|
Pre-Effective Amendment No. |
[] |
|
Post-Effective Amendment No. 34 (File No.
333-139763) |
[X] |
|
Amendment No. 161 (File No. 811-07195) |
[X] |
[] |
immediately upon filing pursuant to paragraph (b) of Rule 485 |
[X] |
on May 1, 2024 pursuant to paragraph (b) of Rule 485 |
[] |
60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
[] |
on [date] pursuant to paragraph (a)(1) of Rule 485 |
[] |
This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
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FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. Each contract
provides for different surrender charge periods and
percentages. Current Contract. You may select either a ten-year, seven-year or five-year surrender charge schedule at the time of application. If you select a ten-year, seven-year or five-year surrender charge schedule and you make
an early withdrawal, you may be assessed a surrender charge of up to 8%
of the purchase payment withdrawn. For example, if you make an
early withdrawal, you could pay a surrender charge of up to
$8,000 on a $100,000 investment.
Original Contract. You may select either a seven-year or five-year surrender charge schedule at the time of application. If you select a seven-year or
five-year surrender charge schedule, you may be assessed a surrender
charge of up to 8% of the purchase payment withdrawn. For
example, if you make an early withdrawal, you could pay a
surrender charge of up to $8,000 on a $100,000
investment. |
Fee Table and
Examples
Charges–
Surrender Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by surrender charge schedule, death benefit option, tax qualification, application signed date, and size of Contract value) |
1.01% |
2.01% | ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
2.38%
| ||
Optional benefits available for an
additional charge
(for a single optional benefit, if
elected)(3) |
0.25% |
1.75% | ||
(1) As a percentage of average daily subaccount value. Includes the Mortality and Expense
Fee, Variable Account Administrative Charge, and Contract Administrative
Charge. (2) As a percentage of Fund assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit). The Minimum is a
percentage of Contract value. The Maximum is a percentage of the greater of Contract value or minimum contract accumulation value (MCAV). Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,732
|
Highest Annual Cost:
$4,176
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features, Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional benefits and Fund fees and expenses •No sales charge
•No additional purchase payments, transfers or withdrawals •No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of
principal. |
Principal Risks |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contracts have surrender charges, which may reduce the value of
your Contract if you withdraw money during surrender charge
period. Surrenders may also reduce or terminate contract
guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks
Charges–
Surrender Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option, including the regular Fixed Account(Current Contract), one-year Fixed Account(Original Contract),and the Guarantee
Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial
distress, we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial
strength ratings, is available by contacting us at
1-800-862-7919. |
Principal Risks
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the annuitization start date, and once per contract year after the
annuitization start date. •Certain transfers out of the GPAs will be subject to an MVA.
•GPAs, the regular Fixed Account(Current Contract), the one-year Fixed Account(Original Contract) are subject to certain restrictions.
•We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds. We also reserve the right, upon notification to you, to close or restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Buying Your
Contract —
Purchase
Payments
Optional
Benefits –
SecureSource
Stages 2 Rider - Important SecureSource Stages 2 Rider
Considerations
Appendix K: GWB
Rider –
Investment
Allocation
Restrictions
Appendix J: GWB
for Life Rider –
Investment
Allocation
Restrictions
Appendix N:
SecureSource
Rider –
Investment
Allocation
Restrictions
Appendix O:
SecureSource 20
Rider –
Investment
Allocation
Restrictions
Appendix P:
SecureSource
Stages Rider –
Investment
Allocation
Restrictions
Appendix A: Funds
Available Under
the Optional
Benefits Offered
Under the
Contract |
|
TAXES |
Location in
Statutory
Prospectus | ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract •If you purchase the contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax
benefit. •Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash
benefits (e.g., bonuses), and non-cash compensation. This
financial incentive may influence your investment professional to
recommend this Contract over another investment for which the
investment professional is not compensated or compensated
less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange a
Contract you already own if you determine, after comparing the
features, fees, and risks of both Contracts, that it is better
for you to purchase the new Contract rather than continue to own
your existing Contract. |
Buying Your
Contract –
Contract
Exchanges |
Surrender charges (as a percentage of purchase payments
surrendered) |
Ten-year |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
8 % |
Ten-year schedule |
Seven-year schedule |
Five-year schedule | |||
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
0 |
8 % |
0 |
8 % |
0 |
8 % |
1 |
8 |
1 |
8 |
1 |
7 |
2 |
8 |
2 |
7 |
2 |
6 |
3 |
7 |
3 |
7 |
3 |
4 |
4 |
6 |
4 |
6 |
4 |
2 |
5 |
5 |
5 |
5 |
5 + |
0 |
6 |
4 |
6 |
3 |
|
|
7 |
3 |
7 + |
0 |
|
|
8 |
2 |
|
|
|
|
9 |
1 |
|
|
|
|
10 + |
0 |
|
|
|
|
Annual contract administrative charge |
Maximum: $50 |
Current: $50* |
Annual contract administrative charge if your contract value equals
or exceeds $50,000 |
Maximum: $20 |
Current: $0 |
Contract administrative charge at full surrender |
Maximum: $50 |
Current: $50 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
CV Death Benefit* |
0.85 % |
0.15 % |
1.00 % |
ROPP Death Benefit |
0.85 |
0.15 |
1.00 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
MAV Death Benefit |
1.10 |
0.15 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
0.15 |
1.40 |
Enhanced Death Benefit |
1.30 |
0.15 |
1.45 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
CV Death Benefit* |
1.05 % |
0.15 % |
1.20 % |
ROPP Death Benefit |
1.05 |
0.15 |
1.20 |
MAV Death Benefit |
1.30 |
0.15 |
1.45 |
5% Accumulation Death Benefit |
1.45 |
0.15 |
1.60 |
Enhanced Death Benefit |
1.50 |
0.15 |
1.65 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
CV Death Benefit* |
1.40 % |
0.15 % |
1.55 % |
ROPP Death Benefit |
1.40 |
0.15 |
1.55 |
MAV Death Benefit |
1.65 |
0.15 |
1.80 |
5% Accumulation Death Benefit |
1.80 |
0.15 |
1.95 |
Enhanced Death Benefit |
1.85 |
0.15 |
2.00 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
SecureSource Stages 2SM – Single life
rider fee |
Maximum: 1.75% |
Current: 0.95% |
SecureSource Stages2SM – Joint life rider fee |
Maximum: 2.25% |
Current: 1.15% |
Accumulation Protector Benefit® rider
fee |
|
For applications signed: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
10/20/2012 |
05/03/2010 – 07/18/2010 |
1.75% |
0.95% |
07/19/2010 –10/03/2010 |
1.75% |
1.10% |
10/04/2010 – 12/31/2010 |
1.75% |
1.50% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
10/20/2012 – 11/ 17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
Elective step up date: |
If invested in Portfolio Navigator fund
at the time of step-up: |
If invested in Portfolio Stabilizer fund
at the time of step-up: |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
SecureSource® Stages – Single life
rider fee |
Maximum: 2.00% |
Current: 1.10% |
SecureSource® Stages – Joint life rider
fee |
Maximum: 2.50% |
Current: 1.35% |
Surrender charges (as a percentage of purchase payments
surrendered) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule* | ||
Number of completed years from date of each purchase payment** |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment** |
Surrender charge percentage applied to each purchase payment |
0 |
8 % |
0 |
8 % |
1 |
8 |
1 |
7 |
2 |
7 |
2 |
6 |
3 |
7 |
3 |
4 |
4 |
6 |
4 |
2 |
5 |
5 |
5 + |
0 |
6 |
3 |
|
|
7 + |
0 |
|
|
Annual contract administrative charge and at full surrender |
$40 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP Death Benefit |
0.90 % |
0.15 % |
1.05
% |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
MAV Death Benefit |
1.10 |
0.15 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
0.15 |
1.40 |
Enhanced Death Benefit |
1.30 |
0.15 |
1.45 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.05 |
0.15 |
1.20 |
MAV Death Benefit |
1.25 |
0.15 |
1.40 |
5% Accumulation Death Benefit |
1.40 |
0.15 |
1.55 |
Enhanced Death Benefit |
1.45 |
0.15 |
1.60 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP Death Benefit |
1.00 % |
0.15 % |
1.15 % |
MAV Death Benefit |
1.20 |
0.15 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
0.15 |
1.50 |
Enhanced Death Benefit |
1.40 |
0.15 |
1.55 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.15 |
0.15 |
1.30 |
MAV Death Benefit |
1.35 |
0.15 |
1.50 |
5% Accumulation Death Benefit |
1.50 |
0.15 |
1.65 |
Enhanced Death Benefit |
1.55 |
0.15 |
1.70 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP Death Benefit |
1.20 % |
0.15 % |
1.35 % |
MAV Death Benefit |
1.40 |
0.15 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
0.15 |
1.70 |
Enhanced Death Benefit |
1.60 |
0.15 |
1.75 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.35 |
0.15 |
1.50 |
MAV Death Benefit |
1.55 |
0.15 |
1.70 |
5% Accumulation Death Benefit |
1.70 |
0.15 |
1.85 |
Enhanced Death Benefit |
1.75 |
0.15 |
1.90 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
Accumulation Protector Benefit® rider
fee |
|
Contract purchase date: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
Prior to 01/26/2009 |
1.75% |
0.55% |
01/26/2009 – 05/31/2009 |
1.75% |
0.80% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
SecureSource®20 – Single life rider
fee |
Maximum: 2.00% |
Current: 1.25% |
SecureSource®20 – Joint life rider
fee |
Maximum: 2.50% |
Current: 1.55% |
SecureSource® rider
fees |
|
Application signed date |
Maximum annual rider fee |
Initial annual rider fee(1) |
5/1/2007 – 5/31/2008, Single Life |
1.50 % |
0.65 % |
5/1/2007 – 5/31/2008, Joint Life |
1.75 % |
0.85 % |
6/1/2008 – 1/25/2009, Single Life |
1.50 % |
0.75 % |
6/1/2008 – 1/25/2009, Joint Life |
1.75 % |
0.95 % |
1/26/2009 and later, Single Life |
2.00 % |
1.10 % |
1/26/2009 and later, Joint Life |
2.50 % |
1.40 % |
Application signed date |
|
Portfolio Navigator Funds | ||||
All Portfolio
Stabilizer
funds |
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderate
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) | |
5/1/2007 – 5/31/2008, Single Life |
0.65 % |
0.75 % |
0.75 % |
0.75 % |
0.90 % |
1.00 % |
5/1/2007 – 5/31/2008, Joint Life |
0.85 % |
0.95 % |
0.95 % |
0.95 % |
1.10 % |
1.20 % |
6/1/2008 – 1/25/2009, Single Life |
0.75 % |
0.85 % |
0.85 % |
0.85 % |
1.00 % |
1.10 % |
6/1/2008 – 1/25/2009, Joint Life |
0.95 % |
1.05 % |
1.05 % |
1.05 % |
1.20 % |
1.30 % |
1/26/2009 and later, Single Life |
1.10 % |
1.10 % |
1.10 % |
1.10 % |
1.20 % |
1.30 % |
1/26/2009 and later, Joint Life |
1.40 % |
1.40 % |
1.40 % |
1.40 % |
1.50 % |
1.60 % |
Guarantor Withdrawal Benefit for Life® rider
fee |
Maximum: 1.50% |
Initial: 0.65%(2) |
Fund name |
Current fee as of 12/18/13 |
Portfolio Stabilizer funds |
0.65 % |
Portfolio Navigator funds: |
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
0.95 % |
Fund name |
Current fee as of 12/18/13 |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.10 % |
Guarantor Withdrawal Benefit rider fee |
Maximum: 1.50% |
Initial: 0.55%(3) |
Fund name |
Current fee as of 12/18/13 |
Portfolio Stabilizer funds |
0.55 % |
Portfolio Navigator funds: |
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.00 % |
Income Assurer Benefit® – MAV
rider fee |
Maximum: 1.50% |
Current: 0.30%(4)
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
Maximum: 1.75% |
Current: 0.60%(4)
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
Maximum: 2.00% |
Current: 0.65%(4)
|
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
2.38 |
|
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
|
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Ten-year surrender charge schedule |
$11,782 |
$20,244 |
$28,179 |
$49,666 |
$4,496 |
$13,816 |
$23,556 |
$49,616 |
Seven-year surrender charge schedule |
11,970 |
20,800 |
29,097 |
51,441 |
4,700 |
14,413 |
24,523 |
51,391 |
Five-year surrender charge schedule |
11,408 |
19,103 |
26,246 |
54,460 |
5,058 |
15,452 |
26,196 |
54,410 |
|
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
|
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Ten-year surrender charge schedule |
$8,947 |
$11,447 |
$12,648 |
$16,710 |
$1,415 |
$4,397 |
$7,598 |
$16,660 |
Seven-year surrender charge schedule |
9,136 |
12,057 |
13,714 |
18,944 |
1,620 |
5,025 |
8,664 |
18,894 |
Five-year surrender charge schedule |
8,536 |
10,113 |
10,557 |
22,751 |
1,978 |
6,116 |
10,507 |
22,701 |
|
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year surrender charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$11,974 |
$20,578 |
$28,313 |
$47,797 |
$4,715 |
$14,185 |
$23,709 |
$47,757 |
Five-year surrender charge schedule |
11,356 |
18,685 |
25,110 |
50,161 |
5,016 |
15,045 |
25,070 |
50,121 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year surrender charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$11,836 |
$20,176 |
$27,660 |
$46,588 |
$4,564 |
$13,753 |
$23,021 |
$46,548 |
Five-year surrender charge schedule |
11,212 |
18,269 |
24,432 |
48,988 |
4,865 |
14,615 |
24,392 |
48,948 |
|
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year surrender charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$9,127 |
$12,048 |
$13,704 |
$18,934 |
$1,620 |
$5,025 |
$8,664 |
$18,894 |
Five-year surrender charge schedule |
8,479 |
9,954 |
10,286 |
22,205 |
1,927 |
5,960 |
10,246 |
22,165 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year surrender charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$8,985 |
$11,594 |
$12,905 |
$17,263 |
$1,466 |
$4,554 |
$7,865 |
$17,223 |
Five-year surrender charge schedule |
8,336 |
9,505 |
9,497 |
20,582 |
1,773 |
5,493 |
9,457 |
20,542 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early surrender amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or
surrendered. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
By spreading the investment over the term of the Special DCA |
|
Date |
SDCA Balance |
Portion Transferred |
Amount Transferred |
Accumulation unit value |
Number of units purchased |
you automatically buy
more units when the
per unit market price is low |
|
15-Jan |
$5,000.00 |
|
|
|
|
|
16-Jan |
5,000.14 |
1/6 |
$833.36 |
$18 |
46.30 | |
→ |
16-Feb |
4,170.30 |
1/5 |
834.06 |
15 |
55.60 | |
and fewer units when the per unit market price is high. |
|
16-Mar |
3,338.79 |
1/4 |
834.70 |
19 |
43.93 |
|
16-April |
2,506.20 |
1/3 |
835.40 |
17 |
49.14 | |
→ |
16-May |
1,672.17 |
1/2 |
836.09 |
21 |
39.81 | |
|
|
16-Jun |
836.79 |
1/1 |
836.79 |
20 |
41.84 |
For the first year and total: through age 85 |
$1,000,000 |
age 86 or older |
$0 |
For each subsequent year: through age 85 |
$100,000 |
age 86 or older |
$0 |
Ten-year schedule |
Seven-year schedule |
Five-year schedule | |||
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
0 |
8 % |
0 |
8 % |
0 |
8 % |
1 |
8 |
1 |
8 |
1 |
7 |
2 |
8 |
2 |
7 |
2 |
6 |
3 |
7 |
3 |
7 |
3 |
4 |
4 |
6 |
4 |
6 |
4 |
2 |
5 |
5 |
5 |
5 |
5 + |
0 |
6 |
4 |
6 |
3 |
|
|
7 |
3 |
7 + |
0 |
|
|
8 |
2 |
|
|
|
|
9 |
1 |
|
|
|
|
10 + |
0 |
|
|
|
|
Seven-year schedule |
Five-year schedule | ||
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
Number of completed years from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
0 |
8 % |
0 |
8 % |
1 |
8 |
1 |
7 |
2 |
7 |
2 |
6 |
3 |
7 |
3 |
4 |
4 |
6 |
4 |
2 |
5 |
5 |
5 + |
0 |
6 |
3 |
|
|
7 + |
0 |
|
|
Number of Completed Years Since Annuitization |
Surrender charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Ten-year surrender charge schedule |
Mortality and expense risk fee |
CV Death Benefit* |
0.85 % |
ROPP Death Benefit |
0.85 |
MAV Death Benefit |
1.10 |
5% Accumulation Death Benefit |
1.25 |
Enhanced Death Benefit |
1.30 |
Seven-year surrender charge |
Mortality and expense risk fee |
CV Death Benefit* |
1.05 % |
ROPP Death Benefit |
1.05 |
MAV Death Benefit |
1.30 |
5% Accumulation Death Benefit |
1.45 |
Enhanced Death Benefit |
1.50 |
Five-year surrender charge schedule |
Mortality and expense risk fee |
CV Death Benefit* |
1.40 % |
ROPP Death Benefit |
1.40 |
MAV Death Benefit |
1.65 |
5% Accumulation Death Benefit |
1.80 |
Enhanced Death Benefit |
1.85 |
Seven-year surrender charge schedule for contracts with applications
signed on or after May 1, 2006 and if available in your
state |
Qualified annuities |
Nonqualified annuities |
ROP Death Benefit |
0.90 % |
1.05 % |
MAV Death Benefit |
1.10 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
1.40 |
Enhanced Death Benefit |
1.30 |
1.45 |
Seven-year surrender charge schedule for all other
contracts |
|
|
ROP Death Benefit |
1.00 % |
1.15 % |
MAV Death Benefit |
1.20 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
1.50 |
Enhanced Death Benefit |
1.40 |
1.55 |
Five-year surrender charge schedule |
|
|
ROP Death Benefit |
1.20 % |
1.35 % |
MAV Death Benefit |
1.40 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
1.70 |
Enhanced Death Benefit |
1.60 |
1.75 |
For applications signed: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
10/20/2012 |
05/03/2010 – 07/18/2010 |
1.75% |
0.95% |
07/19/2010 –10/03/2010 |
1.75% |
1.10% |
10/04/2010 – 12/31/2010 |
1.75% |
1.50% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
10/20/2012 – 11/ 17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Contract purchase date: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
Prior to 01/26/2009 |
1.75% |
0.55% |
01/26/2009 – 05/31/2009 |
1.75% |
0.80% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Application signed date |
Maximum annual rider fee |
Initial annual rider fee |
5/1/2007 – 5/31/2008, Single Life |
1.50 % |
0.65 % |
5/1/2007 – 5/31/2008, Joint Life |
1.75 % |
0.85 % |
6/1/2008 – 1/25/2009, Single Life |
1.50 % |
0.75 % |
6/1/2008 – 1/25/2009, Joint Life |
1.75 % |
0.95 % |
1/26/2009 and later, Single Life |
2.00 % |
1.10 % |
1/26/2009 and later, Joint Life |
2.50 % |
1.40 % |
|
|
Portfolio Navigator funds | ||||
Application signed date |
All Portfolio
Stabilizer
funds |
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio – Moderate Portfolio (Class 2), (Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) |
5/1/2007 – 5/31/2008, Single Life |
0.65 % |
0.75 % |
0.75 % |
0.75 % |
0.90 % |
1.00 % |
5/1/2007 – 5/31/2008, Joint Life |
0.85 % |
0.95 % |
0.95 % |
0.95 % |
1.10 % |
1.20 % |
6/1/2008 – 1/25/2009, Single Life |
0.75 % |
0.85 % |
0.85 % |
0.85 % |
1.00 % |
1.10 % |
6/1/2008 – 1/25/2009, Joint Life |
0.95 % |
1.05 % |
1.05 % |
1.05 % |
1.20 % |
1.30 % |
1/26/2009 and later, Single Life |
1.10 % |
1.10 % |
1.10 % |
1.10 % |
1.20 % |
1.30 % |
1/26/2009 and later, Joint Life |
1.40 % |
1.40 % |
1.40 % |
1.40 % |
1.50 % |
1.60 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
|
Maximum |
Current |
Income Assurer Benefit – MAV |
1.50 % |
0.30 %(1) |
Income Assurer Benefit – 5% Accumulation Benefit Base |
1.75 |
0.60 (1) |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
2.00 |
0.65
(1) |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Current Contract: |
|
Minimum amount |
|
Transfers or surrenders: |
$250 or entire account balance** |
Original Contract: |
|
Minimum amount |
|
Transfers or surrenders: |
$500 or entire account balance |
All Contracts: |
|
Maximum amount |
|
Transfers or surrenders: |
Contract value or entire account balance |
Minimum amount |
|
Current Contract: |
|
Transfers or surrenders: |
$50 |
Original Contract: |
|
Transfers or surrenders: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Current Contract: |
|
Transfers or surrenders: |
$250 or entire account balance |
Original Contract: |
|
Transfers or surrenders: |
$500 or entire account balance |
Maximum amount |
|
Current Contract: |
|
Transfers: |
Contract value or entire account balance |
Surrenders: |
$100,000 |
Original Contract: |
|
Transfers: |
Contract value or entire account balance |
Surrenders: |
$25,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the regular fixed account(Current Contract), the
one-year fixed account(Original
Contract) to one or more
eligible subaccounts |
N/A |
N/A |
•Not allowed to the GPAs, the regular fixed
account(Current Contract), one-year fixed account or DCA fixed account (Original Contract) or the Special DCA fixed account •Not allowed if the PN
program is in effect, except
in connection with the
Special DCA fixed account
(Current Contract) or DCA
fixed account (Original
Contract)
•For the Current Contract, transfers out of the regular fixed account, including automated transfers, are limited to the 30% of the regular fixed account at the beginning of the contract year, or $10,000, whichever is greater •For the Original Contract,
transfers out of the one-year
fixed account may not
exceed an amount that, if
continued, would deplete
the one-year fixed account
within 12 months
•Not available with a living benefit |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account(Current Contract),
DCA fixed account(Original
Contract)to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in
Contract Value to participate. •We require 30 days notice
for you to change or cancel
the program
•You can request rebalancing to be done either quarterly, semiannually or annually |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial surrenders •For contracts with a
SecureSource series rider, Guarantor Withdrawal Benefit rider or Guarantor Withdrawal Benefit for Life rider, you may set up automated partial surrenders up to the benefit available for withdrawals under the rider •May result in income taxes
and IRS penalty on all or a
portion of the amounts
surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
• For the Current Contract,
you must be confined to a
hospital or nursing home for
the prior 60 days or
confinement began within
30 days following a 60 day
confinement period
• For the Original Contract, you must be confined to a hospital or nursing home for the prior 60 days • You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Must receive your surrender request no later than 91 days after your release from the hospital or nursing home •Amount withdrawn must be
paid directly to you
•Contract value is reduced by any purchase payment credits credited within 12 months of a withdrawal |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis must occur in after the first contract year •Must be terminally ill and
not expected to live more
than 12 months from the
date of the licensed
physician statement
•Must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed •Amount withdrawn must be
paid directly to you |
Contract Value
(CV) Death
Benefit |
Provides a basic death benefit
equal to the greater of the Full
Surrender Value or the
Contract Value, after any rider charges have been deducted |
Ten-year
surrender
charge
schedule
1.00% of
contract value
in the variable
account |
Ten-year
surrender
charge
schedule
1.00% |
•Available for the Current
Contract owners after an
ownership change or
spousal continuation if any
owner or spouse who
continues the contract is
over age 85 and not
qualified for the ROPP death
benefit |
Seven-year
surrender
charge
schedule
1.20% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
1.20% | |||
Five-year
surrender
charge
schedule
1.55% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
1.55% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
ROPP Death
Benefit |
Provides a death benefit equal
to the greatest of the Contract Value after any rider charges
have been deducted, the
ROPP value, or the Full
Surrender Value |
Ten-year
surrender
charge
schedule
1.00% of
contract value
in the variable
account |
Ten-year
surrender
charge
schedule
1.00% |
•Available for the Current
Contract
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule
1.20% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
1.20% | |||
Five-year
surrender
charge
schedule
1.55% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
1.55% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any applicable rider
charges:Contract Value or the
total purchase payments
minus adjusted partial
surrenders |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.05% of
contract value
in the variable
account
- Nonqualified
contract
1.20% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.15% of
contract value
in the variable
account
- Nonqualified
contract
1.30% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.05%
- Nonqualified
contract
1.20%
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.15%
- Nonqualified
contract
1.30% |
•Available for the Original
Contract
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit
(Current
Contract) |
Provides a death benefit equal
to the greatest of these
values: Contract Value after
any rider charges have been
deducted, total purchase
payments applied to the
contract minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals, or the Full
Surrender Value |
Ten-year
surrender
charge
schedule
1.25% of
contract value
in the variable
account |
Ten-year
surrender
charge
schedule
1.25% |
•Available for the Contract
owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Seven-year
surrender
charge
schedule
1.45% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
1.45% | |||
Five-year
surrender
charge
schedule
1.80% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
1.80% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit
(Original
Contract) |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments applied to
the contract minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.25% of
contract value
in the variable
account
-Nonqualified
contract
1.40% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.35% of
contract value
in the variable
account
-Nonqualified
contract
1.50% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.25%
-Nonqualified
contract
1.40%
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.35%
-Nonqualified
contract
1.50% |
•Available for the Contract
owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit
(Current
Contract) |
Provides a death benefit equal
to the greatest of these
values: Contract Value after
any rider charges have been
deducted, total purchase
payments applied to the
contract minus adjusted
partial withdrawals, the 5%
accumulation death benefit
floor, or the Full Surrender
Value |
Ten-year
surrender
charge
schedule
1.40% of
contract value
in the variable
account |
Ten-year
surrender
charge
schedule
1.40% |
•Available to owners age 79
and younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Seven-year
surrender
charge
schedule
1.60% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
1.60% | |||
Five-year
surrender
charge
schedule
1.95% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
1.95% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit
(Original
Contract) |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments applied to
the contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.40% of
contract value
in the variable
account
- Nonqualified
contract
1.55% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.50% of
contract value
in the variable
account
- Nonqualified
contract
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.40%
- Nonqualified
contract
1.55%
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.50%
- Nonqualified
contract
1.65% |
•Available to owners age 79
and younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70% of
contract value
in the variable
account
- Nonqualified
contract
1.85% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70%
- Nonqualified
contract
1.85% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB)
(Current
Contract) |
Provides a death benefit equal
to the greatest of these
values: Contract Value after
any rider charges have been
deducted, total purchase
payments applied to the
contract minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals, the 5%
accumulation death benefit
floor, or the Full Surrender
Value |
Ten-year
surrender
charge
schedule
1.45% of
contract value |
Ten-year
surrender
charge
schedule
1.45% |
•Available to owners age 75
and younger
•Must be elected at contract issue •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
1.65% | |||
Five-year
surrender
charge
schedule
2.00% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
2.00% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB)
(Original
Contract) |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments applied to
the contract minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.45% of
contract value
in the variable
account
- Nonqualified
contract
1.60% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
(contracts
signed on/after
5/1/2006)
- Qualified
contract
1.45%
- Nonqualified
contract
1.60%
Seven-year
surrender
charge
schedule for all
other contracts
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
•Available to owners age 75
and younger
•Must be elected at contract issue •Available with MAV and
5-year MAV
•For contract owners age 70 and older at the rider effective date, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75% of
contract value
in the variable
account
- Nonqualified
contract
1.90% of
contract value |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75%
- Nonqualified
contract
1.90% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
0.25%
of contract value |
0.25% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Not available with Benefit
Protector plus, the 5%
Accumulation Death benefit
or Enhanced Death Benefit
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
0.40% of
contract value |
0.40% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Available only for transfers,
exchanges or rollovers
•Not available with Benefit Protector, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •The percentage of exchange
purchase payments varies
by age and is subject to a
vesting schedule
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
1.50% of
contract value |
0.55%-1.00%
Varies by issue
date, elective
step up date
and the fund
selected |
•Available to owners age 79 or younger •Must be elected at contract
issue
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•Limitations on additional purchase payments •If you take withdrawals
during the first 3-years the
step ups will not be allowed
until the third anniversary |
Guarantor
Withdrawal
Benefit for Life
Rider |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
1.50% of
contract value or the total Remaining Benefit Amount, whichever is greater |
0.65% - 1.10%
of Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •If you take withdrawals
during the first 3-years the
step ups will not be allowed
until the third anniversary
•Limitations on additional purchase payments |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
SecureSource
Stages 2 |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Single Life: 1.75% Joint Life:
2.25% of contract
value or the Benefit Base, whichever is greater |
Single Life: 0.95% Joint Life:
1.15% |
•Available to owners age 85 or younger •Must be elected at contract
issue
•Available as a Single Life or Joint Life option •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal. •Withdrawals in the first year
will lock in the lower income
percentage for the life of the
rider
•Limitations on additional purchase payments |
SecureSource riders |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Contracts
signed on/after
1/26/
2009)Single Life: 2.00%
Joint Life: 2.50% of contract value
or the
Remaining
Benefit
Amount,
whichever is
greater
Contracts
signed prior to
1/26/2009
Single Life: 1.50% Joint Life:
1.75% of
contract value or the Remaining Benefit Amount, whichever is greater |
Single Life: 0.65% – 1.30% Joint Life:
0.85% –
1.60%% Varies by issue date, elective step up dateand the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Available as a Single Life or
Joint Life option
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
SecureSource20 riders |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Single Life: 2.00% Joint Life:
2.50% of contract
value or the Remaining Benefit Amount, whichever is greater |
Single Life: 1.25% Joint Life:
1.55% |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Available as a Single Life or Joint Life option •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Withdrawals during the
3-year waiting period will set
your benefits to zero until
the end of the waiting period
when they will be
reestablished based on your
contract value at that time •Limitations on additional
purchase payments |
SecureSource Stages riders |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Single Life: 2.00% Joint Life:
2.50% of
contract value or the Benefit Base, whichever is greater |
Single Life: 1.10% Joint Life:
1.35% |
•Available to owners age 80
or younger
•Must be elected at contract issue •Available as a Single Life or
Joint Life option
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•Withdrawals during the 3-year waiting period will set your benefits to zero until the end of the waiting period when they will be reestablished based on your contract value at that time
•Limitations on additional purchase payments |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Income Assurer
Benefit |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% or
0.55% |
•Available to owners age 75 or younger •Not available with anu other
living benefit riders
•The rider has a 10 year Waiting period •Available as: Income Assurer
Benefit – MAV; Income
Assurer Benefit – 5%
Accumulation Benefit Base;
and Income Assurer Benefit
– Greater of MAV or 5%
Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% or
0.70% | |||
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% or
0.75% | |||
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
1.75% of
contract value or the Minimum Contract Accumulation Value |
0.55% - 1.75% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•The rider ends when the Waiting Period expires •Limitations on additional
purchase payments
•Subject to Investment Allocation restrictions •Elective Step ups restart the
Waiting Period |
Adjusted partial surrenders (calculated for ROPP and MAV Death Benefits) |
= |
PS X DB |
CV |
PS |
= |
the amount by which the contract value is reduced as a result of the partial surrender. |
DB |
= |
the applicable ROPP value or MAV on the date of (but prior to) the partial surrender |
CV |
= |
contract value on the date of (but prior to) the partial surrender. |
a × b |
where: |
c |
a |
= |
the amount the contract value in the Excluded Accounts is reduced by the net transfer |
b |
= |
EAB on the date of (but prior to) the transfer |
c |
= |
the contract value in the Excluded Accounts on the date of (but prior to) the transfer. |
a × b |
where: |
c |
a |
= |
the amount the contract value in the Protected Accounts is reduced by the net transfer |
b |
= |
the applicable PAB or variable account floor on the date of (but prior to) the transfer |
c |
= |
the contract value in the Protected Accounts on the date of (but prior to) the transfer. |
A |
= |
the contract value (after any rider charges have been deducted) in the Protected Accounts on that date,
and |
B |
= |
Variable account floor on that date (but prior to the reset). |
A |
= |
the contract value (after any rider charges have been deducted) in the Excluded Accounts on that date,
and |
B |
= |
EAB on that date (but prior to the reset). |
Adjusted partial surrenders (calculated for ROP and MAV Death Benefits) |
= |
PS X DB |
CV |
PS |
= |
the amount by which the contract value is reduced as a result of the partial surrender. |
DB |
= |
the applicable ROP value or MAV on the date of (but prior to) the partial surrender. |
CV |
= |
contract value on the date of (but prior to) the partial surrender. |
5% variable account floor adjusted transfers or partial surrenders |
= |
PST X VAF |
SAV |
PST |
= |
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result
of the partial surrender or transfer from the subaccounts or the DCA fixed account.
|
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial surrender. |
SAV |
= |
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer or partial
surrender. |
1 – (a/b) |
where: |
a |
= |
Contract value at the end of the prior valuation period |
b |
= |
WAB at the end of the prior valuation period |
a × b |
where: |
c |
a |
= |
the amount of the withdrawal minus the RALP |
b |
= |
the PBG minus the RALP on the date of (but prior to) the withdrawal |
c |
= |
the contract value on the date of (but prior to) the withdrawal minus the RALP |
d × e |
where: |
f |
d |
= |
the amount of the withdrawal minus the RALP |
e |
= |
the BB on the date of (but prior to) the withdrawal |
f |
= |
the contract value on the date of (but prior to) the withdrawal minus the RALP. |
g × h |
where: |
i |
g |
= |
the amount the contract value is reduced by the withdrawal |
h |
= |
the WAB, BB or PBG (as applicable) on the date of (but prior to) the withdrawal |
I |
= |
the contract value on the date of (but prior to) the withdrawal. |
If you purchased
a contract(1)...
|
and you selected one of the
following optional living benefits... |
Disclosure for this benefit may be
found in the following Appendix: |
Before April 29, 2005 |
Guarantor Withdrawal Benefit (“Rider B”) |
Appendix K |
April 29, 2005 – April 30, 2006 |
Guarantor Withdrawal Benefit (“Rider A”) |
Appendix K |
May 1, 2006 – April 30, 2007 |
Guarantor Withdrawal Benefit for Life |
Appendix J |
Before May 1, 2007 |
Income Assurer Benefit |
Appendix L |
Before Aug. 10, 2009 |
SecureSource Rider |
Appendix N |
Before Nov. 30, 2009 |
SecureSource 20 Rider |
Appendix O |
Before July 19, 2010 |
SecureSource Stages Rider |
Appendix P |
Rider year when death occurs; |
Percentage if you (Current Contract) or you
and the annuitant (Original Contract) are
under age 70 on the rider effective date |
Percentage if you (Current Contract) or you
or the annuitant (Original Contract) are
70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider year when death occurs; |
If you (Current Contact) or you and the
annuitant (Original Contract) are under
age 70 on the rider effective date, add… |
If you (Current Contract) or you or the
annuitant (Original Contract) are age 70
or older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% x earnings at death (see above) |
15% x earnings at death |
Three and Four |
40% x (earnings at death + 25%
of initial purchase payment*) |
15% x (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% x (earnings at death + 50% of initial purchase payment*) |
15% x (earnings at death + 50% of initial purchase payment*) |
APPENDIX NAME |
PAGE # |
CROSS-REFERENCE |
PAGE # |
Appendix A: Example — Funds Available Under the Contracts |
p. 120 |
N/A |
|
Appendix B: Example — Surrender Charges |
p. 132 |
Charges — Surrender Charges |
p. 37 |
Appendix C: Example — Death Benefits |
p. 138 |
Benefits in Case of Death |
p. 85 |
Appendix D: Example — SecureSource series of riders |
p. 143 |
Optional Benefits — Optional Living Benefits |
p. 94 |
Appendix E: SecureSource series of riders — Additional
RMD Disclosure |
p. 149 |
Optional Benefits — Optional Living Benefits |
p. 105 |
Appendix F: Example — Benefit Protector Death Benefit
Rider |
p. 151 |
Optional Benefits — Benefit Protector Death Benefit Rider |
p. 106 |
Appendix G: Example — Benefit Protector Plus Death Benefit
Rider |
p. 153 |
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
p. 107 |
Appendix H: Asset Allocation Program for Contracts with
Applications Signed Before May 1, 2006 |
p. 155 |
|
|
Appendix I: Guarantor Withdrawal Benefit for Life Rider
Disclosure |
p. 156 |
N/A |
|
Appendix J: Guarantor Withdrawal Benefit Rider Disclosure |
p. 168 |
N/A |
|
Appendix K: Example — Income Assurer Benefit Riders
Disclosure |
p. 176 |
N/A |
|
Appendix L: Example — Accumulation Protector Benefit Rider |
p. 186 |
Optional Benefits — Optional Living Benefits |
p. 94 |
Appendix M: SecureSource Rider Disclosure |
p. 187 |
N/A |
|
Appendix N: SecureSource 20 Rider Disclosure |
p. 200 |
Optional Benefits — Optional Living Benefits |
p. 94 |
Appendix O: SecureSource Stages Rider Disclosure |
p. 213 |
N/A |
|
Appendix P: Example — Withdrawal Benefit Riders: Elective Step Up or Elective Spousal Continuation Step Up |
p. 223 |
Optional Benefits — Optional Living Benefits |
p.
105 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
0.98%1 |
12.66% |
5.92% |
5.04% |
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
1.15% |
14.83% |
5.55% |
1.83% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks investment
results that are greater
than the total return
performance of publicly
traded common stocks
of medium-size
domestic companies in
the aggregate, as
represented by the
Standard & Poor's
MidCap 400® Index. |
BNY Mellon Investment Portfolios, MidCap
Stock Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc. |
1.05%1 |
17.99% |
10.42% |
7.17% |
Seeks capital
appreciation. |
BNY Mellon Investment Portfolios,
Technology Growth Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Newton Investment Management
North America, LLC, sub-investment adviser.
|
1.03% |
59.00% |
15.31% |
12.94% |
Seeks long-term capital
growth consistent with
the preservation of
capital. Its secondary
goal is current income. |
BNY Mellon Variable Investment Fund,
Appreciation Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Fayez Sarofim & Co.,
sub-investment adviser. |
1.10% |
20.67% |
15.94% |
10.81% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. Under normal
circumstances, the fund
invests at least 80% of
its assets in equity
securities of companies
with small market
capitalizations and
related investments. |
ClearBridge Variable Small Cap Growth
Portfolio - Class I
Legg Mason Partners Fund Advisor, LLC,
investment manager; ClearBridge
Investments, LLC, sub-adviser. (Western
Asset Management Company manages the
portion of cash and short-term investments
allocated to it) |
0.80% |
8.40% |
9.56% |
7.89% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
1.22%1 |
9.31% |
3.54% |
2.51% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
12.08% |
5.47% |
4.32% |
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation. |
Columbia Variable Portfolio - Income
Opportunities Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
11.51% |
5.15% |
4.12% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.92% |
15.47% |
8.09% |
3.51% |
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Large
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.83% |
5.23% |
11.99% |
8.99% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Mid Cap
Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
10.18% |
13.20% |
8.29% |
Seeks long-term capital
appreciation. |
Columbia Variable Portfolio - Small Cap
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC |
1.11%1 |
21.67% |
13.39% |
8.40% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
The portfolio is
designed to achieve
positive total return
relative to the
performance of the
Bloomberg Commodity
Index Total Return
("BCOM Index"). |
Credit Suisse Trust - Commodity Return
Strategy Portfolio, Class 1
Credit Suisse Asset Management, LLC |
1.05% |
(9.11%) |
7.23% |
(1.21%) |
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser. |
0.75%1 |
3.95% |
1.04% |
2.23% |
Seeks to provide
shareholders with
long-term capital growth. |
CTIVP® - Principal Blue Chip Growth Fund
(Class 1)
Columbia Management Investment Advisers,
LLC, adviser; Principal Global Investors, LLC,
subadviser. |
0.70% |
39.54% |
15.67% |
13.48% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
0.95% |
9.81% |
14.18% |
10.58% |
Seeks high level of
current income. |
Eaton Vance VT Floating-Rate Income Fund -
Initial Class
Eaton Vance Management |
1.17% |
11.21% |
4.13% |
3.22% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks as high level of
current income as is
consistent with the
preservation of capital. |
Fidelity® VIP Investment Grade Bond
Portfolio Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.63% |
6.00% |
1.72% |
2.08% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
0.71%1 |
8.62% |
6.98% |
5.01% |
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term capital
appreciation, with
preservation of capital
as an important
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in equity
securities of financially
sound companies that
have paid consistently
rising dividends. |
Franklin Rising Dividends VIP Fund - Class 2
Franklin Advisers, Inc. |
0.90%1 |
12.08% |
13.75% |
10.23% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.84%1 |
11.42% |
13.36% |
8.10% |
Seeks long-term growth
of capital and dividend
income. |
Goldman Sachs VIT U.S. Equity Insights
Fund - Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.56%1 |
23.81% |
13.60% |
10.97% |
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks long-term growth
of capital. |
Invesco V.I. EQV International Equity Fund,
Series II Shares
Invesco Advisers, Inc. |
1.15% |
17.86% |
8.15% |
4.07% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks long-term growth
of capital. |
Invesco V.I. Health Care Fund, Series II
Shares
Invesco Advisers, Inc. |
1.23% |
2.77% |
8.49% |
6.60% |
Seeks long-term growth
of capital. |
Invesco V.I. Main Street Mid Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.19% |
14.14% |
10.32% |
6.45% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks long-term growth
of capital. |
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC |
0.82% |
42.81% |
16.54% |
12.21% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.77%1 |
3.40% |
2.65% |
1.90% |
Seeks capital growth. |
LVIP American Century International Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
1.10%1 |
12.43% |
8.12% |
3.91% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Mid Cap Value Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
1.01%1 |
6.03% |
10.90% |
8.61% |
Seeks capital growth. |
LVIP American Century Ultra® Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.90%1 |
43.27% |
19.07% |
14.47% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.86%1 |
9.02% |
11.71% |
8.36% |
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company |
0.98%1 |
23.70% |
16.39% |
12.44% |
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
The Fund seeks
long-term capital growth
by investing primarily in
common stocks and
other equity securities. |
Morgan Stanley VIF Discovery Portfolio,
Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
44.13% |
10.83% |
8.38% |
The Fund seeks to
provide current income
and capital
appreciation. |
Morgan Stanley VIF Global Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc., adviser; Morgan Stanley Investment
Management Limited and Morgan Stanley
Investment Management Company,
subadvisers. |
1.10%1 |
10.47% |
0.30% |
1.69% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
14.22% |
2.66% |
4.26% |
Seeks maximum real
return, consistent with
preservation of real
capital and prudent
investment
management. |
PIMCO VIT All Asset Portfolio, Advisor Class2 Pacific Investment Management Company LLC (PIMCO) |
2.29%1 |
8.02% |
5.90% |
3.93% |
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
1.03% |
23.75% |
14.17% |
7.82% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
0.75%1 |
2.88% |
(2.13%) |
(0.66%) |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests
predominantly in equity
securities of companies
located anywhere in the
world, including
developing markets. |
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited |
1.12%1 |
21.01% |
6.47% |
3.24% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.22% |
9.19% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.19% |
9.20% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.46% |
2.66% |
2.50% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.39% |
2.64% |
2.50% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Risk Fund
(Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02%1 |
12.26% |
5.14% |
- |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Risk U.S. Fund
(Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.00% |
14.54% |
6.90% |
- |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.95% |
7.87% |
2.39% |
2.33% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.98% |
9.98% |
3.66% |
3.05% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02% |
14.59% |
6.34% |
4.44% |
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.99% |
12.27% |
5.07% |
3.84% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.96% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.94% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.93% |
7.56% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.91% |
7.57% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.50% |
4.32% |
3.54% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.48% |
4.31% |
3.53% |
Seeks to provide
shareholders with
long-term capital growth. |
Variable Portfolio - Partners Core Equity Fund
(Class 3)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and T. Rowe Price
Associates, Inc., subadvisers. |
0.82% |
24.55% |
14.45% |
10.33% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Conservative
Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.96% |
11.22% |
3.90% |
- |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Growth Fund
(Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.94% |
16.80% |
6.67% |
- |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Moderate
Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.94% |
13.87% |
5.37% |
- |
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC |
0.95%1 |
21.74% |
7.51% |
7.20% |
Seeks long-term capital
appreciation. |
Wanger International
Columbia Wanger Asset Management, LLC |
1.14%1 |
16.95% |
6.45% |
3.50% |
PPS |
= |
PPSC + PPF |
PPSC |
= |
purchase payments surrendered that could be subject to a surrender charge |
|
= |
(PS – FA) / (CV – FA) × (PP – PPF) |
PPF |
= |
purchase payments surrendered that are not subject to a surrender charge |
|
= |
FA – contract earnings, but not less than zero |
PP |
= |
purchase payments not previously surrendered (total purchase payments – PPS from all previous
surrenders) |
PS |
= |
amount the contract value is reduced by the surrender |
FA |
= |
total free amount = greater of contract earnings or 10% of prior anniversary’s contract value |
CV |
= |
contract value prior to the surrender |
PPS |
= |
XSF + (ACV – XSF) / (CV – TFA) × (PPNPS – XSF) |
XSF |
= |
10% of prior anniversary’s contract value – contract earnings, but not less than zero |
ACV |
= |
amount the contract value is reduced by the surrender – contract earnings, but not less than zero |
TFA |
= |
total free amount = greater of contract earnings or 10% of prior anniversary’s contract value |
PPNPS |
= |
purchase payments not previously surrendered (total purchase payments – PPS from all previous
surrenders) |
CV |
= |
contract value prior to the surrender |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to surrender: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the surrender charge as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
surrender as: |
|
| |
|
Contract value just prior to surrender (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously surrendered (PP): |
50,000.00
|
50,000.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
FA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings. |
|
| |
|
Total free amount (FA): |
10,000.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
PPF (but not less than zero): |
0.00 |
4,200.00 | |
Step 4. |
Next we determine PS, the amount by which the contract value is reduced by the
surrender. |
|
| |
|
PS: |
60,000.00 |
40,000.00 | |
Step 5. |
Now we can determine how much of the PP is being surrendered (PPS) as follows: |
|
| |
|
PPS |
= PPF + PPSC = PPF+ (PS – FA) / (CV – FA) * (PP – PPF) |
|
|
|
PPF from Step 3 = |
0.00 |
4,200.00 | |
|
PS from Step 4 = |
60,000.00 |
40,000.00 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
FA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PP from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPS = |
50,000.00 |
50,000.00 | |
Step 6. |
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
|
| |
|
PPS: |
50,000.00 |
50,000.00 | |
|
less PPF: |
0.00 |
4,200.00 | |
|
PPSC = amount of PPS subject to a surrender charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the surrender charge rate: |
× 7.0% |
× 7.0% | |
|
surrender charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full surrender is determined
as: |
|
| |
|
Contract value surrendered: |
60,000.00 |
40,000.00 | |
|
Surrender charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full surrender): |
(40.00
) |
(40.00 ) | |
|
Net full surrender proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to surrender: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 |
|
|
Contract with Gain |
Contract with
Loss | |
We determine the amount of contract value that must be surrendered in order for the net partial surrender proceeds to
match the amount requested. We start with an estimate of the amount of contract value to surrender
and calculate the resulting surrender charge and net partial surrender proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to surrender that generates the desired net partial surrender
proceeds. | ||||
We calculate the surrender charge for each estimate as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
surrender as: |
|
| |
|
Contract value just prior to surrender (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously surrendered (PP): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
FA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings. |
|
| |
|
Total free amount (FA): |
10,000.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
PPF (but not less than zero): |
0.00 |
4,200.00 | |
Step 4. |
Next we determine PS, the amount by which the contract value is reduced by the
surrender. |
|
| |
|
PS (determined by iterative process described above): |
15,376.34 |
16,062.31 | |
Step 5. |
Now we can determine how much of the PP is being surrendered (PPS) as follows: |
|
| |
|
PPS |
= PPF + PPSC = PPF + (PS – FA) / (CV – FA) * (PP – PPF) |
|
|
|
PPF from Step 3 = |
0.00 |
4,200.00 | |
|
PS from Step 4 = |
15,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
FA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PP from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPS = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
|
| |
|
PPS: |
5,376.34 |
19,375.80 | |
|
less PPF: |
0.00 |
4,200.00 | |
|
PPSC = amount of PPS subject to a surrender charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the surrender charge rate: |
× 7.0% |
× 7.0% | |
|
surrender charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial surrender is
determined as: |
|
| |
|
Contract value surrendered: |
15,376.34 |
16,062.31 | |
|
Surrender charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial surrender proceeds: |
$15,000.00 |
$15,000.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to surrender: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the surrender charge as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
surrender as: |
|
| |
|
Contract value just prior to surrender (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously surrendered (PPNPS): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the total free amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value surrendered exceeds earnings. |
|
| |
|
Contract value surrendered: |
60,000.00 |
40,000.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
50,000.00 |
40,000.00 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPS is being surrendered (PPS) as follows: |
|
| |
|
PPS |
= XSF + (ACV – XSF) /(CV – TFA) * (PPNPS – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
50,000.00 |
40,000.00 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPS from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPS = |
50,000.00 |
50,000.00 | |
Step 6. |
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
|
| |
|
PPS: |
50,000.00 |
50,000.00 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPS subject to a surrender charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the surrender charge rate: |
× 7.0% |
× 7.0% | |
|
surrender charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full surrender is determined
as: |
|
| |
|
Contract value surrendered: |
60,000.00 |
40,000.00 | |
|
Surrender charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full surrender): |
(40.00
) |
(40.00 ) | |
|
Net full surrender proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to surrender: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We determine the amount of contract value that must be surrendered in order for the net partial surrender proceeds to
match the amount requested. We start with an estimate of the amount of contract value to surrender
and calculate the resulting surrender charge and net partial surrender proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to surrender that generates the desired net partial surrender
proceeds. | ||||
We calculate the surrender charge for each estimate as
follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
surrender as: |
|
| |
|
Contract value just prior to surrender (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously surrendered (PPNPS): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value surrendered exceeds earnings |
|
| |
|
Contract value surrendered: |
15,376.34 |
16,062.31 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
5,376.34 |
16,062.31 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPS is being surrendered (PPS) as follows: |
|
| |
|
PPS |
= XSF + (ACV – XSF) / (CV – TFA) * (PPNPS – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
5,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPS from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPS = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
|
| |
|
PPS: |
5,376.34 |
19,375.80 |
|
|
Contract with Gain |
Contract with
Loss | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPS subject to a surrender charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the surrender charge rate: |
× 7.0% |
× 7.0% | |
|
surrender charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial surrender is
determined as: |
|
| |
|
Contract value surrendered: |
15,376.34 |
16,062.31 | |
|
Surrender charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial surrender proceeds: |
$15,000.00 |
$15,000.00 |
We calculate the ROPP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments minus adjusted partial surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
The ROPP Death Benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary values: |
$26,000.00 |
| |
|
plus purchase payments made since the prior anniversary: |
+0.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $26,000 |
= |
–1,772.73 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$24,227.27 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$24,227.27 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The 5% accumulation death benefit floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% accumulation death benefit floor adjusted partial surrender from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the regular fixed account value: |
+5,300.00
|
| |
|
5% accumulation death benefit floor (value of the regular fixed account and the variable account floor): |
$24,642.11 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% accumulation death benefit floor:
|
|
$24,642.11 |
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial surrenders made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,456.79 |
|
4. |
The 5% accumulation death benefit floor: |
|
| |
|
The variable account floor on the first contract anniversary calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% accumulation death benefit floor adjusted partial surrender from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the regular fixed account value: |
+5,300.00 |
| |
|
5% accumulation death benefit floor (value of the regular fixed account and the variable account floor): |
$24,642.11 |
| |
Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% accumulation death benefit floor: |
|
$24,642.11 |
We calculate the ROP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
ROP Death Benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary values: |
$26,000.00 |
| |
|
plus purchase payments made since the prior anniversary: |
+0.00 |
|
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $26,000 |
= |
–1,772.73 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$24,227.27 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$24,227.27 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial surrender from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00
|
| |
|
5% variable account floor (value of the one-year fixed account and the variable
account floor): |
$24,642.11 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% variable account floor: |
|
$24,642.11 |
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
|
2. |
Purchase payments minus adjusted partial
surrenders: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial surrenders, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial surrenders made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,456.79 |
| |
4. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% accumulation death benefit floor adjusted partial surrender from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00 |
| |
|
5% accumulation death benefit floor (value of the one-year fixed account and the
variable account floor): |
$24,642.11 |
| |
Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% variable account floor: |
|
$24,642.11 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
BB |
WAB |
Benefit
Determining
Percentage |
PBG |
ALP |
RALP |
Lifetime
Payment Percent |
At Issue |
$100,000 |
NA |
$100,000 |
$100,000 |
$100,000 |
0.0% |
$100,000 |
$4,000 |
$4,000 (1) |
4% |
1 |
0 |
0 |
98,000 |
108,000 |
108,000 |
9.3% |
108,000 |
5,400 |
5,400 (2) |
5% |
2 |
0 |
0 |
105,000 |
114,000 |
114,000 |
7.9% |
105,000 |
5,700 |
5,700 |
5% |
3 |
0 |
0 |
118,000 |
120,000 |
120,000 |
1.7% |
118,000 |
6,000 |
6,000 |
5% |
3.5 |
0 |
6,000 |
112,000 |
120,000 |
113,898 |
1.7% |
112,000 |
6,000 |
0 |
5% |
4 |
0 |
0 |
115,000 |
120,000 |
115,000 |
0.0% |
115,000 |
6,000 |
6,000 |
5% |
5 |
0 |
0 |
130,000 |
130,000 |
130,000 |
0.0% |
130,000 |
7,800 (3) |
7,800 (3) |
6%
(3) |
6 |
0 |
0 |
110,000 |
130,000 |
130,000 |
15.4% |
130,000 |
7,800 |
7,800 |
6% |
7 |
0 |
0 |
100,000 |
130,000 |
130,000 |
23.1% |
130,000 |
6,500 (4) |
6,500 (4) |
5%
(4) |
7.5 |
0 |
10,000 |
90,000 |
125,134 (5) |
117,000 |
23.1% |
118,877 (5) |
6,257 (5) |
0 |
5% |
8 |
0 |
0 |
80,000 |
125,134 |
117,000 |
31.6% |
118,877 |
6,257 |
6,257 |
5% |
9 |
0 |
0 |
95,000 |
125,134 |
117,000 |
18.8% |
118,877 |
7,508
(4) |
7,508
(4) |
6%
(4) |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
BB |
WAB |
Benefit
Determining
Percentage |
PBG |
ALP |
RALP |
Lifetime
Payment Percent |
At Issue |
$100,000 |
NA |
$100,000 |
$100,000 |
$100,000 |
0.0% |
$100,000 |
$5,000 |
$0 (1) |
5% |
1 |
0 |
0 |
98,000 |
108,000 |
108,000 |
9.3% |
100,000 |
5,400 |
0 |
5% |
2 |
0 |
0 |
105,000 |
114,000 |
114,000 |
7.9% |
105,000 |
5,700 |
0 |
5% |
3 |
0 |
0 |
118,000 |
120,000 |
120,000 |
1.7% |
118,000 |
6,000 |
6,000 (2) |
5% |
3.5 |
0 |
6,000 |
112,000 |
120,000 |
113,898 |
1.7% |
112,000 |
6,000 |
0 |
5% |
4 |
0 |
0 |
115,000 |
120,000 |
115,000 |
0.0% |
115,000 |
6,000 |
6,000 |
5% |
5 |
0 |
0 |
130,000 |
130,000 |
130,000 |
0.0% |
130,000 |
7,800 (3) |
7,800 (3) |
6%
(3) |
6 |
0 |
0 |
110,000 |
130,000 |
130,000 |
15.4% |
130,000 |
7,800 |
7,800 |
6% |
7 |
0 |
0 |
100,000 |
130,000 |
130,000 |
23.1% |
130,000 |
6,500 (4) |
6,500 (4) |
5%
(4) |
7.5 |
0 |
10,000 |
90,000 |
117,000
(5) |
117,000 |
23.1% |
108,000
(5) |
5,850
(5) |
0 |
5% |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
BB |
WAB |
Benefit
Determining
Percentage |
PBG |
ALP |
RALP |
Lifetime
Payment Percent |
8 |
0 |
0 |
80,000 |
117,000 |
117,000 |
31.6% |
108,000 |
5,850 |
5,850 |
5% |
9 |
0 |
0 |
95,000 |
117,000 |
117,000 |
18.8% |
108,000 |
7,020
(4) |
7,020
(4) |
6%
(4) |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
WAB |
BDP |
Basic
Benefit |
Lifetime
Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||||
At Issue |
$100,000 |
NA |
$100,000 |
$100,000 |
0.0% |
$100,000 |
$100,000 |
$6,000 |
$0 |
NA |
NA |
1 |
0 |
0 |
98,000 |
100,000 |
2.0% |
100,000 |
100,000 |
6,000 |
0 |
NA |
NA |
2 |
0 |
0 |
105,000 |
105,000 |
0.0% |
105,000 |
105,000 |
6,300 |
0 |
NA |
NA |
3 |
0 |
0 |
125,000 |
125,000 |
0.0% |
125,000 |
125,000 |
7,500 |
7,500 |
NA |
NA |
3.5 |
0 |
6,000 |
111,000 |
118,590 |
6.4% |
125,000 |
119,000 |
7,500 |
1,500 |
NA |
NA |
4 |
0 |
0 |
104,000 |
118,590 |
12.3% |
125,000 |
119,000 |
7,500 |
7,500 |
7,140 (1) |
7,140 (1) |
5 |
0 |
0 |
90,000 |
118,590 |
24.1% |
125,000 |
119,000 |
6,250 (2) |
6,250 (2) |
5,950 (2) |
5,950 (2) |
6 |
0 |
0 |
95,000 |
118,590 |
19.9% |
125,000 |
119,000 |
7,500 |
7,500 |
7,140 |
7,140 |
6.5 |
0 |
7,500 |
87,500 |
87,500 (3) |
0.0% |
125,000 |
111,500 |
7,500 |
0 |
5,250 (3) |
0 |
7 |
0 |
0 |
90,000 |
90,000 |
0.0% |
125,000 |
111,500 |
7,500 |
7,500 |
5,400 |
5,400 |
7.5 |
0 |
10,000 |
70,000 |
70,000 (4) |
0.0% |
70,000 (4) |
70,000 (4) |
4,200 (4) |
0 |
4,200 (4) |
0 |
8 |
0 |
0 |
75,000 |
75,000 |
0.0% |
75,000 |
75,000 |
4,500 |
4,500 |
4,500 |
4,500 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
WAB |
BDP |
Basic
Benefit |
Lifetime
Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||||
At Issue |
$100,000 |
NA |
$100,000 |
$100,000 |
0.0% |
$100,000 |
$100,000 |
$6,000 |
$0 |
$6,000 |
$0 |
1 |
0 |
0 |
105,000 |
105,000 |
0.0% |
105,000 |
105,000 |
6,300 |
0 |
6,300 |
0 |
2 |
0 |
0 |
110,000 |
110,000 |
0.0% |
110,000 |
110,000 |
6,600 |
0 |
6,600 |
0 |
3 |
0 |
0 |
110,000 |
120,000 |
8.3% |
110,000 |
110,000 |
6,600 |
6,600 (1) |
7,200 |
7,200 (1) |
3.5 |
0 |
6,000 |
104,000 |
113,455 |
8.3% |
110,000 |
104,000 |
6,600 |
600 |
7,200 |
1,200 |
4 |
0 |
0 |
100,000 |
113,455 |
11.9% |
110,000 |
104,000 |
6,600 |
6,600 |
7,200 |
7,200 |
4.5 |
0 |
7,000 |
90,000 |
105,267 |
14.5% |
90,000 |
90,000 |
5,400 (2) |
5,400 (2) |
7,200 |
200 |
5 |
0 |
0 |
80,000 |
105,267 |
24.0% |
90,000 |
90,000 |
4,500 (3) |
4,500 (3) |
6,000 (3) |
6,000 (3) |
5.5 |
0 |
10,000 |
70,000 |
70,000 (4) |
0.0% |
70,000 |
70,000 |
3,500 (4) |
3,500 (4) |
3,500 (4) |
3,500 (4) |
6 |
0 |
0 |
75,000 |
75,000 |
0.0% |
75,000 |
75,000 |
4,500 |
4,500 |
4,500 |
4,500 |
7 |
0 |
0 |
70,000 |
70,000
(5) |
0.0% |
70,000
(5) |
70,000
(5) |
4,200
(5) |
4,200
(5) |
4,200
(5) |
4,200
(5) |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
5,000 |
92,000 |
100,000 |
95,000 |
7,000 |
2,000 |
N/A |
N/A |
1 |
0 |
0 |
90,000 |
90,000 (1) |
90,000 (1) |
6,300 |
6,300 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
90,000 |
90,000 |
6,300 |
6,300 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
90,000 |
90,000 |
6,300 |
6,300 |
5,400 (2) |
5,400 (2) |
5.5 |
0 |
5,400 |
70,000 |
90,000 |
84,600 |
6,300 |
900 |
5,400 |
0 |
6 |
0 |
0 |
69,000 |
90,000 |
84,600 |
6,300 |
6,300 |
5,400 |
5,400 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
6.5 |
0 |
6,300 |
62,000 |
90,000 |
78,300 |
6,300 |
0 |
3,720 (3) |
0 |
7 |
0 |
0 |
64,000 |
90,000 |
78,300 |
6,300 |
6,300 |
3,840 |
3,840 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (4) |
51,000 (4) |
3,570 |
0 |
3,060 (4) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
6.5 |
0 |
0 |
110,000 |
125,000 |
125,000 |
8,750 |
8,750 |
6,600 (5) |
6,600 (5) |
7 |
0 |
0 |
105,000 |
125,000 |
125,000 |
8,750 |
8,750 |
6,600 |
6,600 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
5,000 |
92,000 |
100,000 |
95,000 |
7,000 |
2,000 |
N/A |
N/A |
1 |
0 |
0 |
90,000 |
90,000 (1) |
90,000 (1) |
6,300 |
6,300 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
90,000 |
90,000 |
6,300 |
6,300 |
N/A |
N/A |
6 |
0 |
0 |
75,000 |
90,000 |
90,000 |
6,300 |
6,300 |
5,400 (2) |
5,400 (2) |
6.5 |
0 |
5,400 |
70,000 |
90,000 |
84,600 |
6,300 |
900 |
5,400 |
0 |
7 |
0 |
0 |
69,000 |
90,000 |
84,600 |
6,300 |
6,300 |
5,400 |
5,400 |
7.5 |
0 |
6,300 |
62,000 |
90,000 |
78,300 |
6,300 |
0 |
3,720 (3) |
0 |
8 |
0 |
0 |
64,000 |
90,000 |
78,300 |
6,300 |
6,300 |
3,840 |
3,840 |
8.5 |
0 |
10,000 |
51,000 |
51,000 (4) |
51,000 (4) |
3,570 |
0 |
3,060 (4) |
0 |
9 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
9.5 |
0 |
0 |
54,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
10 |
0 |
0 |
52,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract
Duration |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
6.5 |
0 |
0 |
110,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
7 |
0 |
0 |
105,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
MAV Death Benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV Death Benefit minus remaining purchase payments for the Current Contract or MAV
Death Benefit minus payments not previously surrendered for the Original
Contract): |
|
0.40 × ($110,000 - $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV Death Benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 - $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV Death Benefit (MAV adjusted for partial surrenders): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 - $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
+55,000 |
Total death benefit of: |
$255,000 |
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
+55,000 |
Total death benefit of: |
$305,000 |
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
|
0.40 × ($250,000 - $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector Plus does not provide any additional benefit at this
time. |
|
On the first contract anniversary the contract value grows to $110,000. You have not reached the second
contract anniversary so the Benefit Protector Plus does not provide any benefit
beyond what is provided by the Benefit Protector at this time. The
death benefit equals: |
|
MAV Death Benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
remaining purchase payments for the Current Contract or MAV Death Benefit minus
payments not previously surrendered for the Original
Contract): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV Death Benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue |
|
and not previously surrendered: 0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
surrender of $50,000, including the applicable 7% surrender charge. We will
surrender $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
surrender is subject to a 7% surrender charge because your payment is in the third
year of the surrender charge schedule, so we will surrender $39,500
($36,735 + $2,765 in surrender charges) from your contract value.
Altogether, we will surrender $50,000 and pay you $47,235. We calculate purchase payments not previously surrendered as $100,000 – $45,000 = $55,000 (remember that $5,000 of the
partial surrender is contract earnings). The death benefit equals:
|
|
MAV Death Benefit (MAV adjusted for partial surrenders): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue |
|
and not previously surrendered: 0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously surrendered that are
one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously surrendered that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously surrendered:
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector Plus value. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously surrendered that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously surrendered:
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$316,000 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old. The value of the Benefit Protector Plus remains constant. The death
benefit equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously surrendered): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue |
|
and not previously surrendered: 0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Contract
Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
7,000 |
92,000 |
100,000 |
93,000 |
7,000 |
0 |
N/A |
N/A |
1 |
0 |
0 |
91,000 |
100,000 |
93,000 |
7,000 |
7,000 |
N/A |
N/A |
1.5 |
0 |
7,000 |
83,000 |
100,000 |
86,000 |
7,000 |
0 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
100,000 |
86,000 |
7,000 |
7,000 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
100,000 |
86,000 |
7,000 |
7,000 |
5,160 (1) |
5,160 (1) |
5.5 |
0 |
5,160 |
70,000 |
100,000 |
80,840 |
7,000 |
1,840 |
5,160 |
0 |
6 |
0 |
0 |
69,000 |
100,000 |
80,840 |
7,000 |
7,000 |
5,160 |
5,160 |
6.5 |
0 |
7,000 |
62,000 |
100,000 |
73,840 |
7,000 |
0 |
3,720 (2) |
0 |
7 |
0 |
0 |
70,000 |
100,000 |
73,840 |
7,000 |
7,000 |
4,200 |
4,200 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (3) |
51,000 (3) |
3,570 |
0 |
3,060 (3) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
The Guaranteed Benefit Amount (GBA) equals your purchase payment: |
$100,000 | ||
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
| ||
|
0.07 × $100,000= |
$7,000 | |
The Remaining Benefit Amount (RBA) equals your purchase payment: |
$100,000 | ||
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$110,000 | ||
The GBA equals 100% of your contract value: |
$110,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $110,000= |
$7,700 | |
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
| ||
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
| ||
|
$110,000 – $7,700= |
$102,300 | |
The GBA equals the GBA immediately prior to the partial withdrawal: |
$110,000 | ||
The GBP equals 7% of your GBA: |
| ||
|
0.07 × $110,000= |
$7,700 | |
On the fourth contract anniversary you make an additional purchase payment of $50,000. |
| ||
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment: |
| ||
|
$102,300+$50,000= |
$152,300 | |
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment: |
| ||
|
$110,000+$50,000= |
$160,000 |
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment: |
| ||
|
$7,700+$3,500= |
$11,200 | |
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$200,000 | ||
The GBA equals 100% of your contract value: |
$200,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $200,000= |
$14,000 | |
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
$230,000 – $20,000= |
$210,000 | |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
$200,000 – $20,000= |
$180,000 | |
Reset RBA = lesser of (1) or (2) = |
$180,000 | ||
The GBA gets reset to the lesser of: |
| ||
|
(1) |
your prior GBA; |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
$230,000 – $20,000= |
$210,000 | |
Reset GBA = lesser of (1) or (2) = |
$200,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $200,000= |
$14,000 | |
During the eighth contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
$175,000 – $25,000= |
$150,000 | |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
$180,000 – $25,000= |
$155,000 | |
Reset RBA = lesser of (1) or (2) = |
$150,000 | ||
The GBA gets reset to the lesser of: |
| ||
|
(1) |
your prior GBA; |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
$175,000 – $25,000= |
$150,000 | |
Reset GBA = lesser of (1) or (2) = |
$150,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $150,000= |
$10,500 |
Plan A |
— |
Life Annuity – No Refund; |
Plan B |
— |
Life Annuity with Ten or Twenty Years Certain; |
Plan D |
— |
Joint and Last Survivor Life Annuity – No Refund; |
|
— |
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
Plan E |
— |
Twenty Years Certain. |
Pt-1
(1 + i) |
= |
Pt |
1.05 |
Pt-1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
125,000 |
3 |
132,000 |
none |
132,000 |
132,000 |
4 |
150,000 |
none |
150,000 |
150,000 |
5 |
85,000 |
none |
150,000 |
150,000 |
6 |
121,000 |
none |
150,000 |
150,000 |
7 |
139,000 |
none |
150,000 |
150,000 |
8 |
153,000 |
none |
153,000 |
153,000 |
9 |
140,000 |
none |
153,000 |
153,000 |
10 |
174,000 |
none |
174,000 |
174,000 |
11 |
141,000 |
none |
174,000 |
174,000 |
12 |
148,000 |
none |
174,000 |
174,000 |
13 |
208,000 |
none |
208,000 |
208,000 |
14 |
198,000 |
none |
208,000 |
208,000 |
15 |
203,000 |
none |
208,000 |
208,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
174,000 |
812.58 |
814.32 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1)
Plan D – Last
Survivor No Refund(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
174,000 |
657.72 |
650.76 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base – 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
110,250 |
125,000 |
3 |
132,000 |
none |
115,763 |
132,000 |
4 |
150,000 |
none |
121,551 |
150,000 |
5 |
85,000 |
none |
127,628 |
127,628 |
6 |
121,000 |
none |
134,010 |
134,010 |
7 |
139,000 |
none |
140,710 |
140,710 |
8 |
153,000 |
none |
147,746 |
153,000 |
9 |
140,000 |
none |
155,133 |
155,133 |
10 |
174,000 |
none |
162,889 |
174,000 |
11 |
141,000 |
none |
171,034 |
171,034 |
12 |
148,000 |
none |
179,586 |
179,586 |
13 |
208,000 |
none |
188,565 |
208,000 |
14 |
198,000 |
none |
197,993 |
198,000 |
15 |
203,000 |
none |
207,893 |
207,893 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – 5% RF Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
171,034 |
778.20 |
779.91 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
198,000 |
974.16 |
976.14 |
15 |
203,000 |
1,025.15 |
1,027.18 |
207,893 |
1,049.86 |
1,051.94 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB –
5% RF Provisions | |||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | ||
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 | |
11 |
141,000 |
521.70 |
516.06 |
171,034 |
632.83 |
625.98 | |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 | |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 | |
14 |
198,000 |
786.06 |
778.14 |
198,000 |
786.06 |
778.14 | |
15 |
203,000 |
826.21 |
818.09 |
207,893 |
846.12 |
837.81 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
110,250 |
125,000 |
3 |
132,000 |
none |
132,000 |
115,763 |
132,000 |
4 |
150,000 |
none |
150,000 |
121,551 |
150,000 |
5 |
85,000 |
none |
150,000 |
127,628 |
150,000 |
6 |
121,000 |
none |
150,000 |
134,010 |
150,000 |
7 |
139,000 |
none |
150,000 |
140,710 |
150,000 |
8 |
153,000 |
none |
153,000 |
147,746 |
153,000 |
9 |
140,000 |
none |
153,000 |
155,133 |
155,133 |
10 |
174,000 |
none |
174,000 |
162,889 |
174,000 |
11 |
141,000 |
none |
174,000 |
171,034 |
174,000 |
12 |
148,000 |
none |
174,000 |
179,586 |
179,586 |
13 |
208,000 |
none |
208,000 |
188,565 |
208,000 |
14 |
198,000 |
none |
208,000 |
197,993 |
208,000 |
15 |
203,000 |
none |
208,000 |
207,893 |
208,000 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – Max Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – Max
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
Max Provisions | ||||
Assumed
Contract
Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – Max
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
End of Contract Year |
Partial Surrender (beginning of year) |
MCAV Adjustment
for Partial Surrender |
MCAV |
Initial payment Accumulation Benefit Amount |
100,000 Hypothetical Assumed Contract Value |
1 |
$0 |
$0 |
$100,000 |
$0 |
$112,000 |
2 |
0 |
0 |
102,400 |
0 |
128,000 |
3 |
0 |
0 |
108,000 |
0 |
135,000 |
4 |
0 |
0 |
108,000 |
0 |
125,000 |
5 |
0 |
0 |
108,000 |
0 |
110,000 |
6 |
2,000 |
1,964 |
106,036 |
0 |
122,000 |
7 |
0 |
0 |
112,000 |
0 |
140,000 |
8 |
0 |
0 |
112,000 |
0 |
121,000 |
9 |
5,000 |
4,628 |
107,372 |
0 |
98,000 |
10 |
0 |
0 |
107,372 |
22,372 |
85,000 |
1 |
— |
(a/b) |
a |
= |
contract value at the end of the prior valuation period |
b |
= |
WAB at the end of the prior valuation period |
a × b |
where: |
c |
a |
= |
the amount the contract value is reduced by the withdrawal |
b |
= |
WAB on the date of (but prior to) the withdrawal |
c |
= |
the contract value on the date of (but prior to) the withdrawal. |
a |
= |
Contract value at the end of the prior valuation period |
b |
= |
WAB at the end of the prior valuation period |
a × b |
where: |
c |
a |
= |
the amount of the withdrawal minus the RALP |
b |
= |
the PBG minus the RALP on the date of (but prior to) the withdrawal |
c |
= |
the contract value on the date of (but prior to) the withdrawal minus the RALP |
d × e |
where: |
f |
d |
= |
the amount of the withdrawal minus the RALP |
e |
= |
the BB on the date of (but prior to) the withdrawal |
f |
= |
the contract value on the date of (but prior to) the withdrawal minus the RALP. |
g × h |
where: |
i |
g |
= |
the amount the contract value is reduced by the withdrawal |
h |
= |
the WAB, BB or PGB (as applicable) on the date of (but prior to) the withdrawal |
I |
= |
the contract value on the date of (but prior to) the withdrawal. |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0.30% |
0.30% |
Increase in Annual Contract Charge |
$330 |
$303 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$0 |
$0 |
Increase in Guaranteed Benefit Payment |
$0 |
$0 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
4
| |
6 | |
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12
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21 | |
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45
| |
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48
| |
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49
| |
50 | |
50
| |
50 | |
52
| |
62 | |
64
| |
66 | |
66
| |
66 | |
68
| |
81 | |
81
| |
81 | |
82
| |
83 | |
83
| |
83 | |
85
| |
85 | |
87
| |
89 | |
89
| |
90 | |
90
| |
90 | |
91
| |
91 | |
93
| |
94 | |
95
| |
105 |
108
| |
111 | |
112
| |
116 | |
118
| |
120 | |
122
| |
123 | |
135
| |
143 | |
153
| |
154 |
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. This contract has two surrender
charge options. You may select either a seven-year or five-year surrender
withdrawal schedule at the time of application. If you make an
early withdrawal, you may be assessed a surrender charge of up to
8% of the purchase payment withdrawn. For example, if you make an
early withdrawal, you could pay a surrender charge of up to
$8,000 on a $100,000 investment. |
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
| ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, tax
qualification, application signed
date, and size of contract value) |
1.07% |
1.92% | ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
2.38%
| ||
Optional benefits available for an
additional charge
(for a single optional benefit, if
elected)(3) |
0.25% |
1.75% | ||
(1) As a percentage of average daily subaccount value. Includes the Mortality
and Expense Fee, Variable Account Administrative Charge, and
Contract Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit). The Minimum is a
percentage of Contract value. The Maximum is a percentage of the greater of Contract Value or minimum contract accumulation value (MCAV).
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. |
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
|
Lowest Annual Cost:
$1,691
|
Highest Annual Cost:
$3,870
|
| |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge •No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contracts have withdrawal charges, which may reduce the value of
your Contract if you withdraw money during withdrawal charge period.
Withdrawals may also reduce or terminate contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account, DCA Fixed account and the Guarantee Period Accounts (GPAs) investment options
has its own unique risks.
•You should review the investment options before making any investment decisions. |
Principal Risks
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about
RiverSource Life, including our financial strength ratings, is available by contacting us at
1-800-862-7919. |
Principal Risks
The General
Account |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the annuitization start date, and once per contract year after the
annuitization start date. •Certain transfers out of the GPAs will be subject to an MVA.
•GPAs and the Fixed Account are subject to certain restrictions.
•We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds. We also reserve the right, upon notification to you, to close or restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments | ||
Optional Benefits |
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Buying Your
Contract— Purchase Payments Optional Benefits – SecureSource Rider – Investment Allocation restrictions Appendix J: Guarantor Withdrawal Benefit for Life Rider Disclosure– Investment Allocation Restrictions Appendix K: Guarantor Withdrawal Benefit Rider Disclosure– Investment Allocation Restrictions
Appendix A: Funds
Available Under
the Optional
Benefits Offered
Under the
Contract | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract •If you purchase the contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes |
|
CONFLICTS OF INTEREST
|
Location in
Statutory
Prospectus | ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule* | ||
Years from purchase payment receipt** |
Withdrawal charge percentage |
Years from purchase payment receipt** |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
Return of Purchase Payment (ROP) Death Benefit |
0.90 % |
0.15 % |
1.05 % |
Maximum Anniversary Value (MAV) Death Benefit |
1.10 |
0.15 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
0.15 |
1.40 |
Enhanced Death Benefit |
1.30 |
0.15 |
1.45 |
Nonqualified annuities | |||
ROP Death Benefit |
1.05 |
0.15 |
1.20 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
MAV Death Benefit |
1.25 |
0.15 |
1.40 |
5% Accumulation Death Benefit |
1.40 |
0.15 |
1.55 |
Enhanced Death Benefit |
1.45 |
0.15 |
1.60 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.00 % |
0.15 % |
1.15 % |
MAV Death Benefit |
1.20 |
0.15 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
0.15 |
1.50 |
Enhanced Death Benefit |
1.40 |
0.15 |
1.55 |
Nonqualified annuities | |||
ROP Death Benefit |
1.15 |
0.15 |
1.30 |
MAV Death Benefit |
1.35 |
0.15 |
1.50 |
5% Accumulation Death Benefit |
1.50 |
0.15 |
1.65 |
Enhanced Death Benefit |
1.55 |
0.15 |
1.70 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.20 % |
0.15 % |
1.35 % |
MAV Death Benefit |
1.40 |
0.15 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
0.15 |
1.70 |
Enhanced Death Benefit |
1.60 |
0.15 |
1.75 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.35 |
0.15 |
1.50 |
MAV Death Benefit |
1.55 |
0.15 |
1.70 |
5% Accumulation Death Benefit |
1.70 |
0.15 |
1.85 |
Enhanced Death Benefit |
1.75 |
0.15 |
1.90 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
Accumulation Protector Benefit® rider
fee |
|
Contract purchase date: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
Prior to 01/26/2009 |
1.75% |
0.55% |
01/26/2009 – 05/31/2009 |
1.75% |
0.80% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2018 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
SecureSource® rider
fees |
|
Application signed date |
Maximum annual rider fee |
Initial annual rider fee(1) |
5/1/2007 – 5/31/2008, Single Life |
1.50 % |
0.65 % |
5/1/2007 – 5/31/2008, Joint Life |
1.75 % |
0.85 % |
6/1/2008 – 1/25/2009, Single Life |
1.50 % |
0.75 % |
6/1/2008 – 1/25/2009, Joint Life |
1.75 % |
0.95 % |
1/26/2009 and later, Single Life |
2.00 % |
1.10 % |
1/26/2009 and later, Joint Life |
2.50 % |
1.40 % |
Application signed date |
All Portfolio
Stabilizer
funds |
Portfolio Navigator funds | ||||
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderate
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) | ||
5/1/2007 – 5/31/2008, Single Life |
0.65 % |
0.75 % |
0.75 % |
0.75 % |
0.90 % |
1.00 % |
5/1/2007 – 5/31/2008, Joint Life |
0.85 % |
0.95 % |
0.95 % |
0.95 % |
1.10 % |
1.20 % |
6/1/2008 – 1/25/2009, Single Life |
0.75 % |
0.85 % |
0.85 % |
0.85 % |
1.00 % |
1.10 % |
6/1/2008 – 1/25/2009, Joint Life |
0.95 % |
1.05 % |
1.05 % |
1.05 % |
1.20 % |
1.30 % |
1/26/2009 and later, Single Life |
1.10 % |
1.10 % |
1.10 % |
1.10 % |
1.20 % |
1.30 % |
1/26/2009 and later, Joint Life |
1.40 % |
1.40 % |
1.40 % |
1.40 % |
1.50 % |
1.60 % |
Guarantor Withdrawal Benefit for Life® rider
fee |
Maximum: 1.50% |
Initial: 0.65%(2) |
Guarantor® Withdrawal Benefit rider fee |
Maximum: 1.50% |
Initial: 0.55%(3) |
Income Assurer Benefit® – MAV
rider fee |
Maximum: 1.50% |
Current: 0.30%(4)
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
Maximum: 1.75% |
Current: 0.60%(4)
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
Maximum: 2.00% |
Current: 0.65%(4)
|
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
2.38 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$11,974 |
$20,578 |
$28,313 |
$47,797 |
$4,715 |
$14,185 |
$23,709 |
$47,757 |
Five-year withdrawal charge schedule |
11,356 |
18,685 |
25,110 |
50,161 |
5,016 |
15,045 |
25,070 |
50,121 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$11,836 |
$20,176 |
$27,660 |
$46,588 |
$4,564 |
$13,753 |
$23,021 |
$46,548 |
Five-year withdrawal charge schedule |
11,212 |
18,269 |
24,432 |
48,988 |
4,865 |
14,615 |
24,392 |
48,948 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$9,127 |
$12,048 |
$13,704 |
$18,934 |
$1,620 |
$5,025 |
$8,664 |
$18,894 |
Five-year withdrawal charge schedule |
8,479 |
9,954 |
10,286 |
22,205 |
1,927 |
5,960 |
10,246 |
22,165 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$8,985 |
$11,594 |
$12,905 |
$17,263 |
$1,466 |
$4,554 |
$7,865 |
$17,223 |
Five-year withdrawal charge schedule |
8,336 |
9,505 |
9,497 |
20,582 |
1,773 |
5,493 |
9,457 |
20,542 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule for contracts with
applications signed on or after May 1, 2006 and if
available in your state |
Qualified annuities |
Nonqualified annuities |
ROP Death Benefit |
0.90 % |
1.05 % |
MAV Death Benefit |
1.10 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
1.40 |
Enhanced Death Benefit |
1.30 |
1.45 |
Seven-year withdrawal charge schedule for all other
contracts | ||
ROP Death Benefit |
1.00 % |
1.15 % |
MAV Death Benefit |
1.20 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
1.50 |
Enhanced Death Benefit |
1.40 |
1.55 |
Five-year withdrawal charge schedule | ||
ROP Death Benefit |
1.20 % |
1.35 % |
MAV Death Benefit |
1.40 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
1.70 |
Enhanced Death Benefit |
1.60 |
1.75 |
Contract purchase date: |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
Prior to 01/26/2009 |
1.75% |
0.55% |
01/26/2009 – 05/31/2009 |
1.75% |
0.80% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Application signed date |
Maximum annual rider fee |
Initial annual rider fee |
5/1/2007 – 5/31/2008, Single Life |
1.50 % |
0.65 % |
5/1/2007 – 5/31/2008, Joint Life |
1.75 % |
0.85 % |
6/1/2008 – 1/25/2009, Single Life |
1.50 % |
0.75 % |
6/1/2008 – 1/25/2009, Joint Life |
1.75 % |
0.95 % |
1/26/2009 and later, Single Life |
2.00 % |
1.10 % |
1/26/2009 and later, Joint Life |
2.50 % |
1.40 % |
|
|
Portfolio Navigator funds | ||||
Application signed date |
All Portfolio
Stabilizer
funds |
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio – Moderate Portfolio (Class 2), (Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) |
5/1/2007 – 5/31/2008, Single Life |
0.65 % |
0.75 % |
0.75 % |
0.75 % |
0.90 % |
1.00 % |
5/1/2007 – 5/31/2008, Joint Life |
0.85 % |
0.95 % |
0.95 % |
0.95 % |
1.10 % |
1.20 % |
6/1/2008 – 1/25/2009, Single Life |
0.75 % |
0.85 % |
0.85 % |
0.85 % |
1.00 % |
1.10 % |
6/1/2008 – 1/25/2009, Joint Life |
0.95 % |
1.05 % |
1.05 % |
1.05 % |
1.20 % |
1.30 % |
1/26/2009 and later, Single Life |
1.10 % |
1.10 % |
1.10 % |
1.10 % |
1.20 % |
1.30 % |
1/26/2009 and later, Joint Life |
1.40 % |
1.40 % |
1.40 % |
1.40 % |
1.50 % |
1.60 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
|
Maximum |
Current |
Income Assurer Benefit – MAV |
1.50 % |
0.30 %(1) |
Income Assurer Benefit – 5% Accumulation Benefit Base |
1.75 |
0.60 (1) |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
2.00 |
0.65
(1) |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Automate transfers not available for GPA terms of 2 or more years •Not available when the PN
program is in effect |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial surrenders •For contracts with a
SecureSource series rider, Guarantor Withdrawal Benefit rider or Guarantor Withdrawal Benefit for Life rider, you may set up automated partial surrenders up to the benefit available for withdrawals under the rider •May result in income taxes
and IRS penalty on all or a
portion of the amounts
surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a
hospital or nursing home for
the prior 60 days
• You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Must receive your surrender
request no later than 91
days after your release from
the hospital or nursing home
•Amount withdrawn must be paid directly to you •Contract value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
contract value without
awithdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur in after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you •Contract value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or total
purchase payments and any
purchase payment credits
applied to the contract minus
adjusted partial withdrawals |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.05% of
contract value
in the variable
account
- Nonqualified
contract
1.20% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.15% of
contract value
in the variable
account
- Nonqualified
contract
1.30% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability - Qualified contract 1.05% - Nonqualified contract 1.20% Seven-year surrender charge schedule all other contracts - Qualified contract 1.15% - Nonqualified contract 1.30% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25% of
contract value
in the variable
account
- Nonqualified
contract
1.40% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25%
- Nonqualified
contract
1.40%
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
•Available for the Contract
owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40% of
contract value
in the variable
account
- Nonqualified
contract
1.55% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50% of
contract value
in the variable
account
- Nonqualified
contract
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40%
- Nonqualified
contract
1.55%
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50%
- Nonqualified
contract
1.65% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70% of
contract value
in the variable
account
- Nonqualified
contract
1.85% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70%
- Nonqualified
contract
1.85% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB) |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals,
or the 5% variable account
floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45% of
contract value
in the variable
account
- Nonqualified
contract
1.60% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45%
- Nonqualified
contract
1.60%
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75% of
contract value
in the variable
account
- Nonqualified
contract
1.90% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75%
- Nonqualified
contract
1.90% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
0.25%
of contract value |
0.25% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Not available with Benefit
Protector Plus, the 5%
Accumulation Death benefit
or Enhanced Death Benefit
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
0.40% of
contract value |
0.40% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Available only for transfers,
exchanges or rollovers
•Not available with Benefit Protector, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges •The percentage of exchange
purchase payments varies
by age and is subject to a
vesting schedule |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Guarantor
Withdrawal
Benefit for Life
Rider |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
1.50% of
contract value or the total Remaining Benefit Amount, whichever is greater |
0.65% - 1.10% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
1.50% of
contract value |
0.55% -1.00% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 79
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Limitations on additional
purchase payments
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Income Assurer
Benefit |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% or
0.55%
Varies by issue
date |
•Available to owners age 75 or younger •Not available with any other
living benefit riders
•The rider has a 10 year Waiting period •Available as: Income Assurer
Benefit – MAV; Income
Assurer Benefit – 5%
Accumulation Benefit Base;
and Income Assurer Benefit
– Greater of MAV or 5%
Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% or
0.70%
Varies by issue
date | |||
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% or
0.75%
Varies by issue
date | |||
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
Contracts
signed prior to
1/26/2009
1.75% of
contract value or the Minimum Contract Accumulation Value Contracts signed 1/26/2009 – 5/31/2009 1.75% of contract value
or the Minimum
Contract
Accumulation
Value |
Contracts
signed prior to
1/26/
20090.55% - 1.75% Contracts signed 1/26/2009 – 5/31/2009 0.80% - 1.75%
Varies by issue
date, elective
step up date
and the fund
selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•The rider ends when the Waiting Period expires •Limitations on additional
purchase payments
•Subject to Investment Allocation restrictions •Elective Step ups restart the
Waiting Period |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
SecureSource riders |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Contracts
signed on/after
1/26/2009)
Single Life: 2.00% Joint Life:
2.50% of
contract value or the Remaining Benefit Amount, whichever is greater Contracts signed 5/1/2007 - 1/25/2009 Single Life:
1.50%
Joint Life: 1.75% of contract value
or the
Remaining
Benefit
Amount,
whichever is
greater |
Single Life: 0.65% – 1.30% Joint Life:
0.85% –
1.60%Varies by
issue date,
elective step
up date
and the fund
selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Available as a Single Life or
Joint Life option
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
Adjusted partial withdrawals (calculated for ROP and MAV Death Benefits) |
= |
PW X DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% variable account floor adjusted transfers or partial withdrawals |
= |
PWT X VAF |
SV |
PWT |
= |
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result
of the partial withdrawal or transfer from the subaccounts or the DCA fixed account.
|
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer of partial
withdrawal. |
On the benefit date, if: |
Then your Accumulation Protector Benefit rider benefit
is: |
The Minimum Contract Accumulation Value (defined below) as
determined under the Accumulation Protector Benefit rider is
greater than your contract value, |
The contract value is increased on the benefit date to equal the
Minimum Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider on the benefit date. |
The contract value is equal to or greater than the Minimum
Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider, |
Zero; in this case, the Accumulation Protector Benefit rider ends without value and no benefit is payable. |
If you purchased a contract(1)...
|
and you selected one of the
following optional living benefits... |
Disclosure for this benefit may be
found in the following Appendix: |
Before April 30, 2006 |
Guarantor Withdrawal Benefit |
Appendix K |
May 1, 2006 – April 30, 2007 |
Guarantor Withdrawal Benefit for Life |
Appendix J |
Before May 1, 2007 |
Income Assurer Benefit |
Appendix L |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
APPENDIX NAME |
PAGE # |
CROSS-REFERENCE |
PAGE # |
Appendix A: Funds Available Under the Contract |
p. 154 |
N/A |
|
Appendix B: Example — Withdrawal Charges |
p. 105 |
Charges — Withdrawal Charges |
p. 28 |
Appendix C: Example — Death Benefits |
p. 108 |
Benefits in Case of Death |
p. 62 |
Appendix D: Example — Accumulation Protector Benefit
Rider |
p. 111 |
Optional Benefits — Accumulation Protector Benefit Rider |
p. 66 |
Appendix E: Example — SecureSource Riders |
p. 112 |
Optional Benefits — SecureSource Riders |
p. 68 |
Appendix F: SecureSource Riders — Additional RMD
Disclosure |
p. 116 |
Optional Benefits — SecureSource Riders |
p. 68 |
Appendix G: Example — Benefit Protector Death Benefit
Rider |
p. 118 |
Optional Benefits — Benefit Protector Death Benefit Rider |
p. 81 |
Appendix H: Example — Benefit Protector Plus Death Benefit
Rider |
p. 120 |
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
p. 82 |
Appendix I: Asset Allocation Program for Contracts With
Applications Signed Before May 1, 2006 |
p. 122 |
|
|
Appendix J: Guarantor Withdrawal |
p. 123 |
N/A |
|
Benefit for Life Rider Disclosure |
|
|
|
Appendix K: Guarantor Withdrawal |
p. 135 |
N/A |
|
Benefit Rider Disclosure |
|
|
|
Appendix L: Example — Income |
p. 143 |
N/A |
|
Assurer Benefit Riders Disclosure |
|
|
|
Appendix M: Example Benefit Riders: Effective Step up or Elective Spousal Contribution Step up |
p. 153 |
Optional Benefits — Optional Living Benefits |
p.
66 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
0.98%1 |
12.66% |
5.92% |
5.04% |
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
1.15% |
14.83% |
5.55% |
1.83% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks investment
results that are greater
than the total return
performance of publicly
traded common stocks
of medium-size
domestic companies in
the aggregate, as
represented by the
Standard & Poor's
MidCap 400® Index. |
BNY Mellon Investment Portfolios, MidCap
Stock Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc. |
1.05%1 |
17.99% |
10.42% |
7.17% |
Seeks long-term capital
growth consistent with
the preservation of
capital. Its secondary
goal is current income. |
BNY Mellon Variable Investment Fund,
Appreciation Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Fayez Sarofim & Co.,
sub-investment adviser. |
1.10% |
20.67% |
15.94% |
10.81% |
Seeks long-term growth
of capital. |
ClearBridge Variable Small Cap Growth
Portfolio - Class I
Legg Mason Partners Fund Advisor, LLC,
investment manager; ClearBridge
Investments, LLC, sub-adviser. (Western
Asset Management Company manages the
portion of cash and short-term investments
allocated to it) |
0.80% |
8.40% |
9.56% |
7.89% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
1.22%1 |
9.31% |
3.54% |
2.51% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
12.08% |
5.47% |
4.32% |
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation. |
Columbia Variable Portfolio - Income
Opportunities Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
11.51% |
5.15% |
4.12% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.92% |
15.47% |
8.09% |
3.51% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Mid Cap
Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
10.18% |
13.20% |
8.29% |
Seeks long-term capital
appreciation. |
Columbia Variable Portfolio - Small Cap
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC |
1.11%1 |
21.67% |
13.39% |
8.40% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
The portfolio is
designed to achieve
positive total return
relative to the
performance of the
Bloomberg Commodity
Index Total Return
("BCOM Index"). |
Credit Suisse Trust - Commodity Return
Strategy Portfolio, Class 1
Credit Suisse Asset Management, LLC |
1.05% |
(9.11%) |
7.23% |
(1.21%) |
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser. |
0.75%1 |
3.95% |
1.04% |
2.23% |
Seeks to provide
shareholders with
long-term capital growth. |
CTIVP® - Principal Blue Chip Growth Fund
(Class 1)
Columbia Management Investment Advisers,
LLC, adviser; Principal Global Investors, LLC,
subadviser. |
0.70% |
39.54% |
15.67% |
13.48% |
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
0.95% |
9.81% |
14.18% |
10.58% |
Seeks high level of
current income. |
Eaton Vance VT Floating-Rate Income Fund -
Initial Class
Eaton Vance Management |
1.17% |
11.21% |
4.13% |
3.22% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks as high level of
current income as is
consistent with the
preservation of capital. |
Fidelity® VIP Investment Grade Bond
Portfolio Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.63% |
6.00% |
1.72% |
2.08% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
0.71%1 |
8.62% |
6.98% |
5.01% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term capital
appreciation, with
preservation of capital
as an important
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in equity
securities of financially
sound companies that
have paid consistently
rising dividends. |
Franklin Rising Dividends VIP Fund - Class 2
Franklin Advisers, Inc. |
0.90%1 |
12.08% |
13.75% |
10.23% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.84%1 |
11.42% |
13.36% |
8.10% |
Seeks long-term growth
of capital and dividend
income. |
Goldman Sachs VIT U.S. Equity Insights
Fund - Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.56%1 |
23.81% |
13.60% |
10.97% |
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks long-term growth
of capital. |
Invesco V.I. EQV International Equity Fund,
Series II Shares
Invesco Advisers, Inc. |
1.15% |
17.86% |
8.15% |
4.07% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks long-term growth
of capital. |
Invesco V.I. Health Care Fund, Series II
Shares
Invesco Advisers, Inc. |
1.23% |
2.77% |
8.49% |
6.60% |
Seeks long-term growth
of capital. |
Invesco V.I. Main Street Mid Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.19% |
14.14% |
10.32% |
6.45% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks long-term growth
of capital. |
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC |
0.82% |
42.81% |
16.54% |
12.21% |
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.77%1 |
3.40% |
2.65% |
1.90% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Mid Cap Value Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
1.01%1 |
6.03% |
10.90% |
8.61% |
Seeks capital growth. |
LVIP American Century Ultra® Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.90%1 |
43.27% |
19.07% |
14.47% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.86%1 |
9.02% |
11.71% |
8.36% |
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
The Fund seeks
long-term capital growth
by investing primarily in
common stocks and
other equity securities. |
Morgan Stanley VIF Discovery Portfolio,
Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
44.13% |
10.83% |
8.38% |
The Fund seeks to
provide current income
and capital
appreciation. |
Morgan Stanley VIF Global Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc., adviser; Morgan Stanley Investment
Management Limited and Morgan Stanley
Investment Management Company,
subadvisers. |
1.10%1 |
10.47% |
0.30% |
1.69% |
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
14.22% |
2.66% |
4.26% |
Seeks maximum real
return, consistent with
preservation of real
capital and prudent
investment
management. |
PIMCO VIT All Asset Portfolio, Advisor Class2 Pacific Investment Management Company LLC (PIMCO) |
2.29%1 |
8.02% |
5.90% |
3.93% |
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
1.03% |
23.75% |
14.17% |
7.82% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
0.75%1 |
2.88% |
(2.13%) |
(0.66%) |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests
predominantly in equity
securities of companies
located anywhere in the
world, including
developing markets. |
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited |
1.12%1 |
21.01% |
6.47% |
3.24% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.22% |
9.19% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.19% |
9.20% |
6.47% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.46% |
2.66% |
2.50% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.39% |
2.64% |
2.50% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.95% |
7.87% |
2.39% |
2.33% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.98% |
9.98% |
3.66% |
3.05% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02% |
14.59% |
6.34% |
4.44% |
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.99% |
12.27% |
5.07% |
3.84% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.96% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.94% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.93% |
7.56% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.91% |
7.57% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.50% |
4.32% |
3.54% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.48% |
4.31% |
3.53% |
Seeks to provide
shareholders with
long-term capital growth. |
Variable Portfolio - Partners Core Equity Fund
(Class 3)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and T. Rowe Price
Associates, Inc., subadvisers. |
0.82% |
24.55% |
14.45% |
10.33% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC |
0.95%1 |
21.74% |
7.51% |
7.20% |
Seeks long-term capital
appreciation. |
Wanger International
Columbia Wanger Asset Management, LLC |
1.14%1 |
16.95% |
6.45% |
3.50% |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the withdrawal charge as follows: | ||||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 |
|
|
Contract with Gain |
Contract with
Loss | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
50,000.00 |
40,000.00 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
|
| |
|
ACV from Step 3 = |
0.00 |
4,200.00 | |
|
CV from Step 1 = |
50,000.00 |
40,000.00 | |
|
TFA from Step 2= |
60,000.00 |
40,000.00 | |
|
PPNPW from Step 1 = |
10,000.00 |
4,200.00 | |
|
PPW = |
50,000.00
|
50,000.00 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
|
| |
|
PPW: |
50,000.00 |
50,000.00 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full withdrawal is determined
as: |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Withdrawal charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full withdrawal): |
(40.00
) |
(40.00 ) | |
|
Net full withdrawal proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We determine the amount of contract value that must be withdrawn in order for the net partial withdrawal proceeds to
match the amount requested. We start with an estimate of the amount of contract value to withdraw
and calculate the resulting withdrawal charge and net partial withdrawal proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to withdraw that generates the desired net partial withdrawal
proceeds. | ||||
We calculate the withdrawal charge for each estimate as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
| ||
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
5,376.34 |
16,062.31 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
| ||
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
5,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPW from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPW = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
| ||
|
PPW: |
5,376.34 |
19,375.80 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial withdrawal is
determined as: |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Withdrawal charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial withdrawal proceeds: |
$15,000.00 |
$15,000.00 |
We calculate the ROP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
ROP Death Benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary values: |
$26,000.00 |
| |
|
plus purchase payments made since the prior anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $26,000 |
= |
–1,772.73 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$24,227.27 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$24,227.27 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: |
|
| |
|
1.05 × $20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA account value: |
+5,300.00
|
| |
|
5% variable account floor (value of the GPA account and the variable account floor): |
$24,642.11 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% variable account floor: |
|
$24,642.11 |
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,456.79 |
|
4. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: |
|
| |
|
1.05 × $20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA value: |
+5,300.00 |
| |
|
5% variable account floor (value of the GPAs and the variable account floor): |
$24,642.11 |
| |
Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% variable account floor: |
|
$24,642.11 |
End of Contract Year |
Assumed Net Rate of Return |
Partial Withdrawal (beginning of year) |
Adjusted Partial Withdrawal |
MCAV |
Accumulation Benefit Amount |
Contract Value |
1 |
12% |
0 |
0 |
100,000 |
0 |
111,104 |
2 |
15% |
0 |
0 |
101,398 |
0 |
126,747 |
3 |
3% |
0 |
0 |
103,604 |
0 |
129,505 |
4 |
-8% |
0 |
0 |
103,604 |
0 |
118,192 |
5 |
-15% |
0 |
0 |
103,604 |
0 |
99,634 |
6 |
20% |
2,000 |
2,080 |
101,525 |
0 |
116,224 |
7 |
15% |
0 |
0 |
106,071 |
0 |
132,588 |
8 |
-10% |
0 |
0 |
106,071 |
0 |
118,375 |
9 |
-20% |
5,000 |
4,480 |
101,590 |
0 |
89,851 |
10 |
-12% |
0 |
0 |
101,590 |
23,334 |
78,256 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
5,000 |
92,000 |
100,000 |
95,000 |
7,000 |
2,000 |
N/A |
N/A |
1 |
0 |
0 |
90,000 |
90,000 (1) |
90,000 (1) |
6,300 |
6,300 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
90,000 |
90,000 |
6,300 |
6,300 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
90,000 |
90,000 |
6,300 |
6,300 |
5,400 (2) |
5,400 (2) |
5.5 |
0 |
5,400 |
70,000 |
90,000 |
84,600 |
6,300 |
900 |
5,400 |
0 |
6 |
0 |
0 |
69,000 |
90,000 |
84,600 |
6,300 |
6,300 |
5,400 |
5,400 |
6.5 |
0 |
6,300 |
62,000 |
90,000 |
78,300 |
6,300 |
0 |
3,720 (3) |
0 |
7 |
0 |
0 |
64,000 |
90,000 |
78,300 |
6,300 |
6,300 |
3,840 |
3,840 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (4) |
51,000 (4) |
3,570 |
0 |
3,060 (4) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000
(1) |
6,300 |
6,000
(1) |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
6.5 |
0 |
0 |
110,000 |
125,000 |
125,000 |
8,750 |
8,750 |
6,600 (5) |
6,600 (5) |
7 |
0 |
0 |
105,000 |
125,000 |
125,000 |
8,750 |
8,750 |
6,600 |
6,600 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
5,000 |
92,000 |
100,000 |
95,000 |
7,000 |
2,000 |
N/A |
N/A |
1 |
0 |
0 |
90,000 |
90,000 (1) |
90,000 (1) |
6,300 |
6,300 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
90,000 |
90,000 |
6,300 |
6,300 |
N/A |
N/A |
6 |
0 |
0 |
75,000 |
90,000 |
90,000 |
6,300 |
6,300 |
5,400 (2) |
5,400 (2) |
6.5 |
0 |
5,400 |
70,000 |
90,000 |
84,600 |
6,300 |
900 |
5,400 |
0 |
7 |
0 |
0 |
69,000 |
90,000 |
84,600 |
6,300 |
6,300 |
5,400 |
5,400 |
7.5 |
0 |
6,300 |
62,000 |
90,000 |
78,300 |
6,300 |
0 |
3,720 (3) |
0 |
8 |
0 |
0 |
64,000 |
90,000 |
78,300 |
6,300 |
6,300 |
3,840 |
3,840 |
8.5 |
0 |
10,000 |
51,000 |
51,000 (4) |
51,000 (4) |
3,570 |
0 |
3,060 (4) |
0 |
9 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
9.5 |
0 |
0 |
54,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
10 |
0 |
0 |
52,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract
Duration |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
6.5 |
0 |
0 |
110,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
7 |
0 |
0 |
105,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector does not provide any additional benefit at this
time. |
|
On the first contract anniversary the contract value grows to $110,000. The death benefit equals: |
|
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will
withdraw $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit equals: |
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously withdrawn that are
one or more years old. |
|
The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector value. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$305,000 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old and the value of the Benefit Protector changes. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector Plus does not provide any additional benefit at this
time. |
|
|
On the first contract anniversary the contract value grows to $110,000. You have not reached the
second contract anniversary so the Benefit Protector Plus does not provide any
benefit beyond what is provided by the Benefit Protector at this time.
The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death |
|
|
(MAV Death Benefit minus payments not previously withdrawn): |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000
|
|
Total death benefit of: |
$114,000 |
|
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
|
MAV Death Benefit (MAV): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.10 × $100,000 = |
+10,000
|
|
Total death benefit of: |
$124,000 |
|
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will withdraw $10,500 from your contract value free of charge (10% of your prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit on equals: |
|
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.10 x $55,000 = |
+5,500
|
|
Total death benefit of: |
$64,167 |
|
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit calculated. The reduction in contract value has no
effect. |
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at
death reaches its maximum of 250% of purchase payments not previously withdrawn that
are one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$200,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$266,000 |
|
On the ninth contract anniversary you make an additional purchase payment of $50,000. Your new
contract value is now $250,000. The new purchase payment is less than one year old
and so it has no effect on the Benefit Protector Plus value. The death
benefit equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$316,000 |
|
During the tenth contract year the contract value remains $250,000 and the “new” purchase payment is
one year old. The value of the Benefit Protector Plus remains constant. The death
benefit equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously withdrawn): |
|
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$319,000 |
|
Contract
Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
7,000 |
92,000 |
100,000 |
93,000 |
7,000 |
0 |
N/A |
N/A |
1 |
0 |
0 |
91,000 |
100,000 |
93,000 |
7,000 |
7,000 |
N/A |
N/A |
1.5 |
0 |
7,000 |
83,000 |
100,000 |
86,000 |
7,000 |
0 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
100,000 |
86,000 |
7,000 |
7,000 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
100,000 |
86,000 |
7,000 |
7,000 |
5,160 (1) |
5,160 (1) |
5.5 |
0 |
5,160 |
70,000 |
100,000 |
80,840 |
7,000 |
1,840 |
5,160 |
0 |
6 |
0 |
0 |
69,000 |
100,000 |
80,840 |
7,000 |
7,000 |
5,160 |
5,160 |
6.5 |
0 |
7,000 |
62,000 |
100,000 |
73,840 |
7,000 |
0 |
3,720 (2) |
0 |
7 |
0 |
0 |
70,000 |
100,000 |
73,840 |
7,000 |
7,000 |
4,200 |
4,200 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (3) |
51,000 (3) |
3,570 |
0 |
3,060 (3) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000 (4) |
110,000 (4) |
8,400 |
0 |
7,200 (4) |
0 |
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
The Guaranteed Benefit Amount (GBA) equals your purchase payment: |
$100,000 |
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
| ||
|
0.07 × $100,000 = |
$7,000 | |
The Remaining Benefit Amount (RBA) equals your purchase payment: |
$100,000 | ||
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$110,000 | ||
The GBA equals 100% of your contract value: |
$110,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
| ||
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
| ||
|
$110,000 – $7,700 = |
$102,300 | |
The GBA equals the GBA immediately prior to the partial withdrawal: |
$110,000 | ||
The GBP equals 7% of your GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
On the fourth contract anniversary you make an additional purchase payment of $50,000 |
| ||
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment: |
| ||
|
$102,300 + $50,000 = |
$152,300 | |
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment: |
| ||
|
$110,000 + $50,000 = |
$160,000 | |
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment: |
| ||
|
$7,700 + $3,500 = |
$11,200 | |
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$200,000 | ||
The GBA equals 100% of your contract value: |
$200,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
|
|
OR |
|
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$200,000 – $20,000 = |
$180,000 |
|
Reset RBA = lesser of (1) or (2) = |
$180,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA |
$200,000 |
|
|
OR |
|
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
Reset GBA = lesser of (1) or (2) = |
$200,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the eighth contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
|
|
OR |
|
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$180,000 – $25,000 = |
$155,000 |
|
Reset RBA = lesser of (1) or (2) = |
$150,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA; |
$200,000 |
|
|
OR |
|
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
Reset GBA = lesser of (1) or (2) = |
$150,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $150,000 = |
$10,500 |
Plan A |
— |
Life Annuity – No Refund; |
Plan B |
— |
Life Annuity with Ten or Twenty Years Certain; |
Plan D |
— |
Joint and Last Survivor Life Annuity – No Refund; |
|
— |
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
Plan E |
— |
Twenty Years Certain. |
Pt-1
(1 + i) |
= |
Pt |
1.05 |
Pt-1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
125,000 |
3 |
132,000 |
none |
132,000 |
132,000 |
4 |
150,000 |
none |
150,000 |
150,000 |
5 |
85,000 |
none |
150,000 |
150,000 |
6 |
121,000 |
none |
150,000 |
150,000 |
7 |
139,000 |
none |
150,000 |
150,000 |
8 |
153,000 |
none |
153,000 |
153,000 |
9 |
140,000 |
none |
153,000 |
153,000 |
10 |
174,000 |
none |
174,000 |
174,000 |
11 |
141,000 |
none |
174,000 |
174,000 |
12 |
148,000 |
none |
174,000 |
174,000 |
13 |
208,000 |
none |
208,000 |
208,000 |
14 |
198,000 |
none |
208,000 |
208,000 |
15 |
203,000 |
none |
208,000 |
208,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
174,000 |
812.58 |
814.32 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1)
Plan D – Last
Survivor No Refund(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
174,000 |
657.72 |
650.76 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base – 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
110,250 |
125,000 |
3 |
132,000 |
none |
115,763 |
132,000 |
4 |
150,000 |
none |
121,551 |
150,000 |
5 |
85,000 |
none |
127,628 |
127,628 |
6 |
121,000 |
none |
134,010 |
134,010 |
7 |
139,000 |
none |
140,710 |
140,710 |
8 |
153,000 |
none |
147,746 |
153,000 |
9 |
140,000 |
none |
155,133 |
155,133 |
10 |
174,000 |
none |
162,889 |
174,000 |
11 |
141,000 |
none |
171,034 |
171,034 |
12 |
148,000 |
none |
179,586 |
179,586 |
13 |
208,000 |
none |
188,565 |
208,000 |
14 |
198,000 |
none |
197,993 |
198,000 |
15 |
203,000 |
none |
207,893 |
207,893 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – 5% RF Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
171,034 |
778.20 |
779.91 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
198,000 |
974.16 |
976.14 |
15 |
203,000 |
1,025.15 |
1,027.18 |
207,893 |
1,049.86 |
1,051.94 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB –
5% RF Provisions | |||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | ||
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 | |
11 |
141,000 |
521.70 |
516.06 |
171,034 |
632.83 |
625.98 | |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 | |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 | |
14 |
198,000 |
786.06 |
778.14 |
198,000 |
786.06 |
778.14 | |
15 |
203,000 |
826.21 |
818.09 |
207,893 |
846.12 |
837.81 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
110,250 |
125,000 |
3 |
132,000 |
none |
132,000 |
115,763 |
132,000 |
4 |
150,000 |
none |
150,000 |
121,551 |
150,000 |
5 |
85,000 |
none |
150,000 |
127,628 |
150,000 |
6 |
121,000 |
none |
150,000 |
134,010 |
150,000 |
7 |
139,000 |
none |
150,000 |
140,710 |
150,000 |
8 |
153,000 |
none |
153,000 |
147,746 |
153,000 |
9 |
140,000 |
none |
153,000 |
155,133 |
155,133 |
10 |
174,000 |
none |
174,000 |
162,889 |
174,000 |
11 |
141,000 |
none |
174,000 |
171,034 |
174,000 |
12 |
148,000 |
none |
174,000 |
179,586 |
179,586 |
13 |
208,000 |
none |
208,000 |
188,565 |
208,000 |
14 |
198,000 |
none |
208,000 |
197,993 |
208,000 |
15 |
203,000 |
none |
208,000 |
207,893 |
208,000 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – Max Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – Max
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
Max Provisions | ||||
Assumed
Contract
Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – Max
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0.30% |
0.30% |
Increase in Annual Contract Charge |
$330 |
$303 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$0 |
$0 |
Increase in Guaranteed Benefit Payment |
$0 |
$0 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
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|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase payment
credit upon certain withdrawals within 12 months of when the
purchase payment credit was applied. You may select either a seven-year or five-year withdrawal charge schedule
at the time of application. If you select a seven-year withdrawal charge
schedule and you withdraw money during the first 7 years from
date of each purchase payment, you may be assessed a withdrawal
charge of up to 8% of the Purchase Payment withdrawn. If you
select a five-year withdrawal charge schedule and you withdraw
money during the first 5 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 8% of
the purchase payment withdrawn. For example, if you select a
seven-year or five-year withdrawal charge schedule and make an
early withdrawal, you could pay a withdrawal charge of up to
$8,000 on a $100,000 investment. |
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge schedule, death benefit option, size of Contract value and tax qualification) |
1.02%
|
1.87%
| ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
1.41%
| ||
Optional benefits available for an
additional charge(3) |
0.15% |
0.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted
Contract Value. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,732
|
Highest Annual Cost:
$3,488
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Cpntract features and Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional benefits and Fund fees and expenses •No sales charge
•No additional purchase payments, transfers or withdrawals •No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of
principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges
may reduce the value of your Contract if you withdraw money
during the withdrawal charge period. Withdrawals may also reduce
or terminate contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option, including the one-year Fixed Account and the Guarantee Period Accounts (GPAs) investment options has its own unique
risks.
•You should review the investment options before making any investment decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience
financial distress, we may not be able to meet our obligations to
you. More information about RiverSource Life, including our
financial strength ratings, is available by contacting us at
1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Under Guaranteed Minimum Income Benefit (GMIB) rider and Performance Credit rider (PCR), we may limit allocations to the subaccounts investing in the Money Market funds. In addition, PCR
optional benefit may limit amounts allocated to the GPAs and the
one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract. •If you purchase the Contract through a tax-qualified plan or
individual retirement account, you do not get any additional tax
benefit. •Earnings under your contract are taxed generally at ordinary income tax
rates when withdrawn. You may have to pay a tax penalty if you take a
withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash
benefits (e.g., bonuses), and non-cash compensation. This
financial incentive may influence your investment professional to
recommend this Contract over another investment for which the
investment professional is not compensated or compensated
less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange a
Contract you already own if you determine, after comparing the
features, fees, and risks of both Contracts, that it is better
for you to purchase the new Contract rather than continue to own
your existing Contract. |
Buying Your
Contract –
Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule | ||
Years from purchase payment receipt |
Withdrawal charge percentage |
Years from purchase payment receipt |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
Seven-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:0.85 % |
0.15 % |
1.00 % |
MAV death benefit(1),(2) |
Maximum/Current:1.05 % |
0.15 % |
1.20 % |
EDB(1) |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
Nonqualified annuities |
|
0.15 % |
|
ROP death benefit |
Maximum/Current:1.10 % |
0.15 % |
1.25 % |
MAV death benefit(1),(2) |
Maximum/Current:1.30 % |
0.15 % |
1.45 % |
EDB(1) |
Maximum/Current:1.40
% |
0.15 % |
1.55
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
MAV death benefit(1),(2) |
Maximum/Current:1.35 % |
0.15 % |
1.50 % |
EDB(1) |
Maximum/Current:1.45
% |
0.15 % |
1.60
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Nonqualified annuities |
|
0.15 % |
|
ROP Payment death benefit |
Maximum/ Current:1.40 % |
0.15 % |
1.55 % |
MAV death benefit(1),(2) |
Maximum/ Current:1.60 % |
0.15 % |
1.75 % |
EDB(1) |
Maximum/ Current:1.70 % |
0.15 % |
1.85
% |
Benefit Protector fee |
0.25
%(1) |
Benefit Protector Plus fee |
0.40
%(1) |
GMIB – MAV |
0.55 %(1),(2) |
GMIB – 6% Rising Floor |
0.75
%(1),(2) |
PCR fee |
0.15
%(1) |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
1.41 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,414 |
$18,941 |
$25,645 |
$42,786 |
$4,105 |
$12,426 |
$20,897 |
$42,746 |
Five-year withdrawal charge schedule |
10,788 |
17,011 |
22,348 |
45,323 |
4,409 |
13,306 |
22,308 |
45,283 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,181 |
$18,254 |
$24,516 |
$40,612 |
$3,852 |
$11,689 |
$19,707 |
$40,572 |
Five-year withdrawal charge schedule |
10,552 |
16,307 |
21,173 |
43,214 |
4,156 |
12,573 |
21,133 |
43,174 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,174 |
$12,193 |
$13,969 |
$19,486 |
$1,671 |
$5,181 |
$8,929 |
$19,446 |
Five-year withdrawal charge schedule |
8,527 |
10,103 |
10,547 |
22,741 |
1,978 |
6,116 |
10,507 |
22,701 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$8,938 |
$11,437 |
$12,638 |
$16,700 |
$1,415 |
$4,397 |
$7,598 |
$16,660 |
Five-year withdrawal charge schedule |
8,289 |
9,355 |
9,233 |
20,035 |
1,722 |
5,337 |
9,193 |
19,995 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
For contracts with applications signed prior to June 16, 2003: |
No restrictions on the amount of purchase payments allocated to the GPAs or the one-year fixed account (if available). |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
The amount of any purchase payment allocated to the GPAs and the one-year fixed account in total cannot exceed 30% of the purchase payment. This 30% limit will not apply if you establish a dollar cost averaging arrangement with respect
to the purchase payment according to procedures currently in effect, or you are participating
according to the rules of an asset allocation model portfolio program available under
the contract, if any. |
For contracts with applications signed on or after Dec. 5, 2003: |
In certain states where we offer GPAs that do not require payment of a statutory minimum guaranteed interest rate, the amount of any purchase payment allocated to one-year fixed account cannot exceed 30% of the purchase payment. The amount of any purchase payment allocated to the GPAs is not subject to this 30% limit. Please consult your investment professional to see if these restrictions apply in your state. In all other states, the amount of
any purchase payment allocated to the GPAs and the one-year fixed account in total cannot
exceed 30% of the purchase payment. We reserve the right to further limit purchase
payment allocations to the one-year fixed account and/or GPAs if the interest rate we
are then crediting on new purchase payments allocated to the one-year fixed account is
equal to the minimum interest rate stated in the contract.
In all states, the 30% limit will not apply if you establish an automated dollar cost averaging
arrangement with respect to the purchase payment according to procedures currently in
effect, or you are participating according to the rules of an asset allocation model
portfolio program available under the contract, if any. |
PPW = XSF + |
(ACV – XSF) |
× |
(PPNPW – XSF) |
(CV – TFA) |
Seven-year schedule |
Five-year schedule(1) | ||
Years from purchase payment receipt |
Withdrawal charge percentage |
Years from purchase payment receipt |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
560 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 7% withdrawal charge; and |
420 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 7% withdrawal charge. |
$980 |
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received six or more years before withdrawal and is withdrawn
without withdrawal charge; and |
320 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 4% withdrawal charge; and |
360 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 6% withdrawal charge. |
$680 |
|
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule |
Qualified annuities |
Nonqualified annuities |
ROP death benefit |
0.85 % |
1.10 % |
MAV death benefit(1) |
1.05 |
1.30 |
EDB |
1.15 |
1.40 |
Five-year withdrawal charge schedule |
Qualified annuities |
Nonqualified annuities |
ROP death benefit |
1.15 |
1.40 |
MAV death benefit(1) |
1.35 |
1.60 |
EDB |
1.45 |
1.70 |
GMIB |
– MAV |
0.55% × (CV + ST – FAV) |
GMIB |
– 6% Rising Floor |
0.75% × (CV + ST – FAV) |
CV |
= |
contract value on the contract anniversary |
ST |
= |
transfers from the subaccounts to the GPAs or the one-year fixed account made during the six months
before the contract anniversary. |
FAV |
= |
the value of your GPAs and the one-year fixed account on the contract anniversary. |
Contract value on the contract anniversary: |
$73,250 |
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
+15,000 |
minus the value of the one-year fixed account on the contract anniversary: |
–15,250 |
|
$73,000 |
GMIB – MAV |
(0.55% × $73,000) = |
$401.50 |
GMIB – 6% Rising Floor |
(0.75% × $73,000) = |
$547.50 |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
For contracts with applications signed prior to June 16, 2003: |
It is our general policy to allow you to transfer contract values from the one-year fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Currently, we have removed this restriction and you may transfer contract values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction. |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the GPAs or the one-year fixed account cannot result in the value of the GPAs and the one-year fixed account in total being greater than 30% of the contract value. Total transfers out of the GPAs and one-year fixed account in any contract year are limited to 30% of the total value of the GPAs and one-year fixed account at the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract
value from the one-year fixed account. You should carefully consider whether the one-year
fixed account meets your investment criteria before you invest. |
For contracts with applications signed on or after Dec. 5, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the one-year fixed account cannot result in the value of the one-year fixed account in total being greater than 30% of the
contract value. We reserve the right to further limit transfers to the one-year fixed account
and/or GPAs if the interest rate we are then crediting on new purchase payments
allocated to the one-year fixed account is equal to the minimum interest rate stated in
the contract. Total transfers out of the one-year fixed account in any contract year are
limited to 30% of the one-year fixed account value at the beginning of the contract year
or $10,000, whichever is greater. Because of this limitation, it may take you several
years to transfer all your contract value from the one-year fixed account. You should
carefully consider whether the one-year fixed account meets your investment criteria
before you invest. |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Transfers out of the one-year fixed account to any of the
subaccounts may not
exceed the amount that if
continued, would deplete
the one-year fixed account
within 12 months
•For contracts signed prior June 16, 2003, transfers out of the one-year fixed
account, are not limited •For contracts signed on or
after June 16, 2003,
transfers out of the one-year
fixed account, including automated transfers, are limited to 30% of one-year fixed account value at the beginning of the contract year or $10,000, whichever is greater |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment of at least $10,000, not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
N/A |
N/A |
•Additional systematic
payments are not allowed
with automated partial
withdrawals
•May result in income taxes and IRS penalty on all or a portion of amounts surrendered |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a hospital or nursing home for the prior 60 days •You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Death Benefits | ||||
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or total
purchase payments plus
purchase payment credits
applied to the contract, minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%of contract value in the variable account nonqualified annuity: 1.25%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity: 1.55%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
nonqualified
annuity: 1.25%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity:
1.20% of
contract value
in the variable
account
nonqualified
annuity: 1.45% of contract value in the variable account 5-year withdrawal charge schedule qualified annuity:
1.50% of
contract value
in the variable
account
nonqualified
annuity: 1.75% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.20%
nonqualified
annuity: 1.45%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.50%
nonqualified
annuity: 1.75% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary following your
81st birthday.
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
EDB Death
Benefit |
Provides a death benefit equal
to the greatest of these four
values less any purchase
payment credits, subject to
reversal, minus any applicable
rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals;
or the 5% rising floor |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity:1.55%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60% of contract value in the variable account nonqualified annuity: 1.85%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60%
nonqualified
annuity: 1.85% |
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday •Not available with Benefit
Protector and Benefit
Protector Plus
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.25% of
contract value |
0.25% |
•Available to owners age 75
and younger
•Must be elected at contract issue •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.40% of
contract value |
0.40% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
GMIB – MAV
0.55%
GMIB – 6%
Rising Floor
0.75% of
adjusted
contract value |
Varies by
application sign
date |
•Available to owners age 75 or younger •Must be elected at contract
issue, but some exceptions
apply
•Available as two options: GMIB – MAV, or GMIB – 6% Rising Floor •Certain withdrawals could
significantly reduce the
GMIB benefit base, which
may reduce or eliminate the
amount of annuity payments
•May have limitations on allocation to the Money Market fund |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
0.15% of
contract value |
0.15% |
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPA, the one-year fixed account and Money Market fund |
Adjusted partial withdrawals for the ROP or MAV death benefit |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
We calculate the ROP death benefit as follows: |
|
| ||
Contract value at death: |
$23,000.00 |
| ||
|
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 | |||
|
for a death benefit of: |
$23,295.45 |
| |
ROP death benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV death benefit as follows: |
|
| ||
Contract value at death: |
$20,500.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$20,000.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $20,000 |
= |
–1,363.64 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$18,636.36 |
| |
The MAV immediately preceding the date of death plus any payments made since that
anniversary minus adjusted partial withdrawals: |
|
| ||
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| |
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $24,000 |
= |
–1,636.36 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$22,363.64 |
| |
The MAV death benefit, calculated as the greatest of these three values: |
|
$22,363.64 |
5% rising floor adjusted transfers or partial withdrawals |
= |
PWT × VAF |
SV |
PWT |
= |
the amount by which the contract is reduced as a result of the partial withdrawal or transfer from the
subaccounts. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts on the date of (but prior to) the transfer or partial withdrawal. |
The death benefit is calculated as follows: |
|
| ||
Contract value at death: |
$22,800.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a return of purchase payments death benefit of: |
$23,456.79 |
| |
The MAV on the anniversary immediately preceding the date of death plus any purchase
payments made since that anniversary minus adjusted partial withdrawals made since
that anniversary: |
|
| ||
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| ||
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 | |||
|
for a MAV death benefit of: |
$23,456.79 |
| |
The 5% rising floor: |
|
|
The variable account floor on the first contract anniversary, calculated as: 1.05 x
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% rising floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
| ||
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00 |
| |
|
5% rising floor (value of the GPAs, one-year fixed account and the variable account
floor): |
$24,642.11 |
| |
EDB, calculated as the greatest of these three values, which is the 5% rising floor: |
|
$24,642.11 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the
GMIB – MAV. |
CVG |
= |
current contract value at the time you exercise the GMIB – MAV. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
MAV |
GMIB benefit base |
1 |
$107,000 |
$101,000 |
$107,000 |
|
2 |
125,000 |
101,000 |
125,000 |
|
3 |
132,000 |
101,000 |
132,000 |
|
4 |
150,000 |
101,000 |
150,000 |
|
5 |
85,000 |
101,000 |
150,000 |
|
6 |
120,000 |
101,000 |
150,000 |
|
7 |
138,000 |
101,000 |
150,000 |
$150,000 |
8 |
152,000 |
101,000 |
152,000 |
152,000 |
9 |
139,000 |
101,000 |
152,000 |
152,000 |
10 |
126,000 |
101,000 |
152,000 |
152,000 |
11 |
138,000 |
101,000 |
152,000 |
152,000 |
12 |
147,000 |
101,000 |
152,000 |
152,000 |
13 |
163,000 |
101,000 |
163,000 |
163,000 |
14 |
159,000 |
101,000 |
163,000 |
163,000 |
15 |
215,000 |
101,000 |
215,000 |
215,000 |
Contract anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$152,000
(MAV) |
$784.32 |
$763.04 |
$627.76 |
15 |
215,000
(Contract Value = MAV) |
1,268.50 |
1,210.45 |
982.55 |
Contract anniversary
at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
215,000 |
1,268.50 |
1,210.45 |
982.55 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the GMIB. |
CVG |
= |
current contract value at the time you exercise the GMIB. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
PMT |
x |
(1.06)CY
|
CY |
= |
the full number of contract years the payment has been in the contract |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
6% rising floor |
GMIB benefit base |
1 |
$107,000 |
$100,000 |
$106,000 |
|
2 |
125,000 |
100,000 |
112,360 |
|
3 |
132,000 |
100,000 |
119,102 |
|
4 |
150,000 |
100,000 |
126,248 |
|
5 |
85,000 |
100,000 |
133,823 |
|
6 |
120,000 |
100,000 |
141,852 |
|
7 |
138,000 |
100,000 |
150,363 |
$150,363 |
8 |
152,000 |
100,000 |
159,388 |
159,388 |
9 |
139,000 |
100,000 |
168,948 |
168,948 |
10 |
126,000 |
100,000 |
179,085 |
179,085 |
11 |
138,000 |
100,000 |
189,830 |
189,830 |
12 |
147,000 |
100,000 |
201,220 |
201,220 |
13 |
215,000 |
100,000 |
213,293 |
215,000 |
14 |
234,000 |
100,000 |
226,090 |
234,000 |
15 |
240,000 |
100,000 |
239,655 |
240,000 |
Contract
anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B – life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$179,085
(6% Rising Floor) |
$872.14 |
$850.65 |
$691.27 |
15 |
240,000
(Contract Value) |
1,346.40 |
1,286.40 |
1,034.40 |
Contract anniversary at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B – life annuity with
ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
240,000 |
1,416.00 |
1,351.20 |
1,096.80 |
Target value adjusted partial withdrawals |
= |
PW × TV |
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
TV |
= |
the target value on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% |
× |
(PP – PCRPW – PP5) |
PP |
= |
total purchase payments and purchase payment credits. |
PCRPW |
= |
PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix B. |
PP5 |
= |
purchase payments and purchase payment credits made in the prior five years. We apply the PCR credit
to your contract on the tenth rider anniversary and allocate it among the GPAs, the one-year fixed
account and subaccounts according to your current asset allocation. |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
The death benefit equals: |
|
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$304,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV death benefit minus
payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$315,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
0.98%1 |
12.66% |
5.92% |
5.04% |
Seeks long-term growth
of capital. |
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P. |
0.91%1 |
34.78% |
17.56% |
14.60% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks high total return.
Under normal market
conditions, the fund
invests at least 80% of
its net assets in
investments of
companies located
anywhere in the world
that operate in the real
estate sector. |
Franklin Global Real Estate VIP Fund -
Class 2
Franklin Templeton Institutional, LLC |
1.25%1 |
11.43% |
3.88% |
3.78% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term total
return. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of small
capitalization
companies. |
Franklin Small Cap Value VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.91%1 |
12.75% |
11.06% |
7.04% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Seeks long-term growth
of capital. |
Invesco V.I. Core Equity Fund, Series II
Shares
Invesco Advisers, Inc. |
1.05% |
23.08% |
12.67% |
7.53% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company |
0.98%1 |
23.70% |
16.39% |
12.44% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital growth
and current income. |
Putnam VT Large Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.82% |
15.67% |
14.50% |
10.26% |
Seeks capital
appreciation. |
Putnam VT Research Fund - Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
0.99% |
28.86% |
16.15% |
11.95% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of issuers
located outside the
U.S., including those in
emerging markets. |
Templeton Foreign VIP Fund - Class 2
Templeton Investment Counsel, LLC |
1.07%1 |
20.76% |
5.27% |
1.28% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
RPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question
minus the RPA adjusted partial withdrawals for all previous partial withdrawals. |
RPA adjusted partial withdrawals |
= |
PW × RPA |
|
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
EPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question AND
prior to the five year exclusion period minus EPA adjusted partial withdrawals for all previous
partial withdrawals. |
EPA adjusted partial withdrawals |
= |
PW × EPA |
× |
EPA |
|
CV |
RPA |
|
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
EPA |
= |
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
Contract
Duration
in Years |
Total purchase payments |
Contract value |
At Issue |
$100,000 |
$100,000 |
1 |
100,000 |
110,000 |
2 |
100,000 |
115,000 |
3 |
100,000 |
120,000 |
4 |
100,000 |
115,000 |
5 |
100,000 |
120,000 |
6 |
200,000 |
225,000 |
7 |
200,000 |
230,000 |
8 |
200,000 |
235,000 |
9 |
200,000 |
230,000 |
10 |
200,000 |
235,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
$10,000 × $100,000 |
= $8,333 | |
$120,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
$10,000 × $191,667 |
= $8,156 | |
$235,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = | |||
$10,000 × $100,000 |
× |
$100,000 |
= $8,333 | |
$120,000 |
$100,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
| ||
$10,000 × $91,667 |
× |
$91,667 |
= $1,866 | |
$235,000 |
$191,667 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
4
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141
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|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. This contract has two surrender
charge options. You may select either a seven-year or five-year withdrawal
charge schedule at the time of application. If you select a
seven-year withdrawal charge schedule and you withdraw money
during the first 7 years from date of each purchase payment, you
may be assessed a withdrawal charge of up to 8% of the Purchase
Payment withdrawn. If you select a five-year withdrawal charge
schedule and you withdraw money during the first 5 years from
date of each purchase payment, you may be assessed a withdrawal
charge of up to 8% of the purchase payment
withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
| ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option. tax
qualification, application signed
date, and size of contract value) |
1.06% |
1.91% | ||
Fund options
(funds fees and expenses)(2) |
0.38%
|
2.38%
| ||
Optional benefits available for an
additional charge(3) |
0.25% |
1.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit).The Minimum is a
percentage of Contract Value. The Maximum is a percentage of the greater of Contract Value or or minimum contract accumulation value (MCAV).
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. |
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
|
Lowest Annual Cost:
$1,691
|
Highest Annual Cost:
$4,697
|
| |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge •No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during that time.
Withdrawals may also reduce or terminate contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial
strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. • Purchase payment credits under the Contract may be recaptured under
certain circumstances.
•We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments | ||
Optional Benefits |
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Optional
Benefits —
Optional Living
Benefits –
Guarantor
Withdrawal
Benefit for Life
Rider and
Guarantor
Withdrawal
Benefit Rider–
Investment
Allocation
Restrictions
Purchase
Payments | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule* | ||
Years from purchase payment receipt** |
Withdrawal charge percentage |
Years from purchase payment receipt** |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
Return of Purchase Payment (ROP) Death Benefit |
0.90 % |
0.15 % |
1.05 % |
Maximum Anniversary Value (MAV) Death Benefit |
1.10 |
0.15 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
0.15 |
1.40 |
Enhanced Death Benefit |
1.30 |
0.15 |
1.45 |
Nonqualified annuities | |||
ROP Death Benefit |
1.05 |
0.15 |
1.20 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
MAV Death Benefit |
1.25 |
0.15 |
1.40 |
5% Accumulation Death Benefit |
1.40 |
0.15 |
1.55 |
Enhanced Death Benefit |
1.45 |
0.15 |
1.60 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.00 % |
0.15 % |
1.15 % |
MAV Death Benefit |
1.20 |
0.15 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
0.15 |
1.50 |
Enhanced Death Benefit |
1.40 |
0.15 |
1.55 |
Nonqualified annuities | |||
ROP Death Benefit |
1.15 |
0.15 |
1.30 |
MAV Death Benefit |
1.35 |
0.15 |
1.50 |
5% Accumulation Death Benefit |
1.50 |
0.15 |
1.65 |
Enhanced Death Benefit |
1.55 |
0.15 |
1.70 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.20 % |
0.15 % |
1.35 % |
MAV Death Benefit |
1.40 |
0.15 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
0.15 |
1.70 |
Enhanced Death Benefit |
1.60 |
0.15 |
1.75 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.35 |
0.15 |
1.50 |
MAV Death Benefit |
1.55 |
0.15 |
1.70 |
5% Accumulation Death Benefit |
1.70 |
0.15 |
1.85 |
Enhanced Death Benefit |
1.75 |
0.15 |
1.90 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55%(1) |
Guarantor Withdrawal Benefit for Life® rider
fee |
Maximum: 1.50% |
Initial: 0.65%(2) |
Guarantor® Withdrawal Benefit rider fee |
Maximum: 1.50% |
Initial: 0.55%(3) |
Income Assurer Benefit® – MAV
rider fee |
Maximum: 1.50% |
Current: 0.30%(4)
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
Maximum: 1.75% |
Current: 0.60%(4)
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
Maximum: 2.00% |
Current: 0.65%(4)
|
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
2.38 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$13,289 |
$24,328 |
$34,280 |
$58,323 |
$6,049 |
$17,974 |
$29,719 |
$58,283 |
Five-year withdrawal charge schedule |
12,690 |
22,486 |
31,113 |
60,615 |
6,350 |
18,835 |
31,073 |
60,575 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$13,138 |
$23,898 |
$33,597 |
$57,152 |
$5,898 |
$17,546 |
$29,039 |
$57,112 |
Five-year withdrawal charge schedule |
12,539 |
22,054 |
30,438 |
59,478 |
6,199 |
18,404 |
30,398 |
59,438 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$9,127 |
$12,048 |
$13,704 |
$18,934 |
$1,620 |
$5,025 |
$8,664 |
$18,894 |
Five-year withdrawal charge schedule |
8,479 |
9,954 |
10,286 |
22,205 |
1,927 |
5,960 |
10,246 |
22,165 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$8,985 |
$11,594 |
$12,905 |
$17,263 |
$1,466 |
$4,554 |
$7,865 |
$17,223 |
Five-year withdrawal charge schedule |
8,336 |
9,505 |
9,497 |
20,582 |
1,773 |
5,493 |
9,457 |
20,542 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule for contracts with
applications signed on or after May 1, 2006 and if
available in your state |
Qualified
annuities |
Nonqualified
annuities |
ROP Death Benefit |
0.90 % |
1.05 % |
MAV Death Benefit |
1.10 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
1.40 |
Enhanced Death Benefit |
1.30 |
1.45 |
Seven-year withdrawal charge schedule for all other contracts |
|
|
ROP Death Benefit |
1.00 % |
1.15 % |
MAV Death Benefit |
1.20 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
1.50 |
Enhanced Death Benefit |
1.40 |
1.55 |
Five-year withdrawal charge schedule |
|
|
ROP Death Benefit |
1.20 % |
1.35 % |
MAV Death Benefit |
1.40 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
1.70 |
Enhanced Death Benefit |
1.60 |
1.75 |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund name |
Current fee as of 12/18/13 |
Portfolio Stabilizer funds |
0.55 % |
Portfolio Navigator funds: |
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.00 % |
|
Maximum |
Current |
Income Assurer Benefit – MAV |
1.50 % |
0.30 %(1) |
Income Assurer Benefit – 5% Accumulation Benefit Base |
1.75 |
0.60 (1) |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
2.00 |
0.65
(1) |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Automate transfers not available for GPA terms of 2 or more years •Not available when the PN
program is in effect |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial surrenders •For contracts with a
Guarantor Withdrawal
Benefit rider or Guarantor
Withdrawal Benefit for Life
rider, you may set up
automated partial
surrenders up to the benefit
available for withdrawals
under the rider
•May result in income taxes on all or a portion of the amounts surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without
awithdrawal charge |
N/A |
N/A |
•You must be confined to a
hospital or nursing home for
the prior 60 days
• You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Must receive your surrender
request no later than 91
days after your release from
the hospital or nursing home
•Amount withdrawn must be paid directly to you |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur in after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or the
total purchase payments and
any purchase payment credits
applied to the contract, minus
adjusted partial surrenders |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.05% of
contract value
in the variable
account
- Nonqualified
contract
1.20% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.15% of
contract value
in the variable
account
- Nonqualified
contract
1.30% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability - Qualified contract 1.05% - Nonqualified contract 1.20% Seven-year surrender charge schedule all other contracts - Qualified contract 1.15% - Nonqualified contract 1.30% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Increases the guaranteed
death benefit to the highest of
the: contract value, total
purchase payments and any
purchase payment credits
applied to the contract, minus
adjusted partial surrenders, or
the MAV on the date of death |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25% of
contract value
in the variable
account
- Nonqualified
contract
1.40% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25%
- Nonqualified
contract
1.40% of
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
•Available for the Contract
owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit |
Increases the guaranteed
death benefit to the greatest
of the contract value after any
rider charges have been
deducted, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40% of
contract value
in the variable
account
- Nonqualified
contract
1.55% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50% of
contract value
in the variable
account
- Nonqualified
contract
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40%
- Nonqualified
contract
1.55%
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50%
- Nonqualified
contract
1.65% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70% of
contract value
in the variable
account
- Nonqualified
contract
1.85% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70%
- Nonqualified
contract
1.85% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB) |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, the MAV
on the date of death or the 5%
variable account floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45% of
contract value
in the variable
account
- Nonqualified
contract
1.60% of
contract value
in the variable
account
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45%
- Nonqualified
contract
1.60%
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit |
Five-year
surrender
charge
schedule
- Qualified
contract in the
variable
account
1.75% of
contract value
- Nonqualified
contract
1.90% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75%
- Nonqualified
contract
1.90% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
0.25%
of contract value |
0.25% |
• Available to owners age 75 and younger •Must be elected
at contract issue
•Not available with Benefit Protector Plus, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
0.40% of
contract value |
0.40% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Available only for transfers,
exchanges or rollovers
•Not available with Benefit Protector, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •The percentage of exchange
purchase payments varies
by age and is subject to a
vesting schedule. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Guarantor
Withdrawal
Benefit for Life
Rider |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
1.50% of
contract value or the total Remaining Benefit Amount, whichever is greater |
0.65% - 1.10% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
1.50% of
contract value |
0.55% - 1.00% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 79
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Limitations on additional
purchase payments
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Income Assurer
Benefit |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% Varies by issue date |
•Available to owners age 75 or younger •Not available with any other
living benefit riders
•The rider has a 10 year Waiting period •Available as: Income Assurer
Benefit – MAV; Income
Assurer Benefit – 5%
Accumulation Benefit Base;
and Income Assurer Benefit
– Greater of MAV or 5%
Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% Varies
by issue date | |||
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% Varies by issue date | |||
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
1.75% of
contract value or the Minimum Contract Accumulation Value |
0.55% - 1.75% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•The rider ends when the Waiting Period expires •Limitations on additional
purchase payments
•Subject to Investment Allocation restrictions •Elective Step ups restart the
Waiting Period |
Adjusted partial withdrawals (calculated for ROP and MAV Death Benefits) |
= |
PW X DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% variable account floor adjusted transfers or partial withdrawals |
= |
PWT X VAF |
SV |
PWT |
= |
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result of the partial withdrawal or transfer from the subaccounts or the DCA fixed account. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer of partial withdrawal. |
On the benefit date, if: |
Then your Accumulation Protector Benefit rider benefit
is: |
The Minimum Contract Accumulation Value (defined below) as
determined under the Accumulation Protector Benefit rider is
greater than your contract value, |
The contract value is increased on the benefit date to equal the
Minimum Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider on the benefit date. |
The contract value is equal to or greater than the Minimum
Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider, |
Zero; in this case, the Accumulation Protector Benefit rider ends without value and no benefit is payable. |
Plan A |
— |
Life Annuity – No Refund; |
Plan B |
— |
Life Annuity with Ten or Twenty Years Certain; |
Plan D |
— |
Joint and Last Survivor Life Annuity – No Refund; |
|
— |
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
Plan E |
— |
Twenty Years Certain. |
Pt-1
(1 + i) |
= |
Pt |
1.05 |
Pt-1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
APPENDIX NAME |
PAGE # |
CROSS-REFERENCE |
PAGE # |
Appendix A: Funds Available Under the Contract |
p. 140 |
N/A |
N/A |
Appendix B: Example — Income Assurer Benefit Rider Fee |
p. 109 |
Charges — Income Assurer Benefit Rider Fee |
p. 34 |
Appendix C: Example — Withdrawal Charges |
p. 110 |
Charges — Withdrawal Charge |
p. 26 |
Appendix D: Example — Death Benefits |
p. 113 |
Benefits in Case of Death |
p. 58 |
Appendix E: Example — Accumulation Protector Benefit
Rider |
p. 116 |
Optional Benefits — Accumulation Protector Benefit Rider |
p. 62 |
Appendix F: Example — Guarantor Withdrawal Benefit for
Life Rider |
p. 117 |
Optional Benefits — Guarantor Withdrawal Benefit for Life
Rider |
p. 64 |
Appendix G: Guarantor Withdrawal Benefit for Life Rider —
Additional RMD Disclosure |
p. 119 |
Optional Benefits — Guarantor Withdrawal Benefit for Life
Rider |
p. 64 |
Appendix H: Example — Guarantor Withdrawal Benefit —
Rider B Disclosure |
p. 121 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 74 |
Appendix I: Guarantor Withdrawal Benefit Rider — Additional
RMD Disclosure |
p. 127 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 74 |
Appendix J: Example — Guarantor Withdrawal Benefit Rider |
p. 128 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 74 |
Appendix K: Example — Income Assurer Benefit Riders |
p. 130 |
Optional Benefits — Income Assurer Benefit Riders |
p. 79 |
Appendix L: Example — Benefit Protector Death Benefit
Rider |
p. 135 |
Optional Benefits — Benefit Protector Death Benefit Rider |
p. 84 |
Appendix M: Example — Benefit Protector Plus Death
Benefit Rider |
p. 137 |
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
p. 85 |
Appendix N: Example — Withdrawal Benefit Riders: Elective Step Up or Elective Spousal Continuation Step Up |
p. 139 |
Optional Benefits — Optional Living Benefits |
p. 62 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
0.98%1 |
12.66% |
5.92% |
5.04% |
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
1.15% |
14.83% |
5.55% |
1.83% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks investment
results that are greater
than the total return
performance of publicly
traded common stocks
of medium-size
domestic companies in
the aggregate, as
represented by the
Standard & Poor's
MidCap 400® Index. |
BNY Mellon Investment Portfolios, MidCap
Stock Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc. |
1.05%1 |
17.99% |
10.42% |
7.17% |
Seeks capital
appreciation. |
BNY Mellon Investment Portfolios,
Technology Growth Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Newton Investment Management
North America, LLC, sub-investment adviser.
|
1.03% |
59.00% |
15.31% |
12.94% |
Seeks long-term capital
growth consistent with
the preservation of
capital. Its secondary
goal is current income. |
BNY Mellon Variable Investment Fund,
Appreciation Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Fayez Sarofim & Co.,
sub-investment adviser. |
1.10% |
20.67% |
15.94% |
10.81% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
ClearBridge Variable Small Cap Growth
Portfolio - Class I
Legg Mason Partners Fund Advisor, LLC,
investment manager; ClearBridge
Investments, LLC, sub-adviser. (Western
Asset Management Company manages the
portion of cash and short-term investments
allocated to it) |
0.80% |
8.40% |
9.56% |
7.89% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
1.22%1 |
9.31% |
3.54% |
2.51% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
12.08% |
5.47% |
4.32% |
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation. |
Columbia Variable Portfolio - Income
Opportunities Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
11.51% |
5.15% |
4.12% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.92% |
15.47% |
8.09% |
3.51% |
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Large
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.83% |
5.23% |
11.99% |
8.99% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Mid Cap
Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
10.18% |
13.20% |
8.29% |
Seeks long-term capital
appreciation. |
Columbia Variable Portfolio - Small Cap
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC |
1.11%1 |
21.67% |
13.39% |
8.40% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
The portfolio is
designed to achieve
positive total return
relative to the
performance of the
Bloomberg Commodity
Index Total Return
("BCOM Index"). |
Credit Suisse Trust - Commodity Return
Strategy Portfolio, Class 1
Credit Suisse Asset Management, LLC |
1.05% |
(9.11%) |
7.23% |
(1.21%) |
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser. |
0.75%1 |
3.95% |
1.04% |
2.23% |
Seeks to provide
shareholders with
long-term capital growth. |
CTIVP® - Principal Blue Chip Growth Fund
(Class 1)
Columbia Management Investment Advisers,
LLC, adviser; Principal Global Investors, LLC,
subadviser. |
0.70% |
39.54% |
15.67% |
13.48% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
0.95% |
9.81% |
14.18% |
10.58% |
Seeks high level of
current income. |
Eaton Vance VT Floating-Rate Income Fund -
Initial Class
Eaton Vance Management |
1.17% |
11.21% |
4.13% |
3.22% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks as high level of
current income as is
consistent with the
preservation of capital. |
Fidelity® VIP Investment Grade Bond
Portfolio Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.63% |
6.00% |
1.72% |
2.08% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
0.71%1 |
8.62% |
6.98% |
5.01% |
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term capital
appreciation, with
preservation of capital
as an important
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in equity
securities of financially
sound companies that
have paid consistently
rising dividends. |
Franklin Rising Dividends VIP Fund - Class 2
Franklin Advisers, Inc. |
0.90%1 |
12.08% |
13.75% |
10.23% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.84%1 |
11.42% |
13.36% |
8.10% |
Seeks long-term growth
of capital and dividend
income. |
Goldman Sachs VIT U.S. Equity Insights
Fund - Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.56%1 |
23.81% |
13.60% |
10.97% |
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks long-term growth
of capital. |
Invesco V.I. EQV International Equity Fund,
Series II Shares
Invesco Advisers, Inc. |
1.15% |
17.86% |
8.15% |
4.07% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks long-term growth
of capital. |
Invesco V.I. Health Care Fund, Series II
Shares
Invesco Advisers, Inc. |
1.23% |
2.77% |
8.49% |
6.60% |
Seeks long-term growth
of capital. |
Invesco V.I. Main Street Mid Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.19% |
14.14% |
10.32% |
6.45% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks long-term growth
of capital. |
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC |
0.82% |
42.81% |
16.54% |
12.21% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.77%1 |
3.40% |
2.65% |
1.90% |
Seeks capital growth. |
LVIP American Century International Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
1.10%1 |
12.43% |
8.12% |
3.91% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Mid Cap Value Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
1.01%1 |
6.03% |
10.90% |
8.61% |
Seeks capital growth. |
LVIP American Century Ultra® Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.90%1 |
43.27% |
19.07% |
14.47% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.86%1 |
9.02% |
11.71% |
8.36% |
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company |
0.98%1 |
23.70% |
16.39% |
12.44% |
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
The Fund seeks
long-term capital growth
by investing primarily in
common stocks and
other equity securities. |
Morgan Stanley VIF Discovery Portfolio,
Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
44.13% |
10.83% |
8.38% |
The Fund seeks to
provide current income
and capital
appreciation. |
Morgan Stanley VIF Global Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc., adviser; Morgan Stanley Investment
Management Limited and Morgan Stanley
Investment Management Company,
subadvisers. |
1.10%1 |
10.47% |
0.30% |
1.69% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
14.22% |
2.66% |
4.26% |
Seeks maximum real
return, consistent with
preservation of real
capital and prudent
investment
management. |
PIMCO VIT All Asset Portfolio, Advisor Class2 Pacific Investment Management Company LLC (PIMCO) |
2.29%1 |
8.02% |
5.90% |
3.93% |
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
1.03% |
23.75% |
14.17% |
7.82% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
0.75%1 |
2.88% |
(2.13%) |
(0.66%) |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests
predominantly in equity
securities of companies
located anywhere in the
world, including
developing markets. |
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited |
1.12%1 |
21.01% |
6.47% |
3.24% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.22% |
9.19% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.19% |
9.20% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.46% |
2.66% |
2.50% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.39% |
2.64% |
2.50% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.95% |
7.87% |
2.39% |
2.33% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.98% |
9.98% |
3.66% |
3.05% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02% |
14.59% |
6.34% |
4.44% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.99% |
12.27% |
5.07% |
3.84% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.96% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.94% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.93% |
7.56% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.91% |
7.57% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.50% |
4.32% |
3.54% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.48% |
4.31% |
3.53% |
Seeks to provide
shareholders with
long-term capital growth. |
Variable Portfolio - Partners Core Equity Fund
(Class 3)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and T. Rowe Price
Associates, Inc., subadvisers. |
0.82% |
24.55% |
14.45% |
10.33% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC |
0.95%1 |
21.74% |
7.51% |
7.20% |
Seeks long-term capital
appreciation. |
Wanger International
Columbia Wanger Asset Management, LLC |
1.14%1 |
16.95% |
6.45% |
3.50% |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
Income Assurer Benefit – MAV Guaranteed Income Benefit Base |
$55,545 |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,125 |
Income Assurer Benefit – 5% Accumulation Guaranteed Income Benefit Base |
$55,125 |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,125 |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Guaranteed Income Benefit Base |
$55,545 |
Income Assurer Benefit – MAV fee = |
0.30% × $55,545 = $166.64 |
Income Assurer Benefit – 5% Accumulation Benefit Base fee = |
0.60% × $55,125 = $330.75 |
Income Assurer Benefit – MAV or 5% Accumulation Benefit Base fee = |
0.65% × $55,545 = $361.04 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the withdrawal charge as follows: | ||||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 |
|
|
Contract with Gain |
Contract with
Loss | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
50,000.00 |
40,000.00 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
|
| |
|
ACV from Step 3 = |
0.00 |
4,200.00 | |
|
CV from Step 1 = |
50,000.00 |
40,000.00 | |
|
TFA from Step 2= |
60,000.00 |
40,000.00 | |
|
PPNPW from Step 1 = |
10,000.00 |
4,200.00 | |
|
PPW = |
50,000.00
|
50,000.00 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
|
| |
|
PPW: |
50,000.00 |
50,000.00 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full withdrawal is determined
as: |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Withdrawal charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full withdrawal): |
(40.00
) |
(40.00 ) | |
|
Net full withdrawal proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We determine the amount of contract value that must be withdrawn in order for the net partial withdrawal proceeds to
match the amount requested. We start with an estimate of the amount of contract value to withdraw
and calculate the resulting withdrawal charge and net partial withdrawal proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to withdraw that generates the desired net partial withdrawal
proceeds. | ||||
We calculate the withdrawal charge for each estimate as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
| ||
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
5,376.34 |
16,062.31 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
| ||
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
5,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPW from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPW = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
| ||
|
PPW: |
5,376.34 |
19,375.80 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial withdrawal is
determined as: |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Withdrawal charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial withdrawal proceeds: |
$15,000.00 |
$15,000.00 |
We calculate the ROP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
ROP Death Benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary values: |
$26,000.00 |
| |
|
plus purchase payments made since the prior anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $26,000 |
= |
–1,772.73 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$24,227.27 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$24,227.27 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: |
|
| |
|
1.05 × $20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA account value: |
+5,300.00
|
| |
|
5% variable account floor (value of the GPA or the one-year fixed account and the variable account floor): |
$24,642.11 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% variable account floor: |
|
$24,642.11 |
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,456.79 |
|
4. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: |
|
| |
|
1.05 × $20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA value: |
+5,300.00 |
| |
|
5% variable account floor (value of the GPAs, the one year-fixed account and the variable account floor): |
$24,642.11 |
| |
Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% variable account floor: |
|
$24,642.11 |
|
|
|
|
Initial payment 100,000 | |
End of Contract Year |
Partial Surrender (beginning of year) |
MCAV Adjustment for Partial Surrender |
MCAV |
Accumulation Benefit Amount |
Hypothetical Assumed Contract Value |
1 |
0 |
0 |
100,000 |
0 |
112,000 |
2 |
0 |
0 |
102,400 |
0 |
128,000 |
3 |
0 |
0 |
108,000 |
0 |
135,000 |
4 |
0 |
0 |
108,000 |
0 |
125,000 |
5 |
0 |
0 |
108,000 |
0 |
110,000 |
6 |
2,000 |
1,964 |
106,036 |
0 |
122,000 |
7 |
0 |
0 |
112,000 |
0 |
140,000 |
8 |
0 |
0 |
112,000 |
0 |
121,000 |
9 |
5,000 |
4,628 |
107,372 |
0 |
98,000 |
10 |
0 |
0 |
107,372 |
22,372 |
85,000 |
Contract
Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
7,000 |
92,000 |
100,000 |
93,000 |
7,000 |
0 |
N/A |
N/A |
1 |
0 |
0 |
91,000 |
100,000 |
93,000 |
7,000 |
7,000 |
N/A |
N/A |
1.5 |
0 |
7,000 |
83,000 |
100,000 |
86,000 |
7,000 |
0 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
100,000 |
86,000 |
7,000 |
7,000 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
100,000 |
86,000 |
7,000 |
7,000 |
5,160 (1) |
5,160 (1) |
5.5 |
0 |
5,160 |
70,000 |
100,000 |
80,840 |
7,000 |
1,840 |
5,160 |
0 |
6 |
0 |
0 |
69,000 |
100,000 |
80,840 |
7,000 |
7,000 |
5,160 |
5,160 |
6.5 |
0 |
7,000 |
62,000 |
100,000 |
73,840 |
7,000 |
0 |
3,720 (2) |
0 |
7 |
0 |
0 |
70,000 |
100,000 |
73,840 |
7,000 |
7,000 |
4,200 |
4,200 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (3) |
51,000 (3) |
3,570 |
0 |
3,060 (3) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000
(4) |
110,000
(4) |
8,400 |
0 |
7,200
(4) |
0 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
The Guaranteed Benefit Amount (GBA) equals your purchase payment: |
$100,000 | ||
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
| ||
|
0.07 × $100,000 = |
$7,000 | |
The Remaining Benefit Amount (RBA) equals your purchase payment: |
$100,000 | ||
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$110,000 | ||
The GBA equals 100% of your contract value: |
$110,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
| ||
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
| ||
|
$110,000 – $7,700 = |
$102,300 | |
The GBA equals the GBA immediately prior to the partial withdrawal: |
$110,000 | ||
The GBP equals 7% of your GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
On the fourth contract anniversary you make an additional purchase payment of $50,000. |
| ||
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment: |
| ||
|
$102,300 + $50,000 = |
$152,300 | |
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment: |
| ||
|
$110,000 + $50,000 = |
$160,000 | |
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment: |
| ||
|
$7,700 + $3,500 = |
$11,200 | |
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$200,000 | ||
The GBA equals 100% of your contract value: |
$200,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$200,000 – $20,000 = |
$180,000 |
|
Reset RBA = lesser of (1) or (2) = |
$180,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
Reset GBA = lesser of (1) or (2) = |
$200,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the eight contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$180,000 – $25,000 = |
$155,000 |
|
Reset RBA = lesser of (1) or (2) = |
$150,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA; |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
Reset GBA = lesser of (1) or (2) = |
$150,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $150,000 = |
$10,500 |
Contract Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
125,000 |
3 |
132,000 |
none |
132,000 |
132,000 |
4 |
150,000 |
none |
150,000 |
150,000 |
5 |
85,000 |
none |
150,000 |
150,000 |
6 |
121,000 |
none |
150,000 |
150,000 |
7 |
139,000 |
none |
150,000 |
150,000 |
8 |
153,000 |
none |
153,000 |
153,000 |
9 |
140,000 |
none |
153,000 |
153,000 |
10 |
174,000 |
none |
174,000 |
174,000 |
11 |
141,000 |
none |
174,000 |
174,000 |
12 |
148,000 |
none |
174,000 |
174,000 |
13 |
208,000 |
none |
208,000 |
208,000 |
14 |
198,000 |
none |
208,000 |
208,000 |
15 |
203,000 |
none |
208,000 |
208,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
174,000 |
812.58 |
814.32 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1)
Plan D – Last
Survivor No Refund(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
174,000 |
657.72 |
650.76 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base – 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
110,250 |
125,000 |
3 |
132,000 |
none |
115,763 |
132,000 |
4 |
150,000 |
none |
121,551 |
150,000 |
5 |
85,000 |
none |
127,628 |
127,628 |
6 |
121,000 |
none |
134,010 |
134,010 |
7 |
139,000 |
none |
140,710 |
140,710 |
8 |
153,000 |
none |
147,746 |
153,000 |
9 |
140,000 |
none |
155,133 |
155,133 |
10 |
174,000 |
none |
162,889 |
174,000 |
11 |
141,000 |
none |
171,034 |
171,034 |
12 |
148,000 |
none |
179,586 |
179,586 |
13 |
208,000 |
none |
188,565 |
208,000 |
14 |
198,000 |
none |
197,993 |
198,000 |
15 |
203,000 |
none |
207,893 |
207,893 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – 5% RF Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
171,034 |
778.20 |
779.91 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
198,000 |
974.16 |
976.14 |
15 |
203,000 |
1,025.15 |
1,027.18 |
207,893 |
1,049.86 |
1,051.94 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB –
5% RF Provisions | |||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | ||
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 | |
11 |
141,000 |
521.70 |
516.06 |
171,034 |
632.83 |
625.98 | |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 | |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 | |
14 |
198,000 |
786.06 |
778.14 |
198,000 |
786.06 |
778.14 | |
15 |
203,000 |
826.21 |
818.09 |
207,893 |
846.12 |
837.81 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
110,250 |
125,000 |
3 |
132,000 |
none |
132,000 |
115,763 |
132,000 |
4 |
150,000 |
none |
150,000 |
121,551 |
150,000 |
5 |
85,000 |
none |
150,000 |
127,628 |
150,000 |
6 |
121,000 |
none |
150,000 |
134,010 |
150,000 |
7 |
139,000 |
none |
150,000 |
140,710 |
150,000 |
8 |
153,000 |
none |
153,000 |
147,746 |
153,000 |
9 |
140,000 |
none |
153,000 |
155,133 |
155,133 |
10 |
174,000 |
none |
174,000 |
162,889 |
174,000 |
11 |
141,000 |
none |
174,000 |
171,034 |
174,000 |
12 |
148,000 |
none |
174,000 |
179,586 |
179,586 |
13 |
208,000 |
none |
208,000 |
188,565 |
208,000 |
14 |
198,000 |
none |
208,000 |
197,993 |
208,000 |
15 |
203,000 |
none |
208,000 |
207,893 |
208,000 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – Max Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – Max
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
Max Provisions | ||||
Assumed
Contract
Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – Max
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector does not provide any additional benefit at this
time. |
|
On the first contract anniversary the contract value grows to $110,000. The death benefit equals: |
|
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will
withdraw $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit equals: |
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
|
On the eight contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously withdrawn that are
one or more years old. |
|
The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector value. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$305,000 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old and the value of the Benefit Protector changes. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector Plus does not provide any additional benefit at this
time. |
|
|
On the first contract anniversary the contract value grows to $110,000. You have not reached the
second contract anniversary so the Benefit Protector Plus does not provide any
benefit beyond what is provided by the Benefit Protector at this time.
The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death |
|
|
(MAV Death Benefit minus payments not previously withdrawn): |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000
|
|
Total death benefit of: |
$114,000 |
|
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
|
MAV Death Benefit (MAV): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.10 × $100,000 = |
+10,000
|
|
Total death benefit of: |
$124,000 |
|
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will withdraw $10,500 from your contract value free of charge (10% of your prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit on equals: |
|
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.10 x $55,000 = |
+5,500
|
|
Total death benefit of: |
$64,167 |
|
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit calculated. The reduction in contract value has no
effect. |
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at
death reaches its maximum of 250% of purchase payments not previously withdrawn that
are one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$200,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$266,000 |
|
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector Plus value. The death benefit
equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$316,000 |
|
During the eleventh contract year the contract value remains $250,000 and the “new” purchase
payment is one year old. The value of the Benefit Protector Plus remains constant.
The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously withdrawn): |
|
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$319,000 |
|
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0.30% |
0.30% |
Increase in Annual Contract Charge |
$330 |
$303 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$0 |
$0 |
Increase in Guaranteed Benefit Payment |
$0 |
$0 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
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FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a
purchase payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. If you withdraw
money during the first 7 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 8% of
the Purchase Payment withdrawn.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract (1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.02% |
1.37% | ||
Fund options
(funds fees and expenses)(2) |
0.38%
|
1.80%
| ||
Optional benefits available for an
additional charge(3) |
0.15% |
0.40% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract value or adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract value. The Maximum is a percentage of Contract value.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,482
|
Highest Annual Cost:
$3,179
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge •No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges which may reduce the value of your
Contract if you withdraw money during withdrawal charge period. Withdrawals may also reduce or terminate contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial
strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions.
•Purchase payment credits under the Contract may be recaptured under
certain circumstances.
•We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Guaranteed Minimum Income Benefit Rider may limit allocations to the subaccounts investing in the Money Market funds.
•Performance Credit Rider may limit allocations to the subaccounts investing in the Money Market funds, GPAs and one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This l financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
surrendered) |
|
Maximum |
8 % |
Years from purchase
payment receipt |
Withdrawal charge payment receipt |
1 |
8 % |
2 |
8 |
3 |
7 |
4 |
7 |
5 |
6 |
6 |
5 |
7 |
3 |
Thereafter |
0 |
Annual contract administrative charge |
$40 |
|
Variable account
administrative charge |
Total mortality
and expense risk fee |
Total variable
account expense |
Qualified annuities: |
|
|
|
Return of Purchase Payment (ROP) death benefit |
0.15 % |
0.85 % |
1.00 % |
Maximum Anniversary Value (MAV) death benefit |
0.15 |
0.95 |
1.10 |
Nonqualified annuities: |
|
|
|
ROP death benefit |
0.15 |
1.10 |
1.25 |
MAV death benefit |
0.15 |
1.20 |
1.35 |
Benefit Protector Death Benefit Rider (Benefit Protector) fee |
Maximum/Current:0.25 %(1) |
Benefit Protector Plus Death Benefit Rider (Benefit Protector Plus) fee |
Maximum/Current:0.40 %(1) |
Guaranteed Minimum Income Benefit Rider (GMIB) fee |
0.30
%(1) |
Performance Credit Rider (PCR) fee |
0.15
%(1) |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
1.80 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
|
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Nonqualified Annuity |
$11,263 |
$18,496 |
$24,914 |
$41,383 |
$3,941 |
$11,949 |
$20,127 |
$41,343 |
Qualified Annuity |
11,029 |
17,804 |
23,772 |
39,164 |
3,687 |
11,206 |
18,924 |
39,124 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
|
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Nonqualified Annuity |
$9,174 |
$12,193 |
$13,969 |
$19,486 |
$1,671 |
$5,181 |
$8,929 |
$19,446 |
Qualified Annuity |
8,938 |
11,437 |
12,638 |
16,700 |
1,415 |
4,397 |
7,598 |
16,660 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
PPW = XSF + |
(ACV – XSF) |
× |
(PPNPW – XSF) |
(CV – TFA) |
Years from purchase
payment receipt |
Withdrawal charge payment receipt |
1 |
8 % |
2 |
8 |
3 |
7 |
4 |
7 |
5 |
6 |
6 |
5 |
7 |
3 |
Thereafter |
0 |
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
560 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 7% withdrawal charge; and |
420 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 7% withdrawal charge. |
$980 |
|
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
|
Qualified
annuities |
Nonqualified
annuities |
ROP death benefit |
0.85 % |
1.10 % |
MAV death benefit |
0.95 |
1.20 |
CV |
= |
contract value on the contract anniversary |
ST |
= |
transfers from the subaccounts to the GPAs or the one-year fixed account made six months before the contract
anniversary. |
FAV |
= |
the value of your GPAs and the one-year fixed account on the contract anniversary. |
We calculate the charge for the GMIB as follows: |
|
Contract value on the contract anniversary: |
$73,250 |
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
+15,000 |
minus the value of the one-year fixed account on the contract anniversary: |
–15,250 |
|
$73,000 |
The GMIB fee charged to you: 0.30% × $73,000 = |
$219 |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•The three to ten year GPAs are not available for transfers |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment of at least $10,000, not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial withdrawals •May result in income taxes
and IRS penalty on all or a
portion of amounts
surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a
hospital or nursing home for
the prior 60 days
•You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Amount withdrawn must be
paid directly to you |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis must occur in after the first contract year •Must be terminally ill and
not expected to live more
than 12 months from the
date of the licensed
physician statement
•Must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed •Amount withdrawn must be
paid directly to you |
Death Benefits | ||||
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value or total purchase payments plus purchase payment credits applied to the contract, minus adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
of contract
value in the
variable
account non-qualified annuity: 1.25% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
non-qualified
annuity: 1.25% |
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals, and
such reductions could be
significant
•Annuitizing the Contract terminates the benefit |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.10% of contract value in the variable account non-qualified annuity: 1.35% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.10%
non-qualified
annuity: 1.35% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary following your
81st birthday.
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.25% of
contract value |
0.25% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit |
Benefit Protector
Plus Death
Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.40% of
contract value |
0.40% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •The percentage of
exchange purchase
payments varies by age and
is subject to a vesting
schedule.
•Annuitizing the Contract terminates the benefit |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
0.30% of
adjusted
contract value |
0.30% |
•Available to owners age 75 or younger •Must be elected at contract
issue, but some exceptions
apply
•Certain withdrawals could significantly reduce the GMIB benefit base, which may reduce or eliminate the amount of annuity payments •May have limitations on
allocation to the Money
Market fund |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
0.15% of
contract value |
0.15% |
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPAs, one-year fixed account, and Money Market fund |
Adjusted partial withdrawals for the ROP or MAV death benefit |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
We calculate the ROP death benefit as follows: |
|
| ||
Contract value at death: |
$25,000.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$30,000.00 |
| |
|
minus ROP adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $30,000 |
= |
–1,607.14 |
|
|
$28,000 |
| ||
|
for a death benefit of: |
$28,392.86 |
| |
The ROP death benefit calculated as the greatest of these two values: |
|
$28,392.86 |
We calculate the MAV death benefit as follows: |
|
| ||
Contract value at death: |
$20,500.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$20,000.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $20,000 |
= |
–1,363.64 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$18,636.36 |
| |
The MAV immediately preceding the date of death plus any payments made since that
anniversary minus adjusted partial withdrawals: |
|
| ||
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| |
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $24,000 |
= |
–1,636.36 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$22,363.64 |
| |
The MAV death benefit, calculated as the greatest of these three values: |
|
$22,363.64 |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
The death benefit equals: |
|
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$305,000 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV death benefit minus
payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$ 315,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the GMIB. |
CVG |
= |
current contract value at the time you exercise the GMIB. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
Contract anniversary |
Contract value |
Purchase payments |
MAV |
GMIB benefit base |
1 |
$107,000 |
$101,000 |
$107,000 |
|
2 |
125,000 |
101,000 |
125,000 |
|
3 |
132,000 |
101,000 |
132,000 |
|
4 |
150,000 |
101,000 |
150,000 |
|
5 |
85,000 |
101,000 |
150,000 |
|
6 |
120,000 |
101,000 |
150,000 |
|
7 |
138,000 |
101,000 |
150,000 |
$150,000 |
8 |
152,000 |
101,000 |
152,000 |
152,000 |
9 |
139,000 |
101,000 |
152,000 |
152,000 |
10 |
126,000 |
101,000 |
152,000 |
152,000 |
11 |
138,000 |
101,000 |
152,000 |
152,000 |
12 |
147,000 |
101,000 |
152,000 |
152,000 |
13 |
163,000 |
101,000 |
163,000 |
163,000 |
14 |
159,000 |
101,000 |
163,000 |
163,000 |
15 |
215,000 |
101,000 |
215,000 |
215,000 |
Contract anniversary at exercise |
GMIB benefit base |
Plan A –
life annuity —
no refund |
Minimum
Guaranteed Monthly Income | |
Plan B –
life annuity with
ten years certain |
Plan D – joint and
last survivor life
annuity — no refund | |||
10 |
$152,000
(MAV) |
$785.84 |
$766.08 |
$627.76 |
15 |
215,000
(Contract Value = MAV) |
1,272.80 |
1,212.60 |
984.70 |
Contract
anniversary
at exercise |
Contract value |
Plan A –
life annuity —
no refund |
Plan B –
life annuity with
ten years certain |
Plan D – joint and
last survivor life
annuity — no refund |
10 |
$126,000 |
$651.42 |
$635.04 |
$520.38 |
15 |
215,000 |
1,272.80 |
1,212.60 |
984.70 |
Target value adjusted partial withdrawals |
= |
PW × TV |
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
TV |
= |
the target value on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% |
× |
(PP – PCRPW – PP5) |
PP |
= |
total purchase payments and purchase payment credits. |
PCRPW |
= |
PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix B. |
PP5 |
= |
purchase payments and purchase payment credits made in the prior five years. We apply the PCR credit
to your contract on the tenth rider anniversary and allocate it among the GPAs, the one-year fixed
account and subaccounts according to your current asset allocation. |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P. |
0.91%1 |
34.78% |
17.56% |
14.60% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 1
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
0.75%1 |
33.50% |
13.80% |
10.68% |
Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 1
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
0.75%1 |
26.83% |
15.03% |
10.60% |
Seeks maximum total
investment return
through a combination
of capital growth and
current income. |
Columbia Variable Portfolio - Balanced Fund
(Class 3)
Columbia Management Investment Advisers,
LLC |
0.89% |
21.23% |
10.83% |
7.94% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Select Small
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.98%1 |
12.97% |
10.05% |
6.32% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.66% |
33.34% |
16.54% |
11.50% |
Seeks a high level of
current income, while
also considering growth
of capital. |
Fidelity® VIP High Income Portfolio Service
Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.87% |
10.50% |
3.80% |
3.30% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.67% |
15.00% |
12.34% |
8.02% |
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series I Shares
Invesco Advisers, Inc. |
0.86% |
40.93% |
16.16% |
11.70% |
Seeks long-term growth
of capital. |
Invesco V.I. Core Equity Fund, Series I
Shares
Invesco Advisers, Inc. |
0.80% |
23.36% |
12.95% |
7.79% |
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company |
0.98%1 |
23.70% |
16.39% |
12.44% |
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks long-term capital
appreciation. |
Putnam VT Emerging Markets Equity Fund -
Class IB Shares
Putnam Investment Management, LLC.
Though the investment advisor has retained
the services of both Putnam Investments
Limited (PIL) and the Putnam Advisory
Company, LLC (PAC), PIL and PAC do not
currently manage any assets of the fund. |
1.34%1 |
11.39% |
4.35% |
1.87% |
Seeks capital growth
and current income. |
Putnam VT Large Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.82% |
15.67% |
14.50% |
10.26% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Seeks long-term capital
appreciation. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in
emerging markets
investments. |
Templeton Developing Markets VIP Fund -
Class 2
Templeton Asset Management Ltd. |
1.35%1 |
12.62% |
4.22% |
2.32% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of issuers
located outside the
U.S., including those in
emerging markets. |
Templeton Foreign VIP Fund - Class 2
Templeton Investment Counsel, LLC |
1.07%1 |
20.76% |
5.27% |
1.28% |
RPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question
minus the RPA adjusted partial withdrawals for all previous partial withdrawals. |
RPA adjusted partial withdrawals |
= |
PW × RPA |
|
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
EPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question AND
prior to the five year exclusion period minus EPA adjusted partial withdrawals for all previous
partial withdrawals. |
EPA adjusted partial withdrawals |
= |
PW × EPA |
× |
EPA |
|
CV |
RPA |
|
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
EPA |
= |
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
Contract
Duration
in Years |
Total purchase payments |
Contract value |
At Issue |
$100,000 |
$100,000 |
1 |
100,000 |
110,000 |
2 |
100,000 |
115,000 |
3 |
100,000 |
120,000 |
4 |
100,000 |
115,000 |
5 |
100,000 |
120,000 |
6 |
200,000 |
225,000 |
7 |
200,000 |
230,000 |
8 |
200,000 |
235,000 |
9 |
200,000 |
230,000 |
10 |
200,000 |
235,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
$10,000 × $100,000 |
= $8,333 | |
$120,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
$10,000 × $191,667 |
= $8,156 | |
$235,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = | |||
$10,000 × $100,000 |
× |
$100,000 |
= $8,333 | |
$120,000 |
$100,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
| ||
$10,000 × $91,667 |
× |
$91,667 |
= $1,866 | |
$235,000 |
$191,667 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
3
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76 |
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. You may select
either a seven-year or five-year withdrawal charge schedule at
the time of application. If you select a seven-year withdrawal
charge schedule and you withdraw money during the first 7 years
from date of each purchase payment, you may be assessed a
withdrawal charge of up to 8% of the Purchase Payment withdrawn.
If you select a five-year withdrawal charge schedule and you
withdraw money during the first 5 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 8% of
the purchase payment withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.06%
|
1.91%
| ||
Fund options
(Funds fees and expenses)(2) |
0.55%
|
1.17%
| ||
Optional benefits available for an
additional charge(3) |
0.15% |
0.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted
Contract Value. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,871
|
Highest Annual Cost:
$3,329
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Cpntract features and Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during the
withdrawal charge period. Withdrawals may also reduce or terminate
contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Under Guaranteed Minimum Income Benefit (GMIB) rider and Performance Credit rider (PCR), we may limit allocations to the subaccounts investing in the Money Market funds. In addition, PCR
optional benefit may limit amounts allocated to the GPAs and the
one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed generally at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule | ||
Years from purchase payment receipt |
Withdrawal charge percentage |
Years from purchase payment receipt |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
Seven-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:0.85 % |
0.15 % |
1.00 % |
MAV death benefit(1),(2) |
Maximum/Current:1.05 % |
0.15 % |
1.20 % |
EDB(1) |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
Nonqualified annuities |
|
0.15 % |
|
ROP death benefit |
Maximum/Current:1.10 % |
0.15 % |
1.25 % |
MAV death benefit(1),(2) |
Maximum/Current:1.30 % |
0.15 % |
1.45 % |
EDB(1) |
Maximum/Current:1.40
% |
0.15 % |
1.55
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
MAV death benefit(1),(2) |
Maximum/Current:1.35 % |
0.15 % |
1.50 % |
EDB(1) |
Maximum/Current:1.45 % |
0.15 % |
1.60 % |
Nonqualified annuities |
|
0.15 % |
|
ROP Payment death benefit |
Maximum/Current:1.40 % |
0.15 % |
1.55 % |
MAV death benefit(1),(2) |
Maximum/Current:1.60 % |
0.15 % |
1.75 % |
EDB(1) |
Maximum/Current:1.70
% |
0.15 % |
1.85
% |
Benefit Protector Death Benefit Rider (Benefit Protector) fee |
Maximum/Current:0.25 %(1) |
Benefit Protector Plus Death Benefit Rider (Benefit Protector Plus) fee |
Maximum/Current:0.40 %(1) |
GMIB – MAV |
0.55 %(1),(2) |
GMIB – 6% Rising Floor |
0.75
%(1),(2) |
PCR fee |
0.15
%(1) |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.55 |
1.17 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,190 |
$18,282 |
$24,561 |
$40,700 |
$3,862 |
$11,719 |
$19,755 |
$40,660 |
Five-year withdrawal charge schedule |
10,562 |
16,335 |
21,221 |
43,299 |
4,166 |
12,603 |
21,181 |
43,259 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$10,957 |
$17,592 |
$23,420 |
$38,473 |
$3,609 |
$10,978 |
$18,553 |
$38,433 |
Five-year withdrawal charge schedule |
10,326 |
15,628 |
20,034 |
41,139 |
3,913 |
11,866 |
19,994 |
41,099 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,334 |
$12,687 |
$14,866 |
$21,342 |
$1,845 |
$5,711 |
$9,826 |
$21,302 |
Five-year withdrawal charge schedule |
8,689 |
10,610 |
11,433 |
24,543 |
2,153 |
6,643 |
11,393 |
24,503 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,098 |
$11,960 |
$13,545 |
$18,602 |
$1,589 |
$4,931 |
$8,505 |
$18,562 |
Five-year withdrawal charge schedule |
8,451 |
9,864 |
10,128 |
21,883 |
1,896 |
5,867 |
10,088 |
21,843 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
For contracts with applications signed prior to June 16, 2003: |
No restrictions on the amount of purchase payments allocated to the GPAs or the one-year fixed account (if available). |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
The amount of any purchase payment allocated to the GPAs and the one-year fixed account in total cannot exceed 30% of the purchase payment. This 30% limit will not apply if you establish a dollar cost averaging arrangement with respect
to the purchase payment according to procedures currently in effect, or you are participating
according to the rules of an asset allocation model portfolio program available under
the contract, if any. |
For contracts with applications signed on or after Dec. 5, 2003: |
In certain states where we offer GPAs that do not require payment of a statutory minimum guaranteed interest rate, the amount of any purchase payment allocated to one-year fixed account cannot exceed 30% of the purchase payment. The amount of any purchase payment allocated to the GPAs is not subject to this 30% limit. Please consult your investment professional to see if these restrictions apply in your state. In all other states, the amount of
any purchase payment allocated to the GPAs and the one-year fixed account in total cannot
exceed 30% of the purchase payment. We reserve the right to further limit purchase
payment allocations to the one-year fixed account and/or GPAs if the interest rate we
are then crediting on new purchase payments allocated to the one-year fixed account is
equal to the minimum interest rate stated in the contract.
In all states, the 30% limit will not apply if you establish an automated dollar cost averaging
arrangement with respect to the purchase payment according to procedures currently in
effect, or you are participating according to the rules of an asset allocation model
portfolio program available under the contract, if any. |
If paying by SIP: |
$50 for additional payments. |
If paying by any other method: |
$100 for additional payments. |
PPW = XSF + |
(ACV – XSF) |
× |
(PPNPW – XSF) |
(CV – TFA) |
Seven-year schedule |
Five-year schedule(1) | ||
Years from purchase
payment receipt |
Withdrawal charge
percentage |
Years from purchase
payment receipt |
Withdrawal charge
percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
560 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 7% withdrawal charge; and |
420 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 7% withdrawal charge. |
$980 |
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received six or more years before withdrawal and is withdrawn
without withdrawal charge; and |
320 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 4% withdrawal charge; and |
360 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 6% withdrawal charge. |
$680 |
|
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule |
Qualified annuities |
Nonqualified annuities |
ROP death benefit |
0.85 % |
1.10 % |
MAV death benefit(1) |
1.05 |
1.30 |
EDB |
1.15 |
1.40 |
Five-year withdrawal charge schedule |
Qualified annuities |
Nonqualified annuities |
ROP death benefit |
1.15 |
1.40 |
MAV death benefit(1) |
1.35 |
1.60 |
EDB |
1.45 |
1.70 |
GMIB |
– MAV |
0.55% × (CV + ST – FAV) |
GMIB |
– 6% Rising Floor |
0.75% × (CV + ST – FAV) |
CV |
= |
contract value on the contract anniversary |
ST |
= |
transfers from the subaccounts to the GPAs or the one-year fixed account made during the six months
before the contract anniversary. |
FAV |
= |
the value of your GPAs and the one-year fixed account on the contract anniversary. |
Contract value on the contract anniversary: |
$73,250 |
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
+15,000 |
minus the value of the one-year fixed account on the contract anniversary: |
–15,250 |
|
$73,000 |
GMIB – MAV |
(0.55% × $73,000) = |
$401.50 |
GMIB – 6% Rising Floor |
(0.75% × $73,000) = |
$547.50 |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
For contracts with applications signed prior to June 16, 2003: |
It is our general policy to allow you to transfer contract values from the one-year fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Currently, we have removed this restriction and you may transfer contract values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction. |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the GPAs or the one-year fixed account cannot result in the value of the GPAs and the one-year fixed account in total being greater than 30% of the contract value. Total transfers out of the GPAs and one-year fixed account in any contract year are limited to 30% of the total value of the GPAs and one-year fixed account at the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract
value from the one-year fixed account. You should carefully consider whether the one-year
fixed account meets your investment criteria before you invest. |
For contracts with applications signed on or after Dec. 5, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the one-year fixed account cannot result in the value of the one-year fixed account in total being greater than 30% of the
contract value. We reserve the right to further limit transfers to the one-year fixed account
and/or GPAs if the interest rate we are then crediting on new purchase payments
allocated to the one-year fixed account is equal to the minimum interest rate stated in
the contract. Total transfers out of the one-year fixed account in any contract year are
limited to 30% of the one-year fixed account value at the beginning of the contract year
or $10,000, whichever is greater. Because of this limitation, it may take you several
years to transfer all your contract value from the one-year fixed account. You should
carefully consider whether the one-year fixed account meets your investment criteria
before you invest. |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Transfers out of the one-year fixed account to any of the
subaccounts may not
exceed the amount that if
continued, would deplete
the one-year fixed account
within 12 months
•For contracts signed prior June 16, 2003, transfers out of the one-year fixed
account, are not limited •For contracts signed on or
after June 16, 2003,
transfers out of the one-year
fixed account, including automated transfers, are limited to 30% of one-year fixed account value at the beginning of the contract year or $10,000, whichever is greater |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment of at least $10,000, not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
N/A |
N/A |
•Additional systematic
payments are not allowed
with automated partial
withdrawals
•May result in income taxes and IRS penalty on all or a portion of amounts surrendered |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a hospital or nursing home for the prior 60 days •You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Death Benefits | ||||
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or total
purchase payments plus
purchase payment credits
applied to the contract, minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%of contract value in the variable account nonqualified annuity: 1.25%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity: 1.55%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
nonqualified
annuity: 1.25%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity:
1.20% of
contract value
in the variable
account
nonqualified
annuity: 1.45% of contract value in the variable account 5-year withdrawal charge schedule qualified annuity:
1.50% of
contract value
in the variable
account
nonqualified
annuity: 1.75% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.20%
nonqualified
annuity: 1.45%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.50%
nonqualified
annuity: 1.75% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary following your
81st birthday.
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
EDB Death
Benefit |
Provides a death benefit equal
to the greatest of these four
values less any purchase
payment credits, subject to
reversal, minus any applicable
rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals;
or the 5% rising floor |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity:1.55%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60% of contract value in the variable account nonqualified annuity: 1.85%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60%
nonqualified
annuity: 1.85% |
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday •Not available with Benefit
Protector and Benefit
Protector Plus
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.25% of
contract value |
0.25% |
•Available to owners age 75
and younger
•Must be elected at contract issue •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.40% of
contract value |
0.40% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
GMIB – MAV
0.55%
GMIB – 6%
Rising Floor
0.75% of
adjusted
contract value |
Varies by
application sign
date |
•Available to owners age 75 or younger •Must be elected at contract
issue, but some exceptions
apply
•Available as two options: GMIB – MAV, or GMIB – 6% Rising Floor •Certain withdrawals could
significantly reduce the
GMIB benefit base, which
may reduce or eliminate the
amount of annuity payments
•May have limitations on allocation to the Money Market fund |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
0.15% of
contract value |
0.15% |
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPA, the one-year fixed account and Money Market fund |
Adjusted partial withdrawals for the ROP or MAV death benefit |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
We calculate the ROP death benefit as follows: |
|
| ||
Contract value at death: |
$23,000.00 |
| ||
|
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 | |||
|
for a death benefit of: |
$23,295.45 |
| |
ROP death benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV death benefit as follows: |
|
| ||
Contract value at death: |
$20,500.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$20,000.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $20,000 |
= |
–1,363.64 |
|
$22,000 | ||||
|
for a death benefit of: |
$18,636.36 |
| |
The MAV immediately preceding the date of death: |
|
| ||
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| |
|
plus purchase payments and purchase payment credits made since the prior anniversary: |
+0.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $24,000 |
= |
–1,636.36 |
|
$22,000 | ||||
|
for a MAV death benefit of: |
$22,363.64 |
| |
The MAV death benefit, calculated as the greatest of these three values: |
|
$22,363.64 |
5% rising floor adjusted transfers or partial withdrawals |
= |
PWT × VAF |
SV |
PWT |
= |
the amount by which the contract is reduced as a result of the partial withdrawal or transfer from the
subaccounts. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts on the date of (but prior to) the transfer or partial withdrawal. |
The death benefit is calculated as follows: |
|
| ||
Contract value at death: |
$22,800.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a return of purchase payments death benefit of: |
$23,456.79 |
| |
The MAV on the anniversary immediately preceding the date of death plus any purchase
payments made since that anniversary minus adjusted partial withdrawals made since
that anniversary: |
|
| ||
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| ||
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 | |||
|
for a MAV death benefit of: |
$23,456.79 |
| |
The 5% rising floor: |
|
|
The variable account floor on the first contract anniversary, calculated as: 1.05 x
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% rising floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
| ||
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00 |
| |
|
5% rising floor (value of the GPAs, one-year fixed account and the variable account
floor): |
$24,642.11 |
| |
EDB, calculated as the greatest of these three values, which is the 5% rising floor: |
|
$24,642.11 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the
GMIB – MAV. |
CVG |
= |
current contract value at the time you exercise the GMIB – MAV. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
MAV |
GMIB benefit base |
1 |
$107,000 |
$101,000 |
$107,000 |
|
2 |
125,000 |
101,000 |
125,000 |
|
3 |
132,000 |
101,000 |
132,000 |
|
4 |
150,000 |
101,000 |
150,000 |
|
5 |
85,000 |
101,000 |
150,000 |
|
6 |
120,000 |
101,000 |
150,000 |
|
7 |
138,000 |
101,000 |
150,000 |
$150,000 |
8 |
152,000 |
101,000 |
152,000 |
152,000 |
9 |
139,000 |
101,000 |
152,000 |
152,000 |
10 |
126,000 |
101,000 |
152,000 |
152,000 |
11 |
138,000 |
101,000 |
152,000 |
152,000 |
12 |
147,000 |
101,000 |
152,000 |
152,000 |
13 |
163,000 |
101,000 |
163,000 |
163,000 |
14 |
159,000 |
101,000 |
163,000 |
163,000 |
15 |
215,000 |
101,000 |
215,000 |
215,000 |
Contract anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$152,000
(MAV) |
$784.32 |
$763.04 |
$627.76 |
15 |
215,000
(Contract Value = MAV) |
1,268.50 |
1,210.45 |
982.55 |
Contract anniversary
at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
215,000 |
1,268.50 |
1,210.45 |
982.55 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the GMIB. |
CVG |
= |
current contract value at the time you exercise the GMIB. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
PMT |
x |
(1.06)CY
|
CY |
= |
the full number of contract years the payment has been in the contract |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
6% rising floor |
GMIB benefit base |
1 |
$107,000 |
$100,000 |
$106,000 |
|
2 |
125,000 |
100,000 |
112,360 |
|
3 |
132,000 |
100,000 |
119,102 |
|
4 |
150,000 |
100,000 |
126,248 |
|
5 |
85,000 |
100,000 |
133,823 |
|
6 |
120,000 |
100,000 |
141,852 |
|
7 |
138,000 |
100,000 |
150,363 |
$150,363 |
8 |
152,000 |
100,000 |
159,388 |
159,388 |
9 |
139,000 |
100,000 |
168,948 |
168,948 |
10 |
126,000 |
100,000 |
179,085 |
179,085 |
11 |
138,000 |
100,000 |
189,830 |
189,830 |
12 |
147,000 |
100,000 |
201,220 |
201,220 |
13 |
215,000 |
100,000 |
213,293 |
215,000 |
14 |
234,000 |
100,000 |
226,090 |
234,000 |
15 |
240,000 |
100,000 |
239,655 |
240,000 |
Contract
anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B – life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$179,085
(6% Rising Floor) |
$872.14 |
$850.65 |
$691.27 |
15 |
240,000
(Contract Value) |
1,346.40 |
1,286.40 |
1,034.40 |
Contract anniversary at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B – life annuity with
ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
240,000 |
1,416.00 |
1,351.20 |
1,096.80 |
Target value adjusted partial withdrawals |
= |
PW × TV |
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
TV |
= |
the target value on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% |
× |
(PP – PCRPW – PP5) |
PP |
= |
total purchase payments and purchase payment credits. |
PCRPW |
= |
PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix B. |
PP5 |
= |
purchase payments and purchase payment credits made in the prior five years. We apply the PCR credit
to your contract on the tenth rider anniversary and allocate it among the GPAs, the one-year fixed
account and subaccounts according to your current asset allocation. |
MAV rider (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV death benefit minus
payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV rider (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV rider (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
MAV rider (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
MAV rider (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$304,500 |
MAV rider (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$315,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
33.17% |
13.54% |
10.42% |
Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
26.50% |
14.74% |
10.32% |
Seeks long-term capital
appreciation. |
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.17% |
4.11% |
7.68% |
6.60% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
RPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question
minus the RPA adjusted partial withdrawals for all previous partial withdrawals. |
RPA adjusted partial withdrawals |
= |
PW × RPA |
|
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
EPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question AND
prior to the five year exclusion period minus EPA adjusted partial withdrawals for all previous
partial withdrawals. |
EPA adjusted partial withdrawals |
= |
PW × EPA |
× |
EPA |
|
CV |
RPA |
|
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
EPA |
= |
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
Contract
Duration
in Years |
Total purchase payments |
Contract value |
At Issue |
$100,000 |
$100,000 |
1 |
100,000 |
110,000 |
2 |
100,000 |
115,000 |
3 |
100,000 |
120,000 |
4 |
100,000 |
115,000 |
5 |
100,000 |
120,000 |
6 |
200,000 |
225,000 |
7 |
200,000 |
230,000 |
8 |
200,000 |
235,000 |
9 |
200,000 |
230,000 |
10 |
200,000 |
235,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
$10,000 × $100,000 |
= $8,333 | |
$120,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
$10,000 × $191,667 |
= $8,156 | |
$235,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = | |||
$10,000 × $100,000 |
× |
$100,000 |
= $8,333 | |
$120,000 |
$100,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
| ||
$10,000 × $91,667 |
× |
$91,667 |
= $1,866 | |
$235,000 |
$191,667 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
4
| |
6 | |
10
| |
12 | |
12
| |
12 | |
14
| |
14 | |
16
| |
17 | |
21
| |
22 | |
22
| |
22 | |
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| |
24 | |
24
| |
25 | |
25
| |
25 | |
26
| |
26 | |
26
| |
28 | |
28
| |
28 | |
28
| |
28 | |
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| |
29 | |
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| |
30 | |
32
| |
32 | |
32
| |
32 | |
32
| |
33 | |
33
| |
33 | |
33
| |
35 | |
35
|
35
| |
36 | |
37
| |
39 | |
42
| |
43 | |
44
| |
44 | |
44
| |
44 | |
45
| |
46 | |
53
| |
55 | |
57
| |
57 | |
57
| |
59 | |
65
| |
69 | |
69
| |
70 | |
71
| |
71 | |
72
| |
73 | |
73
| |
75 | |
77
| |
78 | |
78
| |
78 | |
78
| |
80 | |
80
| |
81 | |
82
| |
83 | |
90
| |
91 | |
94
|
97
| |
99 | |
105
| |
106 | |
108
| |
113 | |
115
| |
117 | |
118
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. The Contract has two withdrawal
charge options. You may select either a seven-year or five-year withdrawal
charge schedule at the time of application. If you select a
seven-year withdrawal charge schedule and you withdraw money
during the first 7 years from date of each purchase payment, you
may be assessed a withdrawal charge of up to 8% of the Purchase
Payment withdrawn. If you select a five-year withdrawal charge
schedule and you withdraw money during the first 5 years from
date of each purchase payment, you may be assessed a withdrawal
charge of up to 8% of the purchase payment
withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.18% |
1.93% | ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
1.38%
| ||
Optional benefits available for an
additional charge(3) |
0.25% |
1.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit).The Minimum is a
percentage of contract value. The Maximum is a percentage of the greater of Contract Value or minimum contract accumulation value (MCAV).
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,691
|
Highest Annual Cost:
$4,074
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge •No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during the
withdrawal charge period. Withdrawals may also reduce or terminate
contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial
strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Optional
Benefits —
Optional Living
Benefits –
Guarantor
Withdrawal
Benefit Rider –
Investment
Allocation
Restrictions
Purchase
Payments | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule* | ||
Years from purchase payment receipt** |
Withdrawal charge percentage |
Years from purchase payment receipt** |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
Seven-year withdrawal charge schedule
Qualified annuities |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Return of Purchase Payment (ROP) Death Benefit |
1.00 % |
0.15 % |
1.15 % |
Maximum Anniversary Value (MAV) Death Benefit |
1.20 |
0.15 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
0.15 |
1.50 |
Enhanced Death Benefit |
1.40 |
0.15 |
1.55 |
Nonqualified annuities |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
ROP Death Benefit |
1.15 % |
0.15 % |
1.30 % |
MAV Death Benefit |
1.35 |
0.15 |
1.50 |
5% Accumulation Death Benefit |
1.50 |
0.15 |
1.65 |
Enhanced Death Benefit |
1.55 |
0.15 |
1.70 |
Five-year withdrawal charge schedule
Qualified annuities |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
ROP Death Benefit |
1.20 % |
0.15 % |
1.35 % |
MAV Death Benefit |
1.40 |
0.15 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
0.15 |
1.70 |
Enhanced Death Benefit |
1.60 |
0.15 |
1.75 |
Nonqualified annuities |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
ROP Death Benefit |
1.35 |
0.15 |
1.50 |
MAV Death Benefit |
1.55 |
0.15 |
1.70 |
5% Accumulation Death Benefit |
1.70 |
0.15 |
1.85 |
Enhanced Death Benefit |
1.75 |
0.15 |
1.90 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55%(1) |
Guarantor Withdrawal Benefit rider fee |
Maximum: 1.50% |
Initial: 0.55%(2) |
Income Assurer Benefit® – MAV
rider fee |
Maximum: 1.50% |
Current: 0.30%(3)
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
Maximum: 1.75% |
Current: 0.60%(3)
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
Maximum: 2.00% |
Current: 0.65%(3)
|
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
1.38 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$12,386 |
$21,758 |
$30,198 |
$51,163 |
$5,146 |
$15,416 |
$25,655 |
$51,123 |
Five-year withdrawal charge schedule |
11,687 |
19,627 |
26,588 |
52,732 |
5,347 |
15,984 |
26,548 |
52,692 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$12,236 |
$21,327 |
$29,520 |
$50,006 |
$4,996 |
$14,987 |
$24,980 |
$49,966 |
Five-year withdrawal charge schedule |
11,536 |
19,200 |
25,919 |
51,545 |
5,196 |
15,558 |
25,879 |
51,505 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,221 |
$12,339 |
$14,233 |
$20,035 |
$1,722 |
$5,337 |
$9,193 |
$19,995 |
Five-year withdrawal charge schedule |
8,479 |
9,954 |
10,286 |
22,205 |
1,927 |
5,960 |
10,246 |
22,165 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,080 |
$11,902 |
$13,438 |
$18,380 |
$1,568 |
$4,868 |
$8,398 |
$18,340 |
Five-year withdrawal charge schedule |
8,336 |
9,505 |
9,497 |
20,582 |
1,773 |
5,493 |
9,457 |
20,542 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule |
Qualified annuities |
Nonqualified annuities |
ROP Death Benefit |
1.00 % |
1.15 % |
MAV Death Benefit |
1.20 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
1.50 |
Enhanced Death Benefit |
1.40 |
1.55 |
Five-year withdrawal schedule |
Qualified annuities |
Nonqualified annuities |
ROP Death Benefit |
1.20 |
1.35 |
MAV Death Benefit |
1.40 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
1.70 |
Enhanced Death Benefit |
1.60 |
1.75 |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
Elective step up date: |
If invested in Portfolio Navigator fund
at the time of step-up: |
If invested in Portfolio Stabilizer fund
at the time of step-up: |
07/21/2020 and later |
1.75% |
1.75% |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
|
Maximum |
Current |
Income Assurer Benefit – MAV |
1.50 % |
0.30 %(1) |
Income Assurer Benefit – 5% Accumulation Benefit Base |
1.75 |
0.60 (1) |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
2.00 |
0.65
(1) |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Automated transfers not available for GPA terms of 2 or more years •Not available when the PN
program is in effect |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial surrenders •For contracts with a
Guarantor Withdrawal
Benefit rider, you may set up
automated partial
surrenders up to the benefit
available for withdrawals
under the rider
•May result in income taxes and IRS penalty on all or a portion of the amounts surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
Contract Value without a
surrender charge |
N/A |
N/A |
• You must be confined to a
hospital or nursing home for
the prior 60 days
• You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Must receive your surrender
request no later than 91
days after your release from
the hospital or nursing home
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
Contract Value without
asurrender charge |
N/A |
N/A |
•Terminal Illness diagnosis must occur in after the first contract year •Must be terminally ill and
not expected to live more
than 12 months from the
date of the licensed
physician statement
•Must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed •Amount withdrawn must be
paid directly to you
•Contract Value is reduced by any purchase payment credits credited within 12 months of a withdrawal. |
ROP Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or the
total purchase payments and
any purchase payment credits
applied to the contract minus
adjusted partial surrenders |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.15% of
contract value
in the variable
account
- Nonqualified
contract
1.30% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.15%
- Nonqualified
contract
1.30% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contractminus adjusted partial
surrenders, or the MAV on the
date of death |
|
|
•Available for the Contract
owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% | |||
Five-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.50% of
contract value
in the variable
account
- Nonqualified
contract
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.50%
- Nonqualified
contract
1.65% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70% of
contract value
in the variable
account
- Nonqualified
contract
1.85% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70%
- Nonqualified
contract
1.85% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB) |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, the MAV
on the date of death or the 5%
variable account floor |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75% of
contract value
in the variable
account
- Nonqualified
contract
1.90% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75%
- Nonqualified
contract
1.90% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
0.25%
of contract value |
0.25% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Not available with Benefit
Protector Plus, the 5%
Accumulation Death benefit
or Enhanced Death Benefit
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
0.40% of
contract value |
0.40% |
• Available to owners age 75 and younger •Must be elected
at contract issue
•Available only for transfers, exchanges or rollovers •Not available with Benefit
Protector, the 5%
Accumulation Death benefit
or Enhanced Death Benefit
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
1.50% of
contract value |
0.55% - 1.00%
Varies by issue
date, elective
step up date
and the fund
selected |
•Available to owners age 79
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Limitations on additional
purchase payments
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Income Assurer
Benefit |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% or
0.55%
Varies by issue
date |
•Available to owners age 75 or younger •Not available with any other
living benefit riders
•The rider has a 10 year Waiting period •Available as: Income Assurer
Benefit – MAV; Income
Assurer Benefit – 5%
Accumulation Benefit Base;
and Income Assurer Benefit
– Greater of MAV or 5%
Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% or
0.70%
Varies by issue
date | |||
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% or
0.75%
Varies by issue
date | |||
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
1.75% of
contract value or the Minimum Contract Accumulation Value |
0.55% - 1.75% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•The rider ends when the Waiting Period expires •Limitations on additional
purchase payments
•Subject to Investment Allocation restrictions •Elective Step ups restart the
Waiting Period |
Adjusted partial withdrawals (calculated for ROP and MAV Death Benefits) |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% rising floor adjusted transfers or partial withdrawals |
= |
PWT × VAF |
SV |
PWT |
= |
the amount by which the contract value in the subaccounts is reduced as a result of the partial withdrawal or
transfer from the subaccounts. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts on the date of (but prior to) the transfer of partial withdrawal. |
On the benefit date, if: |
Then your Accumulation Protector Benefit rider benefit
is: |
The Minimum Contract Accumulation Value (defined below) as
determined under the Accumulation Protector Benefit rider is
greater than your contract value, |
The contract value is increased on the benefit date to equal the
Minimum Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider on the benefit date. |
The contract value is equal to or greater than the Minimum
Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider, |
Zero; in this case, the Accumulation Protector Benefit rider ends without value and no benefit is payable. |
Plan A |
— |
Life Annuity – No Refund; |
Plan B |
— |
Life Annuity with Ten or Twenty Years Certain; |
Plan D |
— |
Joint and Last Survivor Life Annuity – No Refund; |
|
— |
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
Plan E |
— |
Twenty Years Certain. |
Pt-1
(1 + i) |
= |
Pt |
1.05 |
Pt-1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25% of initial purchase payment*) |
15% × (earnings at death + 25% of initial purchase payment*) |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
APPENDIX NAME |
PAGE # |
CROSS-REFERENCE |
PAGE # |
Appendix A: Funds Available Under the Contracts |
|
|
|
Appendix B: Example — Market Value Adjustment (MVA) |
p. 118 |
Guarantee Period Accounts (GPAs) |
p. 21 |
Appendix C: Example — Income Assurer Benefit Rider Fee |
p. 90 |
Charges — Income Assurer Benefit Rider Fee |
p. 32 |
Appendix D: Example — Withdrawal Charges |
p. 91 |
Charges — Withdrawal Charges |
p. 26 |
Appendix E: Example — Death Benefits |
p. 94 |
Benefits in Case of Death |
p. 53 |
Appendix F: Example — Accumulation Protector Benefit Rider |
p. 97 |
Optional Benefits — Accumulation Protector Benefit Rider |
p. 57 |
Appendix G: Guarantor Withdrawal Benefit Rider — Rider B
Disclosure |
p. 99 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 59 |
Appendix H: Example — Guarantor Withdrawal Benefit Rider |
p. 105 |
Optional Benefits — Guarantor Withdrawal Benefit Rider and
Appendix F |
p. 99 |
Appendix I: Guarantor Withdrawal Benefit Rider — Additional
RMD Disclosure |
p. 106 |
Optional Benefits — Guarantor Withdrawal Benefit Rider and
Appendix F |
p. 99 |
Appendix J: Example — Income Assurer Benefit Riders |
p. 108 |
Optional Benefits — Income Assurer Benefit Riders |
p. 65 |
Appendix K: Example — Benefit Protector Death Benefit
Rider |
p. 113 |
Optional Benefits — Benefit Protector Death Benefit Rider |
p. 69 |
Appendix L: Example — Benefit Protector Plus Death Benefit
Rider |
p. 115 |
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
p. 70 |
Appendix M: Example — Withdrawal Benefit Riders: Elective
Step Up or Elective Spousal Continuation Step Up |
p. 117 |
Optional Benefits — Optional Living Benefits |
p. 57 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
1.15% |
14.83% |
5.55% |
1.83% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
33.17% |
13.54% |
10.42% |
Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
26.50% |
14.74% |
10.32% |
Seeks long-term capital
appreciation. |
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.17% |
4.11% |
7.68% |
6.60% |
Seeks capital
appreciation. |
BNY Mellon Investment Portfolios,
Technology Growth Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Newton Investment Management
North America, LLC, sub-investment adviser.
|
1.03% |
59.00% |
15.31% |
12.94% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
1.22%1 |
9.31% |
3.54% |
2.51% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation. |
Columbia Variable Portfolio - Income
Opportunities Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
11.51% |
5.15% |
4.12% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Large
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.83% |
5.23% |
11.99% |
8.99% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser. |
0.75%1 |
3.95% |
1.04% |
2.23% |
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
0.95% |
9.81% |
14.18% |
10.58% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks as high level of
current income as is
consistent with the
preservation of capital. |
Fidelity® VIP Investment Grade Bond
Portfolio Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.63% |
6.00% |
1.72% |
2.08% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
0.71%1 |
8.62% |
6.98% |
5.01% |
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.84%1 |
11.42% |
13.36% |
8.10% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.77%1 |
3.40% |
2.65% |
1.90% |
Seeks capital growth. |
LVIP American Century Ultra® Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.90%1 |
43.27% |
19.07% |
14.47% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.86%1 |
9.02% |
11.71% |
8.36% |
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc. |
1.05%1 |
14.22% |
2.66% |
4.26% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
1.03% |
23.75% |
14.17% |
7.82% |
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
0.75%1 |
2.88% |
(2.13%) |
(0.66%) |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.22% |
9.19% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.19% |
9.20% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.46% |
2.66% |
2.50% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.39% |
2.64% |
2.50% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.95% |
7.87% |
2.39% |
2.33% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.98% |
9.98% |
3.66% |
3.05% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02% |
14.59% |
6.34% |
4.44% |
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.99% |
12.27% |
5.07% |
3.84% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.96% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.94% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.93% |
7.56% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.91% |
7.57% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.50% |
4.32% |
3.54% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.48% |
4.31% |
3.53% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC |
0.95%1 |
21.74% |
7.51% |
7.20% |
Purchase Payments and purchase payment credits less adjusted partial withdrawals: |
$50,500 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
Income Assurer Benefit – MAV Guaranteed Income Benefit Base |
$55,545 |
Purchase Payments and purchase payment credits less adjusted partial withdrawals: |
$50,500 |
Contract value on the second anniversary: |
$53,270 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,676 |
Income Assurer Benefit – 5% Accumulation Guaranteed Income Benefit Base |
$55,676 |
Purchase Payments and purchase payment credits less adjusted partial withdrawals: |
$50,500 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,676 |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Guaranteed Income Benefit Base |
$55,676 |
Income Assurer Benefit – MAV fee = |
0.30% × $55,545 = $166.64 |
Income Assurer Benefit – 5% Accumulation Benefit Base fee = |
0.60% × $55,676 = $334.06 |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base fee = |
0.65% × $55,676 = $361.89 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the withdrawal charge as follows: | ||||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 |
|
|
Contract with Gain |
Contract with
Loss | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
50,000.00 |
40,000.00 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
|
| |
|
ACV from Step 3 = |
0.00 |
4,200.00 | |
|
CV from Step 1 = |
50,000.00 |
40,000.00 | |
|
TFA from Step 2= |
60,000.00 |
40,000.00 | |
|
PPNPW from Step 1 = |
10,000.00 |
4,200.00 | |
|
PPW = |
50,000.00
|
50,000.00 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
|
| |
|
PPW: |
50,000.00 |
50,000.00 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full withdrawal is determined
as: |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Withdrawal charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full withdrawal): |
(40.00
) |
(40.00 ) | |
|
Net full withdrawal proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 |
|
|
Contract with Gain |
Contract with
Loss | |
We determine the amount of contract value that must be withdrawn in order for the net partial withdrawal proceeds to
match the amount requested. We start with an estimate of the amount of contract value to withdraw
and calculate the resulting withdrawal charge and net partial withdrawal proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to withdraw that generates the desired net partial withdrawal
proceeds. | ||||
We calculate the withdrawal charge for each estimate as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
| ||
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
5,376.34 |
16,062.31 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
| ||
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
5,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPW from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPW = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
| ||
|
PPW: |
5,376.34 |
19,375.80 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial withdrawal is
determined as: |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Withdrawal charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial withdrawal proceeds: |
$15,000.00 |
$15,000.00 |
We calculate the ROP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments plus purchase payment credits, minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,250.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,250 |
= |
–1,721.59 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,528.41 |
| |
ROP Death Benefit, calculated as the greatest of these two values: |
|
$23,528.41 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments plus purchase payment credits minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$20,200.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $20,200 |
= |
–1,377.27 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$18,822.73 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| |
|
plus purchase payments and credits made since that anniversary: |
+0.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $24,000 |
= |
–1,636.36 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$22,363.64 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$22,363.64 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments plus purchase payment credits minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,250.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,250 |
= |
–1,558.64 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,691.36 |
| |
3. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: 1.05 × $20,150 = |
$21,157.50 |
| |
|
plus purchase payments and purchase payment credits allocated to the subaccounts
since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,157.50 |
= |
–$
1,670.33 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,487.17 |
| |
|
plus the one-year fixed account value: |
5,300.00
+$ |
| |
|
5% variable account floor (value of the GPAs, the one-year fixed account and the
variable account floor): |
$24,787.17 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% variable account floor: |
|
$24,787.17 |
The death benefit, which is the greatest of four values, is calculated as follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments plus purchase payment credits minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,250.00 |
|
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,250 |
= |
–1,558.64 |
|
|
$24,300 |
|
| |
|
for a death benefit of:: |
$23,691.36 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,250.00 |
| |
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25250 |
= |
–1,558.64 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,691.36 |
| |
4. |
The 5% variable account floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: |
|
| |
|
1.05 × $20,250 = |
$21,262.050 |
| |
|
plus purchase payments and purchase payment credits allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% variable account floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,262.50 |
= |
–1,678.62 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,583.88 |
| |
|
plus the one-year fixed account value: |
+5,300.00
|
| |
|
5% variable account floor (value of the GPAs, one-year fixed account and the variable
account floor): |
$24,883.88 |
| |
EDB, calculated as the greatest of these four values, which is the 5% variable account
floor: |
|
$24,883.88 |
Contract
Duration
in Years |
Purchase
Payments |
Partial
Withdrawals |
MCAV Adjusted
Partial Withdrawal |
Hypothetical Assumed Net
Rate of Return |
Hypothetical Assumed
Contract Value |
MCAV |
At Issue |
$125,000 |
N/A |
N/A |
N/A |
$125,000 |
$125,000 |
1 |
0 |
0 |
0 |
12.0% |
140,000 |
125,000 |
2 |
0 |
0 |
0 |
15.0% |
161,000 |
128,800 (2) |
3 |
0 |
0 |
0 |
3.0% |
165,830 |
132,664 (2) |
4 |
0 |
0 |
0 |
-8.0% |
152,564 |
132,664 |
5 |
0 |
2,000 |
2,046 |
-15.0% |
127,679 |
130,618 |
6 |
0 |
0 |
0 |
20.0% |
153,215 |
130,618 |
7 |
0 |
0 |
0 |
15.0% |
176,197 |
140,958 (2) |
8 |
0 |
5,000 |
4,444 |
-10.0% |
153,577 |
136,513 |
9 |
0 |
0 |
0 |
-20.0% |
122,862 |
136,513 |
10(1) |
0 |
0 |
0 |
-12.0% |
108,118 |
136,513 |
Contract
Duration
in Years |
Years Remaining
in the Waiting Period |
Purchase
Payments |
Partial
Withdrawals |
MCAV Adjusted
Partial
Withdrawal |
Hypothetical Assumed Net
Rate of Return |
Hypothetical Assumed
Contract Value |
MCAV |
At Issue |
10 |
$125,000 |
$N/A |
$N/A |
N/A |
$125,000 |
$125,000 |
1 |
10
(2) |
0 |
0 |
0 |
12.0% |
140,000 |
140,000 (3) |
2 |
10
(2) |
0 |
0 |
0 |
15.0% |
161,000 |
161,000 (3) |
3 |
10
(2) |
0 |
0 |
0 |
3.0% |
165,830 |
165,830 (3) |
4 |
9 |
0 |
0 |
0 |
-8.0% |
152,564 |
165,830 |
5 |
8 |
0 |
2,000 |
2,558 |
-15.0% |
127,679 |
163,272 |
6 |
7 |
0 |
0 |
0 |
20.0% |
153,215 |
163,272 |
7 |
10
(2) |
0 |
0 |
0 |
15.0% |
176,197 |
176,197 (3) |
8 |
9 |
0 |
5,000 |
5,556 |
-10.0% |
153,577 |
170,642 |
9 |
8 |
0 |
0 |
0 |
-20.0% |
122,862 |
170,642 |
10 |
7 |
0 |
0 |
0 |
-12.0% |
108,118 |
170,642 |
11 |
6 |
0 |
0 |
0 |
3.0% |
111,362 |
170,642 |
12 |
5 |
0 |
0 |
0 |
4.0% |
115,817 |
170,642 |
13 |
4 |
0 |
7,500 |
10,524 |
5.0% |
114,107 |
160,117 |
14 |
3 |
0 |
0 |
0 |
6.0% |
120,954 |
160,117 |
15 |
2 |
0 |
0 |
0 |
-5.0% |
114,906 |
160,117 |
16 |
1 |
0 |
0 |
0 |
-11.0% |
102,266 |
160,117 |
17(1)
|
0 |
0 |
0 |
0 |
-3.0% |
99,198 |
160,117 |
The Guaranteed Benefit Amount (GBA) equals your purchase payment plus the purchase payment credit: |
$101,000 | ||
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
| ||
|
0.07 × $101,000 = |
$7,070 | |
The Remaining Benefit Amount (RBA) equals your purchase payment plus the purchase payment credit: |
$101,000 | ||
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$110,000 | ||
The GBA equals 100% of your contract value: |
$110,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
| ||
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
| ||
|
$110,000 – $7,700 = |
$102,300 | |
The GBA equals the GBA immediately prior to the partial withdrawal: |
$110,000 | ||
The GBP equals 7% of your GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
On the fourth contract anniversary you make an additional purchase payment of $50,000. |
| ||
We add a purchase payment credit of $500 to your contract. |
| ||
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment and
purchase payment credit: |
| ||
|
$102,300 + $50,500 = |
$152,800 | |
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment and
purchase payment credit: |
| ||
|
$110,000 + $50,500 = |
$160,500 | |
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment and
purchase payment credit: |
| ||
|
$7,700 + $3,535 = |
$11,235 | |
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$200,000 | ||
The GBA equals 100% of your contract value: |
$200,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$200,000 – $20,000 = |
$180,000 |
Reset RBA = lesser of (1) or (2) = |
$180,000 | ||
The GBA gets reset to the lesser of: |
| ||
|
(1) |
your prior GBA |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
Reset GBA = lesser of (1) or (2) = |
$200,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 |
During the eighth contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$180,000 – $25,000 = |
$155,000 |
Reset RBA = lesser of (1) or (2) = |
$150,000 | ||
The GBA gets reset to the lesser of: |
| ||
|
(1) |
your prior GBA; |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
Reset GBA = lesser of (1) or (2) = |
$150,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $150,000 = |
$10,500 |
Contract Anniversary |
Assumed
Contract Value |
Purchase Payments
and Credits |
Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
1 |
$109,000 |
$101,000 |
$109,000 |
$109,000 |
2 |
127,000 |
none |
127,000 |
127,000 |
3 |
134,000 |
none |
134,000 |
134,000 |
4 |
153,000 |
none |
153,000 |
153,000 |
5 |
86,000 |
none |
153,000 |
153,000 |
6 |
122,000 |
none |
153,000 |
153,000 |
7 |
141,000 |
none |
153,000 |
153,000 |
8 |
155,000 |
none |
155,000 |
155,000 |
9 |
142,000 |
none |
155,000 |
155,000 |
10 |
176,000 |
none |
176,000 |
176,000 |
11 |
143,000 |
none |
176,000 |
176,000 |
12 |
150,000 |
none |
176,000 |
176,000 |
13 |
211,000 |
none |
211,000 |
211,000 |
14 |
201,000 |
none |
211,000 |
211,000 |
15 |
206,000 |
none |
211,000 |
211,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit® –
MAV | ||
Assumed
Contract Value |
Plan B – Life with
10 Years Certain* |
Guaranteed Income
Benefit Base |
Plan B – Life with
10 Years Certain* | |
10 |
$176,000 |
$784.96 |
$176,000 |
$784.96 |
11 |
143,000 |
654.94 |
176,000 |
806.08 |
12 |
150,000 |
703.50 |
176,000 |
825.44 |
13 |
211,000 |
1,017.02 |
211,000 |
1,017.02 |
14 |
201,000 |
992.94 |
211,000 |
1,042.34 |
15 |
206,000 |
1,046.48 |
211,000 |
1,071.88 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit® – MAV
Provisions | ||
Assumed
Contract Value |
Plan D – Last Survivor
No Refund* |
Guaranteed Income
Benefit Base |
Plan D – Last Survivor
No Refund* | |
10 |
$176,000 |
$631.84 |
$176,000 |
$631.84 |
11 |
143,000 |
524.81 |
176,000 |
645.92 |
12 |
150,000 |
562.50 |
176,000 |
660.00 |
13 |
211,000 |
810.24 |
211,000 |
810.24 |
14 |
201,000 |
791.94 |
211,000 |
831.34 |
15 |
206,000 |
832.24 |
211,000 |
852.44 |
Contract Anniversary |
Assumed
Contract Value |
Purchase Payments
and Credits |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
5% Accumulation
Benefit Base(2) |
1 |
$109,000 |
$101,000 |
$106,050 |
$109,000 |
2 |
127,000 |
none |
111,353 |
127,000 |
3 |
134,000 |
none |
116,920 |
134,000 |
4 |
153,000 |
none |
122,766 |
153,000 |
5 |
86,000 |
none |
128,904 |
128,904 |
6 |
122,000 |
none |
135,350 |
135,350 |
7 |
141,000 |
none |
142,117 |
142,117 |
8 |
155,000 |
none |
149,223 |
155,000 |
9 |
142,000 |
none |
156,684 |
156,684 |
10 |
176,000 |
none |
164,518 |
176,000 |
11 |
143,000 |
none |
172,744 |
172,744 |
12 |
150,000 |
none |
181,381 |
181,381 |
13 |
211,000 |
none |
190,451 |
211,000 |
14 |
201,000 |
none |
199,973 |
201,000 |
15 |
206,000 |
none |
209,972 |
209,972 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit® 5% Accumulation Benefit Base | ||
Assumed
Contract Value |
Plan B – Life with
10 Years Certain* |
Guaranteed Income
Benefit Base |
Plan B – Life with
10 Years Certain* | |
10 |
$176,000 |
$784.96 |
$176,000 |
$784.96 |
11 |
143,000 |
654.94 |
172,744 |
791.17 |
12 |
150,000 |
703.50 |
181,381 |
850.68 |
13 |
211,000 |
1,017.02 |
211,000 |
1,017.02 |
14 |
201,000 |
992.94 |
201,000 |
992.94 |
15 |
206,000 |
1,046.48 |
209,972 |
1,066.66 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit – 5% Accumulation Benefit Base | ||
Assumed
Contract Value |
Plan D – Last Survivor
No Refund* |
Guaranteed Income
Benefit Base |
Plan D – Last Survivor
No Refund* | |
10 |
$176,000 |
$631.84 |
$176,000 |
$631.84 |
11 |
143,000 |
524.81 |
172,744 |
633.97 |
12 |
150,000 |
562.50 |
181,381 |
680.18 |
13 |
211,000 |
810.24 |
211,000 |
810.24 |
14 |
201,000 |
791.94 |
201,000 |
791.94 |
15 |
206,000 |
832.24 |
209,972 |
848.29 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase Payments
and Credits |
Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or
5% Accumulation
Benefit Base(2) |
1 |
$109,000 |
$101,000 |
$109,000 |
$106,050 |
$109,000 |
2 |
127,000 |
none |
127,000 |
111,353 |
127,000 |
3 |
134,000 |
none |
134,000 |
116,920 |
134,000 |
4 |
153,000 |
none |
153,000 |
122,766 |
153,000 |
5 |
86,000 |
none |
153,000 |
128,904 |
153,000 |
6 |
122,000 |
none |
153,000 |
135,350 |
153,000 |
7 |
$109,000 |
$101,000 |
$109,000 |
$106,050 |
$109,000 |
8 |
127,000 |
none |
127,000 |
111,353 |
127,000 |
9 |
134,000 |
none |
134,000 |
116,920 |
134,000 |
10 |
153,000 |
none |
153,000 |
122,766 |
153,000 |
11 |
86,000 |
none |
153,000 |
128,904 |
153,000 |
12 |
122,000 |
none |
153,000 |
135,350 |
153,000 |
13 |
$109,000 |
$101,000 |
$109,000 |
$106,050 |
$109,000 |
14 |
127,000 |
none |
127,000 |
111,353 |
127,000 |
15 |
134,000 |
none |
134,000 |
116,920 |
134,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
||
Assumed
Contract Value |
Plan B – Life with
10 Years Certain* |
Guaranteed Income
Benefit Base |
Plan B – Life with
10 Years Certain* | |
10 |
$176,000 |
$784.96 |
$176,000 |
$784.96 |
11 |
143,000 |
654.94 |
176,000 |
806.08 |
12 |
150,000 |
703.50 |
181,381 |
850.68 |
13 |
211,000 |
1,017.02 |
211,000 |
1,017.02 |
14 |
201,000 |
992.94 |
211,000 |
1,042.34 |
15 |
206,000 |
1,046.48 |
211,000 |
1,071.88 |
Contract Anniversary at Exercise |
Standard
Provisions |
Income
Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
||
Assumed
Contract Value |
Plan D – Last Survivor
No Refund* |
Guaranteed Income
Benefit Base |
Plan D – Last Survivor
No Refund* | |
10 |
$176,000 |
$631.84 |
$176,000 |
$631.84 |
11 |
143,000 |
524.81 |
176,000 |
645.92 |
12 |
150,000 |
562.50 |
181,381 |
680.18 |
13 |
211,000 |
810.24 |
211,000 |
810.24 |
14 |
201,000 |
791.94 |
211,000 |
831.34 |
15 |
206,000 |
832.24 |
211,000 |
852.44 |
During the first contract year the contract value grows to $105,000. The death benefit under the MAV
Death Benefit equals the contract value, less any purchase payment credits added to
the contract in the last 12 months, or $104,000. You have not reached
the first contract anniversary so the Benefit Protector does not
provide any additional benefit at this time |
|
On the first contract anniversary the contract value grows to $110,000. The death benefit equals: |
|
MAV Death Benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV Death Benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charges. We will
withdraw $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit equals: |
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously withdrawn that are
one or more years old. The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
During the tenth contract year you make an additional purchase payment of $50,000 and we add a
purchase payment credit of $500. Your new contract value is now $250,000. The new
purchase payment is less than one year old and so it has no effect on
the Benefit Protector value. The death benefit equals: |
|
MAV Death Benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$304,500 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old and the value of the Benefit Protector changes. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)0.40 ×
($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
During the first contract year the contract value grows to $105,000. The death benefit equals MAV Death
Benefit, which is the contract value, less any purchase payment credits added to the
contract in the last 12 months, or $104,000. You have not reached the
first contract anniversary so the Benefit Protector Plus does not
provide any additional benefit at this time. |
|
On the first contract anniversary the contract value grows to $110,000. You have not reached the second
contract anniversary so the Benefit Protector Plus does not provide any additional
benefit beyond what is provided by the Benefit Protector at this time.
The death benefit equals: |
|
MAV Death Benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death |
|
(MAV rider minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV Death Benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will
withdraw $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit equals: |
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
On the third contract anniversary the contract value falls $40,000. The death benefit equals the previous
death benefit. The reduction in contract value has no effect. |
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously withdrawn that are
one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
During the tenth contract year you make an additional purchase payment of $50,000 and we add a
purchase payment credit of $500. Your new contract value is now $250,000. The new
purchase payment is less than one year old and so it has no effect on
the Benefit Protector Plus value. The death benefit
equals: |
|
MAV Death Benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$315,500 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old. The value of the Benefit Protector Plus remains constant. The death
benefit equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death |
|
(MAV rider minus payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0.30% |
0.30% |
Increase in Annual Contract Charge |
$330 |
$303 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$0 |
$0 |
Increase in Guaranteed Benefit Payment |
$0 |
$0 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) 829 Ameriprise Financial Center
Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
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|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. You may select
either a seven-year or five-year withdrawal charge schedule at
the time of application. If you select a seven-year withdrawal
charge schedule and you withdraw money during the first 7 years
from date of each purchase payment, you may be assessed a
withdrawal charge of up to 8% of the Purchase Payment withdrawn.
If you select a five-year withdrawal charge schedule and you
withdraw money during the first 5 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 8% of
the purchase payment withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.03%
|
1.88%
| ||
Fund options
(Funds fees and expenses)(2) |
0.55%
|
1.22%
| ||
Optional benefits available for an
additional charge(3) |
0.15% |
0.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted
Contract Value. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,871
|
Highest Annual Cost:
$3,363
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Cpntract features and Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during the
withdrawal charge period. Withdrawals may also reduce or terminate
contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Under Guaranteed Minimum Income Benefit (GMIB) rider and Performance Credit rider (PCR), we may limit allocations to the subaccounts investing in the Money Market funds. In addition, PCR
optional benefit may limit amounts allocated to the GPAs and the
one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed generally at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule | ||
Years from purchase payment receipt |
Withdrawal charge percentage |
Years from purchase payment receipt |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
Seven-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:0.85 % |
0.15 % |
1.00 % |
MAV death benefit(1),(2) |
Maximum/Current:1.05 % |
0.15 % |
1.20 % |
EDB(1) |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
Nonqualified annuities |
|
0.15 % |
|
ROP death benefit |
Maximum/Current:1.10 % |
0.15 % |
1.25 % |
MAV death benefit(1),(2) |
Maximum/Current:1.30 % |
0.15 % |
1.45 % |
EDB(1) |
Maximum/Current:1.40
% |
0.15 % |
1.55
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
MAV death benefit(1),(2) |
Maximum/Current:1.35 % |
0.15 % |
1.50 % |
EDB(1) |
Maximum/Current:1.45 % |
0.15 % |
1.60 % |
Nonqualified annuities |
|
0.15 % |
|
ROP Payment death benefit |
Maximum/Current:1.40 % |
0.15 % |
1.55 % |
MAV death benefit(1),(2) |
Maximum/Current:1.60 % |
0.15 % |
1.75 % |
EDB(1) |
Maximum/Current:1.70
% |
0.15 % |
1.85
% |
Benefit Protector Death Benefit Rider (Benefit Protector) fee |
Maximum/Current:0.25 %(1) |
Benefit Protector Plus Death Benefit Rider (Benefit Protector Plus) fee |
Maximum/Current:0.40 %(1) |
GMIB – MAV |
0.55 %(1),(2) |
GMIB – 6% Rising Floor |
0.75
%(1),(2) |
PCR fee |
0.15
%(1) |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.55 |
1.22 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Non-qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,237 |
$18,419 |
$24,788 |
$41,139 |
$3,913 |
$11,866 |
$19,994 |
$41,099 |
Five-year withdrawal charge schedule |
10,609 |
16,476 |
21,457 |
43,725 |
4,217 |
12,750 |
21,417 |
43,685 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,004 |
$17,730 |
$23,649 |
$38,923 |
$3,659 |
$11,126 |
$18,795 |
$38,883 |
Five-year withdrawal charge schedule |
10,373 |
15,770 |
20,272 |
41,575 |
3,963 |
12,014 |
20,232 |
41,535 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Non-qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,334 |
$12,687 |
$14,866 |
$21,342 |
$1,845 |
$5,711 |
$9,826 |
$21,302 |
Five-year withdrawal charge schedule |
8,689 |
10,610 |
11,433 |
24,543 |
2,153 |
6,643 |
11,393 |
24,503 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,098 |
$11,960 |
$13,545 |
$18,602 |
$1,589 |
$4,931 |
$8,505 |
$18,562 |
Five-year withdrawal charge schedule |
8,451 |
9,864 |
10,128 |
21,883 |
1,896 |
5,867 |
10,088 |
21,843 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
For contracts with applications signed prior to June 16, 2003: |
No restrictions on the amount of purchase payments allocated to the GPAs or the one-year fixed account (if available). |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
The amount of any purchase payment allocated to the GPAs and the one-year fixed account in total cannot exceed 30% of the purchase payment. This 30% limit will not apply if you establish a dollar cost averaging arrangement with respect
to the purchase payment according to procedures currently in effect, or you are participating
according to the rules of an asset allocation model portfolio program available under
the contract, if any. |
For contracts with applications signed on or after Dec. 5, 2003: |
In certain states where we offer GPAs that do not require payment of a statutory minimum guaranteed interest rate, the amount of any purchase payment allocated to one-year fixed account cannot exceed 30% of the purchase payment. The amount of any purchase payment allocated to the GPAs is not subject to this 30% limit. Please consult your investment professional to see if these restrictions apply in your state. In all other states, the amount of
any purchase payment allocated to the GPAs and the one-year fixed account in total cannot
exceed 30% of the purchase payment. We reserve the right to further limit purchase
payment allocations to the one-year fixed account and/or GPAs if the interest rate we
are then crediting on new purchase payments allocated to the one-year fixed account is
equal to the minimum interest rate stated in the contract.
In all states, the 30% limit will not apply if you establish an automated dollar cost averaging
arrangement with respect to the purchase payment according to procedures currently in
effect, or you are participating according to the rules of an asset allocation model
portfolio program available under the contract, if any. |
If paying by SIP: |
$50 for additional payments. |
If paying by any other method: |
$100 for additional payments. |
PPW = XSF + |
(ACV – XSF) |
× |
(PPNPW – XSF) |
(CV – TFA) |
Seven-year schedule |
Five-year schedule(1) | ||
Years from purchase
payment receipt |
Withdrawal charge
percentage |
Years from purchase
payment receipt |
Withdrawal charge
percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
560 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 7% withdrawal charge; and |
420 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 7% withdrawal charge. |
$980 |
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received six or more years before withdrawal and is withdrawn
without withdrawal charge; and |
320 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 4% withdrawal charge; and |
360 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 6% withdrawal charge. |
$680 |
|
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule |
Qualified
annuities |
Nonqualified
annuities |
ROP death benefit |
0.85 % |
1.10 % |
MAV death benefit(1)(2) |
1.05 |
1.30 |
EDB |
1.15 |
1.40 |
Five-year withdrawal charge schedule |
|
|
ROP death benefit |
1.15 |
1.40 |
MAV death benefit(1)(2) |
1.35 |
1.60 |
EDB |
1.45 |
1.70 |
GMIB |
– MAV |
0.55% × (CV + ST – FAV) |
GMIB |
– 6% Rising Floor |
0.75% × (CV + ST – FAV) |
CV |
= |
contract value on the contract anniversary |
ST |
= |
transfers from the subaccounts to the GPAs or the one-year fixed account made during the six months
before the contract anniversary. |
FAV |
= |
the value of your GPAs and the one-year fixed account on the contract anniversary. |
Contract value on the contract anniversary: |
$73,250 |
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
+15,000 |
minus the value of the one-year fixed account on the contract anniversary: |
–15,250 |
|
$73,000 |
GMIB – MAV |
(0.55% × $73,000) = |
$401.50 |
GMIB – 6% Rising Floor |
(0.75% × $73,000) = |
$547.50 |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
For contracts with applications signed prior to June 16, 2003: |
It is our general policy to allow you to transfer contract values from the one-year fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Currently, we have removed this restriction and you may transfer contract values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction. |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the GPAs or the one-year fixed account cannot result in the value of the GPAs and the one-year fixed account in total being greater than 30% of the contract value. Total transfers out of the GPAs and one-year fixed account in any contract year are limited to 30% of the total value of the GPAs and one-year fixed account at the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract
value from the one-year fixed account. You should carefully consider whether the one-year
fixed account meets your investment criteria before you invest. |
For contracts with applications signed on or after Dec. 5, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the one-year fixed account cannot result in the value of the one-year fixed account in total being greater than 30% of the
contract value. We reserve the right to further limit transfers to the one-year fixed account
and/or GPAs if the interest rate we are then crediting on new purchase payments
allocated to the one-year fixed account is equal to the minimum interest rate stated in
the contract. Total transfers out of the one-year fixed account in any contract year are
limited to 30% of the one-year fixed account value at the beginning of the contract year
or $10,000, whichever is greater. Because of this limitation, it may take you several
years to transfer all your contract value from the one-year fixed account. You should
carefully consider whether the one-year fixed account meets your investment criteria
before you invest. |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Transfers out of the one-year fixed account to any of the
subaccounts may not
exceed the amount that if
continued, would deplete
the one-year fixed account
within 12 months
•For contracts signed prior June 16, 2003, transfers out of the one-year fixed
account, are not limited •For contracts signed on or
after June 16, 2003,
transfers out of the one-year
fixed account, including automated transfers, are limited to 30% of one-year fixed account value at the beginning of the contract year or $10,000, whichever is greater |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment of at least $10,000, not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
N/A |
N/A |
•Additional systematic
payments are not allowed
with automated partial
withdrawals
•May result in income taxes and IRS penalty on all or a portion of amounts surrendered |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a hospital or nursing home for the prior 60 days •You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Death Benefits | ||||
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or total
purchase payments plus
purchase payment credits
applied to the contract, minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%of contract value in the variable account nonqualified annuity: 1.25%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity: 1.55%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
nonqualified
annuity: 1.25%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity:
1.20% of
contract value
in the variable
account
nonqualified
annuity: 1.45% of contract value in the variable account 5-year withdrawal charge schedule qualified annuity:
1.50% of
contract value
in the variable
account
nonqualified
annuity: 1.75% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.20%
nonqualified
annuity: 1.45%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.50%
nonqualified
annuity: 1.75% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary following your
81st birthday.
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
EDB Death
Benefit |
Provides a death benefit equal
to the greatest of these four
values less any purchase
payment credits, subject to
reversal, minus any applicable
rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals;
or the 5% rising floor |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity:1.55%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60% of contract value in the variable account nonqualified annuity: 1.85%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60%
nonqualified
annuity: 1.85% |
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday •Not available with Benefit
Protector and Benefit
Protector Plus
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.25% of
contract value |
0.25% |
•Available to owners age 75
and younger
•Must be elected at contract issue •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.40% of
contract value |
0.40% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
GMIB – MAV
0.55%
GMIB – 6%
Rising Floor
0.75% of
adjusted
contract value |
Varies by
application sign
date |
•Available to owners age 75 or younger •Must be elected at contract
issue, but some exceptions
apply
•Available as two options: GMIB – MAV, or GMIB – 6% Rising Floor •Certain withdrawals could
significantly reduce the
GMIB benefit base, which
may reduce or eliminate the
amount of annuity payments
•May have limitations on allocation to the Money Market fund |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
0.15% of
contract value |
0.15% |
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPA, the one-year fixed account and Money Market fund |
Adjusted partial withdrawals (calculated for ROP and MAV Death Benefits) |
= |
PW X DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% variable account floor adjusted transfers or partial withdrawals |
= |
PWT X VAF |
SV |
PWT |
= |
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result
of the partial withdrawal or transfer from the subaccounts or the DCA fixed account.
|
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer of partial
withdrawal. |
Adjusted partial withdrawals for the ROP or MAV death benefit |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
We calculate the ROP death benefit as follows: |
|
| ||
Contract value at death: |
$23,000.00 |
| ||
|
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 | |||
|
for a death benefit of: |
$23,295.45 |
| |
ROP death benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV death benefit as follows: |
|
| ||
Contract value at death: |
$20,500.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$20,000.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $20,000 |
= |
–1,363.64 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$18,636.36 |
| |
The MAV immediately preceding the date of death plus any payments made since that
anniversary minus adjusted partial withdrawals: |
|
| ||
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| |
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $24,000 |
= |
–1,636.36 |
|
|
$22,000 |
| ||
|
for a death benefit of: |
$22,363.64 |
| |
The MAV death benefit, calculated as the greatest of these three values: |
|
$22,363.64 |
5% rising floor adjusted transfers or partial withdrawals |
= |
PWT × VAF |
SV |
PWT |
= |
the amount by which the contract is reduced as a result of the partial withdrawal or transfer from the
subaccounts. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts on the date of (but prior to) the transfer or partial withdrawal. |
The death benefit is calculated as follows: |
|
| ||
Contract value at death: |
$22,800.00 |
| ||
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a return of purchase payments death benefit of: |
$23,456.79 |
| |
The MAV on the anniversary immediately preceding the date of death plus any purchase
payments made since that anniversary minus adjusted partial withdrawals made since
that anniversary: |
|
| ||
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| ||
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 | |||
|
for a MAV death benefit of: |
$23,456.79 |
| |
The 5% rising floor: |
| |||
|
The variable account floor on the first contract anniversary, calculated as: 1.05 x
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% rising floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
| ||
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00 |
|
|
5% rising floor (value of the GPAs, one-year fixed account and the variable account
floor): |
$24,642.11 |
| |
EDB, calculated as the greatest of these three values, which is the 5% rising floor: |
|
$24,642.11 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the
GMIB – MAV. |
CVG |
= |
current contract value at the time you exercise the GMIB – MAV. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
MAV |
GMIB benefit base |
1 |
$107,000 |
$101,000 |
$107,000 |
|
2 |
125,000 |
101,000 |
125,000 |
|
3 |
132,000 |
101,000 |
132,000 |
|
4 |
150,000 |
101,000 |
150,000 |
|
5 |
85,000 |
101,000 |
150,000 |
|
6 |
120,000 |
101,000 |
150,000 |
|
7 |
138,000 |
101,000 |
150,000 |
$150,000 |
8 |
152,000 |
101,000 |
152,000 |
152,000 |
9 |
139,000 |
101,000 |
152,000 |
152,000 |
10 |
126,000 |
101,000 |
152,000 |
152,000 |
11 |
138,000 |
101,000 |
152,000 |
152,000 |
12 |
147,000 |
101,000 |
152,000 |
152,000 |
13 |
163,000 |
101,000 |
163,000 |
163,000 |
14 |
159,000 |
101,000 |
163,000 |
163,000 |
15 |
215,000 |
101,000 |
215,000 |
215,000 |
Contract anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$152,000
(MAV) |
$784.32 |
$763.04 |
$627.76 |
15 |
215,000
(Contract Value = MAV) |
1,268.50 |
1,210.45 |
982.55 |
Contract anniversary
at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
215,000 |
1,268.50 |
1,210.45 |
982.55 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the GMIB. |
CVG |
= |
current contract value at the time you exercise the GMIB. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
PMT |
x |
(1.06)CY
|
CY |
= |
the full number of contract years the payment has been in the contract |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
6% rising floor |
GMIB benefit base |
1 |
$107,000 |
$100,000 |
$106,000 |
|
2 |
125,000 |
100,000 |
112,360 |
|
3 |
132,000 |
100,000 |
119,102 |
|
4 |
150,000 |
100,000 |
126,248 |
|
5 |
85,000 |
100,000 |
133,823 |
|
6 |
120,000 |
100,000 |
141,852 |
|
7 |
138,000 |
100,000 |
150,363 |
$150,363 |
Contract anniversary |
Contract value |
Purchase payments |
6% rising floor |
GMIB benefit base |
8 |
152,000 |
100,000 |
159,388 |
159,388 |
9 |
139,000 |
100,000 |
168,948 |
168,948 |
10 |
126,000 |
100,000 |
179,085 |
179,085 |
11 |
138,000 |
100,000 |
189,830 |
189,830 |
12 |
147,000 |
100,000 |
201,220 |
201,220 |
13 |
215,000 |
100,000 |
213,293 |
215,000 |
14 |
234,000 |
100,000 |
226,090 |
234,000 |
15 |
240,000 |
100,000 |
239,655 |
240,000 |
Contract
anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B – life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$179,085
(6% Rising Floor) |
$872.14 |
$850.65 |
$691.27 |
15 |
240,000
(Contract Value) |
1,346.40 |
1,286.40 |
1,034.40 |
Contract anniversary at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B – life annuity with
ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
240,000 |
1,416.00 |
1,351.20 |
1,096.80 |
Target value adjusted partial withdrawals |
= |
PW × TV |
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
TV |
= |
the target value on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% |
× |
(PP – PCRPW – PP5) |
PP |
= |
total purchase payments and purchase payment credits. |
PCRPW |
= |
PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix B. |
PP5 |
= |
purchase payments and purchase payment credits made in the prior five years. We apply the PCR credit
to your contract on the tenth rider anniversary and allocate it among the GPAs, the one-year fixed
account and subaccounts according to your current asset allocation. |
MAV rider (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV death benefit minus
payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV rider (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV rider (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
MAV rider (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
MAV rider (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$304,500 |
MAV rider (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$ 315,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P. |
0.91%1 |
34.78% |
17.56% |
14.60% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
33.17% |
13.54% |
10.42% |
Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
26.50% |
14.74% |
10.32% |
Seeks long-term capital
appreciation. |
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.17% |
4.11% |
7.68% |
6.60% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term total
return. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of small
capitalization
companies. |
Franklin Small Cap Value VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.91%1 |
12.75% |
11.06% |
7.04% |
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks long-term growth
of capital and income. |
Invesco V.I. Growth and Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.41% |
11.49% |
7.98% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class I Shares
Morgan Stanley Investment Management
Inc. |
0.80%1 |
14.52% |
2.92% |
4.52% |
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital growth
and current income. |
Putnam VT Large Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.82% |
15.67% |
14.50% |
10.26% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of issuers
located outside the
U.S., including those in
emerging markets. |
Templeton Foreign VIP Fund - Class 2
Templeton Investment Counsel, LLC |
1.07%1 |
20.76% |
5.27% |
1.28% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
RPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question
minus the RPA adjusted partial withdrawals for all previous partial withdrawals. |
RPA adjusted partial withdrawals |
= |
PW × RPA |
|
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
EPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question AND
prior to the five year exclusion period minus EPA adjusted partial withdrawals for all previous
partial withdrawals. |
EPA adjusted partial withdrawals |
= |
PW × EPA |
× |
EPA |
|
CV |
RPA |
|
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
EPA |
= |
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
Contract
Duration
in Years |
Total purchase payments |
Contract value |
At Issue |
$100,000 |
$100,000 |
1 |
100,000 |
110,000 |
2 |
100,000 |
115,000 |
3 |
100,000 |
120,000 |
4 |
100,000 |
115,000 |
5 |
100,000 |
120,000 |
6 |
200,000 |
225,000 |
7 |
200,000 |
230,000 |
8 |
200,000 |
235,000 |
9 |
200,000 |
230,000 |
10 |
200,000 |
235,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
$10,000 × $100,000 |
= $8,333 | |
$120,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
$10,000 × $191,667 |
= $8,156 | |
$235,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = | |||
$10,000 × $100,000 |
× |
$100,000 |
= $8,333 | |
$120,000 |
$100,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
| ||
$10,000 × $91,667 |
× |
$91,667 |
= $1,866 | |
$235,000 |
$191,667 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) 829 Ameriprise Financial Center
Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
4
| |
6 | |
10
| |
12 | |
12
| |
12 | |
14
| |
17 | |
18
| |
21 | |
24
| |
24 | |
24
| |
24 | |
25
| |
27 | |
27
| |
27 | |
28
| |
28 | |
29
| |
29 | |
29
| |
29 | |
31
| |
31 | |
31
| |
31 | |
32
| |
32 | |
32
| |
32 | |
33
| |
35 | |
37
| |
37 | |
37
| |
38 | |
38
| |
38 | |
38
| |
38 | |
38
|
39
| |
40 | |
40
| |
40 | |
41
| |
42 | |
45
| |
48 | |
49
| |
49 | |
49
| |
50 | |
50
| |
51 | |
52
| |
61 | |
63
| |
65 | |
65
| |
65 | |
67
| |
77 | |
82
| |
87 | |
87
| |
88 | |
88
| |
89 | |
89
| |
91 | |
91
| |
93 | |
94
| |
95 | |
96
| |
96 | |
96
| |
97 | |
97
| |
98 | |
99
| |
100 |
107
| |
108 | |
111
| |
114 | |
115
| |
117 | |
119
| |
125 | |
126
| |
128 | |
133
| |
135 | |
137
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. This contract has two surrender
charge options. You may select either a seven-year or five-year surrender
charge schedule at the time of application. If you make an early
withdrawal, you may be assessed a surrender charge of up to 8% of
the purchase payment withdrawn. For example, if you make an early
withdrawal, you could pay a surrender charge of up to $8,000 on a
$100,000 investment. |
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, tax
qualification, application signed
date, and size of Contract value) |
1.07% |
1.92% | ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
1.41%
| ||
Optional benefits available for an
additional charge
(for a single optional benefit, if
elected)(3) |
0.25% |
1.75% | ||
(1) As a percentage of average daily subaccount value. Includes the Mortality
and Expense Fee, Variable Account Administrative Charge, and
Contract Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit). The Minimum is a
percentage of Contract value. The Maximum is a percentage of the greater of Contract value or minimum contract accumulation value (MCAV).
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,691
|
Highest Annual Cost:
$4,093
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge •No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contracts have withdrawal charges, which may reduce the value of
your Contract if you withdraw money during withdrawal charge period.
Withdrawals may also reduce or terminate contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account, DCA Fixed account and the Guarantee Period Accounts (GPAs) investment options
has its own unique risks.
•You should review the investment options before making any investment decisions. |
Principal Risks
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about
RiverSource Life, including our financial strength ratings, is available by contacting us at
1-800-862-7919. |
Principal Risks
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the annuitization start date, and once per contract year after the
annuitization start date. •Certain transfers out of the GPAs will be subject to an MVA.
•GPAs, the regular Fixed Account(Current Contract), the one-year Fixed
Account(Original Contract) are subject to certain restrictions. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds. We also reserve the right, upon notification to you, to close or restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Buying Your
Contract —Purchase Payments Optional Benefits – Guarantor Withdrawal Benefit for Life Rider – Investment Allocation restrictions Optional Benefits – Guarantor Withdrawal Benefit Rider – Investment Allocation restrictions Appendix A: Funds Available Under the Optional Benefits Offered Under the Contract | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract •If you purchase the contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract–Contract Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule* | ||
Years from purchase payment receipt** |
Withdrawal charge percentage |
Years from purchase payment receipt** |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
Return of Purchase Payment (ROP) Death Benefit |
0.90 % |
0.15 % |
1.05 % |
Maximum Anniversary Value (MAV) Death Benefit |
1.10 |
0.15 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
0.15 |
1.40 |
Enhanced Death Benefit |
1.30 |
0.15 |
1.45 |
Nonqualified annuities | |||
ROP Death Benefit |
1.05 |
0.15 |
1.20 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
MAV Death Benefit |
1.25 |
0.15 |
1.40 |
5% Accumulation Death Benefit |
1.40 |
0.15 |
1.55 |
Enhanced Death Benefit |
1.45 |
0.15 |
1.60 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.00 % |
0.15 % |
1.15 % |
MAV Death Benefit |
1.20 |
0.15 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
0.15 |
1.50 |
Enhanced Death Benefit |
1.40 |
0.15 |
1.55 |
Nonqualified annuities | |||
ROP Death Benefit |
1.15 |
0.15 |
1.30 |
MAV Death Benefit |
1.35 |
0.15 |
1.50 |
5% Accumulation Death Benefit |
1.50 |
0.15 |
1.65 |
Enhanced Death Benefit |
1.55 |
0.15 |
1.70 |
|
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities | |||
ROP Death Benefit |
1.20 % |
0.15 % |
1.35 % |
MAV Death Benefit |
1.40 |
0.15 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
0.15 |
1.70 |
Enhanced Death Benefit |
1.60 |
0.15 |
1.75 |
Nonqualified annuities |
|
|
|
ROP Death Benefit |
1.35 |
0.15 |
1.50 |
MAV Death Benefit |
1.55 |
0.15 |
1.70 |
5% Accumulation Death Benefit |
1.70 |
0.15 |
1.85 |
Enhanced Death Benefit |
1.75 |
0.15 |
1.90 |
Benefit Protector® Death Benefit
rider fee |
0.25 % |
Benefit Protector® Plus Death
Benefit rider fee |
0.40 % |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55%(1) |
Guarantor Withdrawal Benefit for Life® rider
fee |
Maximum: 1.50% |
Initial: 0.65%(2) |
Guarantor® Withdrawal Benefit rider fee |
Maximum: 1.50% |
Initial: 0.55%(3) |
Income Assurer Benefit® – MAV
rider fee |
Maximum: 1.50% |
Current: 0.30%(4)
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
Maximum: 1.75% |
Current: 0.60%(4)
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
Maximum: 2.00% |
Current: 0.65%(4)
|
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund Name |
Maximum annual rider fee |
Current annual fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
1.41 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$12,316 |
$21,557 |
$29,882 |
$50,625 |
$5,076 |
$15,216 |
$25,341 |
$50,585 |
Five-year withdrawal charge schedule |
11,717 |
19,712 |
26,722 |
52,975 |
5,377 |
16,069 |
26,682 |
52,935 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or
after May 1, 2006 and if available in your
state |
$12,168 |
$21,139 |
$29,219 |
$49,460 |
$4,925 |
$14,787 |
$24,664 |
$49,420 |
Five-year withdrawal charge schedule |
11,566 |
19,285 |
26,053 |
51,775 |
5,226 |
15,643 |
26,013 |
51,735 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$9,127 |
$12,048 |
$13,704 |
$18,934 |
$1,620 |
$5,025 |
$8,664 |
$18,894 |
Five-year withdrawal charge schedule |
8,479 |
9,954 |
10,286 |
22,205 |
1,927 |
5,960 |
10,246 |
22,165 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule for
contracts with applications signed on or after
May 1, 2006 and if available in your state |
$8,985 |
$11,594 |
$12,905 |
$17,263 |
$1,466 |
$4,554 |
$7,865 |
$17,223 |
Five-year withdrawal charge schedule |
8,336 |
9,505 |
9,497 |
20,582 |
1,773 |
5,493 |
9,457 |
20,542 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule for contracts with
applications signed on or after May 1, 2006 and if
available in your state |
Qualified annuities |
Nonqualified annuities |
ROP Death Benefit |
0.90 % |
1.05 % |
MAV Death Benefit |
1.10 |
1.25 |
5% Accumulation Death Benefit |
1.25 |
1.40 |
Enhanced Death Benefit |
1.30 |
1.45 |
Seven-year withdrawal charge schedule for all other
contracts | ||
ROP Death Benefit |
1.00 % |
1.15 % |
MAV Death Benefit |
1.20 |
1.35 |
5% Accumulation Death Benefit |
1.35 |
1.50 |
Enhanced Death Benefit |
1.40 |
1.55 |
Five-year withdrawal charge schedule | ||
ROP Death Benefit |
1.20 % |
1.35 % |
MAV Death Benefit |
1.40 |
1.55 |
5% Accumulation Death Benefit |
1.55 |
1.70 |
Enhanced Death Benefit |
1.60 |
1.75 |
Accumulation Protector Benefit® rider
fee |
Maximum annual rider fee |
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
|
1.75% |
0.55% |
Elective step up date: |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
04/29/2013 – 11/17/2013 |
1.75% |
n/a |
11/18/2013 – 10/17/2014 |
1.75% |
1.30% |
10/18/2014 – 06/30/2016 |
1.60% |
1.00% |
07/01/2016 – 10/15/2018 |
1.75% |
1.30% |
10/16/2018 – 12/29/2019 |
1.40% |
1.00% |
12/30/2019 – 07/20/2020 |
1.55% |
1.15% |
07/21/2020 and later |
1.75% |
1.75% |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.65 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.80 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.80 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.95 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.10 % |
Fund name |
Maximum annual rider fee |
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
1.50 % |
0.55 % |
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
1.50 % |
0.70 % |
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
1.50 % |
0.70 % |
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
1.50 % |
0.85 % |
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
1.50 % |
1.00 % |
|
Maximum |
Current |
Income Assurer Benefit – MAV |
1.50 % |
0.30 %(1) |
Income Assurer Benefit – 5% Accumulation Benefit Base |
1.75 |
0.60 (1) |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
2.00 |
0.65
(1) |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Automate transfers not available for GPA terms of 2 or more years •Not available when the PN
program is in effect |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
N/A |
N/A |
•Additional systematic payments are not allowed with automated partial surrenders •For contracts with a
Guarantor Withdrawal
Benefit rider or Guarantor
Withdrawal Benefit for Life
rider, you may set up
automated partial
surrenders up to the benefit
available for withdrawals
under the rider
•May result in income taxes and IRS penaltyon all or a portion of the amounts surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
surrender charge |
N/A |
N/A |
• You must be confined to a
hospital or nursing home for
the prior 60 days
• You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Must receive your surrender
request no later than 91
days after your release from
the hospital or nursing home
•Amount withdrawn must be paid directly to you •Contract value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Terminal Illness |
Allows you to withdraw
contract value without a
surrender charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur in after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or the
total purchase payments and
any purchase payment credits
applied to the Contract minus
adjusted partial surrenders |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.05% of
contract value
in the variable
account
- Nonqualified
contract
1.20% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability - Qualified contract 1.05% - Nonqualified contract 1.20% |
•Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals, and
such reductions could be
significant
•Annuitizing the Contract terminates the benefit•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.15% of
contract value
in the variable
account
- Nonqualified
contract
1.30% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.15%
- Nonqualified
contract
1.30% | |||
Five-year
surrender
charge
schedule
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
Contract minus adjusted
partial surrenders, or the MAV
on the date of death |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25% of
contract value
in the variable
account
- Nonqualified
contract
1.40% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.25%
- Nonqualified
contract
1.40% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35% of
contract value
in the variable
account
- Nonqualified
contract
1.50% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.35%
- Nonqualified
contract
1.50% | |||
Five-year
surrender
charge
schedule
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
5% Accumulation
Death Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40% of
contract value
in the variable
account
- Nonqualified
contract
1.55% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.40%
- Nonqualified
contract
1.55% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50% of
contract value
in the variable
account
- Nonqualified
contract
1.65% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.50%
- Nonqualified
contract
1.65% | |||
Five-year
surrender
charge
schedule
- Qualified
contract
1.70% of
contract value
in the variable
account
- Nonqualified
contract
1.85% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.70%
- Nonqualified
contract
1.85% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB) |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments and any purchase
payment credits applied to the
contract minus adjusted
partial withdrawals, the MAV
on the date of death or the 5%
variable account floor |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45% of
contract value
in the variable
account
- Nonqualified
contract
1.60% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule for
contracts
signed on or
after
5/1/2006
subject to state
availability
- Qualified
contract
1.45%
- Nonqualified
contract
1.60% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55% of
contract value
in the variable
account
- Nonqualified
contract
1.70% of
contract value
in the variable
account |
Seven-year
surrender
charge
schedule all
other contracts
- Qualified
contract
1.55%
- Nonqualified
contract
1.70% | |||
Five-year
surrender
charge
schedule
- Qualified
contract
1.75% of
contract value
in the variable
account
- Nonqualified
contract
1.90% of
contract value
in the variable
account |
Five-year
surrender
charge
schedule
- Qualified
contract
1.75%
- Nonqualified
contract
1.90% |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
0.25% of
contract value |
0.25% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Not available with Benefit
Protector Plus, the 5%
Accumulation Death benefit
or Enhanced Death Benefit
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit•Contract Value is reduced by
any purchase payment
credits and any applicable
rider charges applied within
12 months of the date of
death
•When we calculate this death benefit, we do not consider purchase payments credits as part of any purchase payments, and contract value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
0.40% of
contract value |
0.40% |
• Available to owners age 75
and younger
•Must be elected at contract issue •Available only for transfers,
exchanges or rollovers
•Not available with Benefit Protector, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •The percentage of exchange
purchase payments varies
by age and is subject to a
vesting schedule
•Contract Value is reduced by any purchase payment credits and any applicable rider charges applied within 12 months of the date of death •When we calculate this
death benefit, we do not
consider purchase payments
credits as part of any
purchase payments, and
contract value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Guarantor
Withdrawal
Benefit for Life
Rider |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
1.50% of
contract value or the Remaining Benefit Amount, whichever is greater |
0.65% - 1.10%
Varies by issue
date, elective
step up date
and the fund
selected |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
1.50% of
contract value |
0.55% -1.00% Varies by issue date, elective step up date and the fund selected |
•Available to owners age 79
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Limitations on additional
purchase payments
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Income Assurer
Benefit |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% or
0.55% Varies by issue date |
•Available to owners age 75 or younger •Not available with any other
living benefit riders
•The rider has a 10 year Waiting period •Available as: Income Assurer
Benefit – MAV; Income
Assurer Benefit – 5%
Accumulation Benefit Base;
and Income Assurer Benefit
– Greater of MAV or 5%
Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% or
0.70% Varies by issue date | |||
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% or
0.75% Varies by issue date | |||
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
1.75% of
contract value or the Minimum Contract Accumulation Value |
0.55% - 1.75% Varies by issue date,elective step up date and the fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•The rider ends when the Waiting Period expires •Limitations on additional
purchase payments
•Subject to Investment Allocation restrictions •Elective Step ups restart the
Waiting Period |
Adjusted partial withdrawals (calculated for ROP and MAV Death Benefits) |
= |
PW X DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% variable account floor adjusted transfers or partial withdrawals |
= |
PWT X VAF |
SV |
PWT |
= |
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result
of the partial withdrawal or transfer from the subaccounts or the DCA fixed account. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer of partial withdrawal. |
On the benefit date, if: |
Then your Accumulation Protector Benefit rider benefit
is: |
The Minimum Contract Accumulation Value (defined below) as
determined under the Accumulation Protector Benefit rider is
greater than your contract value, |
The contract value is increased on the benefit date to equal the
Minimum Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider on the benefit date. |
The contract value is equal to or greater than the Minimum
Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider, |
Zero; in this case, the Accumulation Protector Benefit rider ends without value and no benefit is payable. |
Plan A |
— |
Life Annuity – No Refund; |
Plan B |
— |
Life Annuity with Ten or Twenty Years Certain; |
Plan D |
— |
Joint and Last Survivor Life Annuity – No Refund; |
|
— |
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
Plan E |
— |
Twenty Years Certain. |
Pt-1
(1 + i) |
= |
Pt |
1.05 |
Pt-1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
APPENDIX NAME |
PAGE # |
CROSS-REFERENCE |
PAGE # |
Appendix A: Funds Available Under the Contract |
p.0 |
N/A |
|
Appendix B: Example — Income Assurer Benefit Rider Fee |
p. 107 |
Charges — Income Assurer Benefit Rider Fee |
p. 37 |
Appendix C: Example — Withdrawal Charges |
p. 108 |
Charges — Withdrawal Charge |
p. 29 |
Appendix D: Example — Death Benefits |
p. 111 |
Benefits in Case of Death |
p. 61 |
Appendix E: Example — Accumulation Protector Benefit
Rider |
p. 114 |
Optional Benefits — Accumulation Protector Benefit Rider |
p. 65 |
Appendix F: Example — Guarantor Withdrawal Benefit for
Life Rider |
p. 115 |
Optional Benefits — Guarantor Withdrawal Benefit for Life
Rider |
p. 67 |
Appendix G: Guarantor Withdrawal Benefit for Life Rider —
Additional RMD Disclosure |
p. 117 |
Optional Benefits — Guarantor Withdrawal Benefit for Life
Rider |
p. 67 |
Appendix H: Example — Guarantor Withdrawal Benefit —
Rider B Disclosure |
p. 119 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 77 |
Appendix I: Guarantor Withdrawal Benefit Rider — Additional
RMD Disclosure |
p. 125 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 77 |
Appendix J: Example — Guarantor Withdrawal Benefit Rider |
p. 126 |
Optional Benefits — Guarantor Withdrawal Benefit Rider |
p. 77 |
Appendix K: Example — Income Assurer Benefit Riders |
p. 128 |
Optional Benefits — Income Assurer Benefit Riders |
p. 82 |
Appendix L: Example — Benefit Protector Death Benefit
Rider |
p. 133 |
Optional Benefits — Benefit Protector Death Benefit Rider |
p. 87 |
Appendix M: Example — Benefit Protector Plus Death
Benefit Rider |
p. 135 |
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
p. 88 |
Appendix N: Example — Withdrawal Benefit Riders: Elective
Step Up or Elective Spousal Continuation Step Up |
p. 137 |
Optional Benefits — Optional Living Benefits |
p. 65 |
Appendix O: Example — Market value Adjustment |
p.0 |
Guarantee Period Accounts (GPAs) and Market value
Adjustment (MVA) |
p.0 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
1.15% |
14.83% |
5.55% |
1.83% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
33.17% |
13.54% |
10.42% |
Seeks long-term total
return, consisting of
capital appreciation and
current income. |
Allspring VT Index Asset Allocation Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
16.70% |
9.49% |
8.24% |
Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
26.50% |
14.74% |
10.32% |
Seeks long-term capital
appreciation. |
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.17% |
4.11% |
7.68% |
6.60% |
Seeks capital
appreciation. |
BNY Mellon Investment Portfolios,
Technology Growth Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc. |
1.03% |
59.00% |
15.31% |
12.94% |
Seeks long-term capital
growth consistent with
the preservation of
capital. Its secondary
goal is current income. |
BNY Mellon Variable Investment Fund,
Appreciation Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Fayez Sarofim & Co.,
sub-investment adviser. |
1.10% |
20.67% |
15.94% |
10.81% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
1.22%1 |
9.31% |
3.54% |
2.51% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.77%1 |
12.08% |
5.47% |
4.32% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.95%1 |
25.08% |
12.93% |
9.51% |
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser. |
0.75%1 |
3.95% |
1.04% |
2.23% |
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
0.95% |
9.81% |
14.18% |
10.58% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks high total return.
Under normal market
conditions, the fund
invests at least 80% of
its net assets in
investments of
companies located
anywhere in the world
that operate in the real
estate sector. |
Franklin Global Real Estate VIP Fund -
Class 2
Franklin Templeton Institutional, LLC |
1.25%1 |
11.43% |
3.88% |
3.78% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
0.71%1 |
8.62% |
6.98% |
5.01% |
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.84%1 |
11.42% |
13.36% |
8.10% |
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.77%1 |
3.40% |
2.65% |
1.90% |
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
0.86%1 |
9.02% |
11.71% |
8.36% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
1.01% |
9.13% |
13.48% |
10.16% |
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
1.03% |
23.75% |
14.17% |
7.82% |
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
0.75%1 |
2.88% |
(2.13%) |
(0.66%) |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.22% |
9.19% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
1.05% |
17.19% |
9.20% |
6.47% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.46% |
2.66% |
2.50% |
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.88%1 |
8.39% |
2.64% |
2.50% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.95% |
7.87% |
2.39% |
2.33% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.98% |
9.98% |
3.66% |
3.05% |
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
1.02% |
14.59% |
6.34% |
4.44% |
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
0.99% |
12.27% |
5.07% |
3.84% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 2)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.96% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
(Class 4)2 Columbia Management Investment Advisers, LLC |
0.97% |
12.94% |
6.12% |
4.63% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.93% |
7.56% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
1.01% |
14.91% |
7.57% |
5.50% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.50% |
4.32% |
3.54% |
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Portfolio (Class 4)2 Columbia Management Investment Advisers, LLC |
0.94% |
10.48% |
4.31% |
3.53% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC |
0.95%1 |
21.74% |
7.51% |
7.20% |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
Income Assurer Benefit – MAV Guaranteed Income Benefit Base |
$55,545 |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,125 |
Income Assurer Benefit – 5% Accumulation Guaranteed Income Benefit Base |
$55,125 |
Purchase Payments less adjusted partial withdrawals: |
$50,000 |
Contract value on the second anniversary: |
$53,270 |
Maximum Anniversary Value: |
$55,545 |
5% Variable Account Floor = 1.05 × 1.05 × $50,000 |
$55,125 |
Income Assurer Benefit – Greater of MAV or 5% Accumulation Guaranteed Income Benefit Base |
$55,545 |
Income Assurer Benefit – MAV fee = |
0.30% × $55,545 = $166.64 |
Income Assurer Benefit – 5% Accumulation Benefit Base fee = |
0.60% × $55,125 = $330.75 |
Income Assurer Benefit – MAV or 5% Accumulation Benefit Base fee = |
0.65% × $55,545 = $361.04 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We calculate the withdrawal charge as follows: | ||||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 |
|
|
Contract with Gain |
Contract with
Loss | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
| |
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
50,000.00 |
40,000.00 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
|
| |
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
|
| |
|
ACV from Step 3 = |
0.00 |
4,200.00 | |
|
CV from Step 1 = |
50,000.00 |
40,000.00 | |
|
TFA from Step 2= |
60,000.00 |
40,000.00 | |
|
PPNPW from Step 1 = |
10,000.00 |
4,200.00 | |
|
PPW = |
50,000.00
|
50,000.00 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
|
| |
|
PPW: |
50,000.00 |
50,000.00 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
50,000.00 |
45,800.00 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
3,500.00 |
3,206.00 | |
Step 7. |
The dollar amount you will receive as a result of your full withdrawal is determined
as: |
|
| |
|
Contract value withdrawn: |
60,000.00 |
40,000.00 | |
|
Withdrawal charge: |
(3,500.00
) |
(3,206.00 ) | |
|
Contract charge (assessed upon full withdrawal): |
(40.00
) |
(40.00 ) | |
|
Net full withdrawal proceeds: |
$56,460.00 |
$36,754.00 |
|
|
Contract with Gain |
Contract with
Loss | |
|
Contract value just prior to withdrawal: |
$60,000.00 |
$40,000.00 | |
|
Contract value on prior anniversary: |
58,000.00 |
42,000.00 | |
We determine the amount of contract value that must be withdrawn in order for the net partial withdrawal proceeds to
match the amount requested. We start with an estimate of the amount of contract value to withdraw
and calculate the resulting withdrawal charge and net partial withdrawal proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to withdraw that generates the desired net partial withdrawal
proceeds. | ||||
We calculate the withdrawal charge for each estimate as follows: |
|
| ||
Step 1. |
First, we determine the amount of earnings available in the contract at the time of
withdrawal as: |
|
| |
|
Contract value just prior to withdrawal (CV): |
60,000.00 |
40,000.00 | |
|
Less purchase payments received and not previously withdrawn (PPNPW): |
50,000.00
|
50,000.00 | |
|
Earnings in the contract (but not less than zero): |
10,000.00 |
0.00 | |
Step 2. |
Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
| ||
|
Earnings in the contract: |
10,000.00 |
0.00 | |
|
10% of the prior anniversary’s contract value: |
5,800.00
|
4,200.00 | |
|
TFA (but not less than zero): |
10,000.00 |
4,200.00 | |
Step 3. |
Next we determine ACV, the amount by which the contract value withdrawn exceeds earnings. |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
ACV (but not less than zero): |
5,376.34 |
16,062.31 | |
Step 4. |
Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
| ||
|
10% of the prior anniversary’s contract value: |
5,800.00 |
4,200.00 | |
|
Less earnings in the contract: |
10,000.00
|
0.00 | |
|
XSF (but not less than zero): |
0.00 |
4,200.00 | |
Step 5. |
Now we can determine how much of the PPNPW is being withdrawn (PPW) as follows: |
|
| |
|
PPW |
= XSF + (ACV – XSF) / (CV – TFA) × (PPNPW – XSF) |
|
|
|
XSF from Step 4 = |
0.00 |
4,200.00 | |
|
ACV from Step 3 = |
5,376.34 |
16,062.31 | |
|
CV from Step 1 = |
60,000.00 |
40,000.00 | |
|
TFA from Step 2 = |
10,000.00 |
4,200.00 | |
|
PPNPW from Step 1 = |
50,000.00
|
50,000.00 | |
|
PPW = |
5,376.34 |
19,375.80 | |
Step 6. |
We then calculate the withdrawal charge as a percentage of PPW. Note that for a
contract with a loss, PPW may be greater than the amount you request to
withdraw: |
| ||
|
PPW: |
5,376.34 |
19,375.80 | |
|
less XSF: |
0.00 |
4,200.00 | |
|
amount of PPW subject to a withdrawal charge: |
5,376.34 |
15,175.80 | |
|
multiplied by the withdrawal charge rate: |
× 7.0% |
× 7.0% | |
|
withdrawal charge: |
376.34 |
1,062.31 | |
Step 7. |
The dollar amount you will receive as a result of your partial withdrawal is
determined as: |
|
| |
|
Contract value withdrawn: |
15,376.34 |
16,062.31 | |
|
Withdrawal charge: |
(376.34 ) |
(1,062.31 ) | |
|
Net partial withdrawal proceeds: |
$15,000.00 |
$15,000.00 |
We calculate the ROP Death Benefit as follows: |
|
| ||
1. |
Contract value at death: |
$23,000.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
ROP Death Benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
| ||
1. |
Contract value at death: |
$20,500.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$23,295.45 |
| |
3. |
The MAV immediately preceding the date of death: |
|
| |
|
Greatest of your contract anniversary values: |
$26,000.00 |
| |
|
plus purchase payments made since the prior anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $26,000 |
= |
–1,772.73 |
|
|
$22,000 |
|
| |
|
for a death benefit of: |
$24,227.27 |
| |
The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
$24,227.27 |
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The 5% accumulation death benefit floor: |
|
| |
|
The variable account floor on the first contract anniversary, calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% accumulation death benefit floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA account value: |
+5,300.00
|
| |
|
5% accumulation death benefit floor (value of the GPA account, the one-year
fixed account and the variable account floor): |
$24,642.11 |
| |
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% accumulation death benefit floor:
|
|
$24,642.11 |
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
| ||
1. |
Contract value at death: |
$22,800.00 |
| |
2. |
Purchase payments minus adjusted partial
withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a death benefit of: |
$23,456.79 |
| |
3. |
The MAV on the anniversary immediately preceding the date of death: |
|
| |
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a MAV Death Benefit of: |
$23,456.79 |
|
4. |
The 5% accumulation death benefit floor: |
|
| |
|
The variable account floor on the first contract anniversary calculated as: 1.05 ×
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% accumulation death benefit floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
| |
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
|
| |
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the GPA account value: |
+5,300.00 |
| |
|
5% accumulation death benefit floor (value of GPAs, the one-year fixed account and the variable account floor): |
$24,642.11 |
| |
Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% accumulation death benefit floor: |
|
$24,642.11 |
End of Contract Year |
Assumed Net Rate of Return |
Partial Withdrawal (beginning of year) |
Adjusted Partial Withdrawal |
MCAV |
Accumulation Benefit Amount |
Contract Value |
1 |
12% |
0 |
0 |
100,000 |
0 |
111,104 |
2 |
15% |
0 |
0 |
101,398 |
0 |
126,747 |
3 |
3% |
0 |
0 |
103,604 |
0 |
129,505 |
4 |
-8% |
0 |
0 |
103,604 |
0 |
118,192 |
5 |
-15% |
0 |
0 |
103,604 |
0 |
99,634 |
6 |
20% |
2,000 |
2,080 |
101,525 |
0 |
116,224 |
7 |
15% |
0 |
0 |
106,071 |
0 |
132,588 |
8 |
-10% |
0 |
0 |
106,071 |
0 |
118,375 |
9 |
-20% |
5,000 |
4,480 |
101,590 |
0 |
89,851 |
10 |
-12% |
0 |
0 |
101,590 |
23,334 |
78,256 |
Contract
Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$N/A |
$N/A |
0.5 |
0 |
7,000 |
92,000 |
100,000 |
93,000 |
7,000 |
0 |
N/A |
N/A |
1 |
0 |
0 |
91,000 |
100,000 |
93,000 |
7,000 |
7,000 |
N/A |
N/A |
1.5 |
0 |
7,000 |
83,000 |
100,000 |
86,000 |
7,000 |
0 |
N/A |
N/A |
2 |
0 |
0 |
81,000 |
100,000 |
86,000 |
7,000 |
7,000 |
N/A |
N/A |
5 |
0 |
0 |
75,000 |
100,000 |
86,000 |
7,000 |
7,000 |
5,160 (1) |
5,160 (1) |
5.5 |
0 |
5,160 |
70,000 |
100,000 |
80,840 |
7,000 |
1,840 |
5,160 |
0 |
6 |
0 |
0 |
69,000 |
100,000 |
80,840 |
7,000 |
7,000 |
5,160 |
5,160 |
6.5 |
0 |
7,000 |
62,000 |
100,000 |
73,840 |
7,000 |
0 |
3,720 (2) |
0 |
7 |
0 |
0 |
70,000 |
100,000 |
73,840 |
7,000 |
7,000 |
4,200 |
4,200 |
7.5 |
0 |
10,000 |
51,000 |
51,000 (3) |
51,000 (3) |
3,570 |
0 |
3,060 (3) |
0 |
8 |
0 |
0 |
55,000 |
55,000 |
55,000 |
3,850 |
3,850 |
3,300 |
3,300 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
At Issue |
$100,000 |
$N/A |
$100,000 |
$100,000 |
$100,000 |
$7,000 |
$7,000 |
$6,000 |
$6,000 |
1 |
0 |
0 |
105,000 |
105,000 |
105,000 |
7,350 |
7,000 (1) |
6,300 |
6,000 (1) |
2 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,000 (1) |
6,600 |
6,000 (1) |
3 |
0 |
0 |
110,000 |
110,000 |
110,000 |
7,700 |
7,700 (2) |
6,600 |
6,600 (2) |
3.5 |
0 |
6,600 |
110,000 |
110,000 |
103,400 |
7,700 |
1,100 |
6,600 |
0 |
4 |
0 |
0 |
115,000 |
115,000 |
115,000 |
8,050 |
8,050 |
6,900 |
6,900 |
4.5 |
0 |
8,050 |
116,000 |
115,000 |
106,950 |
8,050 |
0 |
6,900 (3) |
0 |
5 |
0 |
0 |
120,000 |
120,000 |
120,000 |
8,400 |
8,400 |
7,200 |
7,200 |
5.5 |
0 |
10,000 |
122,000 |
120,000
(4) |
110,000
(4) |
8,400 |
0 |
7,200
(4) |
0 |
Contract Duration in Years |
Purchase
Payments |
Partial
Withdrawals |
Hypothetical
Assumed
Contract Value |
Basic
Withdrawal Benefit |
Lifetime
Withdrawal Benefit | ||||
GBA |
RBA |
GBP |
RBP |
ALP |
RALP | ||||
6 |
0 |
0 |
125,000 |
125,000 |
125,000 |
8,750 |
8,750 |
7,500 |
7,500 |
The Guaranteed Benefit Amount (GBA) equals your purchase payment: |
$100,000 | ||
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
| ||
|
0.07 × $100,000 = |
$7,000 | |
The Remaining Benefit Amount (RBA) equals your purchase payment: |
$100,000 | ||
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$110,000 | ||
The GBA equals 100% of your contract value: |
$110,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
| ||
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
| ||
|
$110,000 – $7,700 = |
$102,300 | |
The GBA equals the GBA immediately prior to the partial withdrawal: |
$110,000 | ||
The GBP equals 7% of your GBA: |
| ||
|
0.07 × $110,000 = |
$7,700 | |
On the fourth contract anniversary you make an additional purchase payment of $50,000. |
| ||
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment: |
| ||
|
$102,300 + $50,000 = |
$152,300 | |
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment: |
| ||
|
$110,000 + $50,000 = |
$160,000 | |
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment: |
| ||
|
$7,700 + $3,500 = |
$11,200 | |
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
| ||
The RBA equals 100% of your contract value: |
$200,000 | ||
The GBA equals 100% of your contract value: |
$200,000 | ||
The GBP equals 7% of your stepped-up GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$200,000 – $20,000 = |
$180,000 |
|
Reset RBA = lesser of (1) or (2) = |
$180,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$230,000 – $20,000 = |
$210,000 |
Reset GBA = lesser of (1) or (2) = |
$200,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $200,000 = |
$14,000 | |
During the eight contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
| ||
|
(1) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
|
(2) |
your prior RBA less the amount of the partial withdrawal. |
|
|
|
$180,000 – $25,000 = |
$155,000 |
|
Reset RBA = lesser of (1) or (2) = |
$150,000 | |
|
The GBA gets reset to the lesser of: |
| |
|
(1) |
your prior GBA; |
$200,000 |
|
(2) |
your contract value immediately following the partial withdrawal; |
|
|
|
$175,000 – $25,000 = |
$150,000 |
Reset GBA = lesser of (1) or (2) = |
$150,000 | ||
The Reset GBP is equal to 7% of your Reset GBA: |
| ||
|
0.07 × $150,000 = |
$10,500 |
Contract Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
125,000 |
3 |
132,000 |
none |
132,000 |
132,000 |
4 |
150,000 |
none |
150,000 |
150,000 |
5 |
85,000 |
none |
150,000 |
150,000 |
6 |
121,000 |
none |
150,000 |
150,000 |
7 |
139,000 |
none |
150,000 |
150,000 |
8 |
153,000 |
none |
153,000 |
153,000 |
9 |
140,000 |
none |
153,000 |
153,000 |
10 |
174,000 |
none |
174,000 |
174,000 |
11 |
141,000 |
none |
174,000 |
174,000 |
12 |
148,000 |
none |
174,000 |
174,000 |
13 |
208,000 |
none |
208,000 |
208,000 |
14 |
198,000 |
none |
208,000 |
208,000 |
15 |
203,000 |
none |
208,000 |
208,000 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
174,000 |
812.58 |
814.32 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
MAV Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1)
Plan D – Last
Survivor No Refund(2) |
IAB – MAV
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
174,000 |
657.72 |
650.76 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base – 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
110,250 |
125,000 |
3 |
132,000 |
none |
115,763 |
132,000 |
4 |
150,000 |
none |
121,551 |
150,000 |
5 |
85,000 |
none |
127,628 |
127,628 |
6 |
121,000 |
none |
134,010 |
134,010 |
7 |
139,000 |
none |
140,710 |
140,710 |
8 |
153,000 |
none |
147,746 |
153,000 |
9 |
140,000 |
none |
155,133 |
155,133 |
10 |
174,000 |
none |
162,889 |
174,000 |
11 |
141,000 |
none |
171,034 |
171,034 |
12 |
148,000 |
none |
179,586 |
179,586 |
13 |
208,000 |
none |
188,565 |
208,000 |
14 |
198,000 |
none |
197,993 |
198,000 |
15 |
203,000 |
none |
207,893 |
207,893 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – 5% RF Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
171,034 |
778.20 |
779.91 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
198,000 |
974.16 |
976.14 |
15 |
203,000 |
1,025.15 |
1,027.18 |
207,893 |
1,049.86 |
1,051.94 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB –
5% RF Provisions | |||||
Assumed
Contract Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – 5% RF
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | ||
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 | |
11 |
141,000 |
521.70 |
516.06 |
171,034 |
632.83 |
625.98 | |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 | |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 | |
14 |
198,000 |
786.06 |
778.14 |
198,000 |
786.06 |
778.14 | |
15 |
203,000 |
826.21 |
818.09 |
207,893 |
846.12 |
837.81 |
Contract
Anniversary |
Assumed
Contract Value |
Purchase
Payments |
Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or 5%
Accumulation Benefit Base(2) |
1 |
$108,000 |
$100,000 |
$108,000 |
$105,000 |
$108,000 |
2 |
125,000 |
none |
125,000 |
110,250 |
125,000 |
3 |
132,000 |
none |
132,000 |
115,763 |
132,000 |
4 |
150,000 |
none |
150,000 |
121,551 |
150,000 |
5 |
85,000 |
none |
150,000 |
127,628 |
150,000 |
6 |
121,000 |
none |
150,000 |
134,010 |
150,000 |
7 |
139,000 |
none |
150,000 |
140,710 |
150,000 |
8 |
153,000 |
none |
153,000 |
147,746 |
153,000 |
9 |
140,000 |
none |
153,000 |
155,133 |
155,133 |
10 |
174,000 |
none |
174,000 |
162,889 |
174,000 |
11 |
141,000 |
none |
174,000 |
171,034 |
174,000 |
12 |
148,000 |
none |
174,000 |
179,586 |
179,586 |
13 |
208,000 |
none |
208,000 |
188,565 |
208,000 |
14 |
198,000 |
none |
208,000 |
197,993 |
208,000 |
15 |
203,000 |
none |
208,000 |
207,893 |
208,000 |
Contract
Anniversary
at Exercise |
Standard Provisions |
IAB – Max Provisions | ||||
Assumed
Contract Value |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
IAB – Max
Benefit Base |
New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) | |
10 |
$174,000 |
$772.56 |
$774.30 |
$174,000 |
$772.56 |
$774.30 |
11 |
141,000 |
641.55 |
642.96 |
174,000 |
791.70 |
793.44 |
12 |
148,000 |
691.16 |
692.64 |
179,586 |
838.66 |
840.46 |
13 |
208,000 |
996.32 |
998.40 |
208,000 |
996.32 |
998.40 |
14 |
198,000 |
974.16 |
976.14 |
208,000 |
1,023.36 |
1,025.44 |
15 |
203,000 |
1,025.15 |
1,027.18 |
208,000 |
1,050.40 |
1,052.48 |
Contract Anniversary at Exercise |
Standard
Provisions |
IAB –
Max Provisions | ||||
Assumed
Contract
Value |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
IAB – Max
Benefit Base |
New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) | |
10 |
$174,000 |
$629.88 |
$622.92 |
$174,000 |
$629.88 |
$622.92 |
11 |
141,000 |
521.70 |
516.06 |
174,000 |
643.80 |
636.84 |
12 |
148,000 |
559.44 |
553.52 |
179,586 |
678.83 |
671.65 |
13 |
208,000 |
807.04 |
796.64 |
208,000 |
807.04 |
796.64 |
14 |
198,000 |
786.06 |
778.14 |
208,000 |
825.76 |
817.44 |
15 |
203,000 |
826.21 |
818.09 |
208,000 |
846.56 |
838.24 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector does not provide any additional benefit at this
time. |
|
On the first contract anniversary the contract value grows to $110,000. The death benefit equals: |
|
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will
withdraw $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit equals: |
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
|
On the eight contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously withdrawn that are
one or more years old. |
|
The death benefit equals: |
|
MAV Death Benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$255,000 |
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector value. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of purchase
payments not previously withdrawn that are one or more years old)
|
+55,000 |
Total death benefit of: |
$305,000 |
During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old and the value of the Benefit Protector changes. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death |
|
(MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector Plus does not provide any additional benefit at this
time. |
|
|
On the first contract anniversary the contract value grows to $110,000. You have not reached the
second contract anniversary so the Benefit Protector Plus does not provide any
benefit beyond what is provided by the Benefit Protector at this time.
The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death |
|
|
(MAV Death Benefit minus payments not previously withdrawn): |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000
|
|
Total death benefit of: |
$114,000 |
|
On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
|
|
MAV Death Benefit (MAV): |
$110,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn:
0.10 × $100,000 = |
+10,000
|
|
Total death benefit of: |
$124,000 |
|
During the third contract year the contract value remains at $105,000 and you request a partial
withdrawal of $50,000, including the applicable 7% withdrawal charge. We will withdraw $10,500 from your contract value free of charge (10% of your prior anniversary’s contract value). The remainder of the
withdrawal is subject to a 7% withdrawal charge because your payment is in the third
year of the withdrawal charge schedule, so we will withdraw $39,500
($36,735 + $2,765 in withdrawal charges) from your contract value.
Altogether, we will withdraw $50,000 and pay you $47,235. We calculate
purchase payments not previously withdrawn as $100,000 – $45,000 = $55,000
(remember that $5,000 of the partial withdrawal is contract earnings).
The death benefit on equals: |
|
|
MAV Death Benefit (MAV adjusted for partial withdrawals): |
$57,619 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
|
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.10 x $55,000 = |
+5,500
|
|
Total death benefit of: |
$64,167 |
|
On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit calculated. The reduction in contract value has no
effect. |
|
|
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at
death reaches its maximum of 250% of purchase payments not previously withdrawn that
are one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$200,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$266,000 |
|
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector Plus value. The death benefit
equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$316,000 |
|
During the eleventh contract year the contract value remains $250,000 and the “new” purchase
payment is one year old. The value of the Benefit Protector Plus remains constant.
The death benefit equals: |
|
|
MAV Death Benefit (contract value): |
$250,000 |
|
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously withdrawn): |
|
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
|
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: 0.20 × $55,000 = |
+11,000
|
|
Total death benefit of: |
$319,000 |
|
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0.30% |
0.30% |
Increase in Annual Contract Charge |
$330 |
$303 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$0 |
$0 |
Increase in Guaranteed Benefit Payment |
$0 |
$0 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
|
CV of $110,000 |
CV of $101,000 |
Increase in Annual Lifetime Payment |
$600 |
$60 |
Increase in Guaranteed Benefit Payment |
$700 |
$70 |
Increase in Annual Rider Fee |
0% |
0% |
Increase in Annual Contract Charge |
$65 |
$6.50 |
Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
|
829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
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|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Charges for Early
Withdrawals |
In addition to the withdrawal charge, we may reverse a purchase
payment credit upon certain withdrawals within 12 months of
when the purchase payment credit was applied. You may select
either a seven-year or five-year withdrawal charge schedule at
the time of application. If you select a seven-year withdrawal
charge schedule and you withdraw money during the first 7 years
from date of each purchase payment, you may be assessed a
withdrawal charge of up to 8% of the Purchase Payment withdrawn.
If you select a five-year withdrawal charge schedule and you
withdraw money during the first 5 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 8% of
the purchase payment withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Charges–
Withdrawal
Charge | ||
Transaction
Charges |
We do not assess any transaction charges. |
|
|
FEES AND EXPENSES
|
Location in
Statutory
Prospectus | ||
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. 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. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.03%
|
1.88%
| ||
Fund options
(Funds fees and expenses)(2) |
0.38%
|
1.41%
| ||
Optional benefits available for an
additional charge(3) |
0.15% |
0.75% | ||
(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted
Contract Value. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost:
$1,732
|
Highest Annual Cost:
$3,488
| |||
Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Cpntract features and Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
|
RISKS |
| ||
Risk of Loss |
You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
|
RISKS |
Location in
Statutory
Prospectus | ||
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during the
withdrawal charge period. Withdrawals may also reduce or terminate
contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge | ||
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year
Fixed Account | ||
Insurance
Company Risks |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
|
RESTRICTIONS |
| ||
Investments |
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
|
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
Optional Benefits |
•Under Guaranteed Minimum Income Benefit (GMIB) rider and Performance Credit rider (PCR), we may limit allocations to the subaccounts investing in the Money Market funds. In addition, PCR
optional benefit may limit amounts allocated to the GPAs and the
one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection | ||
|
TAXES |
| ||
Tax Implications |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed generally at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½. |
Taxes | ||
|
CONFLICTS OF INTEREST
|
| ||
Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers | ||
Exchanges |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
Withdrawal charges (as a percentage of purchase payments
withdrawn) |
Seven-year |
Five-year |
Maximum |
8 % |
8 % |
Seven-year schedule |
Five-year schedule | ||
Years from purchase payment receipt |
Withdrawal charge percentage |
Years from purchase payment receipt |
Withdrawal charge percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Annual contract administrative charge |
$40 |
Seven-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:0.85 % |
0.15 % |
1.00 % |
MAV death benefit(1),(2) |
Maximum/Current:1.05 % |
0.15 % |
1.20 % |
EDB(1) |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
Nonqualified annuities |
|
0.15 % |
|
ROP death benefit |
Maximum/Current:1.10 % |
0.15 % |
1.25 % |
MAV death benefit(1),(2) |
Maximum/Current:1.30 % |
0.15 % |
1.45 % |
EDB(1) |
Maximum/Current:1.40
% |
0.15 % |
1.55
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Qualified annuities |
|
|
|
ROP death benefit |
Maximum/Current:1.15 % |
0.15 % |
1.30 % |
MAV death benefit(1),(2) |
Maximum/Current:1.35 % |
0.15 % |
1.50 % |
EDB(1) |
Maximum/Current:1.45
% |
0.15 % |
1.60
% |
Five-year withdrawal charge schedule |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
Nonqualified annuities |
|
0.15 % |
|
ROP Payment death benefit |
Maximum/ Current:1.40 % |
0.15 % |
1.55 % |
MAV death benefit(1),(2) |
Maximum/ Current:1.60 % |
0.15 % |
1.75 % |
EDB(1) |
Maximum/ Current:1.70 % |
0.15 % |
1.85
% |
Benefit Protector Death Benefit Rider (Benefit Protector) fee |
Maximum/Current:0.25 %(1) |
Benefit Protector Plus Death Benefit Rider (Benefit Protector Plus) fee |
Maximum/Current:0.40 %(1) |
GMIB – MAV |
0.55 %(1),(2) |
GMIB – 6% Rising Floor |
0.75
%(1),(2) |
PCR fee |
0.15
%(1) |
Total Annual Fund Expenses |
Minimum(%) |
Maximum(%) |
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
0.38 |
1.41 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,414 |
$18,941 |
$25,645 |
$42,786 |
$4,105 |
$12,426 |
$20,897 |
$42,746 |
Five-year withdrawal charge schedule |
10,788 |
17,011 |
22,348 |
45,323 |
4,409 |
13,306 |
22,308 |
45,283 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$11,181 |
$18,254 |
$24,516 |
$40,612 |
$3,852 |
$11,689 |
$19,707 |
$40,572 |
Five-year withdrawal charge schedule |
10,552 |
16,307 |
21,173 |
43,214 |
4,156 |
12,573 |
21,133 |
43,174 |
|
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: | ||||||
Nonqualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$9,174 |
$12,193 |
$13,969 |
$19,486 |
$1,671 |
$5,181 |
$8,929 |
$19,446 |
Five-year withdrawal charge schedule |
8,527 |
10,103 |
10,547 |
22,741 |
1,978 |
6,116 |
10,507 |
22,701 |
Qualified Annuity |
1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
Seven-year withdrawal charge schedule |
$8,938 |
$11,437 |
$12,638 |
$16,700 |
$1,415 |
$4,397 |
$7,598 |
$16,660 |
Five-year withdrawal charge schedule |
8,289 |
9,355 |
9,233 |
20,035 |
1,722 |
5,337 |
9,193 |
19,995 |
If your GPA rate is: |
The MVA is: |
Less than the new GPA rate + 0.10% |
Negative |
Equal to the new GPA rate + 0.10% |
Zero |
Greater than the new GPA rate + 0.10% |
Positive |
Early withdrawal amount |
× |
[ |
( |
1 + i |
) |
n/12 |
–1 |
] |
= |
MVA |
1 + j + .001 |
Where i |
= |
rate earned in the GPA from which amounts are being transferred or withdrawn. |
j |
= |
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
n |
= |
number of months remaining in the current guarantee period (rounded up). |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
-$39.84 |
1 + .035 + .001 |
$1,000 |
× |
[ |
( |
1.030 |
) |
84/12 |
–1 |
] |
= |
$27.61 |
1 + .025 + .001 |
For contracts with applications signed prior to June 16, 2003: |
No restrictions on the amount of purchase payments allocated to the GPAs or the one-year fixed account (if available). |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
The amount of any purchase payment allocated to the GPAs and the one-year fixed account in total cannot exceed 30% of the purchase payment. This 30% limit will not apply if you establish a dollar cost averaging arrangement with respect
to the purchase payment according to procedures currently in effect, or you are participating
according to the rules of an asset allocation model portfolio program available under
the contract, if any. |
For contracts with applications signed on or after Dec. 5, 2003: |
In certain states where we offer GPAs that do not require payment of a statutory minimum guaranteed interest rate, the amount of any purchase payment allocated to one-year fixed account cannot exceed 30% of the purchase payment. The amount of any purchase payment allocated to the GPAs is not subject to this 30% limit. Please consult your investment professional to see if these restrictions apply in your state. In all other states, the amount of
any purchase payment allocated to the GPAs and the one-year fixed account in total cannot
exceed 30% of the purchase payment. We reserve the right to further limit purchase
payment allocations to the one-year fixed account and/or GPAs if the interest rate we
are then crediting on new purchase payments allocated to the one-year fixed account is
equal to the minimum interest rate stated in the contract.
In all states, the 30% limit will not apply if you establish an automated dollar cost averaging
arrangement with respect to the purchase payment according to procedures currently in
effect, or you are participating according to the rules of an asset allocation model
portfolio program available under the contract, if any. |
PPW = XSF + |
(ACV – XSF) |
× |
(PPNPW – XSF) |
(CV – TFA) |
Seven-year withdrawal charge schedule |
Five-year withdrawal charge schedule | ||
Years from purchase
payment receipt |
Withdrawal charge
percentage |
Years from purchase
payment receipt |
Withdrawal charge
percentage |
1 |
8 % |
1 |
8 % |
2 |
8 |
2 |
7 |
3 |
7 |
3 |
6 |
4 |
7 |
4 |
4 |
5 |
6 |
5 |
2 |
6 |
5 |
Thereafter |
0 |
7 |
3 |
|
|
Thereafter |
0 |
|
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
560 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 7% withdrawal charge; and |
420 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 7% withdrawal charge. |
$980 |
|
Withdrawal Charge |
Explanation |
$0 |
$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
0 |
$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
0 |
$10,000 initial purchase payment was received six or more years before withdrawal and is withdrawn
without withdrawal charge; and |
320 |
$8,000 purchase payment is in its fourth year from receipt, withdrawn with a 4% withdrawal charge; and |
360 |
$6,000 purchase payment is in its third year from receipt withdrawn with a 6% withdrawal charge. |
$680 |
|
Number of Completed Years Since Annuitization |
Withdrawal charge percentage |
0 |
Not applicable* |
1 |
5% |
2 |
4 |
3 |
3 |
4 |
2 |
5 |
1 |
6 and thereafter |
0 |
Seven-year withdrawal charge schedule |
Qualified
annuities |
Nonqualified
annuities |
ROP death benefit |
0.85 % |
1.10 % |
MAV death benefit(1) |
1.05 |
1.30 |
EDB |
1.15 |
1.40 |
Five-year withdrawal charge schedule |
|
|
ROP death benefit |
1.15 |
1.40 |
MAV death benefit(1) |
1.35 |
1.60 |
EDB |
1.45 |
1.70 |
GMIB |
– MAV |
0.55% × (CV + ST – FAV) |
GMIB |
– 6% Rising Floor |
0.75% × (CV + ST – FAV) |
CV |
= |
contract value on the contract anniversary |
ST |
= |
transfers from the subaccounts to the GPAs or the one-year fixed account made during the six months
before the contract anniversary. |
FAV |
= |
the value of your GPAs and the one-year fixed account on the contract anniversary. |
Contract value on the contract anniversary: |
$73,250 |
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
+15,000 |
minus the value of the one-year fixed account on the contract anniversary: |
–15,250 |
|
$73,000 |
GMIB – MAV |
(0.55% × $73,000) = |
$401.50 |
GMIB – 6% Rising Floor |
(0.75% × $73,000) = |
$547.50 |
By investing an equal number of dollars each month |
|
Month |
Amount invested |
Accumulation unit value |
Number of units purchased |
|
|
Jan |
$100 |
$20 |
5.00 |
|
|
Feb |
100 |
18 |
5.56 |
you automatically buy
more units when the
per unit market price is low |
|
Mar |
100 |
17 |
5.88 |
→ |
Apr |
100 |
15 |
6.67 | |
|
|
May |
100 |
16 |
6.25 |
|
|
Jun |
100 |
18 |
5.56 |
|
|
Jul |
100 |
17 |
5.88 |
and fewer units
when the per unit
market price is high. |
|
Aug |
100 |
19 |
5.26 |
→ |
Sept |
100 |
21 |
4.76 | |
|
|
Oct |
100 |
20 |
5.00 |
For contracts with applications signed prior to June 16, 2003: |
It is our general policy to allow you to transfer contract values from the one-year fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Currently, we have removed this restriction and you may transfer contract values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction. |
For contracts with applications signed on or after June 16 through Dec. 4, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the GPAs or the one-year fixed account cannot result in the value of the GPAs and the one-year fixed account in total being greater than 30% of the contract value. Total transfers out of the GPAs and one-year fixed account in any contract year are limited to 30% of the total value of the GPAs and one-year fixed account at the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract
value from the one-year fixed account. You should carefully consider whether the one-year
fixed account meets your investment criteria before you invest. |
For contracts with applications signed on or after Dec. 5, 2003: |
You may transfer contract values from the one-year fixed account to the subaccounts or GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). The amount of contract value transferred to the one-year fixed account cannot result in the value of the one-year fixed account in total being greater than 30% of the
contract value. We reserve the right to further limit transfers to the one-year fixed account
and/or GPAs if the interest rate we are then crediting on new purchase payments
allocated to the one-year fixed account is equal to the minimum interest rate stated in
the contract. Total transfers out of the one-year fixed account in any contract year are
limited to 30% of the one-year fixed account value at the beginning of the contract year
or $10,000, whichever is greater. Because of this limitation, it may take you several
years to transfer all your contract value from the one-year fixed account. You should
carefully consider whether the one-year fixed account meets your investment criteria
before you invest. |
Minimum amount |
|
Transfers or withdrawals: |
$500 or entire account balance |
Maximum amount |
|
Transfers or withdrawals: |
Contract value or entire account balance |
Minimum amount |
|
Transfers or withdrawals: |
$100 monthly |
|
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
Transfers: |
Contract value or entire account balance |
Withdrawals: |
$100,000 |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) | ||||
Dollar Cost
Averaging |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Transfers out of the one-year fixed account to any of the
subaccounts may not
exceed the amount that if
continued, would deplete
the one-year fixed account
within 12 months
•For contracts signed prior June 16, 2003, transfers out of the one-year fixed
account, are not limited •For contracts signed on or
after June 16, 2003,
transfers out of the one-year
fixed account, including automated transfers, are limited to 30% of one-year fixed account value at the beginning of the contract year or $10,000, whichever is greater |
Special Dollar
Cost Averaging
(SDCA) |
Allows the systematic transfer
from the Special DCA fixed account to one or more
eligible subaccounts |
N/A |
N/A |
•Must be funded with a purchase payment of at least $10,000, not transferred contract value
•Only 6-month and 12-month options may be available •Transfers occur on a
monthly basis and the first
monthly transfer occurs one
day after we receive your
purchase payment |
Asset
Rebalancing |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
N/A |
N/A |
•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
N/A |
N/A |
•Additional systematic
payments are not allowed
with automated partial
withdrawals
•May result in income taxes and IRS penalty on all or a portion of amounts surrendered |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•You must be confined to a hospital or nursing home for the prior 60 days •You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Terminal Illness |
Allows you to withdraw
contract value without a
withdrawal charge |
N/A |
N/A |
•Terminal Illness diagnosis
must occur after the first
contract year
•Must be terminally ill and not expected to live more than 12 months from the date of the licensed physician statement •Must provide us with a
licensed physician’s
statement containing the
terminal illness diagnosis
and the date the terminal
illness was initially
diagnosed
•Amount withdrawn must be paid directly to you •Contract Value is reduced by
any purchase payment
credits credited within 12
months of a withdrawal. |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Death Benefits | ||||
ROP Death
Benefit |
Provides a death benefit equal
to the greater of these values
minus any purchase payment
credits subject to reversal and
any applicable rider
charges:Contract Value or total
purchase payments plus
purchase payment credits
applied to the contract, minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%of contract value in the variable account nonqualified annuity: 1.25%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity: 1.55%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.00%
nonqualified
annuity: 1.25%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55% |
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
MAV Death
Benefit |
Provides a death benefit equal
to the greatest of these values
minus any purchase payment
credits subject to reversal and
any applicable rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals |
7-year
withdrawal
charge
schedule
qualified
annuity:
1.20% of
contract value
in the variable
account
nonqualified
annuity: 1.45% of contract value in the variable account 5-year withdrawal charge schedule qualified annuity:
1.50% of
contract value
in the variable
account
nonqualified
annuity: 1.75% of contract value in the variable account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.20%
nonqualified
annuity: 1.45%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.50%
nonqualified
annuity: 1.75% |
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary following your
81st birthday.
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
EDB Death
Benefit |
Provides a death benefit equal
to the greatest of these four
values less any purchase
payment credits, subject to
reversal, minus any applicable
rider charges:
Contract Value, total purchase
payments plus purchase
payment credits applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments and
purchase payment credits
since that anniversary minus
adjusted partial withdrawals;
or the 5% rising floor |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30% of contract value in the variable account nonqualified annuity:1.55%
of contract
value in the
variable
account
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60% of contract value in the variable account nonqualified annuity: 1.85%
of contract
value in the
variable
account |
7-year
withdrawal
charge
schedule
qualified
annuity: 1.30%
nonqualified
annuity: 1.55%
5-year
withdrawal
charge
schedule
qualified
annuity: 1.60%
nonqualified
annuity: 1.85% |
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday •Not available with Benefit
Protector and Benefit
Protector Plus
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit
•When we calculate this death benefit, we do not consider purchase payment credits as part of your purchase payments •Contract Value is reduced by
any purchase payment
credits applied within 12
months of death and any
applicable rider charges |
Optional Benefits | ||||
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.25% of
contract value |
0.25% |
•Available to owners age 75
and younger
•Must be elected at contract issue •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Name of Benefit |
Purpose |
Maximum Fee |
Current Fee |
Brief Description of
Restrictions/ Limitations |
Benefit Protector
Plus Death
Benefit |
Provides an additional death
benefit, based on a
percentage of contract
earnings, to help offset
expenses after death such as
funeral expenses or federal
and state taxes |
0.40% of
contract value |
0.40% |
•Available to owners age 75 and younger •Must be elected at contract
issue
•For contract owners age 70 and older, the benefit decreases from 40% to 15% of earnings •Annuitizing the Contract
terminates the benefit
•The percentage of exchange purchase payments varies by age and is subject to a vesting schedule •When we calculate this
death benefit, we do not
consider purchase payment
credits as part of your
purchase payments
•Contract Value is reduced by any purchase payment credits applied within 12 months of death and any applicable rider charges |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
GMIB – MAV
0.55%
GMIB – 6%
Rising Floor
0.75% of
adjusted
contract value |
Varies by
application sign
date |
•Available to owners age 75 or younger •Must be elected at contract
issue, but some exceptions
apply
•Available as two options: GMIB – MAV, or GMIB – 6% Rising Floor •Certain withdrawals could
significantly reduce the
GMIB benefit base, which
may reduce or eliminate the
amount of annuity payments
•May have limitations on allocation to the Money Market fund |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
0.15% of
contract value |
0.15% |
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPA, the one-year fixed account and Money Market fund |
Adjusted partial withdrawals for the ROP or MAV death benefit |
= |
PW × DB |
CV |
PW |
= |
the amount by which the contract value is reduced as a result of the partial withdrawal. |
DB |
= |
the death benefit on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
We calculate the ROP death benefit as follows: |
|
| ||
Contract value at death: |
$23,000.00 |
| ||
|
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments and purchase payment credits: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,704.55 |
|
|
$22,000 | |||
|
for a death benefit of: |
$23,295.45 |
| |
ROP death benefit, calculated as the greatest of these two values: |
|
$23,295.45 |
We calculate the MAV death benefit as follows: |
|
| |||
Contract value at death: |
$20,500.00 |
| |||
|
Purchase payments and purchase payment credits minus adjusted partial withdrawals: |
|
| ||
|
Total purchase payments and purchase payment credits: |
$20,000.00 |
| ||
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| ||
|
$1,500 × $20,000 |
= |
–1,363.64 |
| |
|
$22,000 |
| |||
|
for a death benefit of: |
$18,636.36 |
| ||
|
The MAV immediately preceding the date of death: |
|
| ||
|
Greatest of your contract anniversary contract values: |
$24,000.00 |
| ||
|
plus purchase payments and purchase payment credits made since that anniversary: |
+0.00 |
| ||
|
minus the death benefit adjusted partial withdrawals, calculated as: |
|
| ||
|
$1,500 × $24,000 |
= |
–1,636.36 |
| |
|
$22,000 |
|
|
| |
|
for a death benefit of: |
$22,363.64 |
| ||
The MAV death benefit, calculated as the greatest of these three values: |
|
$22,363.64 |
5% rising floor adjusted transfers or partial withdrawals |
= |
PWT × VAF |
SV |
PWT |
= |
the amount by which the contract is reduced as a result of the partial withdrawal or transfer from the
subaccounts. |
VAF |
= |
variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
SV |
= |
value of the subaccounts on the date of (but prior to) the transfer or partial withdrawal. |
The death benefit is calculated as follows: |
|
| ||
Contract value at death: |
$22,800.00 |
| ||
|
Purchase payments minus adjusted partial withdrawals: |
|
| |
|
Total purchase payments: |
$25,000.00 |
| |
|
minus adjusted partial withdrawals, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 |
|
| |
|
for a return of purchase payments death benefit of: |
$23,456.79 |
| |
The MAV on the anniversary immediately preceding the date of death plus any purchase
payments made since that anniversary minus adjusted partial withdrawals made since
that anniversary: |
|
| ||
|
The MAV on the immediately preceding anniversary: |
$25,000.00 |
| |
|
plus purchase payments made since that anniversary: |
+0.00 |
| |
|
minus adjusted partial withdrawals made since that anniversary, calculated as: |
|
| |
|
$1,500 × $25,000 |
= |
–1,543.21 |
|
|
$24,300 | |||
|
for a MAV death benefit of: |
$23,456.79 |
| |
The 5% rising floor: |
| |||
|
The variable account floor on the first contract anniversary, calculated as: 1.05 x
$20,000 = |
$21,000.00 |
| |
|
plus amounts allocated to the subaccounts since that anniversary: |
+0.00 |
| |
|
minus the 5% rising floor adjusted partial withdrawal from the subaccounts, calculated as: |
|
|
|
$1,500 × $21,000 |
= |
–1,657.89 |
|
|
$19,000 |
| ||
|
variable account floor benefit: |
$19,342.11 |
| |
|
plus the one-year fixed account value: |
+5,300.00 |
| |
|
5% rising floor (value of the GPAs, one-year fixed account and the variable account
floor): |
$24,642.11 |
| |
EDB, calculated as the greatest of these three values, which is the 5% rising floor: |
|
$24,642.11 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the
GMIB – MAV. |
CVG |
= |
current contract value at the time you exercise the GMIB – MAV. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
MAV |
GMIB benefit base |
1 |
$107,000 |
$101,000 |
$107,000 |
|
2 |
125,000 |
101,000 |
125,000 |
|
3 |
132,000 |
101,000 |
132,000 |
|
4 |
150,000 |
101,000 |
150,000 |
|
5 |
85,000 |
101,000 |
150,000 |
|
6 |
120,000 |
101,000 |
150,000 |
|
7 |
138,000 |
101,000 |
150,000 |
$150,000 |
8 |
152,000 |
101,000 |
152,000 |
152,000 |
9 |
139,000 |
101,000 |
152,000 |
152,000 |
10 |
126,000 |
101,000 |
152,000 |
152,000 |
11 |
138,000 |
101,000 |
152,000 |
152,000 |
12 |
147,000 |
101,000 |
152,000 |
152,000 |
13 |
163,000 |
101,000 |
163,000 |
163,000 |
14 |
159,000 |
101,000 |
163,000 |
163,000 |
15 |
215,000 |
101,000 |
215,000 |
215,000 |
Contract anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$152,000
(MAV) |
$784.32 |
$763.04 |
$627.76 |
15 |
215,000
(Contract Value = MAV) |
1,268.50 |
1,210.45 |
982.55 |
Contract anniversary
at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B –life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
215,000 |
1,268.50 |
1,210.45 |
982.55 |
PMT × CVG |
ECV |
PMT |
= |
each purchase payment and purchase payment credit made in the five years before you exercise the GMIB. |
CVG |
= |
current contract value at the time you exercise the GMIB. |
ECV |
= |
the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments, purchase payment credits and partial withdrawals occur at the beginning of a contract
year. |
PMT |
x |
(1.06)CY
|
CY |
= |
the full number of contract years the payment has been in the contract |
Pt-1
(1 + i) |
= Pt |
1.05 |
Pt–1 |
= |
prior annuity payout |
Pt |
= |
current annuity payout |
i |
= |
annualized subaccount performance |
Contract anniversary |
Contract value |
Purchase payments |
6% rising floor |
GMIB benefit base |
1 |
$107,000 |
$100,000 |
$106,000 |
|
2 |
125,000 |
100,000 |
112,360 |
|
3 |
132,000 |
100,000 |
119,102 |
|
4 |
150,000 |
100,000 |
126,248 |
|
5 |
85,000 |
100,000 |
133,823 |
|
6 |
120,000 |
100,000 |
141,852 |
|
7 |
138,000 |
100,000 |
150,363 |
$150,363 |
8 |
152,000 |
100,000 |
159,388 |
159,388 |
9 |
139,000 |
100,000 |
168,948 |
168,948 |
10 |
126,000 |
100,000 |
179,085 |
179,085 |
11 |
138,000 |
100,000 |
189,830 |
189,830 |
12 |
147,000 |
100,000 |
201,220 |
201,220 |
13 |
215,000 |
100,000 |
213,293 |
215,000 |
14 |
234,000 |
100,000 |
226,090 |
234,000 |
15 |
240,000 |
100,000 |
239,655 |
240,000 |
Contract
anniversary
at exercise |
GMIB benefit base |
Plan A –
life annuity — no refund |
Minimum
Guaranteed Monthly Income | |
Plan B – life annuity
with ten years certain |
Plan D – joint and last survivor
life annuity — no refund | |||
10 |
$179,085
(6% Rising Floor) |
$872.14 |
$850.65 |
$691.27 |
15 |
240,000
(Contract Value) |
1,346.40 |
1,286.40 |
1,034.40 |
Contract anniversary at exercise |
Contract value |
Plan A –
life annuity — no refund |
Plan B – life annuity with
ten years certain |
Plan D – joint and last survivor
life annuity — no refund |
10 |
$126,000 |
$650.16 |
$632.52 |
$520.38 |
15 |
240,000 |
1,416.00 |
1,351.20 |
1,096.80 |
Target value adjusted partial withdrawals |
= |
PW × TV |
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
TV |
= |
the target value on the date of (but prior to) the partial withdrawal. |
CV |
= |
contract value on the date of (but prior to) the partial withdrawal. |
5% |
× |
(PP – PCRPW – PP5) |
PP |
= |
total purchase payments and purchase payment credits. |
PCRPW |
= |
PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix B. |
PP5 |
= |
purchase payments and purchase payment credits made in the prior five years. We apply the PCR credit
to your contract on the tenth rider anniversary and allocate it among the GPAs, the one-year fixed
account and subaccounts according to your current asset allocation. |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector benefit which equals 40% of earnings at death (MAV death benefit minus payments not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector benefit (40% of earnings at death): |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
Total death benefit of: |
$58,667 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old) |
+55,000 |
Total death benefit of: |
$255,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old) |
+55,000 |
Total death benefit of: |
$304,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector benefit (40% of earnings at death up to a maximum of
100% of purchase payments not previously withdrawn that are one or more years
old) |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
Total death benefit of: |
$308,000 |
Rider Year |
Percentage if you and the annuitant are
under age 70 on the rider effective date |
Percentage if you or the annuitant are
age 70 or older on the rider effective date |
One and Two |
0 % |
0 % |
Three and Four |
10 % |
3.75 % |
Five or more |
20 % |
7.5 % |
Rider Year |
If you and the annuitant are under age
70 on the rider effective date, add… |
If you or the annuitant are age 70 or
older on the rider effective date, add… |
One |
Zero |
Zero |
Two |
40% × earnings at death (see above) |
15% × earnings at death |
Three & Four |
40% × (earnings at death + 25%
of initial purchase payment*) |
15% × (earnings at death + 25%
of initial purchase payment*) |
Five or more |
40% × (earnings at death + 50% of initial purchase payment*) |
15% × (earnings at death + 50% of initial purchase payment*) |
MAV death benefit (contract value): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
Total death benefit of: |
$114,000 |
MAV death benefit (MAV): |
$110,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($110,000 – $100,000) = |
+4,000 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $100,000 = |
+10,000 |
Total death benefit of: |
$124,000 |
MAV death benefit (MAV adjusted for partial withdrawals): |
$57,619 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
|
0.40 × ($57,619 – $55,000) = |
+1,048 |
plus 10% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.10 × $55,000 = |
+5,500 |
Total death benefit of: |
$64,167 |
MAV death benefit (contract value): |
$200,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$266,000 |
MAV death benefit (contract value less any purchase payment credits added in the last 12 months): |
$249,500 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously withdrawn that are one or more years
old |
+55,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$315,500 |
MAV death benefit (contract value): |
$250,000 |
plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV rider minus payments
not previously withdrawn): |
|
0.40 × ($250,000 – $105,000) = |
+58,000 |
plus 20% of purchase payments made within 60 days of contract issue and not previously withdrawn: |
|
0.20 × $55,000 = |
+11,000 |
Total death benefit of: |
$319,000 |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
0.98%1 |
12.66% |
5.92% |
5.04% |
Seeks long-term growth
of capital. |
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P. |
0.91%1 |
34.78% |
17.56% |
14.60% |
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
0.86%1 |
11.72% |
11.57% |
9.05% |
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
1.17%1 |
15.70% |
13.27% |
9.33% |
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.81% |
24.21% |
13.69% |
11.02% |
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.87%1 |
4.95% |
10.34% |
7.87% |
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.61% |
1.56% |
0.95% |
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.64% |
6.19% |
1.47% |
2.12% |
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.85% |
42.95% |
18.14% |
13.51% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.38% |
25.82% |
15.23% |
11.56% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.59% |
5.55% |
0.04% |
1.45% |
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.81% |
33.12% |
16.36% |
11.33% |
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.83% |
35.89% |
19.34% |
14.51% |
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
14.80% |
12.17% |
7.85% |
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
0.98% |
20.22% |
9.71% |
4.65% |
Seeks high total return.
Under normal market
conditions, the fund
invests at least 80% of
its net assets in
investments of
companies located
anywhere in the world
that operate in the real
estate sector. |
Franklin Global Real Estate VIP Fund -
Class 2
Franklin Templeton Institutional, LLC |
1.25%1 |
11.43% |
3.88% |
3.78% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.93% |
13.46% |
7.81% |
5.43% |
Seeks long-term total
return. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of small
capitalization
companies. |
Franklin Small Cap Value VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.91%1 |
12.75% |
11.06% |
7.04% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
1.08%1 |
26.74% |
13.51% |
8.96% |
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
15.29% |
12.45% |
6.98% |
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
1.05%1 |
35.03% |
16.10% |
11.28% |
Seeks long-term growth
of capital. |
Invesco V.I. Core Equity Fund, Series II
Shares
Invesco Advisers, Inc. |
1.05% |
23.08% |
12.67% |
7.53% |
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
1.12% |
12.85% |
12.47% |
9.52% |
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
1.07% |
34.45% |
12.02% |
8.21% |
Seeks total return |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
1.17%1 |
8.60% |
1.04% |
1.25% |
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.13% |
17.82% |
12.79% |
8.66% |
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company |
0.98%1 |
23.70% |
16.39% |
12.44% |
Investment Objective |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) | ||
1 Year |
5 Year |
10 Year | |||
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
1.12%1 |
14.25% |
10.81% |
7.41% |
Seeks total return. |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company |
0.86%1 |
10.22% |
8.27% |
6.27% |
Seeks total return. |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company |
1.04%1 |
(2.33%) |
8.05% |
6.13% |
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
1.10% |
18.51% |
9.05% |
3.70% |
Seeks capital growth
and current income. |
Putnam VT Large Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.82% |
15.67% |
14.50% |
10.26% |
Seeks capital
appreciation. |
Putnam VT Research Fund - Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
0.99% |
28.86% |
16.15% |
11.95% |
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
0.90% |
26.11% |
16.09% |
12.59% |
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of issuers
located outside the
U.S., including those in
emerging markets. |
Templeton Foreign VIP Fund - Class 2
Templeton Investment Counsel, LLC |
1.07%1 |
20.76% |
5.27% |
1.28% |
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.94%1 |
11.26% |
8.34% |
4.83% |
RPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question
minus the RPA adjusted partial withdrawals for all previous partial withdrawals. |
RPA adjusted partial withdrawals |
= |
PW × RPA |
|
CV |
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
EPA |
= |
Total purchase payments and purchase payment credits made prior to the partial withdrawal in question AND
prior to the five year exclusion period minus EPA adjusted partial withdrawals for all previous
partial withdrawals. |
EPA adjusted partial withdrawals |
= |
PW × EPA |
× |
EPA |
|
CV |
RPA |
|
PW |
= |
the partial withdrawal including any applicable withdrawal charge or MVA. |
CV |
= |
the contract value on the date of (but prior to) the partial withdrawal. |
EPA |
= |
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
RPA |
= |
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
Contract
Duration
in Years |
Total purchase payments |
Contract value |
At Issue |
$100,000 |
$100,000 |
1 |
100,000 |
110,000 |
2 |
100,000 |
115,000 |
3 |
100,000 |
120,000 |
4 |
100,000 |
115,000 |
5 |
100,000 |
120,000 |
6 |
200,000 |
225,000 |
7 |
200,000 |
230,000 |
8 |
200,000 |
235,000 |
9 |
200,000 |
230,000 |
10 |
200,000 |
235,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
$10,000 × $100,000 |
= $8,333 | |
$120,000 |
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
$10,000 × $191,667 |
= $8,156 | |
$235,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = | |||
$10,000 × $100,000 |
× |
$100,000 |
= $8,333 | |
$120,000 |
$100,000 |
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
| ||
$10,000 × $91,667 |
× |
$91,667 |
= $1,866 | |
$235,000 |
$191,667 |
(a) |
(i) |
Resolution of the Executive Committee of the Board of Directors of American Enterprise Life Insurance Company
establishing the American Enterprise Variable Annuity Account dated July 15, 1987, filed
electronically as Exhibit 1 to the Initial Registration Statement No.
33-54471, filed on or about July 5, 1994, is incorporated by reference. |
|
(ii) |
Unanimous Written Consent of the Board of Directors In Lieu of a Meeting for IDS Life Insurance Company, adopted
December 8, 2006 for the Re-designation of the Separate Accounts to Reflect Entity
Consolidation and Rebranding filed electronically as Exhibit 27(a)(6) to
Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is
incorporated by reference. |
(b) |
|
Not applicable. |
(c) |
|
|
(d) |
(i) |
|
|
(ii) |
Form of Deferred Annuity Contract Data Pages (form 240343) filed
electronically as Exhibit 4.1(a) to Registrant's Post-Effective Amendment No.
10 to Registration Statement No. 333-92297, filed on or about January 30, 2003, is incorporated by reference. |
|
(iii) |
|
|
(iv) |
|
|
(v) |
|
|
(vi) |
|
|
(vii) |
|
|
(viii) |
|
|
(ix) |
|
|
(x) |
|
|
(xi) |
|
|
(xii) |
|
|
(xiii) |
|
|
(xiv) |
|
|
(xv) |
|
|
(xvi) |
|
|
(xvii) |
|
|
(xviii) |
|
|
(xix) |
|
|
(xx) |
|
|
(xxi) |
|
|
(xxii) |
|
|
(xxiii) |
|
|
(xxiv) |
|
|
(xxv) |
|
|
(xxvi) |
|
|
(xxvii) |
Form of Guarantor(SM) Withdrawal Benefit (form 273567-E) filed
electronically as Exhibit 4.26 to Post-Effective Amendment No. 30 to
Registration Statement No. 333-92297 on or about Aug. 25, 2006 is incorporated by reference. |
|
(xxviii) |
Form of Guarantor(SM) Withdrawal Benefit (form 272875-E) filed
electronically as Exhibit 4.27 to Post-Effective Amendment No. 30 to
Registration Statement No. 333-92297 on or about Aug. 25, 2006 is incorporated by reference. |
|
(xxix) |
Form of Contract Data Pages (form 240343-EDP) filed as Exhibit
4.28 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763, on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxx) |
Form of Annuity Contract - RVSL (form 273954) filed electronically
as Exhibit 4.37 with the Initial Registration Statement on Form N-4 for
RiverSource Variable Annuity Account (previously American Enterprise Variable Annuity Account), RiverSource Signature(SM) Select Variable Annuity and RiverSource Signature(SM) Variable Annuity, on or about Jan. 2,
2006, is incorporated by reference. |
|
(xxxi) |
|
|
(xxxii) |
|
|
(xxxiii) |
|
|
(xxxiv) |
|
|
(xxxv) |
|
|
(xxxvi) |
|
|
(xxxvii) |
|
|
(xxxviii) |
|
|
(xxxix) |
|
|
(xl) |
|
|
(xli) |
|
|
(xlii) |
|
|
(xliii) |
|
|
(xliv) |
|
|
(xlv) |
|
|
(xlvi) |
|
|
(xlvii) |
|
|
(xlviii) |
|
(xlix) |
|
|
(l) |
|
|
(li) |
|
|
(lii) |
|
|
(liii) |
|
|
(liv) |
|
|
(lv) |
|
|
(lvi) |
|
|
(lvii) |
|
|
(lviii) |
|
|
(lix) |
|
|
(lx) |
|
|
(lxi) |
|
|
(lxii) |
|
|
(lxiii) |
|
|
(lxiv) |
|
|
(lxv) |
|
|
(lxvi) |
|
(lxvii) |
|
|
(lxviii) |
|
|
(lxix) |
|
(e) |
(i) |
|
|
(ii) |
|
|
(iii) |
|
|
(iv) |
|
|
(v) |
|
|
(vi) |
|
|
(vii) |
|
|
(viii) |
|
|
(ix) |
|
|
(x) |
|
|
(xi) |
|
|
(xii) |
|
|
(xiii) |
|
|
(xiv) |
|
(xv) |
Form of Variable Annuity Application - EG New Solutions Select
(form 272886) filed as Exhibit 5.16 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is
incorporated herein by reference. |
|
(xvi) |
Form of Variable Annuity Application - Innovations Classic Select
(form 272888) filed as Exhibit 5.17 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xvii) |
Form of Variable Annuity Application - Endeavor Select (form
273400) filed as Exhibit 5.18 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated
herein by reference. |
|
(xviii) |
Form of Variable Annuity Application - WF Advantage Select et al
(form 273632) filed as Exhibit 5.19 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xix) |
Form of Variable Annuity Application - Innovations Select (form
273635) filed as Exhibit 5.20 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xx) |
Form of Variable Annuity Application - EG New Solutions Select
(form 273637) filed as Exhibit 5.21 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is
incorporated herein by reference. |
|
(xxi) |
Form of Variable Annuity Application - Innovations Classic Select
(form 273638) filed as Exhibit 5.22 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxii) |
Form of Variable Annuity Application - Endeavor Select (form
273640) filed as Exhibit 5.23 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated
herein by reference. |
|
(xxiii) |
Form of Variable Annuity Application - WF Advantage Select et al -
RVSL (form 273969) filed as Exhibit 5.24 to RiverSource Variable Annuity
Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxiv) |
Form of Variable Annuity Application - WF Advantage Select et al -
AEL (form 273969) filed as Exhibit 5.25 to RiverSource Variable Annuity
Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxv) |
Form of Variable Annuity Application - Innovations Select - RVSL
(form 273971) filed as Exhibit 5.26 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxvi) |
Form of Variable Annuity Application - Innovations Select - AEL
(form 273971) filed as Exhibit 5.27 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3, 2007, is incorporated herein by reference. |
|
(xxvii) |
Form of Variable Annuity Application - Innovations Classic Select
- RVSL (form 273972) filed as Exhibit 5.28 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763 on or about Jan. 3,
2007, is incorporated herein by reference. |
|
(xxviii) |
Form of Variable Annuity Application - Innovations Classic Select
- AEL (form 273972) filed as Exhibit 5.29 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763, on or about Jan. 3,
2007, is incorporated herein by reference. |
|
(xxix) |
Form of Variable Annuity Application - Endeavor Select et al -
RVSL (form 273973) filed as Exhibit 5.30 to RiverSource Variable Annuity Account's Initial Registration Statement on Form N-4, No. 333-139763, on or about Jan. 3, 2007, is
incorporated herein by reference. |
|
(xxx) |
Form of Variable Annuity Application - Endeavor Select et al - AEL
(form 273973) filed as Exhibit 5.31 to RiverSource Variable Annuity Account's
Initial Registration Statement on Form N-4, No. 333-139763, on or about Jan. 3, 2007, is incorporated herein by reference. |
(f) |
(i) |
Certificate of Incorporation of IDS Life dated July 24, 1957,
filed electronically as Exhibit 6.1 to IDS Life Variable Account 10's Initial Registration Statement No. 33-62407 is incorporated herein by reference.(See Exhibit 99 to form N-4
registration Statement filed with the SEC on 9/7/1995.) |
|
(ii) |
|
|
(iii) |
|
(g) |
|
Not applicable. |
(h) |
(i) |
Amended and Restated Participation Agreement dated August 1, 2006,
among American Enterprise Life Insurance Company, IDS Life Insurance Company,
Ameriprise Financial Services, Inc., AllianceBernstein L.P. and AllianceBernstein Investments, Inc. filed electronically as Exhibit 27(h) (20) to Post-Effective Amendment No. 28 to Registration Statement
No. 333-69777 is incorporated herein by reference. |
|
(ii) |
Amended and Restated Participation Agreement dated April 17, 2006,
by and among AIM Variable Insurance Funds, AIM Distributors, Inc. American
Enterprise Life Insurance Company, American Partners Life Insurance Company, IDS Life Insurance Company, and Ameriprise Financial Services, Inc. filed electronically as Exhibit 27(h)(1) to Post-Effective
Amendment No. 28 to Registration Statement No. 333-69777 is incorporated herein by
reference. |
|
(iii) |
Fund Participation Agreement dated May 1, 2006, by and among
American Enterprise Life Insurance Company, IDS Life Insurance Company, The
Dreyfus Corporation, Dreyfus Variable Investment Fund, and Dreyfus Investment Portfolios filed electronically as Exhibit 8.7 to Post-Effective Amendment No. 41 to Registration Statement No. 333-79311 is incorporated
herein by reference. |
|
(iv) |
|
|
(v) |
Participation Agreement among MFS Variable Insurance Trust,
American Enterprise Life Insurance Company, IDS Life Insurance Company and
Massachusetts Financial Services Company, dated June 9, 2006, filed electronically as Exhibit 8.9 to RiverSource Variable Life Account's Post-Effective Amendment No. 1 to Registration Statement No. 333-139763, filed
on or about April 24, 2007, is incorporated by reference. |
|
(vi) |
|
|
(vii) |
|
|
(viii) |
|
|
(ix) |
Amended and Restated Participation Agreement dated June 9, 2006,
by and among American Enterprise Life Insurance Company, IDS Life Insurance
Company, Goldman Sachs Variable Insurance Trust and Goldman, Sachs & Co. filed herewith as Exhibit 27(h)(24) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated herein
by reference. |
|
(x) |
Participation Agreement by and among Wells Fargo Variable Trust,
RiverSource Life Insurance Company, RiverSource Distributors, Inc. and Wells
Fargo Funds Distributors, LLC dated Jan. 30, 2007, filed electronically as Exhibit 8.16 to Post-Effective Amendment No.1 to Registration Statement No. 333-139762, on or about April 24,2007, as incorporated by
reference. |
|
(xi) |
|
|
(xii) |
Amended and Restated Fund Participation Agreement dated June 1,
2006, by and among American Centurion Life Assurance Company, American
Enterprise Life Insurance Company, American Partners Life Insurance Company, IDS Life Insurance Company, IDS Life Insurance Company of New York, Ameriprise Financial Services, Inc. and American Century
Investment Services, Inc. filed electronically as Exhibit 27(h)(3) to Post-Effective
Amendment No. 22 to Registration Statement No. 333-44644 is incorporated
herein by reference. |
|
(xiii) |
Fund Participation Agreement dated May 1, 2006 among American
Enterprise Life Insurance Company, IDS Life Insurance Company, Columbia Funds
Variable Insurance Trust, Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. filed electronically as Exhibit 8.17 with the Initial Registration Statement on Form N-4 for RiverSource
Variable Annuity Account (previously American Enterprise Variable Annuity Account),
RiverSource Signature Select Variable Annuity and RiverSource Signature
Variable Annuity, on or about Jan. 2, 2007, is incorporated by reference. |
|
(xiv) |
Participation Agreement dated January 1, 2007, by and among
RiverSource Life Insurance Company, RiverSource Life Insurance Co. of New
York and RiverSource Distributors, Inc. filed electronically as Exhibit 8.8 to Post-Effective Amendment No. 1 to Registration Statement No. 333-139761 is incorporated herein by reference. |
(i) |
|
Not Applicable. |
(j) |
|
Not applicable. |
(k) |
|
|
(l) |
|
|
(m) |
|
None |
(n) |
|
Not applicable. |
(o) |
|
Not applicable. |
(p) |
|
Name |
Principal Business Address*
|
Position and
Offices With Depositor |
Gumer C. Alvero |
|
Chairman of the Board and President
|
Michael J. Pelzel |
|
Senior Vice President – Corporate Tax |
Stephen P. Blaske |
|
Director, Senior Vice President and Chief Actuary |
Shweta Jhanji |
|
Senior Vice President and Treasurer |
Gene R. Tannuzzo |
|
Director |
Sherman, Kara D. |
|
Director |
Stephen R. Wolfrath |
|
Director, Vice President – Insurance and Annuities Product Development and Management |
John R. Hutt |
|
Director |
Brian E. Hartert |
|
Chief Financial Officer |
Paula J. Minella |
|
Secretary |
Gregg L. Ewing |
|
Vice President and Controller |
Parent Company /Subsidiary Name |
Jurisdiction |
Ameriprise Financial, Inc.* |
Delaware |
Ameriprise Advisor Capital, LLC |
Delaware |
Parent Company /Subsidiary Name |
Jurisdiction |
Ameriprise Advisor Financing 2, LLC |
Delaware |
Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. |
Singapore |
Ameriprise Asset Management Holdings Hong Kong Limited |
Hong Kong |
Threadneedle Portfolio Services Hong Kong Limited |
Hong Kong |
Columbia Threadneedle Investments Japan Co., Ltd. |
Japan |
Columbia Threadneedle Malaysia Sdn Bhd. |
Malaysia |
Threadneedle Investments Singapore (Pte.) Ltd. |
Singapore |
Ameriprise Bank, FSB |
Federal |
Ameriprise Capital Trust I |
Delaware |
Ameriprise Capital Trust II |
Delaware |
Ameriprise Capital Trust III |
Delaware |
Ameriprise Capital Trust IV |
Delaware |
Ameriprise Captive Insurance Company |
Vermont |
Ameriprise Certificate Company |
Delaware |
Investors Syndicate Development Corporation |
Nevada |
Ameriprise Holdings, Inc. |
Delaware |
Ameriprise India LLP1
|
India |
Ameriprise India Partner, LLC |
Delaware |
Ameriprise Trust Company |
Minnesota |
AMPF Holding, LLC |
Michigan |
American Enterprise Investment Services Inc.2 |
Minnesota |
Ameriprise Financial Services,
LLC2 |
Delaware |
AMPF Property Corporation |
Michigan |
Investment Professionals,
Inc.2 |
Texas |
Columbia Management Investment Advisers, LLC |
Minnesota |
Advisory Capital Strategies Group Inc. |
Minnesota |
Columbia Wanger Asset Management, LLC |
Delaware |
Emerging Global Advisors, LLC |
Delaware |
GA Legacy, LLC |
Delaware |
J. & W. Seligman & Co. Incorporated |
Delaware |
Columbia Management Investment Distributors, Inc.2 |
Delaware |
Seligman Partners, LLC3
|
Delaware |
Lionstone BBP GP, LLC |
Delaware |
Lionstone BBP Limited Partner, LLC |
Delaware |
Lionstone CREAD Partners Two, LLC |
Delaware |
Lionstone CREAD GP, LLC |
Delaware |
Parent Company /Subsidiary Name |
Jurisdiction |
Lionstone LORE Two, LLC |
Delaware |
Lionstone Partners, LLC |
Texas |
Cash Flow Asset Management GP, LLC |
Texas |
Cash Flow Asset Management,
L.P.4 |
Texas |
Lionstone Advisory Services, LLC |
Texas |
Lionstone CFRE II Real Estate Advisory, LLC |
Delaware |
Lionstone Development Services, LLC |
Texas |
LPL 1111 Broadway GP, LLC |
Texas |
LPL 1111 Broadway, L.P.5
|
Texas |
Lionstone Raleigh Development Partners GP, LLC |
Delaware |
Lionstone RDP Channel House Investors, L.P. |
Delaware |
Lionstone RDP PCS Phase I Investors, L.P. |
Delaware |
Lionstone RDP Platform Investors, L.P. |
Delaware |
Lionstone RDP Tower V Investors GP, LLC |
Delaware |
Lionstone RDP St. Albans Investors GP, LLC |
Delaware |
Lionstone RDP Co-Investment Fund I GP, LLC |
Delaware |
Lionstone VA Five, LLC |
Delaware |
RiverSource CDO Seed Investments, LLC |
Minnesota |
Columbia Management Investment Services Corp. |
Minnesota |
Columbia Threadneedle Canada, Inc. |
Ontario |
Columbia Threadneedle Canada Holdings, Inc. |
Ontario |
Columbia Threadneedle Investments UK International Limited |
England & Wales |
Columbia Threadneedle (Europe) Limited |
England & Wales |
Columbia Threadneedle AM (Holdings) plc |
Scotland |
Astraeus III GP LLP |
|
Astraeus III FP LP |
|
Columbia Threadneedle Capital (Group) Limited |
Cayman Islands |
Columbia Threadneedle Capital (Holdings) Limited |
Cayman Islands |
Columbia Threadneedle Capital (UK) Limited |
England & Wales |
Columbia Threadneedle Multi-Manager LLP |
England & Wales |
Thames River Capital LLP |
England & Wales |
Columbia Threadneedle Group (Holdings) Limited |
England & Wales |
Parent Company /Subsidiary Name |
Jurisdiction |
Columbia Threadneedle Group (Management) Limited |
England & Wales |
Columbia Threadneedle Holdings Limited |
England & Wales |
Columbia Threadneedle Investment Services Limited |
England & Wales |
Columbia Threadneedle Management Limited |
England & Wales |
F&C Unit Management Limited |
England & Wales |
FCEM Holdings (UK) Limited |
England & Wales |
F&C Emerging Markets Limited |
England & Wales |
F&C (CI) Limited |
England & Wales |
F&C Private Equity Nominee Limited |
England & Wales |
Columbia Threadneedle Luxembourg
S.A.6† |
Luxembourg |
Columbia Threadneedle Netherlands B.V. |
Netherlands |
F&C Alternative Investments (Holdings) Limited |
England & Wales |
F&C Ireland Limited |
Ireland |
Columbia Threadneedle Treasury Limited |
England & Wales |
WAM Holdings Ltd |
England & Wales |
Columbia Threadneedle Fund Management Limited |
England & Wales |
Columbia Threadneedle Managers Limited |
England & Wales |
Columbia Threadneedle (Services) Limited |
Scotland |
Columbia Threadneedle Management (Swiss) GmbH‡ |
Switzerland |
Columbia Threadneedle Investment Business Limited |
Scotland |
Columbia Threadneedle PE Co-Investment GP LLP |
Scotland |
FCIT PE FP LP6 |
Scotland |
Columbia Threadneedle PE Co-Investment FP LP6 |
Scotland |
Columbia Threadneedle Real Estate Partners LLP7 |
England & Wales |
CT UK Residential Real Estate FCP-RAIF (Associate) |
England & Wales |
REIT Asset Management Limited |
England & Wales |
Columbia Threadneedle REP (Corporate Services) Limited |
England & Wales |
Parent Company /Subsidiary Name |
Jurisdiction |
F&C REIT Corporate Finance Limited |
England & Wales |
Columbia Threadneedle Real Estate Partners S.à.r.l. |
Luxembourg |
CT Real Estate Partners GmbH & Co. KG, München |
Germany |
CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner) |
Germany |
Columbia Threadneedle Real Estate Partners Asset Management plc |
England & Wales |
FOSCA II Manager S.à.r.l. |
Luxembourg |
Columbia Threadneedle REP Property Management Limited |
England & Wales |
Columbia Threadneedle Unit Trust Managers Limited |
England |
Castle Mount Impact Partners GP LLP |
|
Castle Mount Impact Partners FP LP |
|
F&C Aurora (GP) Limited |
Scotland |
LPE II (Founding Partner) LP |
Scotland |
The Aurora Fund (Founder Partner) LP6 |
Scotland |
F&C Climate Opportunity Partners (GP) Limited |
Scotland |
F&C Climate Opportunity Partners (GP) LP |
Scotland |
F&C Climate Opportunity Partners (Founder Partner) LP6 |
Scotland |
F&C Equity Partners Holdings Limited |
England & Wales |
F&C Equity Partners plc |
England & Wales |
F&C European Capital Partners (Founder Partner) LP6 |
Scotland |
F&C European Capital Partners II (GP) Limited |
Scotland |
F&C European Capital Partners II (Founder Partner) LP6 |
Scotland |
F&C European Capital Partners II (GP) LP |
Scotland |
F&C Finance plc |
England & Wales |
F&C Group ESOP Trustee Limited |
Scotland |
F&C Investment Manager plc |
England & Wales |
FP Asset Management Holdings Limited |
England & Wales |
Columbia Threadneedle Asset Managers Limited |
England & Wales |
Ivory & Sime (Japan) KK |
Japan |
Ivory & Sime Limited |
Scotland |
Columbia Threadneedle (EM) Investments Limited |
England & Wales |
Pyrford International Limited |
England & Wales |
Parent Company /Subsidiary Name |
Jurisdiction |
RiverSource Distributors,
Inc.2 |
Delaware |
RiverSource Life Insurance Company |
Minnesota |
Columbia Cent CLO Advisers, LLC |
Delaware |
RiverSource Life Insurance Co. of New York |
New York |
RiverSource NY REO, LLC |
New York |
RiverSource REO 1, LLC |
Minnesota |
RiverSource Tax Advantaged Investments, Inc. |
Delaware |
AEXP Affordable Housing Portfolio,
LLC8 |
Delaware |
TAM UK International Holdings Limited |
England & Wales |
Columbia Threadneedle Investments (ME) Limited |
Dubai |
CTM Holdings Limited |
Malta |
TAM Investment Limited |
England & Wales |
Threadneedle Asset Management Oversight Limited |
England & Wales |
Ameriprise International Holdings GmbH |
Switzerland |
Threadneedle EMEA Holdings 1, LLC |
Minnesota, USA |
Threadneedle Holdings Limited |
England & Wales |
TAM UK Holdings Limited |
England & Wales |
Threadneedle Asset Management Holdings Limited** |
England & Wales |
Columbia Threadneedle Foundation |
England & Wales |
TC Financing Limited |
England & Wales |
Threadneedle Asset Management Limited |
England & Wales |
Threadneedle Investment Services Limited |
England & Wales |
Threadneedle Asset Management (Nominees) Limited |
England & Wales |
Sackville TIPP Property (GP) Limited |
England & Wales |
Threadneedle Asset Management Finance Limited |
England & Wales |
TMS Investment Limited |
Jersey |
Threadneedle International Limited |
England & Wales |
Threadneedle Investments (Channel Islands) Limited |
Jersey |
Parent Company /Subsidiary Name |
Jurisdiction |
Threadneedle Investments Limited |
England & Wales |
Threadneedle Management Services Limited |
England & Wales |
Threadneedle Pension Trustees Limited |
England & Wales |
Threadneedle Navigator ISA Manager Limited |
England & Wales |
Threadneedle Pensions Limited |
England & Wales |
Threadneedle Portfolio Services AG |
Switzerland |
Threadneedle Portfolio Services Limited |
England & Wales |
Threadneedle Property Investments Limited |
England & Wales |
Sackville (CTESIF) 2&3 GP Sàrl |
Luxembourg |
Sackville LCW (GP) Limited |
England & Wales |
Sackville LCW Sub LP 1 (GP) Limited |
England & Wales |
Sackville LCW Nominee 1 Limited |
England & Wales |
Sackville LCW Nominee 2 Limited |
England & Wales |
Sackville LCW Sub LP 2 (GP) Limited |
England & Wales |
Sackville LCW Nominee 3 Limited |
England & Wales |
Sackville LCW Nominee 4 Limited |
England & Wales |
Sackville Property Atlantic (Jersey GP) Limited |
Jersey |
Sackville Property Curtis (Jersey GP) Limited |
Jersey |
Sackville Property Farnborough (Jersey GP) Limited |
Jersey |
Sackville Property Hayes (Jersey GP) Limited |
Jersey |
Sackville UKPEC6 Hayes Nominee 1 Limited |
Jersey |
Sackville UKPEC6 Hayes Nominee 2 Limited |
Jersey |
Sackville Tandem Property (GP) Limited |
England & Wales |
Sackville TPEN Property (GP) Limited |
England & Wales |
Sackville TSP Property (GP) Limited |
England & Wales |
Sackville UK Property Select II (GP) Limited |
England & Wales |
Parent Company /Subsidiary Name |
Jurisdiction |
Sackville UK Property Select II (GP) No. 3 Limited |
England & Wales |
Sackville UK Property Select II Nominee (3) Limited |
England & Wales |
Sackville UK Property Select III (GP) No. 1 Limited |
England & Wales |
Sackville UK Property Select III Nominee (1) Limited |
England & Wales |
Sackville UK Property Select III Nominee (2) Limited |
England & Wales |
Sackville UK Property Select III (GP) No. 2 Limited |
England & Wales |
Sackville UK Property Select III Nominee (3) Ltd |
England & Wales |
Sackville UK Property Select III Nominee (4) Ltd |
England & Wales |
Sackville UK Property Select III (GP) No. 3 Limited |
England & Wales |
Sackville UK Property Select III Nominee (5) Ltd |
England & Wales |
Sackville UK Property Select III Nominee (6) Ltd |
England & Wales |
Sackville UK Property Select III (GP) S.à r.l. |
Luxembourg |
Sackville UK Property Select IV (GP) S.à.r.l. |
Luxembourg |
Sackville UK Property Select IV (GP) No. 1 Limited |
England |
Sackville UK Property Select IV Nominee (1) Limited |
England |
Sackville UK Property Select IV Nominee (2) Limited |
England |
Sackville UK Property Select IV (GP) No. 2 Limited |
England |
Sackville UK Property Select IV Nominee (3) Limited |
England |
Sackville UK Property Select IV Nominee (4) Limited |
England |
Sackville UK Property Select IV (GP) No. 3 Limited |
England |
Sackville UK Property Select IV Nominee (5) Limited |
England |
Sackville UK Property Select IV Nominee (6) Limited |
England |
Sackville UKPEC1 Leeds (GP) Limited |
England & Wales |
Sackville UKPEC3 Croxley (GP) Limited |
England & Wales |
Threadneedle Property Execution 1 Limited |
England & Wales |
Threadneedle Property Execution 2 Limited |
England & Wales |
Threadneedle UK Property Select IV Feeder SA SICAV-RAIF |
Luxembourg |
Parent Company /Subsidiary Name |
Jurisdiction |
Threadneedle Unit Trust Manager Limited |
England & Wales |
Threadneedle Management Luxembourg S.A. |
Luxembourg |
Name and Principal Business Address* |
|
Positions and
Offices with Underwriter |
Kara D. Sherman |
|
Director |
Janz, Sara S. |
|
Director |
Gumer C. Alvero |
|
Chairman of the Board and Chief Executive Officer |
Shweta Jhanji |
|
Senior Vice President and Treasurer |
Paula J. Minella |
|
Secretary |
Jason S. Bartylla |
|
Chief Financial Officer |
NAME OF PRINCIPAL UNDERWRITER |
NET
UNDERWRITING
DISCOUNTS AND
COMMISSIONS |
COMPENSATION ON REDEMPTION |
BROKERAGE
COMMISSIONS |
COMPENSATION |
RiverSource Distributors, Inc. |
$394,275,424 |
None |
None |
None |
|
RiverSource Variable Annuity Account | |
|
(Registrant) | |
|
By: |
/s/ Gumer C. Alvero |
|
|
Gumer C. Alvero Chairman of the Board and President |
|
RiverSource Life Insurance Company | |
|
(Depositor) | |
|
By: |
/s/ Gumer C. Alvero |
|
|
Gumer C. Alvero Chairman of the Board and President |
Signature |
Title |
/s/ Gumer C. Alvero |
Chairman of the Board and President (Chief Executive Officer) |
Gumer C. Alvero | |
/s/ Michael J. Pelzel |
Senior Vice President – Corporate Tax |
Michael J. Pelzel | |
/s/ Stephen P. Blaske |
Director, Senior Vice President and Chief Actuary |
Stephen P. Blaske | |
/s/ Shweta Jhanji |
Senior Vice President and Treasurer |
Shweta Jhanji | |
/s/ Brian E. Hartert |
Chief Financial Officer (Chief Financial Officer) |
Brian E. Hartert | |
/s/ Gene R. Tannuzzo |
Director |
Gene R. Tannuzzo | |
/s/ Gregg L. Ewing |
Vice President and Controller (Principal Accounting Officer) |
Gregg L. Ewing | |
/s/ Stephen R. Wolfrath |
Director, Vice President-Insurance and Annuities Product Development and Management |
Stephen R. Wolfrath | |
/s/ John R. Hutt |
Director |
John R. Hutt |