Income Base definition
Income Base means the notional value that is the basis for determining the lifetime withdrawal amount each
Income Base. A Participant’s Income Base is equal to the initial Contribution to the Account, and is subsequently adjusted for (i) additional Contributions, (ii) Income Base Adjustments caused by withdrawals and transfers out of the Account that constitute Excess Withdrawals, and (iii) the Annual Step-Up.
Income Base means the value we use to determine your Income Amount, and is initially calculated on the Exercise Date. The Income Base is the greater of:
More Definitions of Income Base
Income Base. A value We use to determine Your Income Amount. It is the greater of the Account’s value on the Exercise Date or the Account’s value on the Issue Date adjusted by any Eligible Contributions and any Excess Withdrawals
Income Base. During the Income Stage, the Income Base is used to calculate the Annual Income Amount only and does not reflect any available cash value in this Contract. The Income Base will change as follows: • On each Valuation Day, the Income Base will change by the same percentage as the change in your Account Value from the preceding Valuation Day, excluding the changes due to Additional Account Value Contributions and Withdrawals on the current Valuation Day, referred to as the net performance adjustment. Any fees that reduce your Account Value will impact the net performance adjustment. • Excess Withdrawals proportionally reduce the Income Base by the ratio of the Excess Withdrawal amount to the Account Value immediately prior to the Excess Withdrawal. Any fees or charges related to the Withdrawal deducted from the Account are included in the total amount of the Excess Withdrawal by which the Income Base will be reduced.