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As Of Filer Filing For·On·As Docs:Size Issuer Agent 7/15/04 Metlife Investors USA Sep Acct A 485BPOS 7/15/04 24:1.0M RR Donnelley/FA Metlife Investors USA Separate Account A |
Document/Exhibit Description Pages Size 1: 485BPOS Metlife Investors (Mli Usa Va) Post-Effective HTML 249K Amendment No. 6 2: EX-99.1 Certification of Restated Resolultions HTML 30K 22: EX-99.10(I) Consent of Independent Registered Public HTML 12K Accounting Firm 23: EX-99.10(II) Consent of Sutherland Asbill & Brennan LLP HTML 12K 24: EX-99.10(III) Consent of Council (Mli Usa) HTML 11K 3: EX-99.3(II) Principal Underwriter's and Selling Agreement HTML 24K 4: EX-99.3(III) Amendment to Principal Underwriters and Selling HTML 21K Agreement 6: EX-99.4(XIX) Form of Contract Schedule [Series C, L, Va, or HTML 49K Xc] 5: EX-99.4(XVIII) Form of Guaranteed Withdrawal Benefit Rider HTML 33K (Gwb) 7: EX-99.4(XX) Individual Retirement Annuity Endorsement 8023.1 HTML 39K (9/02) 8: EX-99.4(XXI) Roth Individual Retirement Annuity Endorsement HTML 32K 9024.1 (9/02) 9: EX-99.4(XXII) 401(A)/403(A) Plan Endorsement 8025.1 (9/02) HTML 15K 10: EX-99.4(XXIII) Tax Sheltered Annuity Endorsement 8026.1 HTML 49K (9/02) 11: EX-99.4(XXIV) Simple Individual Retirement Annuity HTML 38K Endorsement 8276 (9/02) 12: EX-99.5(II) Form of Variable Annuity Application Series Va HTML 40K 13: EX-99.6(I) Retstated Certificate of Incorporation of HTML 25K Associated Traffic Clubs 14: EX-99.6(II) By-Laws HTML 49K 15: EX-99.6(III) Amended Certificate of Incorporation Filed HTML 14K 10/01/79 and Signed 9/27/79 16: EX-99.6(IV) Change of Location of Registered Office/Agent HTML 13K Filed 2/26/80 and Effective 2/8/80 17: EX-99.6(V) Cert. of Amend. of Certification of Incorp. Signed HTML 16K 4/26/83, Certified 2/12/85 18: EX-99.6(VI) Amended Certificate of Incorporation Filed HTML 24K 10/22/84 and Signed 10/19/84 19: EX-99.6(VII) Amended Certificate of Incorporation Certified HTML 19K 8/31/94 and Signed 10/19/84 20: EX-99.6(VIII) Amended Certificate of Incorporation (Name HTML 15K Change) 21: EX-99.8(III) Participation Agreement (Effective 2-12-01) HTML 96K
Form of Guaranteed Withdrawal Benefit Rider (GWB) |
Exhibit 4(xviii)
[222 Delaware Avenue – Suite 900
P.O. Box 25130
GUARANTEED WITHDRAWAL BENEFIT RIDER
This Rider forms a part of the Contract to which it is attached and is effective upon issuance. In the case of a conflict with any provision of the Contract, the provisions of this Rider will control. Except as specified in the Cancellation of Rider section below, your election of this Rider is irrevocable and its provisions will remain part of the Contract until terminated in accordance with the provisions below.
This Rider amends the Contract by adding the following:
1. | GUARANTEED WITHDRAWAL BENEFIT (GWB) |
This Rider guarantees that provided you choose to make withdrawals, or apply amounts to an Annuity Option, from your Contract in amounts equal to or less than the Annual Benefit Payment (defined in Section 4 below) each Contract Year, the total payments that you or your beneficiary will receive from the Contract over time will equal or exceed the Guaranteed Withdrawal Amount (defined in Section 3 below).
2. | BENEFIT BASE |
Your Initial Benefit Base as of the date of issue of this Rider is shown on the Contract Schedule. Your Benefit Base will change as Purchase Payments and withdrawals are made, or as the result of an Automatic or Optional Reset.
While this Rider is in force, the Benefit Base will be increased by the amount of any subsequent Purchase Payment into your Contract plus the applicable GWB Bonus Amount specified on your Contract Schedule, subject to a maximum value equal to the GWB Maximum Benefit Base specified on your Contract Schedule.
The Benefit Base will be decreased by Benefits Paid from your Contract. “Benefits Paid” are withdrawals (including any applicable Withdrawal Charges) and amounts applied to an Annuity Option. If a Benefit Paid from your Contract is not payable to the Owner’s bank account (or Annuitant’s bank account if the Owner is a nonnatural person) or results in cumulative Benefits Paid for the current Contract Year exceeding the Annual Benefit Payment, and the resulting Benefit Base exceeds the Account Value, an additional reduction in the Benefit Base will be made. This additional reduction will be equal to the difference between the Benefit Base and the Account Value after the decrease for Benefits Paid. The Benefit Base will also be reset as a result of an Automatic or Optional Reset as described below.
3. | GUARANTEED WITHDRAWAL AMOUNT |
Your initial Guaranteed Withdrawal Amount is equal to the Initial Benefit Base. When a subsequent Purchase Payment is made, the Guaranteed Withdrawal Amount will be set equal to the greater of a) the Guaranteed Withdrawal Amount before the Purchase Payment and b) the Benefit Base after the Purchase Payment.
As described in Section 5 below, the Guaranteed Withdrawal Amount can also be changed as a result of an Automatic or Optional Reset.
4. | ANNUAL BENEFIT PAYMENT |
Your initial Annual Benefit Payment is equal to the GWB Withdrawal Rate shown on the Contract Schedule multiplied by the Initial Benefit Base. When any subsequent Purchase Payment is made into the Contract, the Annual Benefit Payment will be reset equal to the greater of a) the Annual Benefit Payment before the Purchase Payment and b) the GWB Withdrawal Rate multiplied by the Benefit Base after the Purchase Payment.
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If a Benefit Paid from your Contract results in cumulative Benefits Paid during the current Contract Year exceeding the Annual Benefit Payment or is not payable to the Owner’s bank account (or Annuitant’s bank account if the Owner is a nonnatural person), the Annual Benefit Payment will be recalculated and may be reduced. The new Annual Benefit Payment will equal the lower of a) the Annual Benefit Payment before the withdrawal and b) the GWB Withdrawal Rate multiplied by the Account Value after the decrease for Benefits Paid.
The Annual Benefit Payment will also be reset as a result of an Automatic or Optional Reset.
5. | AUTOMATIC RESET |
On each GWB Automatic Reset Date specified on your Contract Schedule a reset of the Benefit Base, the Annual Benefit Payment and the Guaranteed Withdrawal Amount will take place, provided your attained age (or the age of the oldest Joint Owner, or the age of the Annuitant if the Owner is a non-natural person) on the GWB Automatic Reset Date does not exceed the Maximum Reset Age. The Benefit Base is reset to the greater of a) the Benefit Base immediately before the reset and b) the Account Value on the date of the reset plus the applicable GWB Bonus Amount specified on your Contract Schedule, subject to a maximum value equal to the GWB Maximum Benefit Base specified on your Contract Schedule. The Annual Benefit Payment is reset to the greater of a) the Annual Benefit Payment before the reset and b) the GWB Withdrawal Rate multiplied by the Benefit Base after the reset. The Guaranteed Withdrawal Amount is reset to the greater of a) the Guaranteed Withdrawal Amount before the reset and b) the Benefit Base after the reset.
6. | OPTIONAL RESET |
On or after the GWB First Optional Reset Date specified on your Contract Schedule, you may elect an Optional Reset provided the amount of time that has elapsed since the last Optional or Automatic Reset is at least equal to the GWB Optional Reset Waiting Period specified on your Contract Schedule and provided that the Account Value exceeds the Benefit Base immediately before the reset, and provided your attained age (or the age of the oldest Joint Owner, or the age of the Annuitant if the Owner is a non-natural person) on the Optional Reset Date does not exceed the Maximum Reset Age. We reserve the right to prohibit election of Optional Reset if the Company is no longer offering this Rider. You must provide written notice of your intention to elect an Optional Reset within the GWB Optional Reset Window Period and such Optional Reset will take effect on the Contract Anniversary next following receipt of such cancellation notice.
The optional reset will:
a) | reset the Benefit Base and the Guaranteed Withdrawal Amount equal to the Account Value on the date of the reset plus the applicable GWB Bonus Amount specified on your Contract Schedule, subject to a maximum value equal to the GWB Maximum Benefit Base specified on your Contract Schedule. |
b) | reset the Annual Benefit Payment equal to the GWB Withdrawal Rate multiplied by the Account Value on the date of the reset, and |
c) | reset the GWB Fee Rate to the level that the Company currently charges for this Rider upon Optional Reset, up to the Maximum Optional Reset Fee Rate. |
7. | SEPARATE ACCOUNT PROVISIONS |
While this Rider is in force, we may restrict allocations or transfers to the available Subaccounts shown in the Contract Schedule, including any investment strategies available using the Subaccounts (and any other accounts included by Rider) while this Rider is in force.
8. | GWB RIDER CHARGE |
On each Contract Anniversary, the GWB Rider Charge shall be deducted from your Account Value. This charge is equal to the GWB Fee Rate shown on your Contract Schedule multiplied by the Guaranteed Withdrawal Amount on such Contract Anniversary (before taking into account any Automatic or Optional Reset occurring on such Contract Anniversary)
MLIU-690-1 (7/04)
The initial GWB Fee Rate is shown on your Contract Schedule. The GWB Fee Rate may be changed as a result of an Optional Reset you elected (see Section 6).
If the GWB rider terminates (except for a termination due to death), a pro rata portion of the GWB Rider Charge will be assessed based on the number of full months from the last Contract Anniversary to the date of Termination.
The GWB Rider Charge will be deducted from your Account Value. This deduction will result in the cancellation of Accumulation Units from each applicable Subaccount (and/or reduction of any portion of the Account Value allocated to any other accounts included by Rider) in the ratio the portion of the Account Value in such Subaccount (and/or other account) bears to the total Account Value.
9. | CANCELLATION OF RIDER |
You may cancel this Guaranteed Withdrawal Benefit Rider if the Company receives written notice to our Annuity Service Office during a GWB Cancellation Window Period specified on your Contract Schedule, if any, of your election to cancel this rider. Such cancellation will be effective on the Contract Anniversary next following receipt of such cancellation notice.
10. | TERMINATION OF RIDER |
The Guaranteed Withdrawal Benefit Rider will terminate upon the earliest of:
a) | The effective date of the cancellation of the rider |
b) | The date you make a full withdrawal of your Account Value; |
c) | The date you apply all of your Account Value to an Annuity Option; |
d) | The date there are insufficient funds to deduct the GWB Rider Charge from your Account Value; |
e) | Death of the Owner or Joint Owner (or the Annuitant if the Owner is a non-natural person) unless the Beneficiary is the spouse of the Owner and elects to continue the Contract and the surviving spouse’s attained age is less than 85; |
f) | Change of the Owner or Joint Owner (or the Annuitant if the Owner is a non-natural person) for any reason; or |
g) | Termination of the Contract to which this Rider is attached. |
11. | EFFECT OF RIDER TERMINATION |
If this Rider terminates because you cancel the Rider (Section 10(a)) or you or apply your entire Account Value to an Annuity Option (Section 10(c)), no GWB Rider Charge will be deducted from your Account Value after the charge deducted on the effective date of the cancellation or the application of your entire Account Value, and no benefits will be paid as a result of this Rider on or after the effective date of the cancellation or the application of your entire Account Value.
If this Rider terminates because you withdraw your entire Account Value (Section 10 (b)) or your Account Value is reduced to zero (Section 10 (d)), and your Benefit Base after the withdrawal is greater than zero, the Company will make monthly payments to you (the Owner or Joint Owner or the Annuitant if the Owner is a non-natural person) or at any frequency acceptable to you and us (but not less frequently than annually) until the Benefit Base is depleted. Such installment payments shall be equal in amount, except for the last payment that will be in an amount necessary to reduce the Benefit Base to zero. The total annual payment will not exceed the Annual Benefit Payment. If you or the Joint Owner (or the Annuitant if the Owner is a non-natural person) dies while these payments are being made, payments will continue to your beneficiary
If this Rider terminates as a result of your death or the Joint Owner’s death (or the death of the Annuitant if the Owner is a non-natural person) (Section 10 (e)), your beneficiary may elect a GWB Death Benefit in lieu of all other death benefits provided by this Contract. The GWB Death Benefit will be to pay the Benefit Base to your beneficiary in monthly payments or at any frequency acceptable to your beneficiary and us (but not less frequently than annually). Such installment payments shall be equal in amount, except for the last payment, which will be in an amount necessary to reduce the Benefit Base to zero. Except to the extent required under Federal income tax law, the total annual payment will not exceed the Annual Benefit Payment. If your beneficiary dies while such payments are made, the payments will continue to the beneficiary’s estate unless such other designee has been agreed to by us in writing. Should your
MLIU-690-1 (7/04)
beneficiary choose to take one of the other death benefits provided by this Contract, no benefit shall be payable under this Rider.
The Company reserves the right to accelerate any payment that is less than $500. Also, the Company will accelerate payments if needed in order to comply with Internal Revenue Service minimum distribution requirements if this rider is made part of a contract subject to the requirements of section 401(a)(9) of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations there under. All other rights under your Contract will cease.
If this Rider is attached to a non-qualified annuity contract under Federal income tax law, any death benefit hereunder must be paid out over a time period and in a manner that satisfies section 72(s) of the Code. If the Owner dies prior to the “annuity starting date” (as defined under the Code and regulations there under), the period over which the GWB Death Benefit is paid cannot exceed the remaining life expectancy of the payee under the appropriate IRS tables. For purposes of the preceding sentence, if the payee is a non-natural person, the GWB death benefit must be paid out within 5 years from the date of death. Payments under the GWB death benefit must begin within 12 months following the date of the above referenced death.
If this Rider terminates under Sections 10(b), 10(d) or 10(e), no additional Purchase Payments may be made.
MetLife Investors USA Insurance Company has caused this Rider to be signed by its President and Secretary.
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Secretary | |
President |
MLIU-690-1 (7/04)