Accumulation Unit – An accounting unit of measure used to calculate the Contract Value allocated to the Variable Account before the Annuitization Date. |
Adjusted Roll-up Income Benefit Base – The Original Income Benefit Base after it has been reduced proportionally as a result of a Non-Lifetime Withdrawal. |
Annuitant – The person(s) whose length of life determines how long annuity payments are paid. The Annuitant must be living on the date the contract is issued. |
Annuitization Date – The date on which annuity payments begin. |
Annuity Commencement Date – The date on which annuity payments are scheduled to begin. |
Contingent Annuitant – The individual who becomes the Annuitant if the Annuitant dies before the Annuitization Date. |
Contract Anniversary – Each recurring one-year anniversary of the date the contract was issued. |
Contract Owner(s) – The person(s) who owns all rights under the contract. |
Contract Value – The value of all Accumulation Units in a contract plus any amount held in the Fixed Account. |
Contract Year – Each year the contract is in force beginning with the date the contract is issued. |
Current Income Benefit Base – It is an amount equal to the Original Income Benefit Base adjusted throughout the life of the contract to account for subsequent purchase payments, excess withdrawals, reset opportunities, and if elected, the Non-Lifetime Withdrawal. This amount is multiplied by the Lifetime Withdrawal Percentage to arrive at the Lifetime Withdrawal Amount. |
Daily Net Assets – A figure that is calculated at the end of each Valuation Date and represents the sum of all the Contract Owners interests in the Sub-Accounts after the deduction of underlying mutual fund expenses. |
Fixed Account – An investment option that is funded by Nationwide's General Account. Amounts allocated to the Fixed Account will receive periodic interest subject to a guaranteed minimum crediting rate. |
General Account – All assets of Nationwide other than those of the Variable Account or in other separate accounts of Nationwide. |
Individual Retirement Account – An account that qualifies for favorable tax treatment under Section 408(a) of the Internal Revenue Code, but does not include Roth IRAs. |
Individual Retirement Annuity or IRA – An annuity contract that qualifies for favorable tax treatment under Section 408(b) of the Internal Revenue Code, but does not include Roth IRAs or Simple IRAs. |
Investment-Only Contract – A contract purchased by a qualified pension, profit-sharing, or stock bonus plan as defined by Section 401(a) of the Internal Revenue Code. |
Lifetime Withdrawal – A withdrawal of all or a portion of the Lifetime Withdrawal Amount. |
Lifetime Withdrawal Amount – the maximum amount that can be withdrawn during a calendar year without reducing the Current Income Benefit Base. It is calculated annually, on each January 1, by multiplying the Current Income Benefit Base by the applicable Lifetime Withdrawal Percentage. |
Lifetime Withdrawal Percentage – An age-based percentage used to determine the Lifetime Withdrawal Amount. The applicable percentage is multiplied by the Current Income Benefit Base to arrive at the Lifetime Withdrawal Amount for any given year. The Rate Sheet Supplement discloses the Lifetime Withdrawal Percentages that are currently available for new contracts. |
Monthly Contract Anniversary – Each recurring one-month anniversary of the date the contract was issued, measured beginning on the date the contract is issued. If the contract is issued on a date that does not have a counterpart day in all other months (e.g., issued on the 31st of a month), then the one-month anniversary date for any such month will instead be the last day of that month. |
Nationwide – Nationwide Life Insurance Company. |
Net Asset Value – The value of one share of an underlying mutual fund at the close of regular trading on the New York Stock Exchange. |
Non-Lifetime Withdrawal –A one-time only election to take a withdrawal from the contract that will not initiate the benefit under the option. |
Non-Natural Contract Owner – A corporation, trust or other entity that is not a natural person. Any death benefit is payable upon the death of an Annuitant when there is a Non-Natural Contract Owner. |
Non-Qualified Contract – A contract which does not qualify for favorable tax treatment as a Qualified Plan, IRA, Roth IRA, SEP IRA, Simple IRA, or Tax Sheltered Annuity. |
Original Income Benefit Base – The initial benefit base calculated on the date the option is elected, which is equal to the Contract Value. |
- A sales charge that is assessed on each Purchase Payment beginning on the first Quarterly Contract Anniversary following the date we process the Purchase Payment and continuing for 28 Quarterly Contract Anniversaries (7 years) after the Purchase Payment was made. |
Purchase Payment - The amount paid to Nationwide by or on behalf of a Contract Owner as consideration for the benefits provided under the Contract. |
Qualified Plan – A retirement plan that receives favorable tax treatment under Section 401 of the Internal Revenue Code, including Investment-Only Contracts. In this prospectus, all provisions applicable to Qualified Plans also apply to Investment-Only Contracts unless specifically stated otherwise. |
Quarterly Contract Anniversary – Each recurring three-month period, measured beginning on the date the contract is issued. If the contract is issued on a date that does not have a counterpart day in all other months (e.g., issued on the 31st of a month), then the Quarterly Contract Anniversary for any such month will instead be the last day of that month. |
Rate Sheet Supplement – Supplements to the prospectus that we file periodically with the SEC to provide for and modify certain rates that are associated with various optional benefits available under the contract. The Rate Sheet Supplements disclose the Roll-up Interest Rates, Roll-up Crediting Periods, Lifetime Withdrawal Percentages that are currently available for new contracts. |
Roll-up Crediting Period – Beginning with the date the contract is issued, the Roll-up Crediting Period is the maximum period of time that the Roll-up Interest Rate will apply. The Rate Sheet Supplement discloses the Roll-up Crediting Periods that are currently available for new contracts. |
Roll-up Interest Rate – The simple interest rate used to determine the roll-up in the calculation of the Current Income Benefit Base. The Rate Sheet Supplement discloses the Roll-up Interest Rates that are currently available for new contracts. |
Roth IRA – An annuity contract that qualifies for favorable tax treatment under Section 408A of the Internal Revenue Code. |
SEC – Securities and Exchange Commission. |
SEP IRA – An annuity contract which qualifies for favorable tax treatment under Section 408(k) of the Internal Revenue Code. |
Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the contract. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision. |
Simple IRA – An annuity contract which qualifies for favorable tax treatment under Section 408(p) of the Internal Revenue Code. |
Sub-Accounts – Divisions of the Variable Account, each of which invests in a single underlying mutual fund. |
Tax Sheltered Annuity – An annuity that qualifies for favorable tax treatment under Section 403(b) of the Internal Revenue Code. |
Terminal Illness - An illness or injury diagnosed by a physician after the date the contract is issued that is expected to result in death within 12 months of diagnosis. |
Valuation Date – Each day the New York Stock Exchange is open for business or any other day during which there is a sufficient degree of trading such that the current Net Asset Value of the underlying mutual fund shares might be materially affected. Values of the Variable Account are determined as of the close of regular trading on the New York Stock Exchange, which generally closes at 4:00 p.m. EST. |
Valuation Period – The period of time commencing at the close of a Valuation Date and ending at the close of regular trading on the New York Stock Exchange for the next succeeding Valuation Date. |
Variable Account – Nationwide Variable Account-II, a separate account that Nationwide established to hold Contract Owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of which invests in a separate underlying mutual fund. |
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FEES AND EXPENSES (see Fee Table and Charges and Deductions) |
Charges for Early Withdrawals |
If the Contract Owner withdraws money from the contract within last purchase payments, a Contingent Deferred Sales Charge (or "CDSC") may apply (see Contingent Deferred Sales Charge). The CDSC will not exceed purchase payments withdrawn. For example, for a contract with a $100,000 investment, a withdrawal taken during the CDSC period could result in a CDSC of up to $ |
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options chosen. 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. | ||
Annual Fee |
Minimum |
Maximum | |
Base Contract (varies by Contract Class) |
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| |
Investment options (underlying mutual fund fees and expenses) |
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| |
Optional benefits available for an additional charge (for a single optional benefit, if elected) |
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| |||
Because each contract is customizable, the options elected affect how much each Contract Owner will pay. To help you understand the cost of owning the contract, the following table shows the lowest and highest cost a Contract Owner could pay each year, based on current charges. This estimate assumes that no withdrawals are taken from the contract, which could add a CDSC that substantially increases costs. | |||
Lowest Annual Cost Estimate: $ |
Highest Annual Cost Estimate: $ | ||
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive underlying mutual fund fees and expenses • No optional benefits • No CDSC • No additional purchase payments, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of optional benefits and underlying mutual fund fees and expenses • No CDSC • No additional purchase payments, transfers or withdrawals |
RISKS | |
Risk of Loss |
|
Not a Short-Term Investment |
|
RISKS |
Risks Associated with Investment Options |
|
Insurance Company Risks |
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RESTRICTIONS | |
Investments |
|
Optional Benefits |
|
TAXES | |
Tax Implications |
|
CONFLICTS OF INTEREST | |
Investment Professional Compensation |
|
CONFLICTS OF INTEREST | |
Exchanges |
|
Transaction Expenses | |
Maximum Contingent Deferred Sales Charge ("CDSC")1 (as a percentage of purchase payments withdrawn) |
|
Total Purchase Payments |
CDSC Percentages (years refer to number of complete contract years since purchase payment made) | |||||||
|
Less than 1 year |
1 year but less than 2 years |
2 years but less than 3 years |
3 years but less than 4 years |
4 years but less than 5 years |
5 years but less than 6 years |
6 years but less than 7 years |
7 years or more |
$0 to $49,999 |
7% |
6% |
6% |
5% |
4% |
3% |
2% |
0% |
$50,000 to $99,999 |
6% |
5% |
5% |
4% |
3% |
2% |
1% |
0% |
$100,000 to $249,999 |
5% |
4% |
4% |
3% |
2% |
2% |
1% |
0% |
$250,000 to $499,999 |
4% |
3% |
3% |
2% |
2% |
1% |
1% |
0% |
$500,000 to $999,999 |
3% |
2% |
2% |
2% |
1% |
1% |
.50% |
0% |
$1,000,000 or more |
2% |
1% |
1% |
1% |
1% |
.50% |
.50% |
0% |
Annual Contract Expenses | |
Administrative Expense1 |
$ |
Base Contract Expenses2 (assessed as an annualized percentage of Daily Net Assets) |
|
Premium Based Sales Charge ("PBSC")3 (assessed quarterly as an annualized percentage of Purchase Payments) |
|
Optional Benefit Expenses4 |
|
Highest Anniversary Value Death Benefit Option Charge (assessed as an annualized percentage of Daily Net Assets) |
|
Living Benefit Options (assessed annually as a percentage of the Current Income Benefit Base5) |
|
Maximum Nationwide Lifetime Income Rider Plus Core Charge (single life) |
|
Maximum Joint Option for the Nationwide Lifetime Income Rider Plus Core Charge |
|
Total Purchase Payments |
Premium Based Sales Charge |
$0 to $49,999 |
0.70% |
$50,000 to $99,999 |
0.64% |
$100,000 to $249,999 |
0.50% |
$250,000 to $499,999 |
0.35% |
$500,000 to $999,999 |
0.25% |
$1,000,000 or more |
0.15% |
Annual Underlying Mutual Fund Expenses | ||
|
Minimum |
Maximum |
|
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|
If the contract is surrendered at the end of the applicable time period |
If the contract is annuitized at the end of the applicable time period |
If the contract is not surrendered | |||||||||
|
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
Maximum Annual Underlying Mutual Fund Expenses (1.35%) |
$ |
$ |
$ |
$ |
* |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|
If the contract is surrendered at the end of the applicable time period |
If the contract is annuitized at the end of the applicable time period |
If the contract is not surrendered | |||||||||
|
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
Minimum Annual Underlying Mutual Fund Expenses (0.29%) |
$ |
$ |
$ |
$ |
* |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Total Purchase Payments |
CDSC Percentages (years refer to number of complete years since purchase payment made) | |||||||
|
Less than 1 year |
1 year but less than 2 years |
2 years but less than 3 years |
3 years but less than 4 years |
4 years but less than 5 years |
5 years but less than 6 years |
6 years but less than 7 years |
7 years or more |
$0 to $49,999 |
7% |
6% |
6% |
5% |
4% |
3% |
2% |
0% |
$50,000 to $99,999 |
6% |
5% |
5% |
4% |
3% |
2% |
1% |
0% |
$100,000 to $249,999 |
5% |
4% |
4% |
3% |
2% |
2% |
1% |
0% |
$250,000 to $499,999 |
4% |
3% |
3% |
2% |
2% |
1% |
1% |
0% |
$500,000 to $999,999 |
3% |
2% |
2% |
2% |
1% |
1% |
.50% |
0% |
$1,000,000 or more |
2% |
1% |
1% |
1% |
1% |
.50% |
.50% |
0% |
Example: |
On March 1, Mr. J purchases the Contract with an initial Purchase Payment of $100,000. The Premium Based Sales Charge assigned to the Purchase Payment is 0.50%. Thus a Premium Based Sales Charge of 0.125% or $125 ($100,000*0.50%/4) is taken from the Contract on each subsequent Quarterly Contract Anniversary for a total annual charge of $500. On March 2, after the first Contract Anniversary, Mr. J takes a partial withdrawal of $15,000. Since withdrawals do not impact the assessment of the Premium Based Sales Charge Mr. J will still be assessed a Premium Based Sales Charge of $125 on his initial Purchase Payment amount on each Quarterly Contract Anniversary for the remaining 24 quarters. |
Total Purchase Payments |
Premium Based Sales Charge |
$0 to $49,999 |
0.70% |
$50,000 to $99,999 |
0.64% |
$100,000 to $249,999 |
0.50% |
$250,000 to $499,999 |
0.35% |
$500,000 to $999,999 |
0.25% |
$1,000,000 or more |
0.15% |
Example: |
• During the first Quarterly Contract Anniversary, you make purchase payments of $10,000, $5,000, and $17,000 • At the beginning of the second year of your contract, you make a purchase payment of $20,000 for total purchase payments of $52,000 • Based on these assumptions, after your third purchase payment but before your purchase payment of $20,000, your PBSC equals [$10,000 + $5,000 + $17,000] * 0.70% or $224. Beginning with your $20,000 purchase payment in year two, your PBSC would be the sum of $224 and [$20,000 * 0.64%] or $352 in total on an annual basis going forward. |
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Maximum Fee |
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Maximum Fee |
Current Fee |
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Net Assets) |
Net Assets) |
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(Current Income Benefit Base) |
(Current Income Benefit Base) |
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(Current Income Benefit Base) |
(Current Income Benefit Base) |
|
Example: |
On June 1, which is before her Annuitization Date, Ms. P passes away. She has elected the standard death benefit. On the date of Ms. P’s death, her Contract Value = $24,000 and her total purchase payments (adjusted for amounts withdrawn) = $22,000. The death benefit for Ms. P’s contract is the greater of the Contract Value or purchase payments adjusted for surrender and will equal $24,000. |
(A x F) + B(1 - F), where | |||
A |
= |
the greatest of: | |
|
|
(1) |
the Contract Value; or |
|
|
(2) |
the total of all purchase payments, less an adjustment for amounts withdrawn. |
B |
= |
the Contract Value; and | |
F |
= |
the ratio of $3,000,000 to the total of all purchase payments made to the contract. |
Example: |
On June 1, which is before her Annuitization Date, Ms. P passes away. She has elected the standard death benefit. Her total Purchase Payments = $4,500,000. On the date of Ms. P’s death, her Contract Value = $3,500,000, her total purchase payments (adjusted for amounts withdrawn) = $4,000,000, and F = $3,000,000 / $4,500,000 or 0.667. The death benefit for Ms. P’s contract is determined as follows: |
(A x F) + B(1 - F), which is |
($4,000,000 x 0.667) + $3,500,000(1 - 0.667), which is |
$2,666,667 + $1,165,500 |
The death benefit for Ms. P’s contract is $3,832,167. |
Example: |
Mr. V, who has owned his contract for 4 years, was recently diagnosed with a Terminal Illness and wishes to surrender his contract. Under the Enhanced Surrender Value for Terminal Illness, assuming all conditions were met, upon surrender of the contract, Nationwide will pay Mr. V his Contract Value and an additional amount necessary to equal the death benefit that Mr. V elected. |
Example: |
On June 1, which is before her Annuitization Date, Ms. W passes away at age 82. She has elected the Highest Anniversary Value death benefit. On the date of Ms. W’s death, her Contract Value = $24,000 and her total purchase payments (adjusted for amounts withdrawn) = $22,000. Her highest Contract Value on the Contract Anniversary immediately after her 81st birthday = $30,000 (adjusted for amounts subsequently withdrawn plus purchase payments received after that Contract Anniversary), and her highest Contract Value on any Contract Anniversary prior to her 81st birthday = $28,000 (adjusted for amounts subsequently withdrawn plus purchase payments received after that Contract Anniversary). The death benefit for Ms. W’s contract will equal $28,000 (the $30,000 highest Contract Value is disregarded because it was attained after Ms. W’s 81st birthday. |
A x F + B (1 - F), where | |||
A |
= |
the greatest of: | |
|
|
(1) |
the Contract Value; |
|
|
(2) |
the total of all purchase payments made to the contract, less an adjustment for amounts withdrawn; or |
|
|
(3) |
the highest Contract Value on any Contract Anniversary before the Contract Owner’s 81st birthday, less an adjustment for amounts subsequently withdrawn, plus purchase payments received after that Contract Anniversary. |
B |
= |
the Contract Value; | |
F |
= |
the ratio of $3,000,000 to the total of all purchase payments made to the contract. |
Example: |
On June 1, which is before her Annuitization Date, Ms. W passes away at age 82. She has elected the Highest Anniversary Value death benefit. On the date of Ms. W’s death: |
•her Contract Value = $3,400,000 |
•her total purchase payments (adjusted for amounts withdrawn) = $3,100,000 |
•her highest Contract Value on any Contract Anniversary prior to her 81st birthday = $3,800,000 (including the effect of an adjustment for amounts subsequently withdrawn plus purchase payments received after that Contract Anniversary) |
•her total of all purchase payments is $3,500,000 |
The death benefit for Ms. W’s contract will equal (A x F) + B(1 - F), which is: [$3,800,000 x .8571] + [$3,400,000 x .1429] = $3,257,143 + $485,714 = $3,742,857. |
Reduction to Current Income Benefit Base |
= |
Gross dollar amount of the Non-Lifetime Withdrawal |
X |
Current Income Benefit Base prior to the Non-Lifetime Withdrawal |
Contract Value (prior to the Non- Lifetime Withdrawal) |
Reduction to Original Income Benefit Base |
= |
Gross dollar amount of the Non-Lifetime Withdrawal |
X |
Original Income Benefit Base |
Contract Value (prior to the Non- Lifetime Withdrawal) |
Reduction to subsequent purchase payments applied before the Non-Lifetime Withdrawal |
= |
Gross dollar amount of the Non-Lifetime Withdrawal |
X |
Subsequent purchase payments applied before the Non-Lifetime Withdrawal |
Contract Value (prior to the Non- Lifetime Withdrawal) |
Example: |
For an example of how the Non-Lifetime Withdrawal is calculated, see Appendix E: Nationwide Lifetime Income Rider Plus Core Examples. |
Example: |
Assume a contract is issued on July 1 and a Contract Owner elects to take the first Lifetime Withdrawal in December of the same calendar year that the contract is issued. Also assume that at the time of the first Lifetime Withdrawal the non-prorated Lifetime Withdrawal Amount is $12,000. Here, the prorated Lifetime Withdrawal Amount would be $6,000 ((12- 7+1) months / 12 months x $12,000). |
Example: |
For an example of how the Income Carryforward feature of the L.inc Plus Riders is calculated, see Appendix E: Nationwide Lifetime Income Rider Plus Core Examples. |
dollar amount of the excess withdrawal |
X |
Current Income Benefit Base prior to the withdrawal |
Contract Value (reduced by the amount of the Lifetime Withdrawal Amount withdrawn) |
Example: |
If the Current Income Benefit Base is $50,000, the Contract Value is $60,000, the Lifetime Withdrawal Amount is $5,000, there is no Income Carryforward amount available, and a withdrawal of $55,000 is taken, then $50,000 of the amount withdrawn is an excess withdrawal ($55,000-$5,000). As a result, the Current Income Benefit Base of $50,000 is reduced by $50,000 (the dollar amount of the excess withdrawal), which is the greater of $50,000 or $45,455 [[$50,000/($60,000-$5,000)] x $50,000], and therefore the rider terminates as the Current Income Benefit Base would be reduced to $0. |
Example: |
At the time of application, Ms. J purchased the Joint Option for the Nationwide Lifetime Income Rider Plus Core. She began taking Lifetime Withdrawals when she was 62. Three years later, Ms. J passed away. Mr. J, Ms. J’s surviving spouse, is entitled to continue to receive the same Lifetime Withdrawals for the duration of his lifetime. At Mr. J’s death, the contract will terminate. |
Trading Behavior |
Nationwide's Response |
Six or more transfer events within one calendar quarter |
Nationwide will mail a letter to the Contract Owner notifying them that: (1)they have been identified as engaging in harmful trading practices; and (2)if their transfer events total 11 within two consecutive calendar quarters or 20 within one calendar year, the Contract Owner will be limited to submitting transfer requests via U.S. mail on a Nationwide issued form. |
11 transfer events within two consecutive calendar quarters OR 20 transfer events within one calendar year |
Nationwide will automatically limit the Contract Owner to submitting transfer requests via U.S. mail on a Nationwide issued form. |
Example: |
Mr. C elects to participate in Asset Rebalancing and has instructed his Contract Value be allocated as follows: 40% to Sub-Account A, 40% to Sub-Account B, and 20% to Sub- Account C. Mr. C elects to rebalance quarterly. Each quarter, Nationwide will automatically rebalance Mr. C’s Contract Value by transferring Contract Value among the three elected Sub-Accounts so that his 40%/40%/20% allocation remains intact. |
Example: |
Ms. T elects to participate in Dollar Cost Averaging and has transferred $25,000 to an eligible Sub-Account (Sub-Account S) that will serve as the source investment option for her Dollar Cost Averaging program. She would like the Dollar Cost Averaging transfers to be allocated as follows: $500 to Sub-Account L and $1,000 to Sub-Account M. Each month, Nationwide will automatically transfer $1,500 from Sub-Account S and allocate $1,000 to Sub-Account M and $500 to Sub-Account L. |
Example: |
Mr. E elects to participate in Enhanced Fixed Account Dollar Cost Averaging and has allocated new purchase payments of $44,000 to the Fixed Account, which will receive an enhanced interest crediting rate. He would like the Enhanced Fixed Account Dollar Cost Averaging transfers to be allocated as follows: $500 to Sub-Account L and $3,500 to Sub- Account M. Each month, Nationwide will automatically transfer $4,000 from the Fixed Account and allocate $500 to Sub-Account L and $3,500 to Sub-Account M. |
Example: |
Ms. S, who has elected a living benefit, elects to participate in Dollar Cost Averaging for Living Benefits and has allocated new purchase payments of $25,000 to the Fixed Account. She would like the Dollar Cost Averaging for Living Benefits transfers to be allocated as follows: $4,000 to Sub-Account L and $1,000 to Sub-Account M, both of which are permitted Sub-Accounts in the living benefit that Ms. S elected. Each month, Nationwide will automatically transfer $5,000 from the Fixed Account and allocate $4,000 to Sub-Account L and $1,000 to Sub-Account M. |
Example: |
Mr. V elects to participate in Fixed Account Interest Out Dollar Cost Averaging and has allocated new purchase payments of $25,000 to the Fixed Account. He would like the Fixed Account Interest Out Dollar Cost Averaging transfers to be allocated as follows: 50% to Sub- Account L and 50% to Sub-Account M. Each month, Nationwide will automatically transfer the interest credited to the Fixed Account allocations to Sub-Account M and Sub-Account L on a 50%/50% basis. |
Example: |
Ms. H elects to take Systematic Withdrawals equal to $5,000 on a quarterly basis. She has not directed that the withdrawals be taken from specific Sub-Accounts, so each quarter, Nationwide will withdraw $5,000 from Ms. H’s contract proportionally from each Sub- Account, and will mail her a check or wire the funds to the financial institution of her choice. |
Example: |
Mr. U, who elected the Nationwide Lifetime Income Rider Plus Core, enrolls in Custom Choice Asset Rebalancing Service. At the time of enrollment, allocation limitations are 100% to Group A and 60% to Group B. He selects one Sub-Account from Group A (40%) and two Sub-Accounts from Group B (30% each). Each quarter, Nationwide will automatically rebalance Mr. U’s Contract Value by transferring Contract Value among the three elected Sub-Accounts so that his allocation percentages remain intact. |
Example: |
Mr. Y, who elected a living benefit, elects a Static Asset Allocation Portfolio, the XYZ Option (33% Sub-Account X, 33% Sub-Account Y, and 34% Sub-Account Z). As a result, Mr. Y’s entire Contract Value will be allocated as follows: 33% Sub-Account X, 33% Sub-Account Y, and 34% Sub-Account Z. Each quarter, Nationwide will automatically rebalance Mr. Y’s Contract Value by transferring Contract Value among the Sub-Accounts so that the selected Static Asset Allocation Portfolio percentages remain intact. |
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Underlying Mutual Fund and Adviser/Sub-Adviser |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2024 Investment Advisor: Subadvisor: |
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Series: Service Class) Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2023 Investment Advisor: |
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Mid Cap Growth: Class II) Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before April 26, 2024 Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before April 26, 2024 Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before April 28, 2023 Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2023 Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2023 Investment Advisor: Subadvisor: |
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Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2022 Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before August 15, 2022 Investment Advisor: |
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Type |
Underlying Mutual Fund and Adviser/Sub-Adviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) | ||
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5 year |
10 year | |||
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This underlying mutual fund is only available in contracts for which good order applications were received before August 15, 2022 Investment Advisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before August 15, 2022 Investment Advisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before August 15, 2022 Investment Advisor: |
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Investment Advisor: Subadvisor: |
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2023 Investment Advisor: Subadvisor: |
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Type |
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Current Expenses |
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5 year |
10 year | |||
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This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2024 Investment Advisor: |
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Nationwide Lifetime Income Rider Plus Core Option |
Group A |
40% - 100% |
Group B |
0% - 60% |
Total |
100% |
Underlying Mutual Fund |
Group A |
Group B |
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class B |
|
X |
American Funds Insurance Series® - New World Fund®: Class 4 |
|
X |
American Funds Insurance Series® - U.S. Government Securities Fund: Class 4 |
X |
|
American Funds Insurance Series® - Washington Mutual Investors Fund: Class 4 |
|
X |
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class III |
|
X |
BlackRock Variable Series Funds II, Inc. - BlackRock Total Return V.I. Fund: Class III |
X |
|
BlackRock Variable Series Funds, Inc. - BlackRock 60/40 Target Allocation ETF V.I. Fund: Class III |
|
X |
BlackRock Variable Series Funds, Inc. - BlackRock Capital Appreciation V.I. Fund: Class III |
|
X |
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class III |
|
X |
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - High Yield Bond Fund: Class 2 |
|
X |
Delaware VIP Trust - Macquarie VIP Small Cap Value Series: Service Class |
|
X |
Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class |
X |
|
Fidelity Variable Insurance Products Fund - VIP Balanced Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Contrafund® Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Disciplined Small Cap Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Growth & Income Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP International Capital Appreciation Portfolio: Service Class 2 |
|
X |
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class 2 |
X |
|
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class 2 |
|
X |
Underlying Mutual Fund |
Group A |
Group B |
Fidelity Variable Insurance Products Fund - VIP Strategic Income Portfolio: Service Class 2 |
X |
|
Fidelity Variable Insurance Products Fund - VIP Value Portfolio: Service Class 2 |
|
X |
Invesco - Invesco V.I. Core Plus Bond Fund: Series II Shares |
X |
|
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series II |
|
X |
Invesco - Invesco V.I. Diversified Dividend Fund: Series II Shares |
|
X |
Invesco - Invesco V.I. Global Fund: Series II |
|
X |
Invesco - Invesco V.I. High Yield Fund: Series II Shares |
|
X |
Invesco - Invesco V.I. Main Street Small Cap Fund: Series II |
|
X |
Ivy Variable Insurance Portfolios - Macquarie VIP Mid Cap Growth Series: Service Class |
|
X |
Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares |
X |
|
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC |
X |
|
MFS® Variable Insurance Trust - MFS Growth Series: Service Class |
|
X |
MFS® Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class |
|
X |
MFS® Variable Insurance Trust - MFS New Discovery Series: Service Class |
|
X |
MFS® Variable Insurance Trust - MFS Value Series: Service Class |
|
X |
MFS® Variable Insurance Trust II - MFS Corporate Bond Portfolio: Service Class |
X |
|
MFS® Variable Insurance Trust II - MFS Income Portfolio: Service Class |
|
X |
MFS® Variable Insurance Trust II - MFS Research International Portfolio: Service Class |
|
X |
MFS® Variable Insurance Trust III - MFS Limited Maturity Portfolio: Service Class |
X |
|
MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class |
|
X |
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II |
X |
|
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class P |
X |
|
Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class Z |
|
X |
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class II |
X |
|
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I |
|
X |
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I |
X |
|
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I |
X |
|
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class VIII |
|
X |
Nationwide Variable Insurance Trust - NVIT Invesco Small Cap Growth Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II |
|
X |
Underlying Mutual Fund |
Group A |
Group B |
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT iShares® Fixed Income ETF Fund: Class II |
X |
|
Nationwide Variable Insurance Trust - NVIT iShares® Global Equity ETF Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II |
X |
|
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I |
|
X |
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II |
|
X |
Nationwide Variable Insurance Trust - NVIT Victory Mid Cap Value Fund: Class II |
|
X |
PIMCO Variable Insurance Trust - Income Portfolio: Advisor Class |
X |
|
PIMCO Variable Insurance Trust - Real Return Portfolio: Advisor Class |
|
X |
PIMCO Variable Insurance Trust - Short-Term Portfolio: Advisor Class |
X |
|
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB |
|
X |
Putnam Variable Trust - Putnam VT International Value Fund: Class IB |
|
X |
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB |
|
X |
State |
State Law Variations |
California |
• The Enhanced Surrender Value for Terminal Illness is not available. • The Long-Term Care/Nursing Home and Terminal Illness Waiver is not available. • Joint owners are not limited to spouses. • "Contingent Deferred Sales Charge" is referred to as "Surrender Charge." |
Florida |
• The Annuity Commencement Date must be at least one year after the date the contract is issued. • The Nationwide Lifetime Income Rider Plus Core and Joint Option for the Nationwide Lifetime Income Rider Plus Core will not automatically terminate if the Contract Owner is changed or the contract is assigned. • There are no restrictions on assignments. |
Illinois |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Kansas |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Massachusetts |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Pennsylvania |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Texas |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Vermont |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Virginia |
• The Enhanced Surrender Value for Terminal Illness is not available. |
Washington |
• The Enhanced Surrender Value for Terminal Illness is not available. |
The greater of: | |
(1) |
A–C; or |
(2) |
B–C, |
A |
= |
the contract value immediately before the withdrawal; |
B |
= |
the guaranteed annual benefit amount immediately before the withdrawal; and |
C |
= |
the remaining investment in the contract. |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 49 |
4.45% |
3.95% |
50 through 54 |
4.45% |
3.95% |
55 through 59 |
4.45% |
3.95% |
60 through 64 |
5.25% |
4.75% |
65 through 69 |
6.25% |
5.75% |
70 through 74 |
6.55% |
6.05% |
75 through 79 |
6.80% |
6.30% |
80 and older |
7.00% |
6.50% |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.45% |
3.95% |
60 through 64 |
4.90% |
4.55% |
65 through 69 |
5.95% |
5.50% |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
70 through 74 |
6.30% |
5.85% |
75 through 80 |
6.55% |
6.10% |
81 and older |
6.75% |
6.45% |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.45% |
3.95% |
60 through 64 |
4.80% |
4.50% |
65 through 69 |
5.90% |
5.45% |
70 through 74 |
6.30% |
5.85% |
75 through 80 |
6.55% |
6.10% |
81 and older |
6.75% |
6.45% |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.45% |
3.95% |
60 through 64 |
4.80% |
4.50% |
65 through 69 |
5.70% |
5.40% |
70 through 74 |
6.05% |
5.75% |
75 through 80 |
6.40% |
6.10% |
81 and older |
6.75% |
6.45% |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.45% |
3.95% |
60 through 64 |
4.60% |
4.30% |
65 through 69 |
5.60% |
5.30% |
70 through 74 |
5.80% |
5.50% |
75 through 80 |
6.15% |
5.85% |
81 and older |
6.30% |
6.00% |
Roll-up Interest Rate |
Roll-up Crediting Period |
7% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.45% |
3.95% |
60 through 64 |
4.60% |
4.10% |
65 through 69 |
5.55% |
5.05% |
70 through 74 |
5.75% |
5.25% |
75 through 80 |
6.05% |
5.55% |
81 and older |
6.30% |
5.80% |
Roll-up Interest Rate |
Roll-up Crediting Period |
5% |
10 Years |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
45 through 59 |
4.35% |
3.85% |
60 through 64 |
4.35% |
3.85% |
65 through 69 |
5.40% |
4.90% |
70 through 74 |
5.50% |
5.00% |
Contract Owner's Age (at the time of the first Lifetime Withdrawal) |
Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
Joint Option for the Nationwide Lifetime Income Rider Plus Core's Lifetime Withdrawal Percentages* |
75 through 80 |
5.70% |
5.25% |
81 and older |
6.00% |
5.50% |
|
Withdrawal Activity |
Before Withdrawal Processing |
After Withdrawal Processing |
| ||
Lifetime Withdrawals |
Income Carryforward Amount |
Lifetime Withdrawal Amount |
Income Carryforward Amount |
Lifetime Withdrawal Amount | ||
May 1, 2021 |
$3,000 |
$0 |
$4,200 |
$0 |
$1,200 |
The portion of the Lifetime Withdrawal Amount not taken in 2021 is the Income Carryforward amount for 2022. |
January 1, 2022 |
|
-- |
-- |
$1,200 |
$4,200 |
|
March 1, 2022 |
$1,000 |
$1,200 |
$4,200 |
$200 |
$4,200 |
Lifetime Withdrawals first reduce any available Income Carryforward amount. |
July 1, 2022 |
$4,000 |
$200 |
$4,200 |
$0 |
$400 |
The Income Carryforward amount can be taken in one or multiple withdrawals during the year. |
January 1, 2023 |
|
-- |
-- |
$400 |
$4,200 |
|
June 1, 2023 |
$4,600 |
$400 |
$4,200 |
$0 |
$0 |
The entire Lifetime Withdrawal Amount is taken in 2023, so there is no Income Carryforward amount for 2024. |
January 1, 2024 |
|
-- |
-- |
$0 |
$4,200 |
|
February 1, 2024 |
$3,000 |
$0 |
$4,200 |
$0 |
$1,200 |
The portion of the Lifetime Withdrawal Amount not taken in 2024 is the Income Carryforward amount for 2025. |
January 1, 2025 |
|
-- |
-- |
$1,200 |
$4,200 |
|
December 31, 2025 |
$1,000 |
$1,200 |
$4,200 |
$200 |
$4,200 |
The Income Carryforward amount is forfeited if not withdrawn in the calendar year in which it is available. |
January 1, 2026 |
|
-- |
-- |
$4,200 |
$4,200 |
|
September 1, 2026 |
$2,000 |
$4,200 |
$4,200 |
$2,200 |
$4,200 |
|
Example of a Non-Lifetime Withdrawal taken before the 10th Contract Anniversary* | |||||
The purpose of this example is to show the calculations used to determine the Current Income Benefit Base if a Non-Lifetime Withdrawal is taken before the 10th Contract Anniversary. This example assumes the following: | |||||
Initial Purchase Payment on Contract Issue Date: |
$100,000 | ||||
Original Income Benefit Base: |
$100,000 | ||||
Subsequent Purchase Payment in the 3rd Contract Year: |
$ 15,000 | ||||
Non-Lifetime Withdrawal Amount taken during the 5th Contract Year: |
$ 20,000 | ||||
Contract Value on Date of Non-Lifetime Withdrawal (prior to the Non- Lifetime Withdrawal) **: |
$120,000 | ||||
Current Income Benefit Base on Date of Non-Lifetime Withdrawal**: |
$136,125 | ||||
Subsequent Purchase Payment in the 5th Contract Year and after the Non-Lifetime Withdrawal: |
$ 30,000 | ||||
Contract Value on 5th Contract Anniversary**: |
$140,000 | ||||
If a $20,000 Non-Lifetime Withdrawal is taken during the 5th Contract Year, the Current Income Benefit Base on the 5th Contract Anniversary will equal the greatest of: |
1) |
Proportional Reduction to the Current Income Benefit Base |
= |
Non-Lifetime Withdrawal Amount |
X |
Current Income Benefit Base prior to Non- Lifetime Withdrawal |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
= |
$20,000 |
X |
$136,125 | ||
$120,000 | |||||
|
|
= |
|
$22,688 |
|
|
The Current Income Benefit Base of $136,125 is reduced by $23,000 resulting in the proportionally reduced Current Income Benefit Base of $113,438. | ||||
2) |
The highest Contract Value on any Contract Anniversary after the Non-Lifetime Withdrawal. Here, the Contract Value on the 5th Contract Anniversary is $140,000. | ||||
3.a) |
Proportional Reduction to the Original Income Benefit Base |
= |
Non-Lifetime Withdrawal Amount |
X |
Original Income Benefit Base |
|
Contract Value (on date of Non-Lifetime Withdrawal) | ||||
|
|
= |
$20,000 |
X |
$100,000 |
|
|
$120,000 | |||
|
|
= |
|
$16,667 |
|
|
The Original Income Benefit Base of $100,000 is reduced by $16,667 resulting in the Adjusted Roll-up Income Benefit Base of $83,333. The Adjusted Roll-up Income Benefit Base is increased by the 5% simple interest roll-up for each attained Contract Anniversary resulting in the Adjusted Roll-up Income Benefit Base with roll-up of $104,167. | ||||
PLUS | |||||
3.b) |
Proportional Reduction to Subsequent Purchase Payment in the 3rd Contract Year |
= |
Non-Lifetime Withdrawal Amount |
X |
Subsequent Purchase Payment in the 3rd Contract Year |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$20,000 |
X |
$15,000 |
|
|
|
$120,000 |
|
|
|
|
= |
|
$2,500 |
|
|
The subsequent purchase payment in the 3rd Contract Year of $15,000 is reduced by $2,500 resulting in the proportionally reduced subsequent purchase payment of $12,500. This is increased by 5% simple interest roll-up from the date of the subsequent purchase payment for each attained Contract Anniversary resulting in $14,063. | ||||
PLUS | |||||
3.c) |
Subsequent purchase payment after Non-Lifetime Withdrawal of $30,000 increased by 5% simple interest roll-up from the date of the subsequent purchase payment for each attained Contract Anniversary resulting in $30,750. The Adjusted Roll-up Income Benefit Base with roll-up PLUS the subsequent purchase payment in the 3rd Contract Year with roll-up PLUS the subsequent purchase payment after the Non-Lifetime Withdrawal with roll-up would equal $148,979. | ||||
Since the Adjusted Roll-up Income Benefit Base with roll-up and subsequent purchase payments with roll-up are the greatest, the Contract Owner's Current Income Benefit Base on the 5th Contract Anniversary would be $148,979. |
Example of a Non-Lifetime Withdrawal taken after the 10th Contract Anniversary* | |||||
The purpose of this example is to show the calculations used to determine the Current Income Benefit Base if a Non-Lifetime Withdrawal is taken after the 10th Contract Anniversary. This example assumes the following: | |||||
Initial Purchase Payment on Contract Issue Date: |
$100,000 |
Original Income Benefit Base: |
$100,000 | ||||
Subsequent Payment on the 1st Contract Anniversary: |
$ 15,000 | ||||
Subsequent Payment on the 11th Contract Anniversary: |
$ 30,000 | ||||
Non-Lifetime Withdrawal Amount taken during the 12th Contract Year: |
$ 20,000 | ||||
Contract Value on Date of Non-Lifetime Withdrawal (prior to the Non- Lifetime Withdrawal) **: |
$200,000 | ||||
Current Income Benefit Base on Date of Non-Lifetime Withdrawal**: |
$201,750 | ||||
Contract Value on 12th Contract Anniversary**: |
$181,000 | ||||
If a $20,000 Non-Lifetime Withdrawal is taken during the 12th Contract Year, the Current Income Benefit Base on the 12th Contract Anniversary will equal the greatest of: | |||||
1) |
Proportional Reduction to the Current Income Benefit Base |
= |
Non-Lifetime Withdrawal Amount |
X |
Current Income Benefit Base prior to Non- Lifetime Withdrawal |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$20,000 |
X |
$201,750 |
$200,000 | |||||
|
|
= |
|
$20,175 |
|
|
The Current Income Benefit Base of $201,750 is reduced by $20,175 resulting in the proportionally reduced Current Income Benefit Base of $181,575. | ||||
2) |
The highest Contract Value on any Contract Anniversary after the Non-Lifetime Withdrawal. Here, the Contract Value on the 12th Contract Anniversary is $181,000. | ||||
3.a) |
Proportional Reduction to the Original Income Benefit Base |
= |
Non-Lifetime Withdrawal Amount |
X |
Original Income Benefit Base |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$20,000 |
X |
$100,000 |
$200,000 | |||||
|
|
= |
|
$10,000 |
|
|
The Original Income Benefit Base of $100,000 is reduced by $10,000 resulting in the Adjusted Roll-up Income Benefit Base of $90,000. The Adjusted Roll-up Income Benefit Base is increased by the 5% simple interest roll-up for each attained Contract Anniversary resulting in the Adjusted Roll-up Income Benefit base with roll-up of $135,000. | ||||
PLUS | |||||
3.b) |
Proportional Reduction to the Subsequent Purchase Payment on the 1st Contract Anniversary |
= |
Non-Lifetime Withdrawal Amount |
X |
Subsequent Purchase Payment on the 1st Contract Anniversary |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$20,000 |
X |
$15,000 |
$200,000 | |||||
|
|
= |
|
$1,500 |
|
|
The subsequent purchase payment on the 1st Contract Anniversary of $15,000 is reduced by $1,500 resulting in $13,500. This is increased by 5% simple interest roll-up each year from the date of the subsequent purchase payment to the 10th Contract Anniversary resulting in $19,575. | ||||
PLUS |
3.c) |
Proportional Reduction to Subsequent Purchase Payment on the 11th Contract Anniversary |
= |
Non-Lifetime Withdrawal Amount |
X |
Subsequent Purchase Payment on the 11th Contract Anniversary |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$20,000 |
X |
$30,000 |
$200,000 | |||||
|
|
= |
|
$3,000 |
|
|
The subsequent purchase payment on the 11th Contract Anniversary of $30,000 is reduced by $3,000 resulting in $27,000 (Note: there is no roll-up here since it is after the 10th Contract Anniversary). | ||||
|
The Adjusted Roll-up Income Benefit Base with roll-up PLUS the proportional reduction to the subsequent purchase payment on the 1st Contract Anniversary with roll-up PLUS the proportional reduction to the subsequent purchase payment on the 11th Contract Anniversary with no roll-up equals $181,575. | ||||
Since the proportional reduction to the Current Income Benefit Base and the Adjusted Roll-up Income Benefit Base with roll-up and subsequent purchase payments with and without roll-up are equal and the greatest, the Contract Owner's Current Income Benefit Base on the 12th Contract Anniversary would be $181,575. |
|
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President and Chief Operating Officer and Director |
Carter, John L. |
Executive Vice President-Chief Human Resources Officer |
Clements, Vinita J. |
Executive Vice President-Chief Technology Officer |
Fowler, James R. |
Executive Vice President and Director |
Frommeyer, Timothy G. |
Executive Vice President-Chief Legal Officer |
Howard, Mark S. |
Executive Vice President-Chief Marketing Officer |
Jones, Ramon |
Executive Vice President-Chief Customer, Strategy and Innovation Officer |
Mahaffey, Michael W. |
Executive Vice President-Chief Transformation Officer |
Shore, Amy T. |
Senior Vice President-NF Strategic Customer Solutions |
Ambrozy, Tina S. |
Senior Vice President-Strategic Planning |
Amodeo, Daniel W. |
Senior Vice President-Marketing Management - Financial Services |
Bair, Ann S. |
Senior Vice President-Corporate Controller and Chief Accounting Officer |
Benson, James D. |
Senior Vice President-Head of Taxation |
Biesecker, Pamela A. |
Senior Vice President-Marketing Content & Delivery |
Boyd, Michael A. |
Senior Vice President-Legal – NF |
Boyer, John N. |
Senior Vice President-Human Resources – IT & Legal |
Bretz, Angela D. |
Senior Vice President-Chief Technology Officer - Nationwide Financial |
Carrel, Michael W. |
Senior Vice President-Chief Investment Officer |
Coleman, Joel L. |
Senior Vice President-Chief Compliance Officer |
Dankovic, Rae Ann |
Senior Vice President-Chief Risk Officer |
Diem, Klaus K. |
Senior Vice President-External Affairs |
English, Steven M. |
Senior Vice President-Trial Division |
Failor, Scott E. |
Senior Vice President-Chief Financial Officer - Nationwide Financial and Director |
Ginnan, Steven A. |
Senior Vice President-Annuity Distribution |
Guymon, Rona |
Senior Vice President-Retirement Solutions Sales |
Hawley, Craig A. |
Senior Vice President-Nationwide Annuity and Director |
Henderson, Eric S. |
Senior Vice President-Corporate Operations & Litigation Legal |
Innis-Thompson, Janice |
Senior Vice President-Investment Management Group |
Jestice, Kevin T. |
Senior Vice President-Internal Audit |
Jordan, Gregory S. |
Senior Vice President-Chief Innovation and Digital Officer |
Kandhari, Chetan D. |
Senior Vice President-Chief Technology Officer – Technology Strategy, Data & Innovation |
Kolp, Melanie A. |
Senior Vice President and Treasurer |
LaPaul, David |
Senior Vice President-Chief Information Security Officer |
Lukens, Todd |
Senior Vice President-Marketing Management - P&C |
MacKenzie, Jennifer B. |
Senior Vice President-Technology CFO & Procurement |
O'Brien, Kevin G. |
Senior Vice President-Corporate Solutions |
Perez, Juan J. |
Senior Vice President-Talent & Organization Effectiveness |
Pheister, Erin R. |
Senior Vice President-Nationwide Retirement Institute |
Rodriguez, Kristi L. |
Senior Vice President-Corporate Real Estate |
Sherry, Kieran P. |
Senior Vice President-Finance & Strategy Legal and Corporate Secretary |
Skingle, Denise L. |
Senior Vice President-Nationwide Life and Director |
Snyder, Holly R. |
Senior Vice President-Total Rewards |
Sonneman, Christopher Paul |
Senior Vice President-Retirement Solutions |
Stevenson, Eric |
Senior Vice President-Chief Advanced Analytics Officer |
Terry, Shannon |
Senior Vice President-Chief Technology Officer – Property & Casualty |
Vasudeva, Guruprasad C. |
Senior Vice President-Human Resources - NF |
Webster, Cynthia S. |
Director |
Walker, Kirt A. |
Company |
Jurisdiction of Domicile |
Brief Description of Business |
Nationwide Financial Services, Inc. |
Delaware |
The company acts primarily as a holding company for companies within the Nationwide organization that offer or distribute life insurance, long-term savings and retirement products. |
NFS Distributors, Inc. |
Delaware |
The company acts primarily as a holding company for Nationwide Financial Services, Inc. companies. |
Nationwide Financial General Agency, Inc. |
Pennsylvania |
The company is a multi-state licensed insurance agency. |
Nationwide Fund Distributors, LLC |
Delaware |
The company is a limited purpose broker-dealer. |
Nationwide Fund Management, LLC |
Delaware |
The company provides administration, transfer and dividend disbursing agent services to various mutual fund entities. |
Company |
Jurisdiction of Domicile |
Brief Description of Business |
Nationwide Retirement Solutions, Inc. |
Delaware |
The company markets and administers deferred compensation plans for public employees. |
Nationwide Securities, LLC |
Delaware |
The company is a general purpose broker-dealer and investment adviser registered with the Securities and Exchange Commission. |
Nationwide Trust Company, FSB |
Federal |
This is a federal savings bank chartered by the Office of Thrift Supervision in the United States Department of Treasury to exercise deposit, lending, agency, custody and fiduciary powers and to engage in activities permissible for federal savings banks under the Home Owners’ Loan Act of 1933. |
Nationwide Financial Services Capital Trust |
Delaware |
The trust’s sole purpose is to issue and sell certain securities representing individual beneficial interests in the assets of the trust |
525 Cleveland Avenue, LLC |
Ohio |
This is a limited liability company organized under the laws of the State of Ohio. The company was formed to provide remedial real property cleanup prior to sale. |
Nationwide Life Insurance Company 2 |
Ohio |
The corporation provides individual life insurance, group and health insurance, fixed and variable annuity products and other life insurance products. |
Jefferson National Life Insurance Company2,3 |
Texas |
The company provides life, health and annuity products. |
Jefferson National Life Annuity Company C2,3 |
|
A separate account issuing variable annuity products. |
Jefferson National Life Annuity Account E2,3 |
|
A separate account issuing variable annuity products. |
Jefferson National Life Annuity Account F2,3 |
|
A separate account issuing variable annuity products. |
Jefferson National Life Annuity Account G2,3 |
|
A separate account issuing variable annuity products. |
Jefferson National Life Insurance Company of New York2,3 |
New York |
The company provides variable annuity products. |
Jefferson National Life of New York Annuity Account 12,3 |
|
A separate account issuing variable annuity products. |
MFS Variable Account2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Multi-Flex Variable Account2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-II2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-32,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-42,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-52,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-62,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-72,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-82,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-92,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-102,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-112,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-122,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-132,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-142,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Variable Account-152,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Provident VA Separate Account 12,3 |
Pennsylvania |
A separate account issuing variable annuity contracts. |
Nationwide VLI Separate Account2,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VLI Separate Account-22,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VLI Separate Account-32,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VLI Separate Account-42,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VLI Separate Account-52,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Company |
Jurisdiction of Domicile |
Brief Description of Business |
Nationwide VLI Separate Account-62,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VLI Separate Account-72,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide Provident VLI Separate Account 12,3 |
Pennsylvania |
A separate account issuing variable life insurance policies. |
Nationwide Investment Services Corporation3 |
Oklahoma |
This is a limited purpose broker-dealer and distributor of variable annuities and variable life products for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company. The company also provides educational services to retirement plan sponsors and its participants. |
Nationwide Financial Assignment Company3 |
Ohio |
The company is an administrator of structured settlements. |
Nationwide Investment Advisors, LLC3 |
Ohio |
The company provides investment advisory services. |
Eagle Captive Reinsurance, LLC3 |
Ohio |
The company is engaged in the business of insurance |
Nationwide Life and Annuity Insurance Company2,3 |
Ohio |
The company engages in underwriting life insurance and granting, purchasing and disposing of annuities. |
Nationwide VA Separate Account-A2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide VA Separate Account-B2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide VA Separate Account-C2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide VA Separate Account-D2,3 |
Ohio |
A separate account issuing variable annuity contracts. |
Nationwide Provident VA Separate Account A2,3 |
Delaware |
A separate account issuing variable annuity contracts. |
Nationwide VL Separate Account-C2,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VL Separate Account-D2,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide VL Separate Account-G2,3 |
Ohio |
A separate account issuing variable life insurance policies. |
Nationwide Provident VLI Separate Account A2,3 |
Delaware |
A separate account issuing variable life insurance policies. |
Olentangy Reinsurance, LLC3 |
Vermont |
The company is a captive life reinsurance company. |
Nationwide SBL, LLC |
Ohio |
The company is a lender offering securities-back lines of credit. |
Registered Investment Advisors Services, Inc. |
Texas |
The company is a technology company that facilitates third-party money management services for registered investment advisors |
Nationwide Fund Advisors4 |
Delaware |
The trust acts as a registered investment advisor. |
Jefferson National Life Annuity Account C |
Nationwide Variable Account-14 |
Jefferson National Life Annuity Account E |
Nationwide Variable Account-15 |
Jefferson National Life Annuity Account F |
Nationwide VA Separate Account-A |
Jefferson National Life Annuity Account G |
Nationwide VA Separate Account-B |
Jefferson National Life of New York Annuity Account 1 |
Nationwide VA Separate Account-C |
MFS Variable Account |
Nationwide VA Separate Account-D |
Multi-Flex Variable Account |
Nationwide VLI Separate Account |
Nationwide Variable Account |
Nationwide VLI Separate Account-2 |
Nationwide Variable Account-II |
Nationwide VLI Separate Account-3 |
Nationwide Variable Account-3 |
Nationwide VLI Separate Account-4 |
Nationwide Variable Account-4 |
Nationwide VLI Separate Account-5 |
Nationwide Variable Account-5 |
Nationwide VLI Separate Account-6 |
Nationwide Variable Account-6 |
Nationwide VLI Separate Account-7 |
Nationwide Variable Account-7 |
Nationwide VL Separate Account-C |
Nationwide Variable Account-8 |
Nationwide VL Separate Account-D |
Nationwide Variable Account-9 |
Nationwide VL Separate Account-G |
Nationwide Variable Account-10 |
Nationwide Provident VA Separate Account 1 |
Nationwide Variable Account-11 |
Nationwide Provident VA Separate Account A |
Nationwide Variable Account-12 |
Nationwide Provident VLI Separate Account 1 |
Nationwide Variable Account-13 |
Nationwide Provident VLI Separate Account A |
President and Director |
Ambrozy, Tina S. |
Senior Vice President-Head of Taxation |
Biesecker, Pamela A. |
Senior Vice President and Secretary |
Skingle, Denise L. |
Vice President-Tax |
Eppley, Daniel P. |
Vice President and Assistant Secretary |
Garman, David A. |
Vice President-Chief Compliance Officer |
Rabenstine, James J. |
Vice President-CFO – Life Insurance |
Wild, Keith D. |
Associate Vice President and Treasurer |
Roswell, Ewan T. |
Associate Vice President and Assistant Treasurer |
Hacker, Hope C. |
Associate Vice President and Assistant Treasurer |
Reese, John A. |
Associate Vice President and Assistant Treasurer |
Walker, Tonya G. |
Assistant Secretary |
Bowman, Heidi |
Assistant Secretary |
Dokko, David |
Assistant Secretary |
Hartman, Mark E. |
Director |
Henderson, Eric S. |
Director |
Stevenson, Eric |
Name of Principal Underwriter |
Net Underwriting Discounts |
Compensation on Redemption |
Brokerage Commissions |
Other Compensation |
Nationwide Investment Services Corporation |
N/A |
N/A |
N/A |
N/A |
Nationwide Variable Account-II |
(Registrant) |
Nationwide Life Insurance Company |
(Depositor) |
By: /s/ Jamie Ruff Casto |
Jamie Ruff Casto Attorney-in-Fact |
JOHN L. CARTER |
|
John L. Carter, President and Chief Operating Officer and Director (Principal Executive Officer) |
|
HOLLY R. SNYDER |
|
Holly R. Snyder, Senior Vice President and Director |
|
TIMOTHY G. FROMMEYER |
|
Timothy G. Frommeyer, Executive Vice President and Director |
|
ERIC S. HENDERSON |
|
Eric S. Henderson, Senior Vice President-Nationwide Annuity and Director |
|
STEVEN A. GINNAN |
|
Steven A. Ginnan, Senior Vice President-Chief Financial Officer-Nationwide Financial and Director (Chief Financial Officer) |
|
KIRT A. WALKER |
|
Director |
|
JAMES D. BENSON |
|
James D. Benson, Senior Vice President-Corporate Controller and Chief Accounting Officer (Principal Accounting Officer) |
|
|
By: /s/ Jamie Ruff Casto |
|
Jamie Ruff Casto Attorney-in-Fact |