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 an Early Withdrawal or 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. |
Co-Annuitant – The person designated by the Contract Owner to receive the benefit associated with the Spousal Protection Feature. |
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. |
Contract Year – Each year the contract is in force beginning with the date the contract is issued. |
Current Income Benefit Base – For purposes of the Nationwide Retirement Income Rider, it is equal to the Original Income Benefit Base adjusted throughout the life of the contract to account for subsequent purchase payments, Early Withdrawals, excess withdrawals, 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. |
Early Withdrawal – For purposes of the Nationwide Retirement Income Rider, any withdrawal(s) taken before the Lifetime Withdrawal Eligibility Date. |
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. |
Lifetime Withdrawal – For purposes of the Nationwide Retirement Income Rider, it is a withdrawal of all or a portion of the Lifetime Withdrawal Amount. |
Lifetime Withdrawal Amount – For purposes of the Nationwide Retirement Income Rider, 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 Eligibility Date – For purposes of the Nationwide Retirement Income Rider, it is the date the Contract Owner is eligible to begin Lifetime Withdrawals, which must be on or after the date the Contract Owner reaches age 59 ½, or if the Joint Option for the Nationwide Retirement Income Rider is elected, the date the younger spouse reaches age 59 ½. |
Lifetime Withdrawal Percentage – An age-based percentage used to determine the Lifetime Withdrawal Amount under the Nationwide Retirement Income Rider. 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. |
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 – For purposes of the Nationwide Retirement Income Rider, a one-time only election to take a withdrawal from the contract that will not initiate the benefit under the option. The Non-Lifetime Withdrawal is only available after the first Contract Anniversary and on or after the Lifetime Withdrawal Eligibility Date. |
Non-Qualified Contract – A contract which does not qualify for favorable tax treatment as a Qualified Plan, IRA, Roth IRA, SEP IRA, or Simple IRA. |
Original Income Benefit Base – For purposes of the Nationwide Retirement Income Rider, the initial benefit base calculated on the date the option is elected, which is equal to the Contract Value. |
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. |
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 living benefits available under the contract. The Rate Sheet Supplements disclose the Roll-up Interest Rates, Roll-up Crediting Periods, and Lifetime Withdrawal Percentages that are currently available for new contracts. |
Roll-up Crediting Period – For purposes of the Nationwide Retirement Income Rider, 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 for. The Rate Sheet Supplement discloses the Roll-up Crediting Periods that are currently available for new contracts. |
Roll-up Interest Rate – For purposes of the Nationwide Retirement Income Rider, 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. |
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-5, 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 payment, a Contingent Deferred Sales Charge (or "CDSC") may apply (see Contingent Deferred Sales Charge). The CDSC is used to recoup sales and other expenses associated with the contract that Nationwide incurs during the early years of the contract. The CDSC will not exceed 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. The Nationwide Retirement Income Rider is included with all contracts, and currently there is no additional charge for election of the Joint Option for the Nationwide Retirement Income Rider. In addition, currently there is only one Sub-Account available for direct allocation by the Contract Owner. Please refer to your contract specifications page for information about the specific fees you will pay each year. | ||
Annual Fee |
Minimum |
Maximum | |
Base Contract |
|
| |
Investment options (underlying mutual fund fees and expenses) |
|
| |
| |||
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 |
|
RESTRICTIONS | |
Investments |
|
Nationwide Retirement Income Rider and Joint Option for the Nationwide Retirement Income Rider |
|
TAXES | |
Tax Implications |
|
CONFLICTS OF INTEREST | |
Investment Professional Compensation |
|
Exchanges |
|
Transaction Expenses | |
Maximum Contingent Deferred Sales Charge ("CDSC") (as a percentage of purchase payments withdrawn) |
|
Number of Completed Years from Date of Purchase Payment |
0 |
1 |
2 |
3 |
4 |
5+ |
CDSC Percentage |
2% |
2% |
2% |
2% |
2% |
0% |
Annual Contract Expenses | |
Base Contract Expense1 (assessed as an annualized percentage of Daily Net Assets) |
|
Living Benefit Expenses2(assessed annually as a percentage of the Current Income Benefit Base3) |
|
Nationwide Retirement Income Rider Charge (included with all contracts) |
|
Annual Underlying Mutual Fund Expenses | ||
|
Minimum |
Maximum |
|
|
|
|
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 (0.76%) |
$ |
$ |
$ |
$ |
* |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Minimum Annual Underlying Mutual Fund Expenses (0.37%) |
$ |
$ |
$ |
$ |
* |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Number of Completed Years from Date of Purchase Payment |
0 |
1 |
2 |
3 |
4 |
5+ |
CDSC Percentage |
2% |
2% |
2% |
2% |
2% |
0% |
|
|
Maximum Fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Current Income Benefit Base) |
|
|
|
Maximum Fee |
|
|
|
(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 = $74,000 and her total purchase payments (adjusted for amounts withdrawn) = $76,000. The death benefit for Ms. P’s contract will equal $76,000. |
(A x F) + B(1 - F), where | |||
A |
= |
the greater 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. The standard death benefit applies. Ms. P’s 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: |
On June 1, which is before her Annuitization Date, Ms. P passes away. Her death benefit contains the Spousal Protection Feature. The death benefit on Ms. P’s contract equals $74,000. |
Ms. P was married to Mr. P at the time of her death. Under the Spousal Protection Feature, assuming all conditions were met, Mr. P has the option, instead of receiving the $74,000 death benefit, to continue the contract as if it were his own. If he elects to do so, the Contract Value, if it is lower than $74,000, will be adjusted to equal the $74,000 death benefit. From that point forward, the contract will be his and all provisions of the contract apply. Upon Mr. P’s death, his beneficiary will then receive a death benefit equal to the elected death benefit under the contract. |
Example: |
Mr. J purchased a contract with the Nationwide Retirement Income Rider. At the time of purchase, his Contract Value and Original Income Benefit Base are $100,000 and he has no subsequent purchase payments. On the 10th Contract Anniversary, assume Mr. J has not taken any Early Withdrawals or a Non-Lifetime Withdrawal and his highest Contract Value on any Contract Anniversary was $145,000. Therefore, his Current Income Benefit Base on the 10th Contract Anniversary would be the greater of $145,000 or the roll-up value. Assuming his Roll-up Interest Rate was 5%, then his roll-up value of $150,000 [($100,000 +(($100,000 x 5%) x 10)] would be greater and as a result become his Current Income Benefit Base. |
Reduction to Current Income Benefit Base |
= |
Gross dollar amount of the Early Withdrawal |
X |
Current Income Benefit Base prior to the Early Withdrawal |
Contract Value (prior to the Early Withdrawal) |
Reduction to Original Income Benefit Base |
= |
Gross dollar amount of the Early Withdrawal |
X |
Original Income Benefit Base |
Contract Value (prior to the Early Withdrawal) |
Reduction to subsequent purchase payments applied before the Early Withdrawal |
= |
Gross dollar amount of the Early Withdrawal |
X |
Subsequent purchase payments applied before the Early Withdrawal |
Contract Value (prior to the Early Withdrawal) |
Example: |
For an example of how the Early Withdrawal feature of the Nationwide Retirement Income Rider and the reduction to these factors are calculated, see Appendix C: Nationwide Retirement Income Rider Examples. |
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 examples of how the Non-Lifetime Withdrawal feature of the Nationwide Retirement Income Rider and the reduction to these factors are calculated, see Appendix C: Nationwide Retirement Income Rider 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 Nationwide Retirement Income Rider is calculated, see Appendix C: Nationwide Retirement Income Rider Examples. |
Reduction to Current Income Benefit Base |
= |
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: |
At the time of application, Ms. J purchased the Joint Option for the Nationwide Retirement Income Rider. 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. |
|
Underlying Mutual Fund and Adviser/Sub-Adviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) | ||
1 year |
5 year |
10 year | |||
|
Investment Advisor: |
|
|
|
|
|
Investment Advisor: Subadvisor: |
|
|
|
|
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. |
|
Withdrawal Activity |
Before Withdrawal Processing |
After Withdrawal Processing |
| ||
Lifetime Withdrawals |
Income Carryforward Amount |
Lifetime Withdrawal Amount |
Income Carryforward Amount |
Lifetime Withdrawal Amount | ||
May 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 |
|
March 1, 2025 |
$1,000 |
$1,200 |
$4,200 |
$200 |
$4,200 |
Lifetime Withdrawals first reduce any available Income Carryforward amount. |
July 1, 2025 |
$4,000 |
$200 |
$4,200 |
$0 |
$400 |
The Income Carryforward amount can be taken in one or multiple withdrawals during the year. |
January 1, 2026 |
|
-- |
-- |
$400 |
$4,200 |
|
June 1, 2026 |
$4,600 |
$400 |
$4,200 |
$0 |
$0 |
The entire Lifetime Withdrawal Amount is taken in 2026, so there is no Income Carryforward amount for 2027. |
January 1, 2027 |
|
-- |
-- |
$0 |
$4,200 |
|
February 1, 2027 |
$3,000 |
$0 |
$4,200 |
$0 |
$1,200 |
The portion of the Lifetime Withdrawal Amount not taken in 2027 is the Income Carryforward amount for 2028. |
January 1, 2028 |
|
-- |
-- |
$1,200 |
$4,200 |
|
December 31, 2028 |
$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, 2029 |
|
-- |
-- |
$4,200 |
$4,200 |
|
September 1, 2029 |
$2,000 |
$4,200 |
$4,200 |
$2,200 |
$4,200 |
|
Example of an Early Withdrawal and subsequent Non-Lifetime Withdrawal taken on or before the Contract Anniversary after the Roll-up Crediting Period* | |||||
The purpose of this example is to show the calculations used to determine the Current Income Benefit Base if both an Early Withdrawal and subsequent Non-Lifetime Withdrawal are taken on or before the Contract Anniversary after the Roll-up Crediting Period. This example assumes the following: | |||||
Initial Purchase Payment on Contract Issue Date: |
$100,000 | ||||
Original Income Benefit Base: |
$100,000 | ||||
Subsequent Purchase Payment one month after the date the contract is issued: |
$2,000 | ||||
Roll-up Crediting Period |
10 years | ||||
Roll-up Interest Rate |
5% | ||||
Early Withdrawal amount taken during the 5th Contract Year: |
$12,000 | ||||
Contract Value on Date of Early Withdrawal (prior to the Early Withdrawal)**: |
$120,000 | ||||
Current Income Benefit Base on Date of Early Withdrawal**: |
$122,392 | ||||
Contract Value on 5th Contract Anniversary**: |
$107,000 |
Contract Value on Date of Non-Lifetime Withdrawal (prior to the Non- Lifetime Withdrawal)**: |
$110,000 | ||||
Contract Value on 6th Contract Anniversary**: |
$96,000 | ||||
If a $12,000 Early 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 |
= |
Early Withdrawal amount |
X |
Current Income Benefit Base prior to Early Withdrawal |
Contract Value (on date of Early Withdrawal) | |||||
= |
$12,000 |
X |
$122,392 | ||
$120,000 | |||||
|
|
= |
|
$12,239 |
|
|
The Current Income Benefit Base of $122,392 is reduced by $12,239 resulting in the proportionally reduced Current Income Benefit Base of $110,153. | ||||
2) |
The highest Contract Value on any Contract Anniversary after the Early Withdrawal. Here, the Contract Value on the 5th Contract Anniversary is $107,000. | ||||
3.a) |
Proportional Reduction to the Original Income Benefit Base |
= |
Early Withdrawal amount |
X |
Original Income Benefit Base |
|
Contract Value (on date of Early Withdrawal) | ||||
|
|
= |
$12,000 |
X |
$100,000 |
|
|
$120,000 | |||
|
|
= |
|
$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 $112,500. | ||||
PLUS | |||||
3.b) |
Proportional Reduction to the Subsequent Purchase Payment |
= |
Early Withdrawal amount |
X |
Subsequent Purchase Payment one month after the date the contract is issued |
Contract Value (on date of Early Withdrawal) | |||||
|
|
= |
$12,000 |
X |
$2,000 |
|
|
|
$120,000 |
|
|
|
|
= |
|
$200 |
|
|
The subsequent purchase payment of $2,000 is reduced by $200 resulting in the proportionally reduced subsequent purchase payment of $1,800. This is increased by 5% simple interest roll-up from the date of the subsequent purchase payment for each attained Contract Anniversary resulting in $2,243. | ||||
|
The Adjusted Roll-up Income Benefit Base with roll-up PLUS the proportionally reduced subsequent purchase payment with roll-up would equal $114,743. | ||||
Since the Adjusted Roll-up Income Benefit Base with roll-up and subsequent purchase payment with roll-up are the greatest, the Contract Owner's Current Income Benefit Base on the 5th Contract Anniversary would be $114,743. |
Thereafter, assuming the Contract Owner reaches age 59½ immediately after the 5th Contract Anniversary, if a $22,000 Non- Lifetime Withdrawal is then taken during the 6th Contract Year, the Current Income Benefit Base on the 6th 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) | |||||
= |
$22,000 |
X |
$114,743 | ||
$110,000 | |||||
|
|
= |
|
$22,949 |
|
|
The Current Income Benefit Base on the 5th Contract Anniversary of $114,743 is reduced by $22,949 resulting in the proportionally reduced Current Income Benefit Base of $91,794. | ||||
2) |
The highest Contract Value on any Contract Anniversary after the Non-Lifetime Withdrawal. Here, the Contract Value on the 6th Contract Anniversary is $96,000. | ||||
3.a) |
Proportional Reduction to the Adjusted Roll-up Income Benefit Base |
= |
Non-Lifetime Withdrawal Amount |
X |
Adjusted Roll-up Income Benefit Base |
|
Contract Value (on date of Non-Lifetime Withdrawal) | ||||
|
|
= |
$22,000 |
X |
$90,000 |
|
|
$110,000 | |||
|
|
= |
|
$18,000 |
|
|
The Adjusted Roll-up Income Benefit Base of $90,000 is reduced by $18,000 resulting in the new Adjusted Roll-up Income Benefit Base of $72,000. The Adjusted Roll-up Income Benefit Base is increased by the 5% simple interest roll-up for each attained Contract Anniversary resulting in the new Adjusted Roll-up Income Benefit Base with roll-up of $93,600. | ||||
PLUS | |||||
3.b) |
Proportional Reduction to the Proportionally Reduced Subsequent Purchase Payment |
= |
Non-Lifetime Withdrawal Amount |
X |
Proportionally Reduced Subsequent Purchase Payment |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$22,000 |
X |
$1,800 |
|
|
|
$110,000 |
|
|
|
|
= |
|
$360 |
|
|
The proportionally reduced subsequent purchase payment of $1,800 is reduced by $360 resulting in the new proportionally reduced subsequent purchase payment of $1,440. This is increased by 5% simple interest roll-up from the date of the subsequent purchase payment for each attained Contract Anniversary resulting in $1,866. | ||||
|
The new Adjusted Roll-up Income Benefit Base with roll-up PLUS the new proportionally reduced subsequent purchase payment with roll-up would equal $95,466. | ||||
Since the highest Contract Value on the 6th Contract Anniversary is the greatest, the Contract Owner's Current Income Benefit Base on the 6th Contract Anniversary would be $96,000. |
Example of a Non-Lifetime Withdrawal taken after the Contract Anniversary after the Roll-up Crediting Period* | |||||
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 Contract Anniversary after the Roll-up Crediting Period. This example assumes the following: | |||||
Initial Purchase Payment on Contract Issue Date: |
$100,000 | ||||
Original Income Benefit Base: |
$100,000 | ||||
Subsequent Payment one month after the date the contract is issued: |
$2,000 | ||||
Roll-up Crediting Period |
10 years | ||||
Roll-up Interest Rate |
5% | ||||
Non-Lifetime Withdrawal Amount taken during the 12th Contract Year: |
$15,000 |
Contract Value on Date of Non-Lifetime Withdrawal (prior to the Non- Lifetime Withdrawal)**: |
$150,000 | ||||
Current Income Benefit Base on Date of Non-Lifetime Withdrawal**: |
$152,992 | ||||
Contract Value on 12th Contract Anniversary**: |
$142,000 | ||||
If a $15,000 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) | |||||
|
|
= |
$15,000 |
X |
$152,992 |
$150,000 | |||||
|
|
= |
|
$15,299 |
|
|
The Current Income Benefit Base of $152,992 is reduced by $15,299 resulting in the proportionally reduced Current Income Benefit Base of $137,693. | ||||
2) |
The highest Contract Value on any Contract Anniversary after the Non-Lifetime Withdrawal. Here, the Contract Value on the 12th Contract Anniversary is $142,000. | ||||
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) | |||||
|
|
= |
$15,000 |
X |
$100,000 |
$150,000 | |||||
|
|
= |
|
$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 |
= |
Non-Lifetime Withdrawal Amount |
X |
Subsequent Purchase Payment one month after the date the contract is issued |
Contract Value (on date of Non-Lifetime Withdrawal) | |||||
|
|
= |
$15,000 |
X |
$2,000 |
$150,000 | |||||
|
|
= |
|
$200 |
|
|
The subsequent purchase payment of $2,000 is reduced by $200 resulting in $1,800. 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 $2,693. | ||||
|
The Adjusted Roll-up Income Benefit Base with roll-up PLUS the proportional reduction to the subsequent purchase payment with roll-up equals $137,693. | ||||
Since the highest Contract Value on the 12th Contract Anniversary is the greatest, the Contract Owner's Current Income Benefit Base on the 12th Contract Anniversary would be $142,000. |
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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. |
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. |
Company |
Jurisdiction of Domicile |
Brief Description of Business |
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. |
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-5 |
(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 |