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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/13/19 Brighthouse Life Insurance Co S-3 2:1.0M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: S-3 Brighthouse Shield Level/R/ 10 Advisory Annuity HTML 423K 2: EX-24 Powers of Attorney HTML 93K
Brighthouse Shield Level/R/ 10 Advisory Annuity |
Large accelerated filer □ | Accelerated filer □ |
Non-accelerated filer ☒ (Do not check if a smaller reporting company) | Smaller reporting company □ |
Emerging growth company □ |
CALCULATION OF REGISTRATION FEE | ||||
TITLE
OF EACH CLASS OF SECURITIES TO BE REGISTERED |
AMOUNT
TO BE REGISTERED |
PROPOSED
MAXIMUM OFFERING PRICE PER UNIT(1) |
PROPOSED
MAXIMUM AGGREGATE OFFERING PRICE |
AMOUNT
OF REGISTRATION FEE(2) |
Individual Single Premium Deferred Index-Linked Separate Account Annuity Contract | 1,000,000 | Not applicable | $1,000,000 | $121.20 |
1. | Interests are sold on a dollar for dollar basis and not on the basis of a price per share or unit. |
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E-1 |
Contract | Individual single premium deferred index-linked separate account annuity contract. |
Purchase Payment | The minimum Purchase Payment: $25,000. Prior approval required for a Purchase Payment of less than $25,000 or $1,000,000 or more. |
Owner and Annuitant Issue Ages | 0-75 |
Contract Periods | The
Contract has two periods: • The Accumulation Period, the period prior to the Annuity Date; and • The Income Period, which begins on the Annuity Date and during which Income Payments are provided. |
Account Value | The total of the Fixed Account Value and the value of the Shield Option(s) under the Contract during the Accumulation Period. |
Shield Option | Each Shield Option offered through this Contract has a Term of 1 year and the Shield 10 Shield Rate. For each Shield Option, you select (i) which Securities Index you want the performance of your Contract to be based on and (ii) the Rate Crediting Type. |
Term | 1 year in length. |
Index | The
current Indices are as follows: • S&P 500® Index (Price Return Index); • Russell 2000® Index (Price Return Index); and • MSCI EAFE Index (Price Return Index). |
Shield Rate | Shield 10 — A Shield Rate where negative Index Performance of up to 10% of your Investment Amount is absorbed by us at the Term End Date, which would leave you to absorb any remaining negative Index Performance of up to 90% of your Investment Amount. |
Rate Crediting Type | A Shield Option can only have one associated Rate Crediting Type: either a Cap Rate or a Step Rate. |
Interim Value | For each Shield Option, the value we assign on any Business Day prior to the Term End Date. The Interim Value of a Shield Option is equal to the Investment Amount in the Shield Option, adjusted for the Index Performance of the associated Index and subject to the applicable Accrued Shield Rate, Accrued Cap Rate or Accrued Step Rate. |
Transfers | During the Accumulation Period you may make transfers to the Fixed Account and/or to new Shield Option(s) during the Transfer Period. The effective date of such transfer is the first day of the Interest Rate Term and/or the Term in which the transfer is made. |
Fixed Account | See Appendix D. |
Access to Your Money | You may withdraw some or all of your money at any time prior to the Annuity Date. For any withdrawal, a Performance Rate Adjustment, as of the date of the withdrawal, will apply and may be substantial. |
Withdrawal Charge | None. |
Death Benefit | The death benefit is the greater of the Account Value or your Purchase Payment (reduced proportionately by the percentage reduction in Account Value of the Shield Option(s) and the Fixed Account for each partial withdrawal) determined as of the end of the Business Day on which we have received Notice of due proof of death and an acceptable election for the payment method. |
Annuity Options | You
can choose an Annuity Option. After Income Payments begin, you cannot change the Annuity Option. You can choose one of the following Annuity Options on a fixed payment basis or any other Annuity Option acceptable to
us:(i) Life Annuity; (ii) Life Annuity with 10 Years of Income Payments Guaranteed; (iii) Joint and Last Survivor Annuity; and (iv) Joint and Last Survivor Annuity with 10 Years of Income Payments Guaranteed. |
Charges and Expenses | You will bear the expenses of Premium and Other Taxes.See also “FEE-BASED EXPENSES” below. |
Your Right to Cancel | You may cancel the Contract within a certain time period after receiving it by mailing or delivering the Contract to either us or the financial advisor who sold it. This is known as a “Free Look.” Unless otherwise required by state law, we will return either your Purchase Payment or Account Value, depending on your state. |
• | If you take a withdrawal, including RMDs, your Account Value will be reduced by the amount withdrawn proportionately from your Shield Options and Fixed Account unless you tell us from which options, in which you currently have any Account Value, where the withdrawal should be taken. |
• | If you die (unless the death benefit is greater than the Interim Value; see “Standard Death Benefit”), make a withdrawal or Surrender your Contract prior to the Term End Date, we will pay the Interim Value, which may be less than if you held the Contract until all of your Shield Options reached their Term End Dates. |
• | If your Contract is annuitized prior to a Term End Date, we will use the Interim Value to calculate the Income Payments you will receive based on the applicable Annuity Option. In deciding on an Annuity Date, you should take into consideration the Term End Dates of your Shield Options relative to the Annuity Date you have chosen. |
• | The calculation of the Interim Value will be based on Index Performance and the applicable Accrued Shield Rate, Accrued Cap Rate or Accrued Step Rate as of the date of the calculation. The Shield Rate, Cap Rates and Step Rates accrue during the Term and only reach full accrual on the last day of a Term. If negative Index Performance is constant during the Term, the Interim Value will be lower the earlier a withdrawal is made during the Term because the Shield Rate is accruing during this period. Also, withdrawals prior to the Term End Date, when Index Performance is positive, are subject to an Accrued Cap Rate or Accrued Step Rate based on the period those amounts were invested in the Shield Option. This means the earlier you take a withdrawal the lesser extent to which any positive Index Performance is reflected in your Account Value due to the accruing of the Cap Rate or Step Rate. |
• | If your Account Value falls below the Minimum Account Value as a result of a withdrawal, we may terminate your Contract. |
• | The minimum Purchase Payment we will accept is $25,000. |
• | If you want to make a Purchase Payment of less than $25,000 or $1,000,000 or more, you will need our prior approval. |
• | We reserve the right to refuse a Purchase Payment made via a personal check in excess of $100,000. A Purchase Payment 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. |
• | We will not accept a Purchase Payment made with cash, money orders, or travelers checks. |
• | Corporations and other legal entities we approve, may purchase the Contract; however, we will not accept a Purchase Payment made by a corporation or other legal entity (other than a trust that holds the Contract as agent for a natural person) to fund any type of qualified or non-qualified retirement plan. |
• | S&P 500® Index |
• | Russell 2000® Index |
• | MSCI EAFE Index |
Shield Option type: | If
Index Performance (can be positive, zero or negative) is: |
Performance Rate will equal: |
Shield 10 with a Cap Rate | less than or equal to zero | the lesser of: zero or the Index Performance increased by the Shield Rate (For example: a -15% Index Performance with a Shield 10 will result in a -5% Performance Rate. The Performance Rate can never be greater than zero if the Index Performance is negative.) |
greater than zero and less than the Cap Rate | the Index Performance | |
greater than zero and equals or exceeds the Cap Rate | the Cap Rate | |
Shield 10 with a Step Rate | less than zero | the lesser of: zero or the Index Performance increased by the Shield Rate (For example: a -15% Index Performance with a Shield 10 will result in a -5% Performance Rate. The Performance Rate can never be greater than zero if the Index Performance is negative.) |
equal to or greater than zero | the Step Rate |
Contract Year | 1 | 2 | 3 | 4 | 5 |
Term Start Date | |||||
Investment Amount(1) | $50,000 | $55,000 | $57,750 | $57,750 | $57,750 |
Index Value | 1,000 | 1,200 | 1,260 | 1,260 | 1,197 |
Term End Date | |||||
Index Value | 1,200 | 1,260 | 1,260 | 1,197 | 1,017 |
Index Performance(2) | 20% | 5% | 0% | -5% | -15% |
Cap Rate | 10% | 10% | 10% | 10% | 10% |
Shield Rate | 10% | 10% | 10% | 10% | 10% |
Performance Rate (one year)(3) | 10% | 5% | 0% | 0% | -5% |
Performance Rate Adjustment(4) | $5,000 | $2,750 | $0 | $0 | -$2,888 |
Investment Amount(5) | $55,000 | $57,750 | $57,750 | $57,750 | $54,862 |
(1) | Investment Amount at Term Start Date in year one is the $50,000 Purchase Payment. In years two through five, the Investment Amount at Term Start Date would be $55,000, $57,750, $57,750 and $57,750, respectively, which was the Investment Amount at Term End Date for the prior year. |
(2) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date. For example, in year one, Index Performance is calculated as follows: |
(3) | In year one, Index Performance exceeds the Cap Rate and therefore the Performance Rate is equal to the Cap Rate. In years two and three the Performance Rate is equal to the Index Performance because the Index Performance is not negative and does not exceed the Cap Rate. In year four the Performance Rate is 0% because the Index Performance is –5% and the Shield 10 absorbs up to 10% of the negative Index Performance. In year five, the Performance Rate is –5% because the Index Performance is –15% and the Shield 10 absorbs up to 10% of negative Index Performance. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. For example, in year one the Performance Rate Adjustment is calculated as follows: |
(5) | The Investment Amount at the Term End Date is equal to the Investment Amount at Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) plus the Performance Rate Adjustment. For example, in year one the Investment Amount at the Term End Date is calculated as follows: |
Contract Year | 1 | 2 | 3 | 4 | 5 |
Term Start Date | |||||
Investment Amount(1) | $50,000 | $54,000 | $58,320 | $62,986 | $62,986 |
Index Value | 1,000 | 1,050 | 1,260 | 1,260 | 1,134 |
Term End Date | |||||
Index Value | 1,050 | 1,260 | 1,260 | 1,134 | 964 |
Index Performance(2) | 5% | 20% | 0% | -10% | -15% |
Step Rate | 8% | 8% | 8% | 8% | 8% |
Shield Rate | 10% | 10% | 10% | 10% | 10% |
Performance Rate (one year)(3) | 8% | 8% | 8% | 0% | -5% |
Performance Rate Adjustment(4) | $4,000 | $4,320 | $4,666 | $0 | -$3,149 |
Investment Amount(5) | $54,000 | $58,320 | $62,986 | $62,986 | $59,837 |
(1) | Investment Amount at Term Start Date in year one is the $50,000 Purchase Payment. In years two through five, the Investment Amount at the Term Start Date would be $54,000, $58,320, $62,986 and $62,986, respectively, which was the Investment Amount at the Term End Date for the prior year. |
(2) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date. For example, in year one, Index Performance is calculated as follows: |
(3) | In years one, two and three the Performance Rate is equal to the Step Rate because the Index Performance is positive or zero. It should be noted that although Index Performance was 20% in year two, the Performance Rate is capped at 8% by the Step Rate. In year four the Performance Rate is 0% because the Index Performance is –10% and the Shield 10 absorbs up to 10% of the negative Index Performance. In year five, the Performance Rate is –5% because the Index Performance is –15% and the Shield 10 absorbs up to 10% of the negative Index Performance. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. For example, in year one the Performance Rate Adjustment is calculated as follows: |
(5) | The Investment Amount at the Term End Date is equal to the Investment Amount at Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) plus the Performance Rate Adjustment. For example, in year one the Investment Amount at the Term End Date is calculated as follows: |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 600 |
Index Performance(1) | 20% |
Accrued Cap Rate(2) | 5% |
Performance Rate(3) | 5% |
Performance Rate Adjustment(4) | $2,500 |
Interim Value(5) | $52,500 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Interim Value calculation. Index Performance is calculated as follows: |
(2) | The Accrued Cap Rate is equal to the Cap Rate multiplied by the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Cap Rate is calculated as follows: |
(3) | The Performance Rate is equal to the Accrued Cap Rate because it cannot exceed the Accrued Cap Rate even though the Index Performance was at 20%. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(5) | The Interim Value is equal to the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) plus the Performance Rate Adjustment. The Interim Value is calculated as follows: |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 400 |
Index Performance(1) | –20% |
Accrued Shield Rate(2) | 5% |
Performance Rate(3) | –15% |
Performance Rate Adjustment(4) | –$7,500 |
Interim Value(5) | $42,500 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Interim Value calculation. Therefore the Index Performance is calculated as follows: |
(2) | The Accrued Shield Rate is equal to the Shield Rate multiplied by the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Shield Rate is calculated as follows: |
(3) | The Performance Rate is –15% because the Index Performance is –20% and the Accrued Shield Rate of 5% absorbs up to 5% of the negative Index Performance. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(5) | The Interim Value is equal to the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) plus the Performance Rate Adjustment. The Interim Value is calculated as follows: |
(a) | is the amount withdrawn from the Account Value, and |
(b) | is the Premium and Other Taxes, if any. |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 600 |
Index Performance(1) | 20% |
Accrued Cap Rate(2) | 5% |
Performance Rate(3) | 5% |
Performance Rate Adjustment(4) | $2,500 |
Interim Value(5) | $52,500 |
Withdrawal Amount taken | $20,000 |
Investment Amount adjusted for any withdrawals(6) | $30,952 |
Net Proceeds from withdrawal paid to Contract Owner(7) | $20,000 |
Term End Date | |
Index Value | 700 |
Index Performance(8) | 40% |
Performance Rate(9) | 10% |
Performance Rate Adjustment(10) | $3,095 |
Investment Amount(11) | $34,047 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Interim Value calculation. Index Performance is calculated as follows: |
(2) | The Accrued Cap Rate is equal to the Cap Rate multiplied by the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Cap Rate is calculated as follows: |
(3) | The Performance Rate is equal to the Accrued Cap Rate because it cannot exceed the Accrued Cap Rate even though Index Performance was at 20%. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (no withdrawals have been taken so far) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(5) | The Interim Value is equal to the Investment Amount at the Term Start Date plus the Performance Rate Adjustment. This is the amount in the Shield Option selected that would be available if you annuitize, die, make a withdrawal or Surrender your Contract on that date. The Interim Value is calculated as follows: |
(6) | The Investment Amount is reduced proportionally by the withdrawal taken based on the reduction in Interim Value. Therefore, the Investment Amount adjusted for any withdrawals is calculated as follows: |
(7) | The net amount payable to the Contact Owner is equal to the amount withdrawn, which is $20,000. |
(8) | Index Performance at the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date. Index Performance at the Term End Date is calculated as follows: |
(9) | Index Performance at the Term End Date exceeds the Cap Rate and therefore the Performance Rate at the Term End Date is equal to the Cap Rate. |
(10) | The Performance Rate Adjustment at the Term End Date is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals multiplied by the Performance Rate at the Term End Date. The Performance Rate Adjustment at the Term End Date is calculated as follows: |
(11) | The Investment Amount at the Term End Date is equal to the Investment Amount one year after the Term Start Date adjusted for any withdrawals plus the Performance Rate Adjustment at Term End Date. The Investment Amount at the Term End Date is calculated as follows: |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 400 |
Index Performance(1) | –20% |
Accrued Shield Rate(2) | 5% |
Performance Rate(3) | –15% |
Performance Rate Adjustment(4) | –$7,500 |
Interim Value Halfway Through Term(5) | $42,500 |
Withdrawal Amount taken | $20,000 |
Investment Amount adjusted for any withdrawals(6) | $26,471 |
Net Proceeds from Withdrawal paid to Contract Owner(7) | $20,000 |
Term End Date | |
Index Value | 450 |
Index Performance(8) | –10% |
Performance Rate(9) | 0% |
Performance Rate Adjustment(10) | $0 |
Investment Amount(11) | $26,471 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Interim Value calculation. Index Performance is calculated as follows: |
(2) | The Accrued Shield Rate is equal to the Shield Rate multiplied by the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Shield Rate is calculated as follows: |
(3) | The Performance Rate is –15% because the Index Performance is –20% and the Accrued Shield Rate of 5% absorbs up to 5% of the negative Index Performance. |
(4) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (no withdrawals have been taken so far) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(5) | The Interim Value is equal to the Investment Amount at the Term Start Date adjusted for any withdrawals plus the Performance Rate Adjustment. This is the amount in the Shield Option selected that would be available if you annuitize, die, make a withdrawal or Surrender your Contract on that date. The Interim Value is calculated as follows: |
(6) | The Investment Amount is reduced proportionally by the withdrawal taken based on the reduction in Interim Value. Therefore, the Investment Amount adjusted for any withdrawals is calculated as follows: |
(7) | The net amount payable to the Contact Owner is equal to the amount withdrawn, which is $20,000. |
(8) | Index Performance at the Term End Date is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date. Index Performance at the Term End Date is calculated as follows: |
(9) | The Performance rate at the Term End Date is 0% because the Index Performance at the Term End Date is –10% and the Shield 10 absorbs up to 10% of the negative Index Performance. |
(10) | The Performance Rate Adjustment at the Term End Date is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals multiplied by the Performance Rate at the Term End Date. The Performance Rate Adjustment at the Term End Date is calculated as follows: |
(11) | The Investment Amount at the Term End Date is equal to the Investment Amount adjusted for any withdrawals plus the Performance Rate Adjustment at Term End Date. The Investment Amount at the Term End Date is calculated as follows: |
Contract Year | 1 |
Term Start Date | |
Investment Amount | $50,000 |
Index Value | 1,000 |
Term End Date | |
Index Value | 1,200 |
Index Performance(1) | 20% |
Cap Rate | 10% |
Shield Rate | Shield 10 |
Performance Rate (one year)(2) | 10% |
Performance Rate Adjustment(3) | $5,000 |
Investment Amount(4) | $55,000 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the Term End Date. Index Performance is calculated as follows: |
(2) | Since Index Performance is greater than zero and exceeds the Cap Rate, the Performance Rate equals the Cap Rate. |
(3) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(4) | The Investment Amount at Term End Date is equal to the Investment Amount at Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) plus the Performance Rate Adjustment. The Investment Amount is calculated as follows: |
Contract Year | 2 | |
1-Year
Term / Shield 10 / S&P 500® Index with a Cap Rate of 10% |
1-Year
Term / Shield 10 / Russell 2000® Index with a Cap Rate of 12% | |
Investment Amount at Term Start Date (second term)(1) | $27,500 | $27,500 |
(1) | The Investment Amount at Term End Date is reallocated so that 50% is renewed in the same Shield Option and 50% is allocated to a new Shield Option. |
(1) | your Account Value; or |
(2) | your Purchase Payment, reduced proportionately by the percentage reduction in Account Value of the Shield Option(s) and the Fixed Account for each partial withdrawal. |
(a) | Option 1—lump sum payment in cash; or |
(b) | Option 2—payment of the entire death benefit within five (5) years of the date of death of the Owner or the first Joint Owner to die; or |
(c) | Option 3—payment of the death benefit under an Annuity Option or other periodic payment option acceptable to us in substantially equal periodic payments (made at least annually) over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary with distribution beginning within one (1) year of the date of death of the Owner or the first Joint Owner to die. Any portion of the death benefit not applied within one (1) year of the date of the Owner’s or Joint Owner’s death must be distributed within five (5) years of the date of death. |
(a) | on account of your death or disability; |
(b) | as part of a series of substantially equal periodic payments made at least annually payable for your life (or life expectancy) or joint lives (or joint life expectancies) of you and your designated beneficiary; or |
(c) | under certain immediate income annuities. |
(1) | the taxpayer’s “net investment income,” (from non-qualified annuities, interest, dividends, and other investments, offset by specified allowable deductions); or |
(2) | the taxpayer’s modified adjusted gross income in excess of a specified income threshold ($250,000 for married couples filing jointly and qualifying widows, $125,000 for married couples filing separately, and $200,000 for single filers). |
(a) | on account of your death or disability, |
(b) | as part of a series of substantially equal periodic payments payable for your life (or life expectancy) or joint lives (or joint life expectancies) of you and your designated beneficiary and you are separated from employment, |
(c) | on separation from service after age 55. This rule does not apply to IRAs (including SEPs and SIMPLE IRAs), |
(d) | pursuant to a qualified domestic relations order (“QDRO”). This rule does not apply to IRAs (including SEPs and SIMPLE IRAs), |
(e) | to pay IRS levies (and made after December 31, 1999), |
(f) | to pay deductible medical expenses, or |
(g) | in the case of IRAs only, to pay for medical insurance (if you are unemployed), qualified higher education expenses, or for a qualified first time home purchase up to $10,000. |
(a) | minimum distribution requirements, or |
(b) | financial hardship; or |
(c) | for a period of ten or more years or for life. |
(a) | RMDs are required to be distributed from a Roth IRA after your death; and |
(b) | If your surviving spouse is the sole designated beneficiary of your Traditional or Roth IRA, then your surviving spouse may elect to treat the Traditional or Roth IRA as his or her own. |
(a) | the calendar year in which you reach age 70 1⁄2; or |
(b) | the calendar year you retire, provided you do not own more than 5% of the outstanding stock, capital, or profits of your employer. |
Capital Gains | Dividends | Other |
23.8% | 40.8% | 40.8% |
Plan Type | Elective Contribution | Catch-up Contribution |
IRA | $6,000 | $1,000 |
SIMPLE | $13,000 | $3,000 |
401(k) | $19,000 | $6,000 |
SEP/401(a) | (Employer contributions only) | |
403(b) [TSA] | $19,000 | $6,000 |
457(b) | $19,000 | $6,000 |
(a) | change the Beneficiary. |
(b) | change the Annuitant before the Annuity Date (subject to our underwriting and administrative rules). |
(c) | assign the Contract (subject to limitation). |
(d) | change the Income Payment option before the Annuity Date. |
(e) | exercise all other rights, benefits, options and privileges permitted by the Contract or us. |
(i) | the NYSE is closed (other than customary weekend and holiday closings); |
(ii) | trading on the NYSE is restricted; |
(iii) | an emergency exists such that we cannot value Investment Amounts; or |
(iv) | during any other period when a regulator by order, so permits. |
(i) | your Account Value; |
(ii) | all transactions regarding your Contract during the year; and |
(iii) | the Investment Amount and interest credited to your Contract. |
• | By telephone at (800) 343-8496, between the hours of 7:30AM and 5:30PM Central Time Monday through Thursday and 7:30AM and 5:00PM Central Time on Friday; |
• | In writing to our Annuity Service Office; |
• | By fax at (877) 547-9666; or |
• | By Internet at www.brighthousefinancial.com. |
Investment Amount at Term Start Date | $100,000 |
Term | 1-Year |
Initial Index | S&P 500® Index |
S&P 500® Index Index Value on Term Start Date | 1,400 |
Cap Rate | 10% |
Shield Rate | 10% |
Index substitution | |
Number of days since Term Start Date | 183 |
Index Value for S&P 500® Index | 1,330 |
Index Performance for S&P 500® Index(1) | –5% |
Substituted Index | Russell 2000® Index |
Index Value for Russell 2000® Index on substitution date | 1,250 |
Index Value for Russell 2000® Index | 1,375 |
Index Performance for S&P 500® Index(1) | –5% |
Index Performance for Russell 2000® Index(2) | 10% |
Total Index Performance for the Term(3) | 4.5% |
Cap Rate | 10% |
Shield Rate | 10% |
Performance Rate(4) | 4.5% |
Performance Rate Adjustment(5) | $4,500 |
Investment Amount at Term End Date(6) | $104,500 |
(1) | Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Index substitution. Index Performance is calculated as follows: |
(2) | Index Performance is equal to the percentage change in the Index Value measured from the date of the Index substitution to the Term End Date. Index Performance is calculated as follows: |
(3) | Since there was an Index substitution, the Index Performance is equal to the Index Performance of the S&P 500® Index (from the Term Start Date to the Index substitution date) multiplied by the Index Performance of the Russell 2000® Index (from the Index substitution date to the Term End Date) –1. Total Index Performance for the Term is calculated as follows: |
(4) | The Performance Rate is equal to the Index Performance (4.50%) because the total Index Performance for the Term is greater than zero and less than the Cap Rate. |
(5) | The Performance Rate Adjustment is equal to the product of the Investment Amount at the Term Start Date adjusted for any withdrawals (there are no withdrawals in the example) multiplied by the Performance Rate. The Performance Rate Adjustment is calculated as follows: |
(6) | The Investment Amount at Term End Date is equal to the Investment Amount at the Term Start Date adjusted for any withdrawals plus the Performance Rate Adjustment. The Investment Amount at Term End Date is calculated as follows: |
Date | Amount | ||
A | Purchase Payment | Issue Date | $100,000 |
B | Account Value | First Contract Anniversary | $90,000 |
C | Death Benefit | First Contract Anniversary | $100,000
(= greater of A and B) |
D | Withdrawal | One Day after the First Contract Anniversary | $9,000 |
E | Percentage Reduction in Account Value | One Day after the First Contract Anniversary | 10% (= D/B) |
F | Account Value after Withdrawal | One Day after the First Contract Anniversary | $81,000 (= B-D) |
G | Purchase Payment Reduced for Withdrawal | One Day after the First Contract Anniversary | $90,000
(= A-(A × E)) |
H | Death Benefit | One Day after the First Contract Anniversary | $90,000
(= greater of F and G) |
Qualified Contracts | Non-Qualified Contracts | |
California (1) | 0.50% | 2.35% |
Florida (2) | 1.00% | 1.00% |
Maine (3) | 0.00% | 2.00% |
Nevada (4) | 0.00% | 3.50% |
Puerto Rico(5) | 1.00% | 1.00% |
South Dakota(6) | 0.00% | 1.25% |
West Virginia | 1.00% | 1.00% |
Wyoming (4) | 0.00% | 1.00% |
1 | California applies the qualified tax rate to plans that qualify under the following Code sections: 401(a), 403(b), 404, 408(b) and 501(a). |
2 | Annuity premiums are exempt from taxation provided the tax savings are passed back to the contract holders. Otherwise, they are taxable at 1%. |
3 | Maine applies the qualified tax rate to plans that qualify under the following Code sections: 401, 403, 403(b), 404, 408, 457 and 501. |
4 | Nevada and Wyoming apply the qualified tax rate to plans that qualify under the following Code sections: 401, 403, 404, 408 and 501. |
5 | We will not deduct premium taxes paid by Us to Puerto Rico from purchase payments, account balances, withdrawals, death benefits or income payments. |
6 | Special rate applies for large case annuity policies. Rate is 0.08% for that portion of the annuity considerations received on a contract exceeding $500,000 annually. Special rate on large case policies is not subject to retaliation. South Dakota applies the qualified tax rate to plans that qualify under the following Code sections: 401, 403(b), 404, 408, 457 and 501(a). |
Number | Description |
5. | Opinion re legality. (to be filed by amendment) |
8. | None. |
12. | None. |
15. | None. |
23. | Consent of Independent Registered Public Accounting Firm. (to be filed by amendment) |
25. | None. |
26. | None. |
1. | To file, during any period in which offers or sales of the registered securities are being made, a post-effective amendment to this registration statement: |
i. | to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
ii. | to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price set represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement, and |
iii. | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
2. | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
3. | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
4. | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to |
such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
5. | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
i. | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
ii. | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
iii. | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
iv. | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
6. | The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
7. | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
/s/
Eric T. Steigerwalt* Eric T. Steigerwalt |
Chairman of the Board, President, Chief Executive Officer and a Director |
/s/
Myles J. Lambert* Myles J. Lambert |
Director and Vice President |
/s/
John L. Rosenthal* John L. Rosenthal |
Director, Vice President and Chief Investment Officer |
/s/
Lynn A. Dumais* Lynn A. Dumais |
Vice President and Chief Accounting Officer |
/s/
Conor E. Murphy* Conor E. Murphy |
Director, Vice President and Interim Chief Financial Officer |
*By: | /s/ Michele H. Abate |
This ‘S-3’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/26 | ||||
Filed on: | 8/13/19 | S-3 | ||
6/21/18 | ||||
1/16/18 | S-3 | |||
12/31/17 | 10-K | |||
6/9/17 | ||||
3/6/17 | 424B3, S-3 | |||
12/31/99 | 10-K, 13F-NT, 13F-NT/A | |||
List all Filings |