THE INCOME PHASE definition

THE INCOME PHASE section in the full Contract Prospectus. The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance. The Fixed Interest Options The following Fixed Interest Options may be available through the Contract: • The Guaranteed Accumulation Account; • The Fixed Account; • The Fixed Account 2; • The Fixed Plus Account; and • The Fixed Plus Account II A. Not all Fixed Interest Options may be available for current or future investment. For descriptions of the Fixed Interest Options that may be available through the Contract, see APPENDIX B, APPENDIX C, APPENDIX D and APPENDIX E in the full Contract Prospectus and the Guaranteed Accumulation Account prospectus. The Guaranteed Accumulation Account prospectus may be obtained free of charge by calling Customer Service at 0-000-000-0000. ISP.75996 -24(Installment Contracts) 9 Contract Features
Sample 1
THE INCOME PHASE for fees that may apply after you begin receiving payment under the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. The first table describes the fees and expenses that you may pay at the time you buy the Contract, surrender or make withdrawals from the Contract or take a loan from the Contract. State premium taxes may also be deducted. Transaction Expenses Maximum Early Withdrawal Charge4 (as a percentage of amount withdrawn, if applicable) 5.00% The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses). Annual Contract Expenses Base Contract Expenses5 (as a percentage of average Account Value) 1.20% Administrative Expense Charge6 0.20% The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” Annual Fund Expenses Minimum Maximum Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses (as of December 31, 2023). 0.10% 1.64% 4 This is a deferred sales charge. For single purchase payment contracts, there is no early withdrawal charge. For installment purchase payment contracts, the early withdrawal charge reduces over time and applies to amounts withdrawn from the Fixed Account and to amounts withdrawn from the subaccounts and the Guaranteed Accumulation Account but only if they were attributable to amounts held in the Fixed Account at any time. These fees may be waived, reduced, or eliminated in certain circumstances. See “CHARGES AND FEES” in the full Contract Prospectus for additional information.
Sample 1
THE INCOME PHASE in the full prospectus for the Contract. The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance. Contract Features
Sample 1

Examples of THE INCOME PHASE in a sentence

  • In the "ANNUITY PAYMENTS (THE INCOME PHASE)" section, in the "Guaranteed Minimum Income Benefit" section, the following sentence is inserted after the fourth sentence: For contracts issued prior to February 26, 2007, we offered a version of GMIB Plus that is no longer available, as described below.

  • In the "ANNUITY PAYMENTS (THE INCOME PHASE)" section, the following two paragraphs replace the first paragraph in the "Description of GMIB Plus" section: NOTE: For contracts issued prior to February 26, 2007, we offered a version of the GMIB Plus that is no longer available.

Related to THE INCOME PHASE

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • main phase employment and support allowance means an employment and support allowance where the calculation of the amount payable in respect of the applicant includes a component under section 2(1)(b) or 4(2)(b) of the Welfare Reform Act 2007 except in Part 1 of Schedule 1;

  • Phase 1 means the first implementation phase of this section, beginning June 1, 2018 and ending May 31, 2022.

  • Year 1 means the year next following the export date and “year” followed immediately by any other numeral has a corresponding meaning; reference in this Agreement to an Act shall include the amendments to such Act for the time being in force and also any Act passed in substitution therefor or in lieu thereof and the regulations for the time being in force thereunder; power given under any clause of this Agreement other than clause 17 hereof to extend any period or date shall be without prejudice to the power of the Minister under the said clause 17; marginal notes shall not affect the interpretation or construction hereof; the phases in which it is contemplated that this Agreement will operate are as follows —

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Cost Share means the member’s financial obligation for a covered service. Depending on the plan type, cost-share may include one or more of the following: deductible, copay, access fee, coinsurance, pharmacy deductible, and precertification charges.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Construction Phase Services means the coordination, implementation and execution of the Work required by this Agreement, which are further defined in Article 8.

  • Phase 2 means the second implementation phase of this section, beginning June 1, 2022 and continuing thereafter.