WB Plan definition
Examples of WB Plan in a sentence
Under the WB Plan, you may receive return of your GLB Amount in installments or lifetime income benefits.
Lifetime income benefits are determined by the "Lifetime Income Base" which is equal to the GLB Amount on the later of the WB Plan election date or the Certificate Anniversary on or immediately following the Participant's [59th] birthday.
For return of the GLB Amount in installments, the Guaranteed Living Benefit Base ("GLB Base") is used to determine the benefit and is equal to the GLB Amount on the WB Plan election date.
If the WB Plan is not specifically elected, the Participant will be deemed to have elected to remain in the AB Plan.
If the Participant is age [65] or older when withdrawals under the WB Plan begin, the Participant may withdraw up to [5%] of the Lifetime Income Base each Account Year for life.
Once participation in the WB Plan is elected, the AB Plan will no longer be available.
The WB Plan may be elected [at any time] before the earliest of the latest Annuity Commencement Date, the Rider Maturity Date under the AB Plan, or the commencement of any annuity payment option.
If prior to or on the latest ACD, the WB Plan has been elected and the Account Value is zero, the Participant must choose either the Maximum WB Amount or the Maximum WB for Life Amount.
The refund of Rider charges does not apply if the WB Plan has been elected.
If the Participant is ages [59-64] when withdrawals under the WB Plan begin, the Participant may withdraw up to [4%] of the Lifetime Income Base each Account Year for life.