.58 7.20 6.70 6.17
64 69 7.93 7.77 7.35 6.79 6.21
65 70 8.16 7.97 7.50 6.88 6.25
66 71 8.40 8.19 7.65 6.97 6.29
67 72 8.66 8.42 7.81 7.05 6.33
68 73 8.94 8.66 7.97 7.14 6.36
69 74 9.24 8.92 8.13 7.22 6.39
70 75 9.56 9.19 8.30 7.29 6.41
71 9.91 9.48 8.47 7.36 6.43
72 10.29 9.78 8.64 7.43 6.45
73 10.69 10.10 8.80 7.49 6.47
74 11.13 10.43 8.97 7.55 6.48
75 11.60 10.79 9.13 7.60 6.49
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
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Option 5 - Life Income for Two Payees - An Annuity will be paid during the lives
of the Annuitant and a second annuitant. At the death of either, payments will
continue to the survivor. When this option is chosen, a choice must be made of:
(a) 100% of the payment to continue to the survivor;
(b) 66 2/3% of the payment to continue to the survivor;
(c) 50% of the payment to continue to the survivor; or
(d) payments for a minimum of 120 months, with 100% of the payment to
continue to the survivor.
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AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $4.10 $4.27 $4.43 $4.57 $4.69 $4.79 $4.86
55 60 4.21 4.43 4.65 4.86 5.04 5.20 5.32
60 65 4.30 4.57 4.86 5.15 5.43 5.68 5.88
65 70 4.38 4.69 5.04 5.43 5.83 6.21 6.56
70 75 4.44 4.79 5.20 5.68 6.21 6.78 7.33
75 80 4.48 4.86 5.32 5.88 6.56 7.33 8.16
80 85 -- 4.91 5.41 6.03 6.82 7.80 8.95
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $5.00 $5.16 $5.31 $5.44 $5.57 $5.67 $5.75
55 60 5.11 5.31 5.51 5.71 5.90 6.06 6.19
60 65 5.20 5.44 5.71 5.99 6.26 6.52 6.73
65 70 5.28 5.57 5.90 6.26 6.65 7.04 7.38
70 75 5.34 5.67 6.06 6.52 7.04 7.59 8.14
75 80 5.38 5.75 6.19 6.73 7.38 8.14 8.96
80 85 -- 5.81 6.29 6.90 7.66 8.62 9.76
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
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AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
66 2/3% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $4.51 $4.72 $4.94 $5.18 $5.44 $5.71 $6.00
55 60 4.70 4.94 5.20 5.49 5.81 6.14 6.49
60 65 4.90 5.18 5.49 5.84 6.23 6.65 7.09
65 70 5.11 5.44 5.81 6.23 6.71 7.25 7.82
70 75 5.34 5.71 6.14 6.65 7.25 7.93 8.69
75 80 5.58 6.00 6.49 7.09 7.82 8.69 9.69
80 85 -- 6.28 6.84 7.53 8.39 9.47 10.77
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
66 2/3% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $5.43 $5.62 $5.84 $6.08 $6.36 $6.65 $6.98
55 60 5.62 5.84 6.10 6.38 6.70 7.06 7.44
60 65 5.82 6.08 6.38 6.72 7.11 7.54 8.01
65 70 6.06 6.36 6.70 7.11 7.58 8.12 8.71
70 75 6.31 6.65 7.06 7.54 8.12 8.80 9.56
75 80 6.59 6.98 7.44 8.01 8.71 9.56 10.56
80 85 -- 7.31 7.84 8.49 9.33 10.38 11.66
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GLID-CDA-HO
19
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
50% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $4.75 $4.98 $5.24 $5.55 $5.91 $ 6.32 $ 6.79
55 60 4.99 5.24 5.54 5.88 6.28 6.76 7.30
60 65 5.26 5.55 5.88 6.27 6.73 7.27 7.90
65 70 5.59 5.91 6.28 6.73 7.26 7.90 8.65
70 75 5.96 6.32 6.76 7.27 7.90 8.67 9.57
75 80 6.37 6.79 7.30 7.90 8.65 9.57 10.69
80 85 -- 7.30 7.88 8.59 9.49 10.61 12.00
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
50% TO THE SURVIVOR
NO MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $5.67 $5.89 $6.15 $6.47 $6.84 $7.29 $7.81
55 60 5.91 6.15 6.44 6.78 7.20 7.70 8.28
60 65 6.20 6.47 6.78 7.16 7.63 8.19 8.86
65 70 6.54 6.84 7.20 7.63 8.16 8.80 9.58
70 75 6.95 7.29 7.70 8.19 8.80 9.56 10.48
75 80 7.42 7.81 8.28 8.86 9.58 10.48 11.60
80 85 -- 8.39 8.94 9.61 10.46 11.56 12.92
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000
GLID-CDA-HO
20
AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $4.10 $4.27 $4.42 $4.56 $4.68 $4.77 $4.83
55 60 4.21 4.42 4.64 4.84 5.02 5.16 5.26
60 65 4.30 4.56 4.84 5.12 5.38 5.61 5.78
65 70 4.37 4.68 5.02 5.38 5.76 6.10 6.37
70 75 4.42 4.77 5.16 5.61 6.10 6.58 7.00
75 80 4.46 4.83 5.26 5.78 6.37 7.00 7.58
80 85 -- 4.86 5.33 5.88 6.55 7.29 8.02
Rates for a Variable Annuity with Assumed Net Return Rate of 5%
JOINT AND LAST SURVIVOR ANNUITY
100% TO THE SURVIVOR
120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant
Second
Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75
Male Female Female 50 Female 55 Female 60 Female 65 Female 70 Female 75
---- ------ --------- --------- --------- --------- --------- --------- --------
50 55 $5.00 $5.15 $5.30 $5.43 $5.55 $5.64 $5.71
55 60 5.10 5.30 5.50 5.69 5.87 6.01 6.12
60 65 5.19 5.43 5.69 5.96 6.21 6.44 6.61
65 70 5.27 5.55 5.87 6.21 6.57 6.90 7.17
70 75 5.32 5.64 6.01 6.44 6.90 7.37 7.78
75 80 5.36 5.71 6.12 6.61 7.17 7.78 8.34
80 85 -- 5.75 6.19 6.72 7.35 8.06 8.76
Rates for ages not shown will be provided on request and will be computed on a
basis consistent with the rates in the above tables.
GLID-CDA-HO
21
5. Other Terms of Annuity Options
No choice of any Annuity Option may be made if the first payment would be
less than $20 or if the total payments in a year would be less than $100.
Age, where used in the above tables, means age nearest birthday on the
date of the first payment. The tables for Options 4 and 5 use the Annuity
table for 1949 with:
(a) a 1 year age reduction for males; and
(b) a 6 year age reduction for females.
If Fixed Annuity Options 3, 4, or 5 are chosen and Aetna's current
applicable rates at that time are larger than the rates above, the larger
payment will be made.
6. Death of Annuitant/Beneficiary
When an Annuitant dies while payments are being made under an Annuity
Option, payments will be continued to the beneficiary as provided by the
option. If no beneficiary is living, the present value of any remaining
payments will be paid in one sum to the owner. The present value will
assume the same interest rate that was used when the first payment was
made.
When a beneficiary dies while a sum is held at interest, the amount held
will be paid in one sum to the estate of the beneficiary. When a
beneficiary dies while payments are being made under an Annuity Option,
the present value of any remaining payments will be paid in one sum to
the estate of the beneficiary. The present value will assume the same
interest rate that was used when the first payment was made.
GLID-CDA-HO
22
Aetna Life Insurance and Annuity Company
Home Office: 000 XXXXXXXXXX XXX.
HARTFORD, CONNECTICUT 06156
(000) 000-0000
GROUP VARIABLE OR FIXED ANNUITY OR COMBINATION CONTRACT
NON-PARTICIPATING
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT,
WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT,
ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT
GLID-CDA-HO
23
Aetna Life Insurance and Annuity Company
ENDORSEMENT
-----------
This Contract or Certificate is endorsed to add at the end of the Surrender
Value provision the following:
The surrender fee of 2% is not deducted for a surrender from the Reserve, or
from a Participant's Individual Account, when:
(a) no less than 9 deposit cycles have been completed for the Annuitant, or
the said Participant; and
(b) the Annuitant or the said Participant is no less than age 59 1/2.
Endorsed and made a part of this Contract or Certificate on:
(a) the Date of Issue (Effective Date) of the Contract; or
(b) the effective date of coverage under the Group Contract of the
Participant named in the Certificate.
/s/ Xxxxxxx X. Xxxxxx
President
ESVB-HB
Aetna Life Insurance and Annuity Company
ENDORSEMENT
-----------
This Contract or Certificate is hereby endorsed as follows:
Payments under any life Annuity Option in this Contract or Certificate; which is
elected on or after the effective date of this endorsement, will be determined
without regard to the sex of the Annuitant(s). Any such payments will be based
solely on the age of the Annuitant(s) (as determined by the Contract or
Certificate); using the most favorable rate for that age under the benefit
elected.
If a larger payment would result by a female Annuitant using the rates shown in
the Contract or Certificate for a male, the larger payment will be made.
Endorsed and made a part of the Contract or Certificate effective August 1,
1983.
/s/ Xxxxxxx X. Xxxxxx
President
EUSR-HC
Aetna Life Insurance and Annuity Company
ENDORSEMENT
Aetna hereby endorses this Contract to allow the transfer of Reserves out of the
General Account. Such transfers will be:
(1) a minimum of 10% of the General Account funds held in the Participant's
Individual Account;
(2) without deduction of any charge; and
(3) to any of the Fund(s) or the Guaranteed Accumulation Account;
(4) allowed once during each calendar year;
(5) prior to the election of an Annuity Option;
(6) without affecting the rights of transfer now in the contract.
Aetna may, for temporary periods of time, allow any larger percentage to be
transferred.
The value of the Reserves held in the General Account, as used above, is the
value when the request is received at the Home Office of Aetna. References to
the General Account above shall not apply to the Guaranteed Accumulation
Account.
Endorsed and made a part of this Contract on the later of September 1, 1983 or
the Effective Date of this Contract.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EGAWGA-HC
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
1. The following sections a), b), and c) will apply to all Participants
under this Contract.
a) Add to the Deposit, Reserve, and Surrender Provisions the
following:
Reinstatement: All or a portion of the proceeds of a full
surrender of this Contract may be reinvested within 30 days after
the surrender if allowed by law. Any annual maintenance charge and
Surrender Fee imposed at the time of surrender on the amount being
reinvested will be included in the reinstatement. Any Market Value
Adjustment deducted from GA Account surrenders will not be
included in the reinstatement. Amounts will be reinstated among
the Fixed Account, GA Account, and Separate Account in the same
proportion as they were at the time of surrender. Any amounts
reinstated to the GA Account will be credited to the current
Deposit Period. The number of Record Units reinstated will be
based on the Record Unit Value(s) next computed after receipt at
Aetna's Home Office of the reinstatement request and the amount to
be reinvested.
Any annual maintenance charge which falls due after the surrender
and before the reinstatement will be deducted from the amount
reinstated.
Reinstatement is permitted only once.
b) Delete the paragraph under the section titled Individual Accounts
and add the following:
Aetna will maintain Individual Accounts for each Participant.
Aetna will credit the Net Deposit(s) among:
a) the General Account;
b) the Guaranteed Accumulation Account;
c) the Fund(s) in which the Separate Account invests.
The percentage of the Net Deposit(s) to be applied to each
investment above must be chosen by the Owner.
EAMAR-HD 1
During any calendar year, Aetna may be told to change the
investment mix four times. If additional changes are allowed, each
may be subject to a fee of up to $10.
c) Delete the paragraph under the section titled Transfer of
Individual Account Reserves and add the following:
Before an annuity option is elected, the Owner may transfer any
portion of the Individual Account Reserves from any Fund to any
other Fund, to the General Account, or to the GA Account's current
Deposit Period. Any portion of the Individual Account Reserve in
the GA Account may be transferred to any Fund or to the General
Account. Transfers from the GA Account are subject to the
Withdrawal and Market Value Adjustment provisions.
Four transfers of Individual Account Reserves (excluding transfers
from the GA Account at the end of a Guaranteed Term) can be made
during a calendar year period. If additional transfers are
allowed, each may be subject to a fee of up to $10.
2. The following changes will not apply to Participants covered under the
Contract before the effective date of this endorsement.
a) Delete the paragraph titled Deductions From The Separate Account
And The Funds on the Specifications page and add the following:
Deductions from the Separate Account - There will be deductions
for mortality and expense risks and administrative fees. If the
dollar amount of Variable Annuity payments are not to decrease,
Aetna must earn a gross return on the assets of the Separate
Account of:
o 4.75% on an annual basis, plus an annual return of up
to .25% needed to offset the administrative charge set
at the time annuity payments commenced, if an Assumed
Annual Net Return Rate of 3.5% is chosen; or,
o 6.25% on an annual basis, plus an annual return of up
to .25% needed to offset the administrative charge set
at the time annuity payments commended, if an Assumed
Annual Net Return Rate of 5% is chosen.
b) Delete the paragraph under the section titled Investment Increment
Factors - Separate Account and insert the following:
Investment Increment Factors are those items used to determine
a Fund's Net Return Factor for each valuation period. The Net
Return Factors are used to compute all Separate Account values
and payments for any Fund.
EAMAR-HD 2
The Net Return Factor for each Fund is equal to 1.0000000 plus the
Net Return Rate.
The Net Return Rate is equal to:
(a) The value of the shares of the Fund held by the
Separate Account at the end of a Valuation Period;
minus
(b) the value of the shares of the Fund held by the
Separate Account at the start of the Valuation
Period; plus or minus
(c) taxes (or reserves for taxes on the Separate Account
(if any); divided by
(d) the total value of the Fund Record Units and Fund
Annuity Units of the Separate Account at the start of
the Valuation Period; minus
(e) a daily actuarial charge at an annual rate of 1.25%
for annuity mortality and expense risks and profit;
and a daily administrative charge which will not
exceed .25% on an annual basis.
A Net Return Rate may be more or less than 0.
The value of a share of the Fund is equal to the net assets
of the Fund divided by the number of shares outstanding.
The administrative charge may be changed annually except for
amounts which have been used to purchase an annuity. This
charge will not exceed .25%.
c) Under the section titled Fund(s) Annuity Unit Value - Separate Account,
delete the last paragraph and add the following:
Payments shall not be changed due to changes in the mortality or expense
results or administrative charges.
d) Under the section titled Individual Account Reserve, add the following
final paragraph:
Any charge specified in (e) above will also be charged upon surrender of
the entire Individual Account Reserve if such surrender takes place on a
date other than an anniversary of the Individual Account effective date.
e) Under the section titled Annuity Options, add the following sentence to
Option 2:
EAMAR-HD 3
This option may only be elected as a Xxxxx Xxxxxxx.
f) Add as a final paragraph to the section titled Annuity Options, the
following:
Other Options - Aetna may make other options available as allowed by the
laws of the state in which this Contract is delivered.
Endorsed and made a part of this Contract effective May 1, 1984.
/s/ Xxxxxxx X. Xxxxxx
President
EAMAR-HD 4
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is endorsed as follows:
In addition to any Purchase Payments stated to be made to this Contract, a
lump-sum Purchase Payment(s), of not less than a minimum amount stated by Aetna,
may be made on behalf of one or more Participants, as appropriate. Aetna will
maintain an Individual Account for each lump-sum payment. The terms of this
Contract shall apply to any lump-sum payment except that:
1. A Maintenance Fee will not be deducted from an Individual Account
maintained pursuant to a lump-sum payment; and
2. For each surrender from an Individual Account maintained pursuant
to a lump-sum payment, the Surrender Fee will vary according to
the period of time between the effective date of the Individual
Account and the date of surrender as follows:
If the Period of Time is Surrender Fee
5 years or less 5%
More than 5 years but not more than 6 years 4%
More than 6 years but not more than 7 years 3%
More than 7 years but not more than 8 years 2%
More than 8 years but not more than 9 years 1%
More than 9 years 0%
Endorsed and made a part of this Contract on the effective date of the Contract.
/s/ Xxxxxxx X. Xxxxxx
President
EGI-SP-HE
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is endorsed to provide an additional accumulation option. This
option does not replace or limit the use of any other option(s) available under
this Contract for such purpose. This option is known as Aetna Guaranteed Equity
Trust (GET Fund). The use of this option is described and limited as follows:
1. Aetna Guaranteed Equity Trust (GET Fund) - An open-end registered
management investment company organized as a series fund. Each series of
GET Fund constitutes a separate Fund under this Contract.
2. Allocation Period - The period of time, usually from one to three months,
during which amounts may be allocated to a series of GET Fund, whether by
transferring values from the other accumulation options, or by Purchase
Payments. The Allocation Period is the only time during which amounts may
be allocated to a series. At its discretion, prior to the beginning of an
Allocation Period, Aetna may specify a minimum amount per transfer and
per Purchase Payment amount for each series. A new series will be
established for each Allocation Period.
3. Guaranteed Period - The length of time to which the Guarantee applies for
a series. This period will be specified for a series before its
Allocation Period begins.
4. Maturity Date - The date at which the Guaranteed Period for that series
will end and the GET Fund Record Units for that series will be
liquidated. Another accumulation option must then be elected. If no such
election is made by the Maturity Date, Contract Values based on that GET
Fund series will be transferred to Aetna Variable Encore Fund. Transfers
made for this reason will not be counted as one of the four free
transfers. The Maturity Date will be specified before the Allocation
Period for that series begins.
5. Guarantee - Aetna guarantees that on a series' Maturity Date if the
value of each GET Fund Record Unit then outstanding in that series is
less than the value of that Record Unit at a date specified before the
Allocation Period began, such date being the beginning of the Guaranteed
Period, it will transfer to the Separate Account, from its General
Account, any amount necessary to bring that Record Unit value to the
guaranteed level. This Guarantee does not apply to GET Fund Record Unit
values withdrawn or transferred before the Maturity Date.
6. Net Return Factor - Separate Account: The Net Return Factor for GET Fund
is equal to 1.0000000 plus the Net Return Rate.
EGET-HG 1
The Net Return Rate for each series of GET Fund, notwithstanding any
other provision of this Contract is equal to:
a. The value of the shares of that series of GET Fund held by the
Separate Account at the end of a Valuation Period; minus
b. The value of the shares of that series of GET Fund held by the
Separate Account at the start of the Valuation Period; plus or
minus
c. The proportional share of taxes (or reserves for taxes) on the
Separate Account (if any); divided by
d. The total value of the GET Fund Record Units of the Separate
Account for that series at the start of the Valuation Period;
minus
e. A daily actuarial charge at an annual rate of 1.25% for annuity
mortality and expense risks and profit;
f. A daily fee at an annual rate of .25% during the Guaranteed Period
for Aetna's guarantee of Record Unit values and profit; and
g. A daily administrative charge which will not exceed .25% on an
annual basis.
The Net Return Rate may be more or less than 0.
The value of a share of a GET Fund series is equal to the net assets of
that series divided by the number of outstanding shares of that series.
7. Withdrawals and Transfers - Withdrawals or transfers from a GET Fund
series before the Maturity Date will be at the then applicable GET Fund
Record Unit value, which may be more or less than the value guaranteed at
the Maturity Date .
8. Election of an Annuity Option - Contract values based on any GET Fund
series must be transferred to another accumulation option prior to
election of an Annuity Option.
9. Current Value shall include the sum of any GET Fund Record Units.
10. Unless specifically indicated otherwise in this endorsement, all
references to Fund(s) in this Contract shall include each GET Fund
series.
EGET-HG 2
Endorsed and made a part of this Contract on July 1, 1987 or the effective date
of the Contract whichever is later.
/s/ Xxxx X. Xxxxxxx
President
EGET-HG 3
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to include the following new provisions:
During any calendar year, Aetna may be told to change the investment mix
twelve times. Should Aetna allow additional changes, each may be subject
to a fee of up to $10.
Twelve transfers of Current Value (excluding transfers from the GA
Account at the end of a Guaranteed Term) can be made during a calendar
year period. Should Aetna allow additional transfers, each may be subject
to a fee of up to $10.
Endorsed and made a part of this Contract effective May 1, 1989.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
EGECVT-HI
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to delete the previous Guaranteed Accumulation
Account (GA Account) Endorsement and replace it with the following:
Add to the GENERAL DEFINITIONS Section of the Contract the following paragraphs:
Maturity Date: The last day of a GA Account Term.
Matured Term Value: The amount payable on a GA Account Term's Maturity
Date.
Nonunitized Separate Account: An account set up by Aetna under Tile 38,
Sec. 38-154a, of the Connecticut General Statutes, which is used to hold
assets for GA Account Terms greater than three years. The Owner or
Participant, as applicable, does not participate in the investment gain
or loss from the assets held in the GA Account.
The Guaranteed Accumulation Account (GA Account) is amended and restated as
follows:
The GA Account guarantees stipulated rates of interest for stated periods
of time (see (1) and (3) below). Amounts withdrawn before the end of a
Guaranteed Term may be subject to a Market Value Adjustment (MVA) (see
(7) below).
(1) Deposit Period - A calendar month, a calendar quarter, or any other
period of time specified by Aetna during which Net Purchase Payment(s)
and transfers are accepted into the GA Account for one or more Guaranteed
Terms.
(2) Guaranteed Term (Term) - The period of time for which interest rates are
guaranteed on Net Purchase Payment(s) and on transfers made into a
Deposit Period of the GA Account. Terms are offered at Aetna's discretion
for various lengths of time ranging up to and including ten years.
(3) Guaranteed Term Classifications - The grouping of Terms according to
their time to maturity. The following are the Classifications:
(a) Short Term: Terms of up to and including 3 years; or
(b) Long Term: Terms of greater than 3 years and up to and including
10 years.
During a Deposit Period, Aetna may make available one or more Terms
within a Classification. The Owner has the option to allocate Net
Purchase Payment(s) and
EGAAE-IO 1
transfers into any or all of the available Deposit Period Terms. If no
specific direction is given, Net Purchase Payment(s) and transfers will
go into available Terms on a pro rata basis within the Classification(s)
previously chosen by the Owner. At least one Term in the Short Term
Classification will be available each Deposit Period.
(4) Guaranteed GA Account Interest Rates (Guaranteed Rates) - Aetna will
declare all interest rate(s) applicable to a specific Term at the start
of the Deposit Period for that Term. These rate(s) are guaranteed by
Aetna for that Deposit Period and the ensuing Term and are not based on
the actual investment experience of the underlying assets in the GA
Account. The Guaranteed Rates are annual effective yields. The interest
is credited daily at a rate that will produce the guaranteed annual
effective yield over the period of a year. No annual rate will ever be
less than 4%.
For Terms of one year or less, one Guaranteed Interest Rate is set and
announced for that full Term. For other Terms, there may be two or more
rates. The rate(s) will be set and announced prior to the Deposit Period
for that Term and will not be subject to change.
(5) Withdrawals from GA Account - Full or partial surrenders may be requested
at any time from the GA Account. However, amounts withdrawn prior to the
Maturity Date of a Term to satisfy a surrender request may be subject to
an MVA (see (7) below).
Full and partial surrenders are satisfied by withdrawing amounts from
each of the Fund(s), the Fixed Account, the GA Account Short Term
Classification and the GA Account Long Term Classification on a pro rata
basis. However, the Owner or Participant, as applicable, may specify a
particular order in which investment options will be liquidated in order
to satisfy a partial surrender request.
For purposes of withdrawals, Terms within the GA Account Short Term and
Long Term Classifications are considered as two separate investment
options. Any withdrawal which is a surrender will be subject to the
Maintenance Fee and Surrender Fee as appropriate. Also, amounts will be
removed within a GA Account Classification starting with the Term still
in effect with the oldest Deposit Period.
Amounts may be transferred at any time subject to Contract specifications
(see (9) below). Amounts transferred prior to the Maturity Date of a Term
are subject to an MVA (see (7) below). Fund(s) will be removed within the
elected Classification starting with the Term still in effect with the
oldest Deposit Period.
During the Deposit Period and the 90 days following the close of the
Deposit Period, any amounts applied to the GA Account during that Deposit
Period may not be withdrawn unless due to:
EGAAE-IO 2
(a) A full or partial surrender;
(b) A payment of a premium for an Annuity Option; or
(c) The Sum Payable at Death provision.
(6) Maturity Date/Reinvestment - For all GA Account Term(s) existing as of
the effective date of this endorsement in addition to GA Account Term(s)
announced subsequent to that date, the Owner or Participant, as
applicable, will be mailed a notice at least 18 calendar days before a
Term's Maturity Date. This notice will contain the current Deposit
Period's Guaranteed Rate(s), Term(s) and a projected Matured Term Value.
The Matured Term Value may be surrendered or transferred on the Term's
Maturity Date without an MVA. If no specific direction is given by the
Owner or Participant, as applicable, prior to the Maturity Date, each
Matured Term Value will be reinvested in a Term of the same duration. In
the event that a Term of the same duration is unavailable, each Matured
Term Value will automatically be reinvested in the next shortest Term
available in the same Classification during the then current Deposit
Period. If however, only one Term is available within the Classification,
then the Matured Term Value will automatically be reinvested in that
Term. Within two business days after the Maturity Date, the Owner or
Participant, as applicable, will be mailed a confirmation statement. This
statement will state the Terms and Guaranteed Rates which will apply to
the reinvested Matured Term Value.
During the calendar month following the Term's Maturity Date, one
exception is allowed to the 90 day transfer restriction and MVA under (5)
and (7). This exception is applicable to each Matured Term Value plus any
interest accrued thereon, provided no part of the Matured Term Value was
transferred on the Maturity Date.
During this calendar month period, the Owner or Participant, as
applicable, may notify Aetna's Home Office to transfer or surrender all
or part of the Matured Term Value plus any interest accrued thereon from
the GA Account without an MVA. This provision only applies to the first
such request received from the Owner or Participant, as applicable,
during this period for any Matured Term Value. The Matured Term Value
plus any interest accrued thereon may be transferred upon such request
without an MVA:
(a) To any other Terms of the GA Account available in the current
Deposit Period; or
(b) To any other allowable Fund(s).
EGAAE-IO 3
If no such notification is given, the Matured Term Value will remain
subject to the terms and conditions of the new Term. All surrender and
transfer requests will be processed as of the date they are received in
good order at Aetna's Home Office.
If this Contract is issued under a Tax Deferred Annuity Plan (see
Specifications page) the above notice will be sent to the Participant(s).
(7) Market Value Adjustment (MVA) - There will be an MVA for a withdrawal
from the GA Account before the end of a Term when the withdrawal is due
to:
(a) A transfer;
(b) A full or partial surrender; or
(c) A payment of a premium for Annuity Option 2.
The amount of the withdrawal will be adjusted to a market value amount as
described below.
The market value adjusted amount will be equal to the amount withdrawn
multiplied by the following ratio:
x
---
365
(1+i)
--------
x
---
365
(1+j)
Where: i is the Deposit Yield
j is the Current Yield
x is the number of days remaining, (computed from Wednesday of the
week of withdrawal) in the Guaranteed Term.
The Deposit Period Yield will be determined as follows:
o At the close of the last business day of each week of the Deposit Period,
a yield will be computed as the average of the yields on that day of U.S.
Treasury Notes which mature in the last three months of the Guaranteed
Term.
o The Deposit Period Yield is the average of those yields for the Deposit
Period. If withdrawal is made prior to the close of the Deposit Period,
it is the average of those yields on each week preceding withdrawal.
EGAAE-IO 4
The Current yield is the average of the yields on the last business day of the
week preceding withdrawal on the same U.S. Treasury Notes included in the
Deposit Period Yield.
In the event that no U.S. Treasury Notes which mature in the last three months
of the Guaranteed Term exist, Aetna reserves the right to use the U.S. Treasury
Notes that mature in a following quarter.
Full and partial surrenders as well as transfers made within six months of the
date of death of the Participant under the Sum Payable at Death provision will
be the greater of:
o The aggregate MVA amount which is the sum of all market value adjusted
amounts calculated due to a withdrawal of amounts (for surrender or
transfer) from Terms prior to the end of those Terms.
The aggregate MVA may be either positive or negative; or
o The applicable portion of the Current Value in the GA Account.
After the six month period, the surrender or transfer will be the aggregate MVA
amount (i.e. including all MVAs).
The greater of the aggregate MVA amount or the applicable portion of the Current
Value in the GA Account is applied to amounts withdrawn from the GA Account for
payment of a premium under Annuity Options 3 or 4.
Aetna may make any change to this provision with 30 days advance written notice
to the Owner or Participant, as applicable. Any such change shall become
effective for Purchase Payment(s), transfers or reinvestments made to any new
Term by any present or future Participant.
(8) Deposits to the GA Account - All amounts in the GA Account under the
Short Term Classification are made to the General Account.
All amounts in the GA Account under the Long Term Classifications are
made to a Nonunitized Separate Account. There are no discrete units for
this Nonunitized Separate Account. The Owner or Participant, as
applicable, does not participate in the gain or loss from the assets held
in the Nonunitized Separate Account. Such gain or loss is borne entirely
by Aetna. These assets may be chargeable with liabilities arising out of
any other business of Aetna.
For Terms under both the Short Term and Long Term Classifications, Aetna
guarantees stipulated interest rates to be credited to the GA Account.
All assets of Aetna including amounts made to the GA Account are
available to meet the guarantees under the GA Account.
EGAAE-IO 5
(9) Before an Annuity Option is elected, all or any portion of the Current
Value may be transferred from any Fund or GA Account:
(a) To any other allowable Fund;
(b) To the Fixed Account; or
(c) To Terms of the GA Account available in the current Deposit
Period.
Amounts in a specific GA Account Term cannot be transferred to the
Deposit Period of another Term within the same Classification except at
the Term's maturity (see (6)).
Amounts applied to Classifications of the GA Account may not be
transferred to the Fund(s) or to the Fixed Account during the Deposit
Period or for 90 days after the close of the Deposit Period.
Transfers from Terms of the GA Account are subject to the Withdrawal and
MVA provisions (see (5) and (7)).
Twelve transfers of Current Value can be made during a calendar year
period. The Transfer of any portion of the GA Account value at the
Maturity Date of a Term is not counted for this purpose. Aetna may allow
additional transfers, but each may be subject to a fee of up to $10.
Endorsed and made a part of this Contract on May 1, 1991 or the effective date
of the Contract whichever is later.
/s/ Xxxx X. Xxxxxx
President
Aetna Life Insurance and Annuity Company
EGAAE-IO 6
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follow:
Add the following condition under the Contract entitled Deposit, Reserve and
Surrender Provisions as follows:
Distribution Options: The following distribution options may be elected by
the Owner on the Participant's behalf.
(a) Estate Conservation Option (ECO): A distribution option under which a
portion of the Individual Account Current Value will automatically be
surrendered and distributed each year. An ECO payment will be
calculated on the Individual Account's full Current Value. The value of
the Fixed Account and/or the Fund Record Units cancelled by the amounts
paid will be withdrawn pro rata from each investment option used under
the Contract.
(1) Distribution Amount: Each year that ECO is in effect, Aetna will
calculate and distribute an amount equal to the minimum
distribution required under the Internal Revenue Code (Code). The
annual distribution will be determined by dividing the Individual
Account Current Value as of December 31 of the year prior to the
payment year, by a life expectancy factor. These calculations may
be changed as necessary to comply with the Code minimum
distribution rules.
(2) Life Expectancy Factor: The factor is either the single life or
joint life expectancy, as elected by the Owner on the
Participant's behalf, based on tables in Code Section 401 (a) (9)
or related regulations.
The joint life expectancy factor can only be elected based on the
joint life expectancy of the Participant and his or her spouse,
and such spouse must be named as the beneficiary of any death
benefits under the Plan while ECO is in effect. If joint life
expectancy is elected and the Participant or spouse dies, payments
will be based on the survivor's life expectancy. If single life
expectancy is elected and the Participant dies, or if joint life
expectancy is elected and the survivor dies, the life expectancy
is reduced to zero in the year following the year of death. The
full Current Value must be distributed not later than December 31
following the year of death, or as may be otherwise required by
Internal Revenue Service (IRS) regulations.
If joint life expectancy is elected, any changes in the
beneficiary designation under the Plan must be immediately
communicated to Aetna so that subsequent distributions can be
calculated as required by IRS regulations.
EDCESWE-1B 1
(3) Minimum Current Value: At its discretion, Aetna may require a
minimum initial Current Value for election of this option. If
after election of this option the Current Value is insufficient to
make a scheduled ECO payment, Aetna will distribute the entire
balance of the Individual Account.
(4) Distribution Date: The Owner shall specify an annual distribution
date on the Participant's behalf. The distribution date may be the
15th of any month, or such other date Aetna may designate or
allow, but not earlier than the year the Participant attains age
70 1/2 or retires, whichever occurs later. Subsequent
distributions will be made on the anniversary of that date.
(5) Elections and Revocation: ECO may be elected by the Owner on the
Participant's behalf by submitting a completed and signed election
form to Aetna's Home Office.
Once elected, this option may be revoked by the Owner on the
Participant's behalf by submitting a written request to Aetna at
its Home Office. Any revocation will apply only to amounts not yet
paid. ECO may be elected only once.
(6) Reservation of Rights: Aetna reserves the right to change the
terms of ECO for future elections and discontinue the availability
of this option after proper notification. Aetna also reserves the
right to allow payments to be made more frequently than annually.
(b) Systematic Withdrawal Option (SWO): A distribution option under
which a portion of the Individual Account Current Value will
automatically be surrendered and distributed each year. A SWO
payment will be calculated on the Individual Account's full
Current Value. The value of the Fixed Account and/or the Fund
Record Units cancelled by the amounts paid will be withdrawn pro
rata from each investment option used under the Contract.
(1) Distribution Amount: The Owner may elect one of the two
payment methods described below on the Participant's behalf.
At its discretion, Aetna may require a minimum initial payment
amount. These calculations may be changed as necessary to
comply with the Code minimum distribution rules.
o Specified Payment: Payments of a designated annual dollar
amount which must be no greater than 30% of the initial
Current Value. This amount will remain constant unless a
higher amount is required under Code minimum distribution
rules.
EDCESWE-1B 2
o Each year that the Specified Payment is in effect, Aetna
will calculate the minimum required distribution by
dividing the Individual Account Current Value as of
December 31 of the year prior to the payment year, by a
life expectancy factor, and distribute this amount if it
is larger than the amount elected by the Owner on the
Participant's behalf; or
o Specified Period: Payments are made over a period of time
which must be at least 3 years, unless otherwise required
by Code minimum distribution rules. The maximum specified
period will be limited by the Participant's life
expectancy factor. The amount paid each year is calculated
by dividing the Individual Account Current Value as of
December 31 of the prior year by the number of payment
years remaining.
(2) Life Expectancy Factor: The factor for the initial
distribution year is either the single life or joint life
expectancy, as elected by the Owner on the Participant's
behalf, based on tables in Code Section 401 (a)(9) or related
regulations. With each subsequent year, the life expectancy
will be the Participant's life expectancy factor (single or
joint) for the initial distribution year, reduced by one.
The joint life expectancy factor can only be elected based on
the joint life expectancy of the Participant and his or her
spouse, and such spouse must be named as the beneficiary of
any death benefits under the Plan while SWO is in effect. If
the joint life expectancy factor is elected and the
Participant or spouse dies, the joint life expectancy factor
will continue to be reduced by one for each distribution year.
Payments upon the Participant's death will continue in the
manner previously elected under (1), unless the Owner elects
an alternate payment mode on behalf of the Plan beneficiary.
Any mode elected must provide payments to be made at least as
rapidly as those made prior to the Participant's death.
If joint life expectancy is elected, any changes in the
beneficiary designation under the Plan must be immediately
communicated to Aetna so that subsequent distributions can be
calculated as required by IRS regulations.
(3) Minimum Initial Current Value: At its discretion, Aetna may
require a minimum initial Current Value for election of this
option. If after election of this option the Current Value is
insufficient to make a scheduled SWO payment, Aetna will
distribute the entire balance of the Individual Account.
(4) Distribution Date: SWO must be elected when the Participant is
eligible to begin receiving payments under the Plan. The Owner
shall specify the distribution date Participant's behalf. SWO
payments will be made quarterly, semi-annually or annually on the
15th of any month, or such other date Aetna
EDCESWE-1B 3
may designate or allow. If payments are made more frequently than
annually, the annual amount payable each year is divided by the
number of payments due per year.
(5) Elections and Revocation: SWO may be elected by the Owner on the
Participant's behalf by submitting a completed and signed election
form to Aetna's Home Office.
Once elected, this option may be revoked by the Owner by
submitting a written request to Aetna at its Home Office. Any
revocation will apply only to amounts not yet paid. SWO may be
elected only once.
(6) Reservation of Rights: Aetna reserves the right to change the
terms of SWO for future elections and discontinue the availability
of this option after proper notification. Aetna also reserves the
right to allow payments to be made more frequently than quarterly.
Endorsed and made a part of the Contract.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EDCESWE-1B 4
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract is hereby endorsed.
The term Valuation Period under Definitions is amended to read as follows:
The period of time for which a Fund determines its net asset value,
usually from 4:15 p.m. Eastern time each day the New York Stock Exchange
is open until 4:15 p.m. the next such day, or such other day that one or
more of the Funds determines its net asset value.
Endorsed and made a part of the Contract.
/s/ X. X. Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EVPE-IC
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows.
Add the following to the General Definitions section of the Contract.
Fixed Account -- An accumulation option with a guaranteed minimum interest
rate. Aetna may credit a higher rate which is not guaranteed. A surrender
fee may be applied on a full or partial surrender.
Fixed Plus Account -- An accumulation option with a guaranteed minimum
interest rate. Aetna may credit a higher rate which is not guaranteed. No
surrender fee applies. However, the portion that may be surrendered or
transferred in a 12 month period is restricted.
Xxxxxx and replace the fourth sentence in section 4 entitled Change of Contract
by Aetna under General Provisions as follows.
Changes that affect the following provisions of this Contract: (a) Annuity
Options; (b) Net Deposit; (c) Guaranteed Interest Rate -- Fixed Account;
(d) Guaranteed Interest Rate -- Fixed Plus Account; (e) Individual Account
Reserve; (f) maximum transfer fees; and (g) Surrender Value; will only
apply to deposits made on behalf of Participants who become covered under
this Contract on or after the effective date of such change.
Xxxxxx and replace the last two sentences in section 4 entitled Change of
Contract by Aetna under General Provisions as follows.
Aetna also reserves the right to discontinue accepting additional
contributions for Participants covered under this Contract prior to the
change. Aetna reserves the right to change the provisions regarding the
allocation of contributions or transfers to the Fixed Plus Account without
Owner consent. This Contract may also be changed as deemed necessary by
Aetna to comply with federal or state law without Owner consent.
Delete and replace section 2 entitled Individual Accounts under Deposit,
Reserve, and Surrender Provisions as follows.
Aetna will maintain Individual Accounts for each Participant. On the basis
of information supplied by the Owner, Aetna will credit the Net Deposit(s)
among:
(a) the Fixed Account;
EFFP-ID(G) 1
(b) the GA Account;
(c) the Fixed Plus Account; or
(d) the Fund(s) in which the Separate Account invests.
The percentage of the Net Deposit(s) to be applied to each investment above
must be chosen by the Owner.
The allocation of future Net Deposit(s) may be changed at any time, without
charge.
Delete and replace Section 3 entitled Guaranteed Interest Rate -- General
Account under Deposit, Reserve, and Surrender Provisions as follows.
(a) Guaranteed Interest Rate -- Fixed Account: On any Net Deposit(s)
made to the Fixed Account, Aetna will add interest daily at an
annual rate that is no less than 4%. Aetna may add interest daily
at any higher rate determined by its Board of Directors.
(b) Guaranteed Interest Rate -- Fixed Plus Account: On any Net
Deposit(s) made to the Fixed Plus Account, Aetna will add interest
daily at an annual rate that is no less than 3%. Aetna may add
interest daily at a higher rate as determined by its Board of
Directors. Beginning on the tenth anniversary of the effective
date of an Individual Account, on and after February 1, 1994,
Aetna will credit amounts held in the Fixed Plus Account with an
interest rate that is .25% higher than the then-declared interest
rate for the Fixed Plus Account for Individual Accounts before the
tenth anniversary.
(c) Guaranteed Interest Rate -- Fixed Annuity: The assumed interest
rate for a Fixed Annuity and the interest rate under Annuity
Option 1 will be no less than 3.5%. Aetna may add interest daily
under Annuity Option 1 at any higher rate as determined by its
Board of Directors.
Delete and replace section 7 entitled Individual Account Reserve under Deposit,
Reserve, and Surrender Provisions as follows.
(a) Net Deposit(s) credited to the Fixed Account and/or the Fixed Plus
Account (if any); plus
(b) interest added by Aetna to the Fixed Account and/or the Fixed Plus
Account; plus
(c) the value of Separate Account Record Units (if any); plus
(d) any amount due to Experience Credits (see below); minus
(e) any amounts previously surrendered.
There is no charge ($0) on each anniversary of each Individual Account
effective date.
EFFP-ID(G) 2
Delete endorsement EGECVT-HI and section 10 entitled Transfer of Individual
Account Reserves under Deposit, Reserve, and Surrender Provisions and replace as
follows.
Before an Annuity option is elected, the Owner may transfer all or any
portion of the Individual Account Reserves from any Fund or the GA Account:
(a) to any other allowable Fund; or
(b) to the Fixed Account; or
(c) to the Fixed Plus Account; or
(d) to Terms of the GA Account available in the current Deposit
Period.
Any transfer relating to the GA Account is subject to the transfer
restrictions referenced in endorsement EGAAE-IO.
There is no limit on the number of transfers of the Individual Account
Reserves from the Fund(s) or the GA Account. Aetna guarantees a minimum of
12 free transfers each year, but reserves the right to charge not more than
$10 for additional transfers. Transfers from the Fund(s) are based on
values determined as of the Valuation Period following receipt of a
transfer request in good order at Aetna's Home Office. This provision does
not include transfers from the GA Account at the Maturity Date. At any
other time before the Maturity Date, amounts in the GA Account may be
subject to the Market Value Adjustment provision if they are transferred.
Each calendar year, 10% of the Fixed Account value held in the
Participant's Individual Account may be transferred to any Fund(s) and/or
to the GA Account's current Deposit Period. Such transfer will be without
charge and will not be allowed under an Annuity option. Aetna may, on a
temporary basis, allow any larger percent to be transferred.
When a transfer is requested from the Fixed Account to the Fixed Plus
Account, up to 100% of the Fixed Account value held in the Participant's
Individual Account may be moved to the Fixed Plus Account. Any such
transfer will be without charge and will not be allowed under an Annuity
option.
The value of the Reserves held in the Fixed Account, as used above, is the
value when the request is received in good order at Aetna's Home Office.
During each rolling 12-month period, up to 20% of the Fixed Plus Account
value may be transferred to one or more of the Fund(s), the Fixed Account,
and/or to the GA Account's then-current Deposit Period. The 20% limit is
reduced by any partial surrender(s) or amount(s) used to purchase an
Annuity during the 12 month period. Aetna reserves the right to include
amounts paid under the ECO and SWO provisions for purposes of applying this
20% limit. This limit is waived when the balance in the Fixed Plus Account
is $ 1,000 or less on the date the transfer request is received in good
order at Aetna's Home Office.
EFFP-ID(G) 3
Delete and replace section 11 entitled Notice of the Owner under Deposit,
Reserve, and Surrender Provisions as follows.
Aetna will notify the Owner each year of:
(a) the value of any amounts held in:
(1) the Fixed Account; and
(2) the Fixed Plus Account; and
(3) the GA Account: and
(4) the Fund(s) for the Separate Account; and
(b) the number of any Fund(s) record units; and
(c) the number of Annuity units; and
(d) the value of a unit.
Such number or values will be as of a date no more than 60 days before the
date of the notice.
The reinstatement provision added by Contract endorsement EAMAR-HD does not
apply to this Contract.
Delete and replace the second paragraph in section 13 entitled Surrender Value
under Deposit, Reserve, and Surrender Provisions as follows.
The fee on a total surrender of an Individual Account will not exceed 8.5%
of the actual deposits made to that Account.
Delete endorsement EEGSV-HI and add the following to section 1 3 entitled
Surrender Value under Deposit, Reserve, and Surrender Provisions as follows.
No surrender fee is deducted from any portion of an Individual Account
which is paid from the Fixed Account, the GA Account or the Fund(s):
(a) due to the Participant's death before Annuity payments begin;
(b) used to purchase Annuity benefits;
(c) after a Participant has reached age 591/2 and 9 or more Deposit
Cycles have been completed for the Individual Account being
surrendered, except in the case of lump-sum Net Deposit(s), after
9 years:
(d) on and after the tenth anniversary of the Effective Date of the
Individual Account;
(e) due to the election of the Estate Conservation Option (ECO) or the
Systematic Withdrawal Option (SWO);
(f) due to a full or partial surrender request when the Participant
separates from service. The Owner must submit verification
satisfactory to Aetna of the
EFFP-ID(G) 4
Participant's separation from service before a surrender request
will be considered to be "in good order" for purposes of this
provision;
(g) due to an employer certified hardship resulting from an unforeseen
emergency as defined for 457 plans; or
(h) when the amount in an Individual Account is $3,500 or less and no
amount has been surrendered or used to purchase Annuity benefits
during the prior 12 months.
No surrender fee is deducted from any portion of the Individual Account
Reserve which is paid from the Fixed Plus Account. When Aetna receives a
request for a full surrender, no additional partial surrenders or transfers
from the Fixed Plus Account are permitted during the payout period. If a
full surrender is requested, Aetna will pay any value, including accrued
interest, from the Fixed Plus Account in five payments as follows:
(a) one-fifth of the value on the day the request is received at
Aetna's Home Office, reduced by any amount from the Fixed Plus
Account transferred, surrendered or used to purchase Annuity
benefits during the prior 12 months;
(b) one-fourth of the remaining value 12 months later;
(c) one-third of the remaining value 12 months later;
(d) one-half of the remaining value 12 months later; and
(e) the balance of the value 12 months later.
The Fixed Plus Account full surrender payment provision will be waived when
a surrender is:
(1) due to the Participant's death before Annuity payments begin;
(2) used to purchase Annuity benefits;
(3) when the amount in the Fixed Plus Account for an Individual
Account is $3,500 or less and no amount has been surrendered,
transferred or used to purchase Annuity benefits during the prior
12 months;
(4) due to hardship when the following conditions are met;
(i) the surrender is due to an employer certified hardship
resulting from an unforeseen emergency as defined for 457
plans;
(ii) the amount surrendered is paid directly to a Participant;
and
(iii) the amount paid for all partial or full surrenders due to
hardship during the previous 12 month period does not
exceed 10% of the average value for all Individual
Accounts during that same period of time.
(5) due to separation from service provided that:
(i) the surrender is due to the Participant's separation from
service with the employer;
(ii) the Owner certifies that the Participant has separated
from service;
(iii) the amount surrendered is paid directly to a Participant;
and
EFFP-ID(G) 5
(iv) the amount paid for all partial or full surrenders due to
separation from service during the previous 12 month
period does not exceed 20% of the average value of all
Individual Accounts during that same period of time.
A full surrender of an Individual Account may be reinvested if the
surrendered amounts have remained in the plan and are not paid directly to
the Participant. In addition, any full surrender from the Fixed Plus
Account may be canceled at any time before the end of the payment period.
During each rolling 12-month period, up to 20% of the Fixed Plus Account
value may be withdrawn as a partial surrender. This 20% limit is reduced by
any amount(s) transferred or used to purchase an Annuity during the 12
month period. The 20% limit applicable to partial surrenders from the Fixed
Plus Account will be waived when the partial surrender is due to one of the
conditions set forth in (1); (2); (4) or (5) of the full surrender
provision above. The waiver will apply provided the partial surrender is
made on a pro rata basis from all options used under the Participant's
Individual Account. Aetna reserves the right to include amounts paid under
the ECO and SWO provisions for purposes of applying this 20% limit.
However, the SWO provision is not available if a Fixed Plus Account
transfer or surrender is requested within the current 12 month period.
Delete any reference to Option 2 in endorsement EAMAR-HD and in section 4
entitled Annuity Options under Annuity Provisions of the Contract.
Delete and replace Option 3 under Annuity Provisions as follows.
Option 3 -- Payments for a Stated Period of Time -- An Annuity will be paid
for a stated number of years. The number of years that may be chosen will
be determined in part by the investment options in which the Individual
Account Reserves were held prior to the election of the Annuity Options as
follows:
For any amount held in the GA Account, one or more of the Fund(s) or the
Fixed Account, the number of years chosen must be at least three and not
more than 30 and the Annuity may be a Fixed or Variable Annuity.
For any amount held in the Fixed Plus Account, the number of years chosen
must be at least five and not more than 30 and the Annuity may be a Fixed
or Variable Annuity.
Add the following to section 5 entitled Other Terms of Annuity Options under the
Annuity Provisions of the Contract.
When Annuity payments start, the age of the Annuitant plus the number of
years for payments are guaranteed must not exceed 95.
EFFP-ID(G) 6
Assumed annual net return rate is the interest rate used to determine the
amount of the first Annuity payment under a Variable Annuity. The Separate
Account must earn this rate plus enough to-cover the mortality and expense
risk charges and administrative charges if future Variable Annuity payments
are to remain level.
The Systematic Withdrawal Option (SWO) added by endorsement EDCESWE-IB is
amended to delete and replace the first sentence under Specified Payment as
follows:
Payments of a designated annual dollar amount which must be no greater than
20% of the initial Individual Account Reserve applied to SWO.
The Systematic Withdrawal Option (SWO) added by endorsement EDCESWE-IB is
amended to delete and replace the first sentence under Specified Period as
follows:
Payments are made over a period of time which must be at least five years,
but not greater than the Participant's life expectancy factor.
Endorsed and made a part of this Contract on the date this endorsement is
approved by the State Insurance Department and accepted by the Owner.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EFFP-ID(G) 7
AETNA LIFE INSURANCE AND ANNUITY COMPANY
ENDORSEMENT
This Contract is hereby endorsed to add the following new provision under
Surrender Value:
No surrender fee is deducted:
o On and after the tenth anniversary of the Effective Date of the
Individual Account; or
o From any portion of the Active Life Fund which is paid when the
Individual Account Cash Value is $2,500 or less and no surrenders have
.been taken from the Individual Account within the prior 12 months. If
there is more than one Individual Account under the Contract for a
Participant, then this provision will only apply when the total in all
of the Participant's Individual Accounts is $2,500 or less.
Endorsed and made a part of this Contract on May 1, 1989 or the Effective Date
of the Contract whichever is later.
/s/ Xxx Xxxxxxx
President
Aetna Life Insurance and Annuity Company
EEGSV-HI
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed as follows:
The definition of Separate Account under the Definition of Certain Terms or
General Definitions section of the contract is hereby amended to read as
follows:
Separate Account: An account which buys and holds shares of the Fund(s).
Income, gains or losses, realized or unrealized are credited or charged
to this account without regard to other income, gains or losses of Aetna.
Aetna owns the assets held in a separate account and is not a trustee as
to such amounts. These accounts generally are not guaranteed and are held
at market value. The assets of such accounts, to the extent of reserves
and other contract liabilities of the account, shall not be charged with
other Aetna liabilities.
Endorsed and made a part of the Contract.
/s/ Xxxxxx X. Xxxxx
President
Aetna Life Insurance and Annuity
EGISA-IA
Aetna Life Insurance and Annuity Company
ENDORSEMENT
This Contract is hereby endorsed to add the following provision to the section
Surrender Value under DEPOSIT, RESERVE, AND SURRENDER VALUE PROVISIONS:
On the tenth anniversary of the Effective Date of an Individual Account,
the surrender fee shall reduce to 0%.
Endorsed and made a part of this Contract effective September 1, 1984.
/s/ Xxxxxxx X. Xxxxxx
President
ESF-GTD-HD
