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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/20/22 Brighthouse Var Annuity Account B 485BPOS 4/29/22 6:2.4M Donnelley … Solutions/FA → Brighthouse Variable Annuity Account B ⇒ Class VA (offered on & after May 2, 2016) |
Document/Exhibit Description Pages Size 1: 485BPOS Class Va Post-Effective Amendment No. 12 HTML 871K 2: EX-99.(E)(VIII) Form of Variable Annuity Application HTML 132K 3: EX-99.(H)(I)(E) Amendment to Brighthouse Funds Trust I HTML 32K Participation Agreement 4: EX-99.(H)(II)(D) Amendment to Brighthouse Funds Trust Ii HTML 32K Participation Agreement 5: EX-99.L Consent of Independent Registered Public HTML 6K Accounting Firm (D&T) 6: EX-99.P Powers of Attorney HTML 70K
Class VA Post-Effective Amendment No. 12 |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | |
Pre-Effective Amendment No. | □ |
Post-Effective Amendment No. 12 | ☒ |
and | |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
Amendment No. 445 | ☒ |
□ | immediately upon filing pursuant to paragraph (b) of Rule 485. |
☒ | on April 29, 2022 pursuant to paragraph (b) of Rule 485. |
□ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. |
□ | on (date) pursuant to paragraph (a)(1) of Rule 485. |
□ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
• | are not bank deposits |
• | are not FDIC insured |
• | are not insured by any federal government agency |
• | are not guaranteed by any bank or credit union |
• | may be subject to loss of principal |
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A-1 |
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A-1 |
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B-1 |
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B-1 |
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C-1 |
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D-1 |
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F-1 |
Fees and Expenses | Location
in Prospectus | ||||
Charges for Early Withdrawals | If
you withdraw money during the first 7 full Contract Years following a Purchase Payment, you may be assessed a withdrawal charge of up to 7% of the Purchase Payment withdrawn, declining to 0% over that time period. For example, if you make an early withdrawal, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. |
Fee
Table and Examples Expenses – Withdrawal Charge | |||
Transaction Charges | In
addition to withdrawal charges, you also may be charged for the following transactions: transfers of cash value between investment options, which include the Investment Portfolios and the Fixed Account. Transfer Fee. Currently, we allow unlimited transfers among the investment options without charge. However, we reserve the right to charge for transfers after the first 12 transfers per year. |
Fee
Table and Examples Expenses – Transfer Fee |
Fees and Expenses | Location
in Prospectus | ||||
Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | Fee
Table and Examples Expenses – Product Charges Appendix A:Investment Portfolios Available Under the Contract | |||
Annual Fee | Minimum | Maximum | |||
Base Contract1 |
1.32% |
1.32% | |||
Investment
options (Portfolio Company fees and expenses)2 |
0.52% |
4.15% | |||
Optional benefits available for an additional charge (for a single optional benefit, if elected) |
0.20%3 |
1.35% 4 | |||
1 As a percentage of avareage Account Value in the Separate Account. The charge shown also includes the Account Fee. 2 As a percentage of fund assets before temporary expense reimbursements and/or fee waivers. 3 As a percentage of average Account Value in the the Separate Account. This charge is the current charge for the least expensive optional benefit. 4 As a percentage of the Benefit Base, which is a value used to calculate your benefit. This charge is the current charge for the most expensive optional benefit. | |||||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | |||||
Lowest
Annual Cost $1,687 |
Highest
Annual Cost $5,320 | ||||
Assumes: | Assumes: | ||||
•
Investment of $100,000 • 5% annual appreciation • Least expensive Portfolio Company fees and expenses • No optional benefits • No additional Purchase Payments, transfers, or withdrawals |
•
Investment of $100,000 • 5% annual appreciation • Most expensive combination of optional benefits and Portfolio Company fees and expenses • No additional Purchase Payments, transfers, or withdrawals |
Risks | Location
in Prospectus | ||||
Risk of Loss | You can lose money by investing in this Contract including loss of principal. | Principal Risks | |||
Not a Short-Term Investment | This
Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawal charges may apply for the first 7 years of the Contract. Withdrawal charges will reduce the value of your Contract if you withdraw money during that time. The benefits of tax deferral and living benefit protection also mean the Contract is more beneficial to investors with a long time horizon. |
Principal Risks | |||
Risks Associated with Investment Options | •
An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract (e.g., Portfolio Companies). • Each investment option has its own unique risks. • You should review the prospectuses for the available funds before making an investment decision. |
Principal Risks | |||
Insurance Company Risks | An investment in the Contract is subject to the risks related to us. Any obligations and guarantees and benefits of the Contract that exceed the assets of the Separate Account are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about Brighthouse, including our financial strength ratings, is available by contacting us at (888) 243-1968. | Principal Risks | |||
Restrictions | |||||
Investments | •
Currently, we allow unlimited transfers without charge among investment options during the Accumulation Phase. However, we reserve the right to impose a charge for transfers in excess of 12 per year. • We reserve the right to limit transfers in circumstances of frequent or large transfers. • We reserve the right to remove or substitute the Portfolio Companies available as investment options under the Contract. |
Investment Options | |||
Optional Benefits | •
Certain optional benefits limit or restrict the investment options that you may select under the Contract. We may change these restrictions in the future. • Certain optional benefits may vary by selling firm. • Certain optional benefits could limit subsequent Purchase Payments. • Withdrawals may reduce the value of an optional benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit. • We may stop offering an optional benefit at any time for new sales. |
Purchase
– Investment Allocation Restrictions for Certain Riders Living Benefits Appendix B:Investment Portfolios Available Under the Benefits Offered Under the Contract | |||
Taxes | |||||
Tax Implications | •
Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract. • If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit. • You will generally not be taxed on increases in the value of the Contract until they are withdrawn. Withdrawals will be subject to ordinary income tax, and may be subject to tax penalties if you take a withdrawal before age 59 1⁄2. |
Federal Income Tax Status |
Conflicts of Interest | Location
in Prospectus | ||||
Investment
Professional Compensation |
Your investment professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This conflict of interest may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. | Other Information – Distributor | |||
Exchanges | If you already own an insurance Contract, some investment professionals may have a financial incentive to offer you a new Contract in place of the one you own. You should only exchange a Contract you already own if you determine, after comparing the features, fees, and risks of both Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. | Replacement of Contracts and Other Exchanges |
• | Dollar Cost Averaging Programs. These programs allow you to systematically transfer a set amount each month between certain Investment Portfolios. The programs are: Standard Dollar Cost Averaging, Enhanced Dollar Cost Averaging and Three Month Market Entry. |
• | Automatic Rebalancing Program. This program directs us to automatically rebalance your Contract to return to your original percentage investment allocations on a periodic basis. |
• | Systematic Withdrawal Program. This program allows you to receive regular automatic withdrawals from your Contract either monthly or quarterly, and after the first Contract Year, annually or semi-annually, provided that each payment must amount to at least $100 (unless we consent otherwise). |
• | Electronic Delivery. As an Owner you may elect to receive electronic delivery of current prospectuses related to this contract, as well as other contract related documents. |
Withdrawal
Charge (Note 1) (as a percentage of Purchase Payments) |
7% |
Transfer Fee (Note 2) | $25
$0 (First 12 per year) |
Number
of Complete Years from Receipt of Purchase Payment |
Withdrawal
Charge (% of Purchase Payment) | ||
0 | 7 | ||
1 | 6 | ||
2 | 6 | ||
3 | 5 | ||
4 | 4 | ||
5 | 3 | ||
6 | 2 | ||
7 and thereafter | 0 |
Annual Contract Expenses | ||
Administrative Expenses (Note 1) | $30 | |
Base Contract Expenses (Note 2) | 1.30% | |
(as a percentage of average Account Value) | ||
Optional Benefit Expenses (Note 3, Note 4) | ||
Optional Death Benefit — Annual Step-Up (as a percentage of average Account Value) | 0.20% | |
Guaranteed Withdrawal Benefit (GWB) Rider Charges | ||
(as a percentage of the Total Guaranteed Withdrawal Amount (Note 5)) | ||
GWB v1 — maximum charge | 1.80% | |
GWB v1 — current charge | 0.90% | |
Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider Charges | ||
(as a percentage of the Benefit Base (Note 6)) | ||
Maximum Charge | Current Charge | |
FlexChoice Access (Note 7) | 2.00% | 1.35% |
FlexChoice (Note 7) | 2.00% | 1.20% |
Minimum | Maximum | |
Total Annual Investment Portfolio Expenses | ||
(expenses that are deducted from Investment Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.52% | 4.15% |
Time Periods | ||||
1 year | 3 years | 5 years | 10 years | |
maximum | $14,481 | $27,379 | $39,547 | $68,583 |
minimum | $10,850 | $17,024 | $23,183 | $40,315 |
Time Periods | ||||
1 year | 3 years | 5 years | 10 years | |
maximum | $7,481 | $21,979 | $35,947 | $68,583 |
minimum | $3,850 | $11,624 | $19,583 | $40,315 |
Time Periods | ||||
1 year | 3 years | 5 years | 10 years | |
maximum | $12,481 | $21,705 | $30,633 | $53,430 |
minimum | $ 8,850 | $11,065 | $13,326 | $21,065 |
Time Periods | ||||
1 year | 3 years | 5 years | 10 years | |
maximum | $5,481 | $16,305 | $27,033 | $53,430 |
Time Periods | ||||
1 year | 3 years | 5 years | 10 years | |
minimum | $1,850 | $5,665 | $9,726 | $21,065 |
• | The minimum initial Purchase Payment we will accept is $5,000 when the contract is purchased as a Non-Qualified Contract. |
• | If you are purchasing the contract as part of an IRA (Individual Retirement Annuity) or other qualified plan, the minimum initial Purchase Payment we will accept is $2,000. |
• | The maximum total Purchase Payments for the contract is $1,000,000, without prior approval from us. |
• | The minimum subsequent Purchase Payment is $500 unless you have elected an electronic funds transfer program approved by us, in which case the minimum subsequent Purchase Payment is $100 per month. |
• | We will accept a different amount if required by federal tax law. |
• | We reserve the right to refuse Purchase Payments made via a personal check in excess of $100,000. Purchase Payments over $100,000 may be accepted in other forms, including, but not limited to, EFT/wire transfers, certified checks, corporate checks, and checks written on financial institutions. The form in which we receive a Purchase Payment may determine how soon subsequent disbursement requests may be fulfilled. (See “Access to Your Money.”) |
• | We will not accept Purchase Payments made with cash, money orders, or travelers checks. |
• | We reserve the right to reject any Purchase Payment and to limit future Purchase Payments. This means that we may restrict your ability to make subsequent Purchase Payments for any reason, subject to applicable requirements in your state. We may make certain exceptions to restrictions on subsequent Purchase Payments in accordance with our established administrative procedures. |
• | The GWB v1 rider has current restrictions on subsequent Purchase Payments that are described in more detail below. For more information, see “Investment Allocation Restrictions for Certain Riders — Investment Allocation and Other Purchase Payment Restrictions for the GWB v1 Rider.” |
• | The GLWB rider has potential restrictions on subsequent Purchase Payments that are described in more detail below. For more information, see “Investment Allocation Restrictions for Certain Riders — Investment Allocation and Other Purchase Payment Restrictions for the GLWB.” |
• | Your request for transfer must clearly state which Investment Portfolio(s) are involved in the transfer. |
• | Your request for transfer must clearly state how much the transfer is for. |
• | The minimum amount you can transfer is $500 from an Investment Portfolio, or your entire interest in the Investment Portfolio, if less (this does not apply to pre-scheduled transfer programs). |
• | You may not make a transfer to more than 18 Investment Portfolios at any time if the request is made by telephone to our voice response system or by Internet. A request to transfer to more than 18 Investment Portfolios may be made by calling or writing our Annuity Service Center. |
• | If you have elected to add the GWB rider or the GLWB rider to your contract, you may only make transfers between certain Investment Portfolios. Please refer to “Appendix B - Investment Portfolios Available Under the Benefits Offered Under the Contract” for more information. |
• | To transfer to an Investment Portfolio your selling firm may not make available when you apply for the contract, you can contact us directly once your contract has been issued, as described in “Other Information - Requests and Elections.” |
1. | Standard Dollar Cost Averaging (DCA) |
2. | Enhanced Dollar Cost Averaging (EDCA) Program |
• | The EDCA transfer amount will be increased by the subsequent Purchase Payment divided by the number of EDCA months (6 or 12 months as you selected) and thereby accelerates the time period over which transfers are made. |
• | Each allocation (bucket) resulting from a subsequent Purchase Payment will earn interest at the then current interest rate applied to new allocations to an EDCA account of the same monthly term. |
• | Allocations (buckets) resulting from each Purchase Payment, along with the interest credited, will be transferred on a first-in, first-out basis. Using the example above, a subsequent $6,000 allocation to a 6 month EDCA will increase the EDCA transfer amount from $2,000 to $3,000 ($2,000 plus $6,000/6). This increase will have the effect of accelerating the rate at which the 1st payment bucket is exhausted. |
Number
of Complete Years from Receipt of Purchase Payment |
Withdrawal
Charge (% of Purchase Payment) | |
0 | 7 | |
1 | 6 | |
2 | 6 | |
3 | 5 | |
4 | 4 | |
5 | 3 | |
6 | 2 | |
7 and thereafter | 0 |
• | fixed Annuity Payments, or |
• | variable Annuity Payments, or |
• | a combination of both. |
• | The dollar amount of the first variable Annuity Payment is divided by the value of an Annuity Unit for each applicable Investment Portfolio as of the annuity calculation date. This establishes the number of Annuity Units for each payment. The number of Annuity Units for each applicable Investment Portfolio remains fixed during the annuity period, provided that transfers among the Investment Portfolios will be made by converting the number of Annuity Units being transferred to the number of Annuity Units of the Investment Portfolio to which the transfer is made, and the number of Annuity Units will be adjusted for transfers to a fixed Annuity Option. Please see the |
Statement of Additional Information for details about making transfers during the Annuity Phase. | |
• | The fixed number of Annuity Units per payment in each Investment Portfolio is multiplied by the Annuity Unit value for that Investment Portfolio for the Business Day for which the Annuity Payment is being calculated. This result is the dollar amount of the payment for each applicable Investment Portfolio, less any account fee. The account fee will be deducted pro rata out of each Annuity Payment. |
• | The total dollar amount of each variable Annuity Payment is the sum of all Investment Portfolio variable Annuity Payments. |
• | less any applicable withdrawal charge; |
• | less any premium or other tax; |
• | less any account fee; and |
• | less any applicable pro rata GWB or GLWB rider charge. |
• | You must submit a request to our Annuity Service Center. (See “Other Information — Requests and Elections.”) |
• | If you would like to have the withdrawal charge waived under the Nursing Home or Hospital Confinement Rider or the Terminal Illness Rider, you must provide satisfactory evidence of confinement to a nursing home or hospital or terminal illness. (See “Expenses — Reduction or Elimination of the Withdrawal Charge.”) |
• | You must state in your request whether you would like to apply the proceeds to a payment option (otherwise you will receive the proceeds in a lump sum and may be taxed on them). |
• | We have to receive your withdrawal request in our Annuity Service Center prior to the Annuity Date or Owner's death; provided, however, that you may submit a written withdrawal request any time prior to the Annuity Date that indicates that the withdrawal should be processed as of the Annuity Date. Solely for the purpose of calculating and processing such a withdrawal request, the request will be deemed to have been received on, and the withdrawal amount will be priced according to the Accumulation Unit value calculated as of, the Annuity Date. Your request must be received at our Annuity Service Center on or before the Annuity Date. |
• | the New York Stock Exchange is closed (other than customary weekend and holiday closings); |
• | trading on the New York Stock Exchange is restricted; |
• | an emergency exists, as determined by the Securities and Exchange Commission, as a result of which disposal of shares of the Investment Portfolios is not reasonably practicable or we cannot reasonably value the shares of the Investment Portfolios; or |
• | during any other period when the Securities and Exchange Commission, by order, so permits for the protection of Owners. |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Dollar Cost Averaging Program | Allows you to systematically transfer a set amount each month from Investment Portfolios to other available Investment Portfolios | Standard | No Charge | N/A | •
Available only during the Accumulation phase • Transfers only available or the BlackRock Ultra-Short Term Bond Portfolio • Not available with the GWB rider or GLWB rider |
Enhanced Dollar Cost Averaging (EDCA) Program | Allows you to systematically transfer amounts from the EDCA account in the general account, to any available Investment Portfolio(s) you select | Standard | No Charge | N/A | •
Available only during the Accumulation phase • Generally only available for new Purchase Payments or portions thereof |
Three Month Market Entry Program | Allows you to systematically transfer amounts from the EDCA account in the general account, to any available Investment Portfolio(s) you select, over a three months period | Standard | No Charge | N/A | •
Available only during the Accumulation phase • Transfers are limited to a three month duration |
Automatic Rebalancing Program | Allows us to automatically rebalance your Account Value to return to your original percentage allocations | Standard | No Charge | N/A | •
Available only during the Accumulation phase |
Systematic Withdrawal Program | Allows you to set up an automatic payment of up to 10% of your total Purchase Payments each year | Standard | No Charge | N/A | •
Each payment must be at least $100 (unless we consent otherwise) • In the first Contract Year, only monthly or quarterly payments are allowed |
Nursing Home or Hospital Confinement Rider | Allows you to withdraw Account Value without a withdrawal charge | Standard | No Charge | N/A | •
Must own contract for at least one year • You or your joint owner must be confined for at least 90 days • Confinement must be prescribed by a physician and be medically necessary • Terminates on Annuity Date • Not available for owners 81 or older on the contract issue date |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Terminal Illness Rider | Allows you to withdraw Account Value without a withdrawal charge | Standard | No Charge | N/A | •
Must own contract for at least one year to incur no withdrawal charge • Must be terminally ill and not expected to live more than 12 months; a physician certifies to your illness and life expectancy; you were not diagnosed with the terminal illness as of the date we issued your contract; and you have been the Owner continuously since the contract was issued (or have become the Owner as the spousal Beneficiary who continues the contract) • Terminates on Annuity Date • Not available for owners 81 or older on the contract issue date |
Standard Death Benefit – Principal Protection | Pays a minimum death benefit at least equal to the greater of the Account Value or total Purchase Payments adjusted for any withdrawals | Standard | No Charge | N/A | • Withdrawals may proportionately reduce the benefit, and such reductions could be significant |
Annual Step-Up Death Benefit | Pays a death benefit equal to the greater of your Account Value, your total Purchase Payments adjusted for any withdrawals, or your Step-Up Value | Optional | 0.20% of average daily net asset value of each Investment Portfolio | 0.20% of average daily net asset value of each Investment Portfolio | •
Must be 79 or younger at the effective date of your contract • Withdrawals may proportionately reduce the benefit, and such reductions could be significant |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Withdrawal Benefit (GWB v1) | Guarantees that at least the entire amount of Purchase Payments you make will be returned to you through a series of withdrawals regardless of investment performance | Optional | 1.80% of the Total Guaranteed Withdrawal Amount | 0.90% of the Total Guaranteed Withdrawal Amount | •
Available to owners 80 or younger • You may not have this benefit and another living benefit rider (the Guaranteed Lifetime Withdrawal Benefit) in effect at the same time • You may elect to cancel the GWB rider on the contract anniversary every five Contract Years for the first 15 Contract Years and annually thereafter • Benefit subject to Investment Portfolio allocation restrictions • While the GWB rider is in effect, you are limited to making Purchase Payments within the GWB Purchase Payment Period • Certain withdrawals could significantly reduce or even terminate the benefit • Payment Enhancement Feature is only available if the oldest Owner is age 75 or younger at the contract issue date |
Guaranteed Lifetime Withdrawal Benefit – FlexChoice Access Level | Provides lifetime minimum income regardless of investment performance | Optional | 2.00% of the Benefit Base | 1.35% of the Benefit Base | •
Available to owners at least age 50 and not older than 85 • Offers a fixed GLWB Withdrawal Rate and GLWB Lifetime Guarantee Rate throughout your lifetime • Benefit subject to Investment Portfolio allocation restrictions • Certain withdrawals could significantly reduce or even terminate the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Lifetime Withdrawal Benefit – FlexChoice Access Expedite | Provides lifetime minimum income regardless of investment performance | Optional | 2.00% of the Benefit Base | 1.35% of the Benefit Base | •
Available to owners at least age 50 and not older than 85 • Offers a higher GLWB Withdrawal Rate while your Account Value is greater than zero and a reduced GLWB Lifetime Guarantee Rate if your Account Value is reduced to zero • Benefit subject to Investment Portfolio allocation restrictions • Certain withdrawals could significantly reduce or even terminate the benefit |
Guaranteed Lifetime Withdrawal Benefit – FlexChoice Level | Provides lifetime minimum income regardless of investment performance | Optional | 2.00% of the Benefit Base | 1.20% of the Benefit Base | •
No longer available • Offers a fixed GLWB Withdrawal Rate and GLWB Lifetime Guarantee Rate throughout your lifetime • Benefit subject to Investment Portfolio allocation restrictions • Certain withdrawals could significantly reduce or even terminate the benefits |
Guaranteed Lifetime Withdrawal Benefit – FlexChoice Expedite | Provides lifetime minimum income regardless of investment performance | Optional | 2.00% of the Benefit Base | 1.20% of the Benefit Base | •
No longer available • Offers a higher GLWB Withdrawal Rate while your Account Value is greater than zero and a reduced GLWB Lifetime Guarantee Rate if your Account Value is reduced to zero • Benefit subject to Investment Portfolio allocation restrictions • Certain withdrawals could significantly reduce or even terminate the benefits |
• | Guaranteed Withdrawal Benefit (GWB v1) |
• | Guaranteed Lifetime Withdrawal Benefit (GLWB) – Flex Choice Access |
• | Guaranteed Lifetime Withdrawal Benefit (GLWB) – Flex Choice |
• | We will continue to pay the Annual Benefit Payment each year until the Remaining Guaranteed Withdrawal Amount is depleted, even if your Account Value declines to zero. This means if your Account Value is depleted due to a Non-Excess Withdrawal or the deduction of the rider charge, and your Remaining Guaranteed Withdrawal Amount is greater than zero, we will pay you the remaining Annual Benefit Payment, if any, not yet withdrawn during the Contract Year that the Account Value was depleted, and beginning in the following Contract Year, we will continue paying the Annual Benefit Payment to you each year until your Remaining Guaranteed Withdrawal Amount is |
depleted. This guarantees that you will receive your Purchase Payments even if your Account Value declines to zero due to market performance, so long as you do not take Excess Withdrawals. | |
• | If you have elected the GWB, you should carefully consider when to begin taking withdrawals. If you begin taking withdrawals too soon, you may limit the value of the GWB, because the GWB Withdrawal Rate is determined by when you take your first withdrawal (see the GWB Rate Table). As shown in the GWB Rate Table, waiting to take your first withdrawal will result in a higher GWB Withdrawal Rate. The GWB Withdrawal Rate is used to determine the amount of your Annual Benefit Payment, as described above. Once your GWB Withdrawal Rate has been determined, it will never increase or decrease. |
• | resets the Total Guaranteed Withdrawal Amount and the Remaining Guaranteed Withdrawal Amount to the Account Value on the date of the step-up, up to a maximum of $5,000,000, regardless of whether or not you have taken any withdrawals; |
• | resets the Annual Benefit Payment equal to the GWB Withdrawal Rate multiplied by the Total Guaranteed Withdrawal Amount after the step-up; and |
• | may reset the GWB rider charge to a rate that does not exceed the lower of: (a) the GWB Maximum Fee Rate (1.80%) or (b) the current rate that we would charge for the same rider available for new contract purchases at the time of the Automatic Annual Step-Up. |
• | the GWB Withdrawal Rate: if you take withdrawals that do not exceed the GWB Withdrawal Rate multiplied by the Total Guaranteed Withdrawal Amount, those withdrawals will not reduce the Total Guaranteed Withdrawal Amount and Annual Benefit Payment. (Taking withdrawals that do exceed the GWB Withdrawal Rate multiplied by the Total Guaranteed Withdrawal Amount will reduce the Total Guaranteed Withdrawal Amount and Annual Benefit Payment, and may have a significant negative impact on the value of the benefits available under the GWB — see “Operation of the Guaranteed Withdrawal Benefit — Managing Your Withdrawals.”) For IRAs and other Qualified Contracts, also see “Operation of the Guaranteed Withdrawal Benefit — Required Minimum Distributions.”; |
• | the GWB Purchase Payment Period, which is the period of time following the contract issue date during which |
you may make subsequent Purchase Payments (see “Operation of the Guaranteed Withdrawal Benefit — Restrictions on Subsequent Purchase Payments”); | |
• | the Payment Enhancement Rate, which is the percentage by which the GWB Withdrawal Rate will be increased if you request and meet the requirements of the Payment Enhancement Feature under the GWB rider (see “Operation of the Guaranteed Withdrawal Benefit — Payment Enhancement Feature”); and |
• | the maximum and current rider charges. |
GWB
Rider |
Date
First Available |
Date
Last Available |
GWB
Withdrawal Rate |
GWB
Purchase Payment Period |
Payment
Enhancement Rate |
Rider
Charge | |
GWB v1 | May 2, 2016 | — | if first withdrawal taken before 5th contract anniversary | 5.0% | 120
days from contract issue date |
150% | Maximum
Charge: 1.80% of the Total Guaranteed Withdrawal Amount Current Charge: 0.90% of the Total Guaranteed Withdrawal Amount |
if first withdrawal taken on or after 5th contract anniversary but before 10th contract anniversary | 6.0% | ||||||
if first withdrawal taken on or after 10th contract anniversary | 7.0% |
• | If your Account Value is reduced to zero on or after the Lifetime Withdrawal Age because you make a Non-Excess Withdrawal, we will first pay you any Remaining Annual Benefit Payment in effect at the time the Account Value is reduced to zero. Effective as of your next contract anniversary, we will then begin making monthly payments, using the applicable GLWB Lifetime Guarantee Rate (see “GLWB Rate Table”) multiplied by the Benefit Base, to you for the rest of your life. If, however, your Account Value is reduced to zero on or after the Lifetime Withdrawal Age because there are insufficient funds to deduct any GLWB rider charge from your Account Value, we will begin making monthly payments, using the applicable GLWB Lifetime Guarantee Rate, to you for the rest of your life. |
• | If your Account Value is reduced to zero prior to the Lifetime Withdrawal Age because there are insufficient funds to deduct any GLWB rider charge from your Account Value, we will begin making monthly payments, using the GLWB Lifetime Guarantee Rate that corresponds to the Lifetime Withdrawal Age to you for the rest of your life. |
• | If your Account Value is reduced to zero due to a withdrawal prior to the Lifetime Withdrawal Age or because you make an Excess Withdrawal, lifetime payments are not available, no further benefits will be |
payable under the GLWB rider, and the GLWB rider will terminate. | |
• | Joint Lifetime Guarantee Rate option: If your contract has not been continued under Spousal Continuation described below, you may elect to have your Annual Benefit Payments paid for the life of you and your spouse, provided your spouse is no younger than the Minimum Spousal Age, using the applicable Joint Lifetime Guarantee Rate (see “GLWB Rate Table”.) |
• | While we are making Annual Benefit Payments after the Account Value is reduced to zero, no death benefit will be available. |
• | If you have selected the GLWB rider, you should carefully consider when to begin taking withdrawals. If you begin taking withdrawals too soon, you may limit the value of the GLWB rider, because the Benefit Base may not be increased by the Rollup Rate and the GLWB Withdrawal Rate is determined by when you take your first withdrawal after the Lifetime Withdrawal Age (see “GLWB Rate Table”). As shown in the GLWB Rate Table, waiting to take your first withdrawal may result in a higher GLWB Withdrawal Rate. If you delay taking withdrawals for too long, you may limit the number of years available for you to take withdrawals in the future (due to life expectancy) and you may be paying for a benefit you are not using. |
• | At any time during the Accumulation Phase, you can elect to annuitize under current annuity rates in lieu of continuing the GLWB rider. Annuitization may provide higher income amounts if the current annuity option rates applied to the Account Value on the date payments begin exceed the payments under the GLWB rider. Also, income provided by annuitizing under current annuity rates may be higher due to different tax treatment of this income compared to the tax treatment of the payments received under the GLWB rider. |
• | For FlexChoice only: You may elect to receive the commuted value of lifetime payments under the GLWB rider in a lump sum instead of lifetime payments. We will determine the amount of the lump sum as of the date the Account Value is reduced to zero, based on the Annual Benefit Payments due to you, not including any Remaining Annual Benefit Payment payable in the current Contract Year. When we determine the amount |
of the lump sum, we will calculate the present value by discounting the value of the stream of Annual Benefit Payments that would have been payable to you over your expected lifetime. In calculating the present value, we will determine the amount and number of Annual Benefit Payments (that is, the number of payments you would have received over your expected lifetime), and the discount rate for calculating the present value of those payments, based on life expectancy assumptions and interest rate conditions at the time of the calculation. The lump sum we offer you will be at least 90% of the present value that was calculated and will be determined in a nondiscriminatory manner (as required in New York State). We will send you a Notice that specifies the amount of the Annual Benefit Payments, on the one hand, and the amount of the lump sum offered, on the other, so that you can make your decision as to which option to elect. You will have at least 45 days from the date of the Notice of this option to make this election. The lump sum will be payable on the Business Day the Notice is received. Payment of the lump sum will terminate the contract and all obligations of the Company. |
• | Level: offers a steady GLWB Withdrawal Rate and GLWB Lifetime Guarantee Rate throughout your lifetime; or |
• | Expedite: offers a higher GLWB Withdrawal Rate while your Account Value is greater than zero and a reduced GLWB Lifetime Guarantee Rate if your Account Value is reduced to zero. |
• | will increase the Benefit Base to the Account Value on the date of the Automatic Step-Up regardless of whether or not you have taken any withdrawals; |
• | will increase the Annual Benefit Payment to equal to the applicable GLWB Withdrawal Rate multiplied by the Benefit Base after the Automatic Step-Up; and |
• | may increase the GLWB rider charge to a rate that does not exceed the lower of: (a) the GLWB rider maximum charge (2.00%) or (b) the current rate that we would charge for the same rider with the same benefits, if available for new contract purchases at the time of the Automatic Step-Up. |
• | Rollup Rate: Prior to the Rollup Rate Period End Date, the minimum rate at which the Benefit Base is increased at each contract anniversary if a withdrawal has not occurred in the previous Contract Year. |
• | Rollup Rate Period End Date: The period of time following the contract issue date during which the Benefit Base will be increased by an amount equal to the Rollup Rate multiplied by the Benefit Base. |
• | GLWB Withdrawal Rate: After the Lifetime Withdrawal Age, if you take withdrawals that do not exceed the GLWB Withdrawal Rate multiplied by the Benefit Base (the “Annual Benefit Payment”) such withdrawals will not reduce the Benefit Base and Annual Benefit Payment. (Taking withdrawals that exceed the Annual Benefit Payment will reduce the Benefit Base and Annual Benefit Payment and may have a significant negative impact on the value of the benefits available under the GLWB — see “Operation of the GLWB — Managing Your Withdrawals.”) For IRAs and other Qualified Contracts, also see “Operation of the GLWB — Required Minimum Distributions.” |
• | GLWB Lifetime Guarantee Rate: If your Account Value is reduced to zero after the Lifetime Withdrawal Age because you make a Non-Excess Withdrawal, we will first pay you any Remaining Annual Benefit Payment in effect at the time the Account Value is reduced to zero (see “Annual Benefit Payment” above). Effective as of your next contract anniversary, we will then begin making monthly payments, using the applicable GLWB Lifetime Guarantee Rate multiplied by the Benefit Base, |
to you for the rest of your life. If your Account Value is reduced to zero after the Lifetime Withdrawal Age because there are insufficient funds to deduct any rider charge from your Account Value, we will begin making monthly payments, using the applicable GLWB Lifetime Guarantee Rate, to you for the rest of your life |
• | Joint Lifetime Guarantee Rate option: At the time your Account Value is reduced to zero, we will first pay you any Remaining Annual Benefit Payment in effect at the time the Account Value is reduced to zero (see “Annual Benefit Payment” above); we will then begin making monthly payments using the applicable Single Lifetime Guarantee Rate unless you elect to have your Annual Benefit Payments paid for the life of you and your spouse using the applicable Joint Lifetime Guarantee Rate. You may elect a Joint Lifetime Guarantee rate only if 1) your spouse is no younger than the Minimum Spousal Age and 2) your contract has not been continued under the Spousal Continuation provision described above. |
• | The maximum and current rider charges. |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | ||
07/20/20 | — | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
3.75% | 3.75% | 2.75% | |||||||
65+ | 4.75% | 4.75% | 3.75% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | ||
11/12/18 | 07/19/20 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
4.35% | 4.35% | 3.35% | |||||||
65
to less than 75 |
5.35% | 5.35% | 4.35% | |||||||
75
to less than 80 |
5.60% | 5.60% | 4.60% | |||||||
80+ | 6.10% | 6.10% | 5.10% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | ||
07/23/18 | 11/11/18 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
4.25% | 4.25% | 3.25% | |||||||
65
to less than 75 |
5.25% | 5.25% | 4.25% | |||||||
75
to less than 80 |
5.50% | 5.50% | 4.50% | |||||||
80+ | 6.00% | 6.00% | 5.00% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | ||
02/12/18 | 07/22/18 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
4.00% | 4.00% | 3.00% | |||||||
65
to less than 75 |
5.00% | 5.00% | 4.00% | |||||||
75
to less than 80 |
5.25% | 5.25% | 4.25% | |||||||
80+ | 5.75% | 5.75% | 4.75% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | |||
07/20/20 | — | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Age
When Account Value is Reduced to Zero |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
5.00% | 79 or younger | 2.50% | 2.00% | |||||||
80+ | 3.00% | 2.25% | |||||||||
65+ | 6.00% | 79 or younger | 3.50% | 2.75% | |||||||
80+ | 4.00% | 3.25% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | |||
11/12/18 | 7/19/20 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Age
When Account Value is Reduced to Zero |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
5.00% | 79 or younger | 3.75% | 2.75% | |||||||
80+ | 4.00% | 3.00% | |||||||||
65
to less than 75 |
6.00% | 79 or younger | 4.75% | 3.75% | |||||||
80+ | 5.00% | 4.00% | |||||||||
75
to less than 80 |
6.00% | 79 or younger | 4.75% | 3.75% | |||||||
80+ | 5.00% | 4.00% | |||||||||
80+ | 6.75% | 79 or younger | N/A | N/A | |||||||
80+ | 5.75% | 4.75% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | |||
07/23/18 | 11/11/18 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Age
When Account Value is Reduced to Zero |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
5.00% | 79 or younger | 3.50% | 2.50% | |||||||
80+ | 3.75% | 2.75% | |||||||||
65
to less than 75 |
6.00% | 79 or younger | 4.50% | 3.50% | |||||||
80+ | 4.75% | 3.75% | |||||||||
75
to less than 80 |
6.00% | 79 or younger | 4.50% | 3.50% | |||||||
80+ | 4.75% | 3.75% | |||||||||
80+ | 6.75% | 79 or younger | N/A | N/A | |||||||
80+ | 5.50% | 4.50% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | |||
02/12/18 | 07/22/18 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 50 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 10 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Age
When Account Value is Reduced to Zero |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.35% of the Benefit Base |
59
1⁄2 to less than 65 |
5.00% | 79 or younger | 3.00% | 2.00% | |||||||
80+ | 3.25% | 2.25% | |||||||||
65
to less than 75 |
6.00% | 79 or younger | 4.00% | 3.00% | |||||||
80+ | 4.25% | 3.25% | |||||||||
75
to less than 80 |
6.00% | 79 or younger | 4.00% | 3.00% | |||||||
80+ | 4.25% | 3.25% | |||||||||
80+ | 6.75% | 79 or younger | N/A | N/A | |||||||
80+ | 5.00% | 4.00% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | ||
05/02/16 | 02/11/18 | 5.00% | 10
th Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 60 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 4 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.20% of the Benefit Base |
59
1⁄2 to less than 65 |
4.00% | 4.00% | 3.00% | |||||||
65
to less than 75 |
5.00% | 5.00% | 3.60% | |||||||
75
to less than 80 |
5.25% | 5.25% | 4.25% | |||||||
80+ | 5.75% | 5.75% | 4.75% |
Date
First Available |
Date
Last Available |
Rollup
Rate |
Rollup
Rate Period End Date |
Lifetime
Withdrawal Age |
Minimum
Issue Age / Minimum Spousal Age |
GLWB
Withdrawal Rate (When Account Value is greater than $0)1 |
GLWB
Lifetime Guarantee Rate (When Account Value is reduced to $0) |
Rider
Charge | |||
05/02/16 | 02/11/18 | 5.00% | 10th
Contract Anniversary |
59 1⁄2 |
Minimum Issue Age: You must be at least age 60 years old at contract issue. Minimum Spousal Age: Your Spouse's Date of Birth may not be more than 4 years after your Date of Birth. |
Age
at 1st Withdrawal After Age 59 1⁄2 |
Withdrawal
Rate |
Age
When Account Value is Reduced to Zero |
Single
Lifetime Guarantee Rate |
Joint
Lifetime Guarantee Rate |
Maximum
Charge: 2.00% of the Benefit BaseCurrent Charge: 1.20% of the Benefit Base |
59
1⁄2 to less than 65 |
5.00% | 79 or younger | 3.00% | 2.00% | |||||||
80+ | 3.25% | 2.25% | |||||||||
65
to less than 75 |
6.00% | 79 or younger | 4.00% | 3.00% | |||||||
80+ | 4.25% | 3.25% | |||||||||
75
to less than 80 |
6.00% | 79 or younger | 4.00% | 3.00% | |||||||
80+ | 4.25% | 3.25% | |||||||||
80+ | 6.75% | 79 or younger | N/A | N/A | |||||||
80+ | 5.00% | 4.00% |
• | Subsection (2) is changed to provide: “The Account Value as of the effective date of the change of Owner, increased by Purchase Payments received after the date of change of Owner, and reduced proportionately by the percentage reduction in Account Value attributable to each partial withdrawal (including any applicable withdrawal charge) made after such date”; and |
• | For subsection (3), the highest anniversary value will be recalculated to equal your Account Value as of the effective date of the change of Owner. Thereafter, the highest anniversary value (as recalculated) will be increased by subsequent Purchase Payments and reduced proportionately by the percentage reduction in Account Value attributable to each subsequent partial |
withdrawal (including any applicable withdrawal charge). On each contract anniversary prior to the Owner’s 81st birthday, the highest anniversary value will be recalculated and set equal to the greater of the highest anniversary value before the recalculation or the Account Value on the date of the recalculation. |
• | The imposition of a 10% federal income tax penalty on the taxable amount of the commuted value, if the taxpayer has not attained age 59 1⁄2 at the time the withdrawal is made. This 10% federal income tax penalty is in addition to the ordinary income tax on the taxable amount of the commuted value. |
• | The retroactive imposition of the 10% federal income tax penalty on income payments received prior to the taxpayer attaining age 59 1⁄2. |
• | The possibility that the exercise of the commutation feature could adversely affect the amount excluded from federal income tax under any income payments made after such commutation. |
(a) | related to Purchase Payments made prior to 1989 and pre-1989 earnings on those Purchase Payments; |
(b) | is exchanged to another permissible investment under your 403(b) plan; |
(c) | relates to contributions to an annuity contract that are not salary reduction elective deferrals, if your plan allows it; |
(d) | occurs after you die, leave your job or become disabled (as defined by the Code); |
(e) | is for financial hardship (but only to the extent of elective deferrals), if your plan allows it; |
(f) | relates to distributions attributable to certain TSA plan terminations, if the conditions of the Code are met; |
(g) | relates to rollover or after-tax contributions; or |
(h) | is for the purchase of permissive service credit under a governmental defined benefit plan. |
• | Through your financial representative |
• | By telephone at (888) 243-1932, between the hours of 7:30AM and 5:30PM Central Time Monday through Friday |
• | In writing to our Annuity Service Center |
• | By fax at Brighthouse Policy Holder Services, (877) 246-8424 or |
• | By Internet at www.brighthousefinancial.com |
• | change the Beneficiary. |
• | change the Annuitant before the Annuity Date (subject to our underwriting and administrative rules). |
• | assign the contract (subject to limitation). |
• | change the payment option. |
• | exercise all other rights, benefits, options and privileges allowed by the contract or us. |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks high total investment return. | BlackRock
Global Allocation V.I. Fund — Class III# BlackRock Advisors, LLC Subadviser: BlackRock (Singapore) Limited |
1.00% | 6.42% | 9.71% | 7.68% |
Seeks capital appreciation and current income. | AB
Global Dynamic Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: AllianceBernstein L.P. |
0.88% | 9.28% | 7.67% | 7.07% |
Seeks to maximize total return. | AB
International Bond Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: AllianceBernstein L.P. |
0.83% | -2.12% | — | — |
Seeks long-term capital appreciation. | Allspring
Mid Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Allspring Global Investments, LLC |
0.96% | 28.95% | 11.51% | 12.15% |
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | American
Funds® Balanced Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
0.97% | 12.14% | 11.61% | 10.22% |
Seeks growth of capital. | American
Funds® Growth Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
1.01% | 15.91% | 13.89% | 12.35% |
Seeks to achieve growth of capital. | American
Funds® Growth Portfolio — Class C Brighthouse Investment Advisers, LLC; Capital Research and Management CompanySM |
0.90% | 21.62% | 25.06% | 19.34% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks a high total return in the form of income and growth of capital, with a greater emphasis on income. | American
Funds® Moderate Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
0.94% | 9.64% | 9.44% | 8.33% |
Seeks capital appreciation and current income. | BlackRock
Global Tactical Strategies Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: BlackRock Financial Management, Inc. |
0.93% | 9.79% | 7.76% | 6.81% |
Seeks to maximize total return, consistent with income generation and prudent investment management. | BlackRock
High Yield Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: BlackRock Financial Management, Inc. |
0.89% | 5.18% | 6.33% | 6.94% |
Seeks growth of capital. | Brighthouse
Asset Allocation 100 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.97% | 18.13% | 14.64% | 12.88% |
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | Brighthouse
Balanced Plus Portfolio — Class B* Brighthouse Investment Advisers, LLC Subadviser: Overlay Portion: Pacific Investment Management Company LLC |
0.89% | 7.54% | 10.39% | 9.22% |
Seeks long-term capital appreciation. | Brighthouse
Small Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust, and Allspring Global Investments, LLC |
1.06% | 31.77% | 9.82% | 12.17% |
Seeks capital appreciation. | Brighthouse/abrdn
Emerging Markets Equity Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Aberdeen Asset Managers Limited |
1.15% | -5.07% | 9.95% | 5.01% |
Seeks a high level of current income. | Brighthouse/Eaton
Vance Floating Rate Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Eaton Vance Management |
0.93% | 3.50% | 3.29% | 3.64% |
Seeks a high level of current income, while seeking preservation of shareholders’ capital. | Brighthouse/Franklin
Low Duration Total Return Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Franklin Advisers, Inc. |
0.72% | 0.28% | 1.75% | 1.78% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income. | CBRE
Global Real Estate Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: CBRE Investment Management Listed Real Assets LLC |
0.87% | 34.42% | 10.02% | 9.01% |
Seeks long-term capital appreciation. | Harris
Oakmark International Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Harris Associates L.P. |
1.01% | 8.44% | 7.08% | 8.73% |
Seeks total return. | Invesco
Balanced-Risk Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.92% | 9.69% | 7.47% | — |
Seeks capital growth and income. | Invesco
Comstock Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.82% | 33.18% | 11.41% | 12.74% |
Seeks capital appreciation. | Invesco
Global Equity Portfolio — Class B#¹ Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.82% | 15.47% | 18.14% | 14.17% |
Seeks long-term growth of capital. | Invesco
Small Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
1.05% | 6.93% | 18.91% | 16.63% |
Seeks to maximize total return. | JPMorgan
Core Bond Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: J.P. Morgan Investment Management Inc. |
0.69% | -1.46% | 3.52% | 2.70% |
Seeks capital appreciation and current income. | JPMorgan
Global Active Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: J.P. Morgan Investment Management Inc. |
0.97% | 9.64% | 9.27% | — |
Seeks high total investment return through a combination of capital appreciation and income. | Loomis
Sayles Global Allocation Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
1.02% | 14.26% | 14.24% | 11.33% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks long-term growth of capital. | Loomis
Sayles Growth Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
0.81% | 18.27% | 16.29% | 15.70% |
Seeks a balance between growth of capital and current income, with a greater emphasis on growth of capital. | MetLife
Multi-Index Targeted Risk Portfolio — Class B* Brighthouse Investment Advisers, LLC Subadviser: Overlay Portion: MetLife Investment Advisors, LLC |
0.64% | 9.72% | 8.82% | — |
Seeks capital appreciation. | MFS
® Research International Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.89% | 11.71% | 12.29% | 8.45% |
Seeks total return. | PanAgora
Global Diversified Risk Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: PanAgora Asset Management, Inc. |
1.09% | 6.39% | 8.60% | — |
Seeks maximum real return, consistent with preservation of capital and prudent investment management. | PIMCO
Inflation Protected Bond Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.78% | 5.42% | 5.15% | 2.91% |
Seeks maximum total return, consistent with the preservation of capital and prudent investment management. | PIMCO
Total Return Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.72% | -1.39% | 3.89% | 3.32% |
Seeks capital appreciation and current income. | Schroders
Global Multi-Asset Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadvisers: Schroder Investment Management North America Inc.; Schroder Investment Management North America Limited |
0.92% | 11.42% | 7.43% | — |
Seeks to provide total return, primarily through capital appreciation. | SSGA
Emerging Markets Enhanced Index Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: SSGA Funds Management, Inc |
0.93% | 0.31% | — | — |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks growth of capital and income. | SSGA
Growth and Income ETF Portfolio — Class B‡ Brighthouse Investment Advisers, LLC Subadviser: SSGA Funds Management, Inc. |
0.76% | 13.38% | 10.04% | 8.47% |
Seeks growth of capital. | SSGA
Growth ETF Portfolio — Class B‡ Brighthouse Investment Advisers, LLC Subadviser: SSGA Funds Management, Inc. |
0.79% | 17.60% | 11.73% | 10.03% |
Seeks long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective. | T.
Rowe Price Large Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.78% | 25.98% | 11.74% | 13.28% |
Seeks long-term growth of capital. | T.
Rowe Price Mid Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.95% | 14.98% | 17.90% | 16.28% |
Seeks high total return by investing in equity securities of mid-sized companies. | Victory
Sycamore Mid Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Victory Capital Management Inc. |
0.84% | 31.80% | 12.47% | 11.98% |
Seeks a high level of current income, consistent with preservation of principal. | Western
Asset Management Government Income Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.69% | -1.97% | 3.07% | 2.29% |
Seeks long-term growth of capital. | Baillie
Gifford International Stock Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Baillie Gifford Overseas Limited |
0.96% | -0.99% | 13.08% | 9.70% |
Seeks a competitive total return primarily from investing in fixed-income securities. | BlackRock
Bond Income Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.62% | -0.69% | 4.00% | 3.60% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks long-term growth of capital. | BlackRock
Capital Appreciation Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.87% | 20.88% | 25.13% | 18.34% |
Seeks a high level of current income consistent with prudent investment risk and preservation of capital. | BlackRock
Ultra-Short Term Bond Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.61% | -0.45% | 0.76% | 0.39% |
Seeks a high level of current income, with growth of capital as a secondary objective. | Brighthouse
Asset Allocation 20 Portfolio — Class B#‡ Brighthouse Investment Advisers, LLC |
0.85% | 3.69% | 5.73% | 5.03% |
Seeks high total return in the form of income and growth of capital, with a greater emphasis on income. | Brighthouse
Asset Allocation 40 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.85% | 7.42% | 7.84% | 7.10% |
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | Brighthouse
Asset Allocation 60 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.88% | 10.90% | 10.18% | 9.20% |
Seeks growth of capital. | Brighthouse
Asset Allocation 80 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.92% | 14.71% | 12.62% | 11.26% |
Seeks long-term capital growth. | Brighthouse/Artisan
Mid Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Artisan Partners Limited Partnership |
1.00% | 26.59% | 10.04% | 10.72% |
Seeks long-term capital appreciation. | Brighthouse/Dimensional
International Small Company Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Dimensional Fund Advisors LP |
1.02% | 13.85% | 9.57% | 9.51% |
Seeks to provide a growing stream of income over time and, secondarily, long-term capital appreciation and current income. | Brighthouse/Wellington
Core Equity Opportunities Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.85% | 24.11% | 16.33% | 14.46% |
Seeks maximum capital appreciation. | Frontier
Mid Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Frontier Capital Management Company, LLC |
0.95% | 14.38% | 18.60% | 15.20% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks long-term growth of capital. | Jennison
Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Jennison Associates LLC |
0.78% | 16.91% | 27.14% | 20.21% |
Seeks to track the performance of the Bloomberg U.S. Aggregate Bond Index. | MetLife
Aggregate Bond Index Portfolio — Class G# Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.57% | -2.26% | 3.00% | 2.33% |
Seeks to track the performance of the Standard & Poor’s MidCap 400® Composite Stock Price Index. | MetLife
Mid Cap Stock Index Portfolio — Class G Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.59% | 24.01% | 12.47% | 13.59% |
Seeks to track the performance of the MSCI EAFE® Index. | MetLife
MSCI EAFE® Index Portfolio — Class G Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.68% | 10.35% | 9.06% | 7.51% |
Seeks to track the performance of the Russell 2000® Index. | MetLife
Russell 2000® Index Portfolio — Class G Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.60% | 14.19% | 11.59% | 12.85% |
Seeks to track the performance of the Standard & Poor’s 500® Composite Stock Price Index. | MetLife
Stock Index Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.51% | 28.04% | 17.89% | 15.97% |
Seeks capital appreciation. | MFS
® Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.82% | 25.30% | 12.22% | 13.42% |
Seeks high total return, consisting principally of capital appreciation. | Neuberger
Berman Genesis Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Neuberger Berman Investment Advisers LLC |
1.03% | 18.12% | 15.42% | 13.92% |
Seeks long-term growth of capital. | T.
Rowe Price Large Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.82% | 19.95% | 23.08% | 18.97% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||
Seeks to maximize total return consistent with preservation of capital. | Western
Asset Management Strategic Bond Opportunities Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.79% | 2.61% | 5.30% | 4.96% |
Seeks to maximize total return consistent with preservation of capital and maintenance of liquidity. | Western
Asset Management U.S. Government Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.73% | -1.77% | 2.22% | 1.71% |
Seeks long-term growth of capital. | Janus
Henderson Global Sustainable Equity Portfolio — Service Shares#¹ Janus Henderson Investors US LLC |
1.18% | — | — | — |
# | Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursements and/or fee waivers, which are reflected in the Current Expenses. Please see the Investment Portfolios' prospectuses for additional information regarding these arrangements. |
* | This Investment Portfolio is managed in a way that is intended to minimize volatility of returns (referred to as a “managed volatility strategy”). See “Principal Risks of Investing in the Contract.” |
‡ | This Investment Portfolio is a fund of funds and invests substantially all of its assets in other underlying funds. Because the Investment Portfolio invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including the management fee. |
1 | This Investment Portfolio is not available for investment prior to 05/02/2022. |
Optional Benefit |
GWB v1 |
FlexChoice Access GLWB |
FlexChoice GLWB |
AB Global Dynamic Allocation Portfolio |
BlackRock Global Tactical Strategies Portfolio |
Brighthouse Balanced Plus Portfolio |
Invesco Balanced-Risk Allocation Portfolio |
JPMorgan Global Active Allocation Portfolio |
MetLife Aggregate Bond Index Portfolio |
MetLife Multi-Index Targeted Risk Portfolio |
PanAgora Global Diversified Risk Portfolio |
Schroders Global Multi-Asset Portfolio |
Western Asset Management Government Income Portfolio |
AB Global Dynamic Allocation Portfolio |
American Funds® Balanced Allocation Portfolio |
American Funds® Moderate Allocation Portfolio |
BlackRock Global Allocation V.I. Fund |
BlackRock Global Tactical Strategies Portfolio |
Brighthouse Asset Allocation 20 Portfolio |
Brighthouse Asset Allocation 40 Portfolio |
Brighthouse Asset Allocation 60 Portfolio |
Brighthouse Balanced Plus Portfolio |
Invesco Balanced-Risk Allocation Portfolio |
JPMorgan Global Active Allocation Portfolio |
Loomis Sayles Global Allocation Portfolio |
MetLife Multi-Index Targeted Risk Portfolio |
PanAgora Global Diversified Risk Portfolio |
Schroders Global Multi-Asset Portfolio |
SSGA Growth and Income ETF Portfolio |
Platform 1 | Platform 2 |
A maximum of 70% of Purchase Payments or Account Value | A minimum of 30% of Purchase Payments or Account Value |
AB Global Dynamic Allocation Portfolio | AB International Bond Portfolio |
Platform 1 | Platform 2 |
A maximum of 70% of Purchase Payments or Account Value | A minimum of 30% of Purchase Payments or Account Value |
Allspring Mid Cap Value Portfolio | BlackRock Bond Income Portfolio |
American Funds® Balanced Allocation Portfolio | BlackRock High Yield Portfolio |
American Funds® Growth Allocation Portfolio | BlackRock Ultra-Short Term Bond Portfolio |
American Funds® Growth Portfolio | Brighthouse/Eaton Vance Floating Rate Portfolio |
American Funds® Moderate Allocation Portfolio | Brighthouse/Franklin Low Duration Total Return Portfolio |
Baillie Gifford International Stock Portfolio | JPMorgan Core Bond Portfolio |
BlackRock Capital Appreciation Portfolio | MetLife Aggregate Bond Index Portfolio |
BlackRock Global Allocation V.I. Fund | PIMCO Inflation Protected Bond Portfolio |
BlackRock Global Tactical Strategies Portfolio | PIMCO Total Return Portfolio |
Brighthouse Asset Allocation 100 Portfolio | Western Asset Management Government Income Portfolio |
Brighthouse Asset Allocation 20 Portfolio | Western Asset Management Strategic Bond Opportunities Portfolio |
Brighthouse Asset Allocation 40 Portfolio | Western Asset Management U.S. Government Portfolio |
Brighthouse Asset Allocation 60 Portfolio | |
Brighthouse Asset Allocation 80 Portfolio | |
Brighthouse Balanced Plus Portfolio | |
Brighthouse Small Cap Value Portfolio | |
Brighthouse/abrdn Emerging Markets Equity Portfolio | |
Brighthouse/Artisan Mid Cap Value Portfolio | |
Brighthouse/Dimensional International Small Company Portfolio | |
Brighthouse/Wellington Core Equity Opportunities Portfolio | |
CBRE Global Real Estate Portfolio | |
Frontier Mid Cap Growth Portfolio | |
Harris Oakmark International Portfolio | |
Invesco Balanced-Risk Allocation Portfolio | |
Invesco Comstock Portfolio | |
Invesco Global Equity Portfolio | |
Invesco Small Cap Growth Portfolio | |
Janus Henderson Global Sustainable Equity Portfolio | |
Jennison Growth Portfolio | |
JPMorgan Global Active Allocation Portfolio | |
Loomis Sayles Global Allocation Portfolio | |
Loomis Sayles Growth Portfolio | |
MetLife Mid Cap Stock Index Portfolio | |
MetLife MSCI EAFE® Index Portfolio | |
MetLife Multi-Index Targeted Risk Portfolio | |
MetLife Russell 2000® Index Portfolio | |
MetLife Stock Index Portfolio | |
MFS ® Research International Portfolio | |
MFS ® Value Portfolio | |
Neuberger Berman Genesis Portfolio | |
PanAgora Global Diversified Risk Portfolio |
Platform 1 | Platform 2 |
A maximum of 70% of Purchase Payments or Account Value | A minimum of 30% of Purchase Payments or Account Value |
Schroders Global Multi-Asset Portfolio | |
SSGA Emerging Markets Enhanced Index Portfolio | |
SSGA Growth and Income ETF Portfolio | |
SSGA Growth ETF Portfolio | |
T. Rowe Price Large Cap Growth Portfolio | |
T. Rowe Price Large Cap Value Portfolio | |
T. Rowe Price Mid Cap Growth Portfolio | |
Victory Sycamore Mid Cap Value Portfolio |
Platform 1 | Platform 2 |
A minimum of 80% of your Purchase Payments or Account Value | A maximum of 20% of Purchase Payments or Account Value |
AB Global Dynamic Allocation Portfolio | American Funds® Balanced Allocation Portfolio |
BlackRock Global Tactical Strategies Portfolio | American Funds® Moderate Allocation Portfolio |
Brighthouse Balanced Plus Portfolio | Brighthouse Asset Allocation 20 Portfolio |
Invesco Balanced-Risk Allocation Portfolio | Brighthouse Asset Allocation 40 Portfolio |
JPMorgan Global Active Allocation Portfolio | Brighthouse Asset Allocation 60 Portfolio |
MetLife Aggregate Bond Index Portfolio | SSGA Growth and Income ETF Portfolio |
MetLife Multi-Index Targeted Risk Portfolio | |
PanAgora Global Diversified Risk Portfolio | |
Schroders Global Multi-Asset Portfolio | |
Western Asset Management Government Income Portfolio |
Account Values | ||||||||||
Beg
of Month |
Amount
Allocated to EDCA |
Actual
EDCA Transfer |
EDCA
Account Value |
1st
Payment Bucket |
2nd
Payment Bucket | |||||
1 | $12,000 | $2,000 | $10,000 | $10,000 | ||||||
2 | $2,000 | $ 8,008 | $ 8,008 | |||||||
3 | $2,000 | $ 6,015 | $ 6,015 |
Account Values | ||||||||||
Beg
of Month |
Amount
Allocated to EDCA |
Actual
EDCA Transfer |
EDCA
Account Value |
1st
Payment Bucket |
2nd
Payment Bucket | |||||
4* | $6,000 | $3,000 | $9,020 | $3,020 | $6,000 | |||||
5 | $3,000 | $6,027 | $ 22 | $6,005 | ||||||
6 | $3,000 | $3,032 | 0 | $3,032 | ||||||
7 | $3,000 | $ 35 | 0 | $ 35 | ||||||
8 | $ 35 | 0 | 0 | 0 |
Account Values | ||||||||||
Beg
of Month |
Amount
Allocated to EDCA |
Actual
EDCA Transfer |
EDCA
Account Value |
1st
Payment Bucket |
2nd
Payment Bucket | |||||
1 | $24,000 | $2,000 | $22,000 | $22,000 | ||||||
2 | $2,000 | $20,018 | $20,018 | |||||||
3 | $2,000 | $18,035 | $18,035 | |||||||
4 | $2,000 | $16,050 | $16,050 | |||||||
5 | $2,000 | $14,063 | $14,063 | |||||||
6* | $12,000 | $3,000 | $23,075 | $11,075 | $12,000 | |||||
7 | $3,000 | $20,094 | $ 8,084 | $12,010 | ||||||
8 | $3,000 | $17,111 | $ 5,091 | $12,020 | ||||||
9 | $3,000 | $14,125 | $ 2,095 | $12,030 |
Account Values | ||||||||||
Beg
of Month |
Amount
Allocated to EDCA |
Actual
EDCA Transfer |
EDCA
Account Value |
1st
Payment Bucket |
2nd
Payment Bucket | |||||
10 | $3,000 | $11,137 | 0 | $11,137 | ||||||
11 | $3,000 | $ 8,146 | 0 | $ 8,146 | ||||||
12 | $3,000 | $ 5,153 | 0 | $ 5,153 | ||||||
13 | $3,000 | $ 2,157 | 0 | $ 2,157 | ||||||
14 | $2,159 | 0 | 0 | 0 |
• | your initial Account Value is equal to your initial Purchase Payment; |
• | your initial Total Guaranteed Withdrawal Amount (the minimum amount you are guaranteed to receive over time) is equal to your initial Purchase Payment; |
• | your initial Remaining Guaranteed Withdrawal Amount (the remaining minimum amount you are guaranteed to receive over time) is equal to the initial Total Guaranteed Withdrawal Amount; and |
• | your initial Annual Benefit Payment (the amount you may withdraw each Contract Year without taking an Excess Withdrawal) is equal to the initial Total Guaranteed Withdrawal Amount multiplied by the applicable GWB Withdrawal Rate (see “Living Benefits – Guaranteed Withdrawal Benefit (GWB) – GWB Rate Table”). |
• | reduce the Total Guaranteed Withdrawal Amount in the same proportion that the Excess Withdrawal reduced the Account Value; |
• | reduce the Remaining Guaranteed Withdrawal Amount in the same proportion that the Excess Withdrawal reduces the Account Value; and |
• | reduce the Annual Benefit Payment to the new Total Guaranteed Withdrawal Amount multiplied by the GWB Withdrawal Rate. |
• | The graph assumes no withdrawals occur until after the Lifetime Withdrawal Age. |
• | The graph assumes no withdrawals occur until the Rollup Rate Period End Date is reached. |
• | The graph assumes Account Value fluctuation in order to illustrate Automatic Step-Ups, followed by Account Value decline, reducing to zero in order to illustrate lifetime income payments. |
• | The graph assumes that the no change in the Annual Benefit Payment when the Account Value is reduced to zero (the GLWB Withdrawal Rate and GLWB Lifetime Guarantee Rate are assumed to be the same). |
• | The graph shows the “Benefit Base had Automatic Step-Ups not occurred” for the purpose of illustrating the impact of Automatic Step-Ups only (i.e., Benefit Base only increased by the Rollup Rate). |
Date | Amount | |||||
A | Initial Purchase Payment | 10/1/2022 | $100,000 | |||
B | Account Value | 10/1/2023
(First Contract Anniversary) |
$104,000 | |||
C | Death Benefit | As of 10/1/2023 | $104,000
(= greater of A and B) |
|||
D | Account Value | 10/1/2024
(Second Contract Anniversary) |
$90,000 | |||
E | Death Benefit | 10/1/2024 | $100,000
(= greater of A and D) |
|||
F | Withdrawal | 10/2/2024 | $9,000 | |||
G | Percentage Reduction in Account Value | 10/2/2024 | 10%
(= F/D) |
|||
H | Account Value after Withdrawal | 10/2/2024 | $81,000
(= D-F) |
|||
I | Purchase Payments Reduced for Withdrawal | As of 10/2/2024 | $90,000
(= A-(A × G)) |
|||
J | Death Benefit | 10/2/2024 | $90,000
(= greater of H and I) |
Fiscal year | Aggregate
Amount of Commissions Paid to Distributor |
Aggregate
Amount of Commissions Retained by Distributor After Payments to Selling Firms | ||
2021 |
$85,084,918 | $0 | ||
2020 |
$65,611,999 | $0 | ||
2019 |
$60,583,206 | $0 |
1. | The size and type of group to which sales are to be made will be considered. Generally, the sales expenses for a larger group are less than for a smaller group because of the ability to implement large numbers of contracts with fewer sales contacts. |
2. | The total amount of Purchase Payments to be received will be considered. Per contract sales expenses are likely to be less on larger Purchase Payments than on smaller ones. |
3. | Any prior or existing relationship with the Company will be considered. Per contract sales expenses are likely to be less when there is a prior existing relationship because of the likelihood of implementing the contract with fewer sales contacts. |
4. | There may be other circumstances, of which the Company is not presently aware, which could result in reduced sales expenses. |
1. | the dollar amount of the first variable Annuity Payment is divided by the value of an Annuity Unit for each applicable Investment Portfolio as of the annuity calculation date. This establishes the number of |
Annuity Units for each monthly payment. The number of Annuity Units for each applicable Investment Portfolio remains fixed during the annuity period, unless you transfer values from the Investment Portfolio to another Investment Portfolio; | |
2. | the fixed number of Annuity Units per payment in each Investment Portfolio is multiplied by the Annuity Unit value for that Investment Portfolio for the Business Day for which the Annuity Payment is being calculated. This result is the dollar amount of the payment for each applicable Investment Portfolio, less any account fee. The account fee will be deducted pro rata out of each Annuity Payment. |
A is (i) | the net asset value per share of the portfolio at the end of the current Business Day; plus |
(ii) | any dividend or capital gains per share declared on behalf of such portfolio that has an ex-dividend date as of the current Business Day. |
B is | the net asset value per share of the portfolio for the immediately preceding Business Day. |
C is (i) | the Separate Account product charges and for each day since the last Business Day. The daily charge is equal to the annual Separate Account product charges divided by 365; plus |
(ii) | a charge factor, if any, for any taxes or any tax reserve we have established as a result of the operation of the Separate Account. |
• | You may not make a transfer from the fixed Annuity Option to the variable Annuity Option; |
• | Transfers among the subaccounts will be made by converting the number of Annuity Units being transferred to the number of Annuity Units of the subaccount to which the transfer is made, so that the next Annuity Payment if it were made at that time would be the same amount that it would have been without the transfer. Thereafter, Annuity Payments will reflect changes in the value of the new Annuity Units; and |
• | You may make a transfer from the variable Annuity Option to the fixed Annuity Option. The amount transferred from a subaccount of the Separate Account will be equal to the product of “(a)” multiplied by “(b)” multiplied by “(c)”, where (a) is the number of Annuity Units representing your interest in the subaccount per Annuity Payment; (b) is the Annuity Unit value for the subaccount; and (c) is the present value of $1.00 per payment period for the remaining annuity benefit period based on the attained age of the Annuitant at the time of transfer, calculated using the same actuarial basis as the variable annuity rates applied on the Annuity Date for the Annuity Option elected. Amounts transferred to the fixed Annuity Option will be applied under the Annuity Option elected at the attained age of the Annuitant at the time of the transfer using the fixed Annuity Option table. If at the time of transfer, the then current fixed Annuity Option rates applicable to this class of contracts provide a greater payment, the greater payment will be made. All amounts and Annuity Unit values will be determined as of the end of the Business Day on which the Company receives a notice. |
(1) | IRA: elective contribution to all traditional and Roth IRAs: $6,000; catch-up contribution: $1,000 |
(2) | SIMPLE IRA: elective contribution: $14,000; catch-up contribution: $3,000 |
(3) | 401(k) : elective contribution: $20,500; catch-up contribution: $6,500 |
(4) | SEP/401(a): (employer contributions only) |
(5) | 403(b) (TSA): elective contribution: $20,500; catch-up contribution: $6,500 |
(6) | 457(b) : elective contribution: $20,500; catch-up contribution: $6,500 |
(a) | choose income payments other than on a qualified joint and survivor annuity basis (“QJSA”) (one under which we make payments to you during your lifetime and then make payments reduced by no more than 50% to your spouse for his or her remaining life, if any): or choose to waive the qualified pre-retirement survivor annuity benefit (“QPSA”) (the benefit payable to the surviving spouse of a participant who dies with a vested interest in an accrued retirement benefit under the plan before payment of the benefit has begun); |
(b) | make certain withdrawals under plans for which a qualified consent is required; |
(c) | name someone other than the spouse as your Beneficiary; or |
(d) | use your accrued benefit as security for a loan, if available, exceeding $5,000. |
Item 27. | Exhibits |
(b). | Not Applicable. |
(i) | Not Applicable. |
(j) | Not Applicable. |
(l) | Consent of Independent Registered Public Accounting Firm (Deloitte & Touche LLP) (Filed herewith.) |
(m) | Not Applicable. |
(n) | Not Applicable. |
Item 28. | Directors and Officers of the Depositor |
Name and Principal Business Address | Positions and Offices with Depositor |
David
A. Rosenbaum 11225 North Community House Road Charlotte, NC 28277 |
Chairman of the Board, President, Chief Executive Officer and a Director |
Kimberly
A. Berwanger 11225 North Community House Road Charlotte, NC 28277 |
Director and Vice President |
David
W. Chamberlin 12802 Tampa Oaks Boulevard Suite 447 Temple Terrace, FL 33637 |
Director |
Devon
Arendosch 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Information Security Officer |
Rachel
M. D’Anna 334 Madison Avenue Morristown, NJ 07960 |
Vice President |
Christine
DeBiase 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
Gianna
H. Figaro-Sterling 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Controller |
Kevin
Finneran 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Illustration Officer |
Tyler
Gates 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Appointed Actuary |
James
Grady 334 Madison Avenue Morristown, NJ 07960 |
Vice President and Chief Investment Officer |
Jeffrey
Halperin 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Compliance Officer |
Christopher
Hartsfield 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
James
Hoffman 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Illustration Actuary |
Jeffrey
Hughes 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Technology Officer |
Roger
Kramer, Jr. 334 Madison Avenue Morristown, NJ 07960 |
Vice President |
John
Lima, 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Chief Derivatives Officer |
Philip
Melville 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President |
Phillip
Pfotenhauer 12802 Tampa Oaks Boulevard Suite 447 Temple Terrace, FL 33637 |
Vice President |
Kristine
Toscano 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Financial Officer |
Item 29. | Persons Controlled by or Under Common Control with the Depositor or the Registrant |
A. | Brighthouse Holdings, LLC (DE) | |||
1. | New England Life Insurance Company (MA) | |||
2. | Brighthouse Life Insurance Company (DE) | |||
a. | Brighthouse Reinsurance Company of Delaware (DE) | |||
b. | Brighthouse Life Insurance Company of NY (NY) | |||
c. | Brighthouse Connecticut Properties Ventures, LLC (DE) | |||
d. | Brighthouse Renewables Holdings, LLC (DE) | |||
(i.) | Greater Sandhill I, LLC (DE) | |||
e. | Daniel/Brighthouse Midtown Atlanta Master Limited Liability Company (DE) | |||
(i.) | 1075 Peachtree LLC (DE) | |||
f. | Brighthouse Assignment Company (CT) | |||
g. | ML 1065 Hotel, LLC (DE) | |||
h. | TIC European Real Estate LP, LLC (DE) | |||
i. | Euro TL Investments LLC (DE) | |||
j. | TLA Holdings LLC (DE) | |||
(i.) | The Prospect Company, LLC (DE) | |||
k. | Euro TI Investments LLC (DE) | |||
l. | TLA Holdings II LLC (DE) | |||
3. | Brighthouse Securities, LLC (DE) | |||
4. | Brighthouse Services, LLC (DE) | |||
5. | Brighthouse Investment Advisers, LLC (DE) |
Item 30. | Indemnification |
Item 31. | Principal Underwriters |
(a) | Brighthouse Securities, LLC is the principal underwriter for the following investment companies (including the Registrant): |
(b) | Brighthouse Securities, LLC is the principal underwriter for the Contracts. The following persons are the officers and managers of Brighthouse Securities, LLC. The principal business address for Brighthouse Securities, LLC is 11225 North Community House Road, Charlotte, NC 28277. |
Name and Principal Business Address | Positions and Offices with Underwriter |
Myles
Lambert 11225 North Community House Road Charlotte, NC 28277 |
Manager, Chief Executive Officer and President |
Jeffrey
Halperin 11225 North Community House Road Charlotte, NC 28277 |
Vice President, Chief Compliance Officer and General Counsel |
Christopher
Hartsfield 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
John
Lima 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President and Chief Derivatives Officer |
Melissa
Pavlovich 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Tax Director |
(c) | Compensation from the Registrant. The following commissions and other compensation were received by the Distributor, directly or indirectly, from the Registrant during the Registrant's last fiscal year: |
(1)
Name of Principal Underwriter |
(2)
Net Underwriting Discounts And Commissions |
(3)
Compensation On Redemption |
(4)
Brokerage Commissions |
(5)
Other Compensation | ||||
Brighthouse Securities,
LLC |
$85,084,918 | $0 | $0 | $0 |
Item 32. | Location of Accounts and Records |
Item 33. | Management Services |
Item 34. | Fee Representations |
1. | Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in each registration statement, including the prospectus, used in connection with the offer of the contract; |
2. | Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in any sales literature used in connection with the offer of the contract; |
3. | Instruct sales representatives who solicit participants to purchase the contract specifically to bring the redemption restrictions imposed by Section 403(b)(11) to the attention of the potential participants; |
4. | Obtain from each plan participant who purchases a Section 403(b) annuity contract, prior to or at the time of such purchase, a signed statement acknowledging the participant's understanding of (1) the restrictions on redemption imposed by Section 403(b)(11), and (2) other investment alternatives available under the employer's Section 403(b) arrangement to which the participant may elect to transfer his contract value. |
BRIGHTHOUSE
VARIABLE ANNUITY ACCOUNT B (Registrant) | ||
By: | BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY | |
By: | /s/ Donald A. Leintz | |
Donald
A. Leintz Vice President |
BRIGHTHOUSE
LIFE INSURANCE COMPANY OF NY (Depositor) | ||
By: | /s/ Donald A. Leintz | |
Donald
A. Leintz Vice President |
/s/ David A. Rosenbaum* | Chairman of the Board, President, Chief Executive Officer and a Director |
David A. Rosenbaum | |
/s/ Kimberly A. Berwanger* | Director and Vice President |
Kimberly A. Berwanger | |
/s/ Douglas A. Rayvid* | Director |
Douglas A. Rayvid | |
/s/ David W. Chamberlin* | Director |
David W. Chamberlin | |
/s/ Kristine Toscano* | Vice President and Chief Financial Officer |
Kristine Toscano | |
/s/ Michael J. Inserra* | Director |
Michael J. Inserra | |
/s/ Richard C. Pearson* | Director |
Richard C. Pearson | |
/s/ Mayer Naiman* | Director |
Mayer Naiman | |
/s/ Gianna H. Figaro-Sterling* | Vice President and Controller |
Gianna H. Figaro Sterling |
By: | /s/ Michele H. Abate | |
Michele
H. Abate, Attorney-In-Fact April 11, 2022 |
* | Brighthouse Life Insurance Company of NY. Executed by Michele H. Abate, Esquire on behalf of those indicated pursuant to powers of attorney filed herewith. |
(e)(viii) | Form of Variable Annuity Application |
(h)(i)(e) | Amendment to Brighthouse Funds Trust I Participation Agreement |
(h)(ii)(d) | Amendment to Brighthouse Funds Trust II Participation Agreement |
(l) | Consent of Independent Registered Public Accounting Firm (Deloitte & Touche LLP) |
(p) | Powers of Attorney |
This ‘485BPOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/26 | ||||
Effective on: | 4/29/22 | 485BPOS | ||
Filed on: | 4/20/22 | 485BPOS | ||
4/11/22 | ||||
12/31/21 | 24F-2NT, N-30D, N-CEN, N-VPFS | |||
1/1/21 | ||||
12/31/20 | 24F-2NT, N-30D, N-CEN, N-VPFS | |||
1/1/20 | ||||
2/12/18 | 497 | |||
12/31/17 | 24F-2NT, N-30D, NSAR-U | |||
8/4/17 | ||||
3/6/17 | 497, EFFECT, N-4 | |||
5/2/16 | EFFECT | |||
12/31/12 | 24F-2NT, N-30D, NSAR-U | |||
9/24/07 | ||||
12/31/02 | 24F-2NT, NSAR-U | |||
2/12/01 | 485BPOS | |||
12/31/99 | 24F-2NT, NSAR-U | |||
6/1/95 | N-8A/A | |||
12/31/92 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/11/24 Brighthouse Var Annuity Account B 485BPOS 4/29/24 9:10M Donnelley … Solutions/FA 4/13/23 Brighthouse Var Annuity Account B 485BPOS 5/01/23 12:8.6M Donnelley … Solutions/FA 4/26/22 Brighthouse Var Annuity Account B 497VPU 4/26/22 1:337K Donnelley … Solutions/FA 4/26/22 Brighthouse Var Annuity Account B 497VPI 4/26/22 1:476K Donnelley … Solutions/FA |