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As Of Filer Filing For·On·As Docs:Size Issuer Agent 4/18/11 Sep Acct A of Pacific Life Ins Co 485BPOS 5/01/11 9:11M RR Donnelley/FA → Separate Account A of Pacific Life Insurance Co. (811-08946) ⇒ Pacific Innovations (333-93059) — Pacific Innovations Select (333-93059) |
Document/Exhibit Description Pages Size 1: 485BPOS Post-Effective Amendment HTML 7.76M 8: EX-99.10 Miscellaneous Exhibit HTML 11K 9: EX-99.13 Exhibit 13 HTML 51K 2: EX-99.4(HH) Miscellaneous Exhibit HTML 99K 3: EX-99.4(II) Miscellaneous Exhibit HTML 109K 4: EX-99.8(I)(2) Miscellaneous Exhibit HTML 16K 5: EX-99.8(V)(1) Ex-8(V)(1) HTML 18K 6: EX-99.8(V)(2) Exhibit 8(V)(2) HTML 18K 7: EX-99.8(Y)(2) Miscellaneous Exhibit HTML 24K
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Pacific Life Insurance Company [700 Newport Center Drive Newport Beach, CA 92660 (800) 722-4448] |
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Age | Withdrawal Percentage | |
Before age [59 1/2 ]
|
0% | |
[59 1/2] and older | [4.0%] |
2
Annual RMD Amount — The amount required to be distributed each Calendar Year for purposes of satisfying the minimum distribution requirements of Internal Revenue Code Section 401(a)(9) and related Code provisions in effect on the Rider Effective Date. |
Designated Lives (each a “Designated Life”) — Designated Lives must be natural persons who are each other’s spouses on the Rider Effective Date. Designated Lives will remain unchanged while this Rider is in effect. |
To be eligible for lifetime benefits, a Designated Life must: |
(a) | be the Owner (or the Annuitant, in the case of a custodial owned IRA or TSA); or | ||
(b) | meet the following two conditions: |
(i) | remain the spouse of the other Designated Life; and | ||
(ii) | be the first in the line of succession as determined under the Contract for payment of any death benefit. |
Protected Payment Amount — The maximum amount that can be withdrawn under this Rider without reducing the Protected Payment Base. |
If the youngest Designated Life is younger than age [59 1/2], the Protected Payment Amount on any day after the Rider Effective Date is equal to zero ($0). |
If the youngest Designated Life is age [59 1/2] or older, the Protected Payment Amount on any day after the Rider Effective Date is equal to [4.0%] multiplied by the Protected Payment Base as of that day, less cumulative withdrawals during that Contract Year. |
The Protected Payment Amount will never be less than zero. Any Protected Payment Amount that is not withdrawn during a Contract Year may not be withdrawn in a subsequent contract year. Upon telephone or written request we will provide you with the Protected Payment Amount as of that day. |
Protected Payment Base — An amount used to determine the Protected Payment Amount. The Protected Payment Base will never be less than zero and will remain unchanged except as otherwise described under the provisions of this Rider. THE PROTECTED PAYMENT BASE CANNOT BE WITHDRAWN AS A LUMP SUM AND IS NOT PAYABLE AS A DEATH BENEFIT. |
Quarterly Rider Anniversary — Every three month anniversary of the Rider Effective Date. |
Reset Date — Any Contract Anniversary after the Rider Effective Date on which an Automatic Reset or an Owner-Elected Reset occurs. |
Spouse — The Owner’s spouse, who is treated as the Owner’s spouse pursuant to federal law. |
Surviving Spouse — The surviving spouse of the deceased Owner. |
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(a) | allows for withdrawals up to the Protected Payment Amount without any adjustment to the Protected Payment Base, regardless of market performance, until the death of all Designated Lives eligible for lifetime benefits, subject to the provisions of this rider; | ||
(b) | allows for withdrawals for purposes of satisfying the minimum distribution requirements of Internal Revenue Code Section 401(a)(9) and related Code provisions in effect on the Rider Effective Date, regardless of the amount, without any adjustment to the Protected Payment Base, subject to certain conditions as described herein; | ||
(c) | provides for Automatic Annual Resets or Owner-Elected Resets of the Protected Payment Base. |
(a) | the Contract is issued as a: |
(i) | Non-Qualified Contract, except that if the Owner is a trust or other entity, this Rider is not Available; or | ||
(ii) | Qualified Contract under Code Section 408(a), 408(k), 408A, 408(p) or 403(b), except for an Inherited IRA, Inherited Roth IRA, Inherited TSA, 401(a), 401(k), Individual(k), Keogh, or 457 plan. |
(b) | the age of each Designated Life is [85] years or younger; and | ||
(c) | the Contract is structured such that upon death of one Designated Life, the surviving Designated Life may retain or assume ownership of the Contract; and | ||
(d) | any Annuitant is a Designated Life; and | ||
(e) | the entire Contract Value is invested according to the investment allocation requirements applicable to this Rider. Please refer to Appendix A attached to this Rider. You will be notified in writing if we change these investment allocations in the future. |
(a) | A sole Owner with the Owner’s spouse designated as the sole primary beneficiary; or | ||
(b) | Joint Owners, where the Owners are each other’s spouses; or | ||
(c) | If the Contract is issued as a custodial owned IRA or TSA, the beneficial owner must be the Annuitant and the Annuitant’s spouse must be designated as the sole primary beneficiary under the Contract. The custodian, under a custodial owned IRA or TSA, for the benefit of the beneficial owner, may be designated as sole primary beneficiary, provided that the spouse of the beneficial owner is the sole primary beneficiary of the custodial account. |
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(a) | if the Rider terminates as a result of the death of the sole surviving Designated Life; | ||
(b) | upon full annuitization of the Contract; | ||
(c) | after the Contract Value is zero. |
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(a) | Determine excess withdrawal amount (“A”) where A equals total withdrawal amount (including any applicable withdrawal charge) minus the Protected Payment Amount immediately prior to the withdrawal; | ||
(b) | Determine ratio for proportionate reduction (“B”) where B equals A divided by (Contract Value immediately prior to the withdrawal minus Protected Payment Amount immediately prior to the withdrawal); | ||
(c) | Determine the new Protected Payment Base which equals (Protected Payment Base immediately prior to the withdrawal) multiplied by (1 minus B). The Protected Payment Base will never be less than zero. |
(a) | Determine excess withdrawal amount (“A”) where A equals total withdrawal amount (including any applicable withdrawal charge); | ||
(b) | Determine ratio for proportionate reduction (“B”) where B equals A divided by the Contract Value immediately prior to the withdrawal; | ||
(c) | Determine the new Protected Payment Base which equals the lesser of: |
1. | The Protected Payment Base immediately prior to the withdrawal multiplied by (1 minus B); or | ||
2. | The Protected Payment Base immediately prior to the withdrawal minus the total withdrawal amount (including any applicable withdrawal charge). |
(a) | you have authorized us to calculate and make periodic distribution of the Annual RMD Amount for the Calendar Year required based on the payment frequency you have chosen; | ||
(b) | the Annual RMD Amount is based on this Contract only; and | ||
(c) | no withdrawals (other than RMD withdrawals) are made from the Contract during the Contract Year; and | ||
(d) | the youngest Designated Life is age [59 1/2] or older. |
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(a) | the Protected Payment Amount will be paid each year until the death of all Designated Lives eligible for lifetime benefits. The payments will be made under a series of pre-authorized withdrawals under a payment frequency, as elected by the Owner, but no less frequently than annually; | ||
(b) | no additional Purchase Payments will be accepted under the Contract; | ||
(c) | the Contract will cease to provide any death benefit. |
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(a) | the Life Only fixed annual payment amount calculated based on the Net Contract Value at the maximum Annuity Date, less any charges for premium taxes and/or other taxes, and the Life Only fixed annuity rates based on the greater of our current income factors in effect for the Contract on the maximum Annuity Date; or our guaranteed income factors; or | ||
(b) | the Protected Payment Amount in effect at the maximum Annuity Date. |
(a) | the day any portion of the Contract Value is no longer invested according to the investment allocation requirements applicable to this Rider; | ||
(b) | the day of death of all Designated Lives eligible for lifetime benefits; | ||
(c) | upon the death of the first Designated Life, if a death benefit is payable and a spouse who chooses to continue the contract is not a Designated Life eligible for lifetime benefits; | ||
(d) | upon the death of the first Designated Life, if a death benefit is payable and the Contract is not continued according to the Continuation of Rider if Surviving Spouse Continues Contract provision; | ||
(e) | if both Designated Lives are Joint Owners and there is a change in marital status, the Rider will terminate upon the death of the first Designated Life eligible for lifetime benefits and who is also an Owner; | ||
(f) | the day the Contract is terminated in accordance with the provisions of the Contract; | ||
(g) | the day that neither Designated Life is an Owner (or Annuitant, in the case of a custodial owned IRA or TSA); | ||
(h) | the Annuity Date; | ||
(i) | the day that the Contract Value is reduced to zero as a result of a withdrawal (except an RMD withdrawal) that exceeds the Protected Payment Amount; or | ||
(j) | the day that the Contract Value is reduced to zero and the youngest Designated Life is younger than age [59 1/2]. |
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Chairman and Chief Executive Officer | Secretary ] |
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• | Rider purchased at Contract issue by Joint Owners, both 65 years old | ||
• | Automatic resets are shown, if applicable | ||
• | Investment returns are hypothetical |
Contract | Protected | Protected | ||||||||||||||||||
Purchase | Withdrawal | Value After | Payment | Payment | ||||||||||||||||
Contract Year | Payment | Amount | Transaction | Base | Amount | |||||||||||||||
Beginning of Year 1
|
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 4,000 | ||||||||||||
Example 2: Subsequent Purchase Payment | ||||||||||||||||||||
Contract | Protected | Protected | ||||||||||||||||||
Purchase | Withdrawal | Value After | Payment | Payment | ||||||||||||||||
Contract Year | Payment | Amount | Transaction | Base | Amount | |||||||||||||||
Beginning of Year 1 |
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 4,000 | ||||||||||||
Activity |
$ | 100,000 | $ | 202,000 | $ | 200,000 | $ | 8,000 | ||||||||||||
Beginning of Year 2 |
$ | 207,000 | $ | 207,000 | $ | 8,280 |
• | Since a subsequent purchase payment of $100,000 was made in the first Contract Year, the Protected Payment Base is increased by the amount of the purchase payment and the Protected Payment Amount is adjusted to equal 4% of the new Protected Payment Base. |
• | An automatic Reset takes place at the beginning of Contract Year 2, since the Contract Value ($207,000) is higher than the Protected Payment Base ($200,000). This resets the Protected Payment Base to $207,000 and the Protected Payment Amount increases to $8,280 (4% x $207,000). |
Contract | Protected | Protected | ||||||||||||||||||
Purchase | Withdrawal | Value After | Payment | Payment | ||||||||||||||||
Contract Year | Payment | Amount | Transaction | Base | Amount | |||||||||||||||
Beginning of Year 1 |
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 4,000 | ||||||||||||
Activity |
$ | 100,000 | $ | 202,000 | $ | 200,000 | $ | 8,000 | ||||||||||||
Beginning of Year 2 |
$ | 207,000 | $ | 207,000 | $ | 8,280 | ||||||||||||||
Activity |
$ | 5,000 | $ | 204,000 | $ | 207,000 | $ | 3,280 | ||||||||||||
Beginning of Year 3 |
$ | 205,000 | $ | 207,000 | $ | 8,280 | ||||||||||||||
Beginning of Year 4 |
$ | 215,000 | $ | 215,000 | $ | 8,600 |
• | Since a withdrawal of less than the Protected Payment Amount takes place in Contract Year 2, the Protected Payment Base remains the same ($207,000) and the Protected Payment Amount is reduced by the amount of the withdrawal. |
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• | At the beginning of Contract Year 3, a Reset does not take place since the Contract Value ($205,000) is less than the Protected Payment Base ($207,000). The Protected Payment Base ($207,000) remains the same and the Protected Payment Amount is reset to $8,280 (4% x 207,000). |
• | An automatic Reset takes place at the beginning of Contract Year 4, since the Contract Value ($215,000) is higher than the Protected Payment Base ($207,000). This resets the Protected Payment Base to $215,000. Also, the Protected Payment Amount increases to $8,600 (4% x $215,000). |
Contract | Protected | Protected | ||||||||||||||||||
Purchase | Withdrawal | Value After | Payment | Payment | ||||||||||||||||
Contract Year | Payment | Amount | Transaction | Base | Amount | |||||||||||||||
Beginning of Year 1 |
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 4,000 | ||||||||||||
Activity |
$ | 100,000 | $ | 202,000 | $ | 200,000 | $ | 8,000 | ||||||||||||
Beginning of Year 2 |
$ | 207,000 | $ | 207,000 | $ | 8,280 | ||||||||||||||
Activity |
$ | 20,000 | $ | 182,000 | $ | 194,477 | $ | 0 | ||||||||||||
Beginning of Year 3 |
$ | 192,000 | $ | 194,477 | $ | 7,779 | ||||||||||||||
Beginning of Year 4 |
$ | 215,000 | $ | 215,000 | $ | 8,600 |
• | Since the $20,000 withdrawal in Contract Year 2 exceeds the Protected Payment Amount, the Protected Payment Base is reduced to $194,477 |
o | A = $11,720 = ($20,000 — $8,280) | ||
o | B = 0.0605 = $11,720/($202,000 — $8,280); $202,000 = contract value prior to the $20,000 withdrawal | ||
o | Protected Payment Base = $194,477 = $207,000 x (1 — 0.0605) | ||
o | The Protected Payment Amount is reduced to $0 for the remainder of Contract Year 2 |
• | At the beginning of Contract Year 3, a Reset does not take place since the Contract Value ($192,000) is less than the Protected Payment Base ($194,477). The Protected Payment Base ($194,477) remains the same and the Protected Payment Amount is reset to $7,779 (4% x 194,477). | ||
• | An automatic Reset takes place at the beginning of Contract Year 4, since the Contract Value ($215,000) is higher than the Protected Payment Base ($194,477). This resets the Protected Payment Base to $215,000. Also, the Protected Payment Amount increases to $8,600 (4% x $215,000). |
• | Rider purchased at Contract issue by Joint Owners (Designated Lives), both 56 years old | ||
• | Automatic resets are shown, if applicable |
Contract | Protected | Protected | ||||||||||||||||||||
Purchase | Withdrawal | Value After | Payment | Payment | ||||||||||||||||||
Contract Year | Owner Age | Payment | Amount | Transaction | Base | Amount | ||||||||||||||||
Beginning of Year 1 |
56 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 0 | |||||||||||||
Activity |
$ | 100,000 | $ | 202,000 | $ | 200,000 | $ | 0 | ||||||||||||||
Beginning of Year 2 |
57 | $ | 207,000 | $ | 207,000 | $ | 0 | |||||||||||||||
Beginning of Year 3 |
58 | $ | 220,000 | $ | 220,000 | $ | 0 | |||||||||||||||
Activity |
$ | 30,000 | $ | 180,000 | $ | 188,562 | $ | 0 | ||||||||||||||
Beginning of Year 4 |
59 | $ | 183,000 | $ | 188,562 | $ | 0 | |||||||||||||||
Activity |
Attains Age 59 1/2 | $ | 178,000 | $ | 188,562 | $ | 7,542 | |||||||||||||||
Beginning of Year 5 |
60 | $ | 185,000 | $ | 188,562 | $ | 7,542 | |||||||||||||||
Beginning of Year 6 |
61 | $ | 215,000 | $ | 215,000 | $ | 8,600 |
• | The Protected Payment Amount is equal to $0 until the youngest Designated Life reaches age 59 1/2. | ||
• | Since the withdrawal of $30,000 is taken prior to age 59 1/2 in Contract Year 3, the Protected Payment Base is reduced to $188,562; the Protected Payment Base is reset to the lesser of: |
o | The Protected Payment Base immediately prior to the withdrawal multiplied by (1 minus B); |
§ | A = $30,000 |
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§ | B = 0.1429 = $30,000/$210,000; $210,000 = contract value prior to the $30,000 withdrawal | ||
§ | Protected Payment Base = $188,562 = $220,000 x (1 — 0.1429) |
o | The Protected Payment Base immediately prior to the withdrawal minus the total withdrawal amount. |
§ | Protected Payment Base = $190,000 = $220,000 — $30,000 |
o | Since $188,562 is less than $190,000, the Protected Payment Base is reduced to $188,562 |
• | At the beginning of Contract Year 4, a Reset does not take place since the Contract Value ($183,000) is less than the Protected Payment Base ($188,562). The Protected Payment Base ($188,562) remains the same. Also, the Protected Payment Amount remains at $0 since the youngest Designated Life has not reached age 59 1/2. |
• | During Contract Year 4, the youngest Designated Life attains age 59 1/2. At this time, the Protected Payment Amount is set to $7,542 (4% x $188,562). |
• | At the beginning of Contract Year 5, a Reset does not take place since the Contract Value ($185,000) is less than the Protected Payment Base ($188,562). The Protected Payment Base ($188,562) and Protected Payment Amount ($7,542) remain the same. |
• | An automatic Reset takes place at the beginning of Contract Year 6, since the Contract Value ($215,000) is higher than the Protected Payment Base ($188,562). This resets the Protected Payment Base to $215,000. Also, the Protected Payment Amount increases to $8,600 (4% x $215,000). |
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Asset Allocation Strategies | Custom Models | |
[Pacific Dynamix-Conservative Growth Portfolio] [Pacific Dynamix-Moderate Growth Portfolio] [Pacific Dynamix-Growth Portfolio ] [Portfolio Optimization Conservative] [Portfolio Optimization Moderate-Conservative] [Portfoio Optimization Moderate] [Portfolio Optimization Growth] [Alliance Bernstein VPS Balanced Wealth Strategy] [American Funds® Asset Allocation] [BlackRock Global Allocation V.I. Fund] [Franklin Templeton VIP Founding Funds] [GE Investments Total Return Fund] [Invesco V.I. Balanced-Risk Allocation Fund] [MFS Total Return Series] [PIMCO Global Multi-Asset Portfolio] |
[Allowable investment options within various asset groups as described in the Custom Models section of this Appendix A.] |
1) | Custom Models — The Custom Models program allows you, with the help of your financial professional, to create your own asset allocation model that will comply with the investment allocation requirements applicable to this Rider. You will create your own model using the requirements listed below. | |
To create your model, you may select investment options from the available Categories listed in the table below. You must allocate at least [25%] of your Purchase Payment or Contract Value into each one of the available Categories. You may not allocate more than [15%] of your Purchase Payment or Contract Value into any one Investment Option within Category A, B, or C. Category D is optional and you are not required to allocate any part of your Purchase Payment or Contract Value to this Category. If you choose to allocate your Purchase Payment or Contract Value to Category D, you are allowed to allocate more than [15%] to any one Investment Option within Category D. Allocation percentages among the Categories must total [100%]. The model you create will be automatically rebalanced on a quarterly basis. |
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Category C — | ||||||
Category A — | International | |||||
Fixed-Income | Category B — Domestic | Equity and Sector | ||||
Portfolios | Equity Portfolios | Portfolios | Category D — Asset Allocation Strategies | |||
[Floating Rate Loan Cash Management High Yield Bond Managed Bond Inflation Managed Short Duration Bond Diversified Bond Inflation Protected] |
[Small-Cap Growth Equity Index Mid-Cap Value Small-Cap Index American Funds® Growth-Income American Funds® Growth Large-Cap Value Small-Cap Equity Comstock Growth LT Focused 30 Long/Short Large-Cap Mid-Cap Equity Mid-Cap Growth Small-Cap Value Main Street® Core Dividend Growth Large-Cap Growth] |
[nternational Small-Cap Technology Health Sciences International Value International Large-Cap Real Estate Emerging Markets] |
[Pacific Dynamix-Conservative Growth Portfolio Pacific Dynamix-Moderate Growth Portfolio Pacific Dynamix-Growth Portfolio Portfolio Optimization Conservative Portfolio Optimization Moderate-Conservative Portfolio Optimization Moderate Portfolio Optimization Growth Alliance Bernstein VPS Balanced Wealth Strategy American Funds® Asset Allocation BlackRock Global Allocation V.I. Fund Franklin Templeton VIP Founding Funds GE Investments Total Return Fund Invesco V.I. Balanced-Risk Allocation Fund MFS Total Return PIMCO Global Multi-Asset Portfolio] |
2) | Asset Allocation Strategies. You may allocate your entire Purchase Payment or Contract Value among any of the allowable Asset Allocation Strategies listed below: | |
[Pacific Dynamix-Conservative Growth Portfolio Pacific Dynamix-Moderate Growth Portfolio Pacific Dynamix-Growth Portfolio Portfolio Optimization Conservative Portfolio Optimization Moderate-Conservative Portfolio Optimization Moderate Portfolio Optimization Growth Alliance Bernstein VPS Balanced Wealth Strategy American Funds® Asset Allocation BlackRock Global Allocation V.I. Fund Franklin Templeton VIP Founding Funds GE Investments Total Return Fund Invesco V.I. Balanced-Risk Allocation Fund MFS Total Return Series PIMCO Global Multi-Asset Portfolio] Allocations among these strategies must total 100%. |
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(a) | you allocate any portion of your Purchase Payments or transfer any portion of the Contract Value to an investment option that is not currently compliant with the investment allocation requirements applicable to this Rider; | ||
(b) | you allocate any portion of your Purchase Payments or transfer any portion of the Contract Value to any fixed-rate General Account Investment Option (if available under the Contract) that is not an allowable option or an allowable transfer under the program; or | ||
(c) | you change the allocation percentages of your Custom Model program such that the changes do not comply with the requirements described in the Custom Models section of this Appendix A. |
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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/15/24 Sep Acct A of Pacific Life Ins Co 485BPOS 5/01/24 4:15M Toppan Merrill/FA 4/17/23 Sep Acct A of Pacific Life Ins Co 485BPOS 5/01/23 3:14M Toppan Merrill/FA 4/18/22 Sep Acct A of Pacific Life Ins Co 485BPOS 5/01/22 3:52M Toppan Merrill/FA 10/20/21 Sep Acct A of Pacific Life Ins Co 485BPOS 10/20/21 2:626K Toppan Merrill/FA 4/19/21 Sep Acct A of Pacific Life Ins Co 485BPOS 5/01/21 4:38M Toppan Merrill/FA |