Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485BPOS Post-Effective Amendment 4,948± 22.89M
12: CORRESP ¶ Comment-Response or Other Letter to the SEC 2 3K
2: EX-99 7551 Gmib 6± 25K
3: EX-99 7587 Freedom 13± 45K
4: EX-99 7588 Joint Freedom 14± 46K
5: EX-99 7589 Freedom Db 14± 47K
6: EX-99 Application 10± 53K
11: EX-99 Kpmg Consent 1 6K
10: EX-99 Legal Opinion 1 8K
8: EX-99 Reinsurance Amendment 10 8± 56K
9: EX-99 Reinsurance Amendment 12 9± 58K
7: EX-99 Reinsurance Amendment 9 8 18K
‘EX-99’ — 7551 Gmib
EX-4dddd.
7551ANY
JACKSON NATIONAL LIFE INSURANCE COMPANY
OF NEW YORK
A Stock Company
GUARANTEED MINIMUM INCOME BENEFIT ENDORSEMENT
This endorsement is made a part of the Contract to which it is attached and is
effective on the Issue Date. To the extent any provisions contained in this
endorsement are contrary to or inconsistent with those of the Contract to which
it is attached, the provisions of this endorsement will control. This Guaranteed
Minimum Income Benefit (also referred to as the GMIB) may only be elected prior
to the Issue Date, and only if the Annuitant is not older than age 75 on the
Issue Date.
The GMIB Benefit Base is established for the sole purpose of determining the
minimum income benefit. The GMIB Benefit Base is not available as a cash
surrender or death benefit, nor is it used in the calculation of the cash
surrender or death benefit.
Once elected, the GMIB cannot be terminated except as provided in the
Termination of the GMIB provision below.
The Contract is amended as follows:
The following are added to the DEFINITIONS section:
"CONTRACT MONTH. The one-month period beginning on the Issue Date or any
Contract Monthly Anniversary.
CONTRACT MONTHLY ANNIVERSARY. Each one-month anniversary of the Issue Date.
EXERCISE DATE. The Business Day that You elect Your annuity payments to begin
under this endorsement. This date can only be on or during the 30 calendar day
period following any Contract Anniversary that is at least 10 years later than
the most recent Step-Up Date, but in no event later than the 30 calendar day
period following the Contract Anniversary on or immediately following the
Annuitant's 85th birthday.
GMIB BENEFIT BASE. The GMIB Benefit Base will be determined at the end of any
Business Day, and is equal to the greater of a. or b. where:
a. is the Roll-Up Component which is equal to
1. the Step-Up Value on the most recent Step-Up Date, compounded at an
annual interest rate of 6% from the most recent Step-Up Date until the
earlier of the Annuitant's 80th birthday or the Exercise Date,
2. plus any Premium paid (net of any applicable premium taxes and Sales
Charges) subsequent to the determination of the Step-Up Value,
compounded at an annual interest rate of 6% from the date of the
Premium payment until the earlier of the Annuitant's 80th birthday or
the Exercise Date,
3. plus any Contract Enhancements credited subsequent to the
determination of the Step-Up Value, compounded at an annual interest
rate of 6% from the date of the Premium payment until the earlier of
the Annuitant's 80th birthday or the Exercise Date,
4. less any withdrawal adjustments for withdrawals taken subsequent to
the determination of the Step-Up Value, compounded at an annual
interest rate of 6% from the date of withdrawal adjustment until the
earlier of the Annuitant's 80th birthday or the Exercise Date.
All adjustments for Premium and any Contract Enhancements are made on the date
of the Premium payment. All withdrawal adjustments are made at the end of the
Contract Year and on the Exercise Date. For total withdrawals in a Contract Year
that are less than or equal to 6% of the Roll-Up Component as of the previous
Contract Anniversary, the withdrawal adjustment is the dollar amount of the
withdrawals (including any applicable charges and adjustments for such
withdrawals). For total withdrawals in a Contract Year in excess of 6% of the
Roll-Up Component as of the previous Contract Anniversary, the withdrawal
adjustment is the Roll-Up Component immediately prior to the excess withdrawal
adjustment multiplied by the percentage reduction in the Contract Value
attributable to the excess withdrawals (including any applicable charges and
adjustments for such withdrawals).
b. is the Greatest Contract Anniversary Value Component and is equal to the
1. greatest Contract Value on any Contract Anniversary prior to the
Annuitant's 81st birthday,
2. less any withdrawal adjustments subsequent to the determination of the
greatest Contract Value,
3. plus any Premium paid (net of any applicable premium taxes and Sales
Charges) subsequent to the determination of the greatest Contract
Value, and
4. less any taxes deducted subsequent to the determination of the
greatest Contract Value.
All adjustments are made on the date of the transaction. The withdrawal
adjustment is the Greatest Contract Anniversary Value Component immediately
prior to the withdrawal multiplied by the percentage reduction in the Contract
Value attributable to the withdrawal (including any applicable charges and
adjustments for such withdrawals).
For Annuitant Issue Ages 0-52 (shown on the Contract Data Page) the GMIB Benefit
Base shall never be permitted to exceed the cap, which is equal to a. less b.
where:
a. is equal to 500% of Premiums paid into the Contract (net of any applicable
premium taxes, Sales Charges and excluding Premium paid in the 12 months
prior to the Exercise Date)
b. is equal to any withdrawals (including any applicable charges and
adjustments for such withdrawals) taken since the issuance of the Contract.
The applicability of this limitation will be determined after the calculation of
each component of the GMIB Benefit Base. For Annuitant Issue Ages 53-75, the
GMIB Benefit Base is not subject to a cap.
The GMIB Benefit Base is established for the sole purpose of determining the
minimum income benefit. The GMIB Benefit Base does not affect other Contract
endorsements and is not reflective of the Contract Value.
The minimum values for annuity, cash surrender or death benefits attributable to
the Fixed Account Option(s) of the Contract are based on the Fixed Account
Contract Value in the Fixed Account Option(s) and not the GMIB Benefit Base. The
GMIB Benefit Base is not available as a cash surrender or death benefit, nor is
it used in the calculation of the cash surrender or death benefit.
REQUIRED MINIMUM DISTRIBUTION (RMD). For certain qualified contracts, the
Required Minimum Distribution is the amount defined by the Internal Revenue Code
and the implementing regulations as the minimum distribution requirement that
applies to this Contract only.
STEP-UP DATE. At issue, the Step-Up Date is equal to the Issue Date. After
issue, the Step-Up Date is equal to the Contract Anniversary on which the Owner
elects to step up the Roll-Up Component to the Contract Value. The latest
available Step-Up Date will be the Contract Anniversary on or immediately
following the Annuitant's 75th birthday.
STEP-UP VALUE. On the Issue Date, the Step-Up Value is equal to the initial
Premium paid (net of any applicable premium taxes and Sales Charges) plus any
Contract Enhancement credited. On any other Step-Up Date, the Step-Up Value is
equal to the Contract Value on that Step-Up Date. "
The following provision is added to the INCOME PROVISIONS.
"GUARANTEED MINIMUM INCOME BENEFIT (GMIB). You have the option of exercising the
GMIB instead of the other income options described in the INCOME PROVISIONS of
the Contract. Your monthly income payments will be the GMIB Benefit Base on the
Exercise Date applied to the annuity rates based upon the Table of Guaranteed
Annuity Purchase Rates attached to this endorsement. The Guaranteed Annuity
Purchase Rates under the GMIB endorsement will be lower than those attached to
the Contract.
If you elect to exercise the GMIB, you may choose any life contingent fixed
annuity payment income option described in the Contract. Such fixed annuity
payment income options include: a. Life Income, b. Joint and Survivor, c. Life
Annuity with 120 Monthly Periods Guaranteed, and d. Joint and Survivor Life
Annuity with 120 Monthly Periods Guaranteed. No other income options will be
available.
Contract Value Falls to Zero. If Your Contract Value falls to zero while the
GMIB is in effect, then: a. If, in each Contract Year since the Issue Date, all
withdrawals taken during the Contract Year have either been Required Minimum
Distributions or, in total (including any applicable charges and adjustments)
have not exceeded 6% of the Roll-Up Component as of the previous Contract
Anniversary, the GMIB provision will be automatically exercised. A notice will
be sent to You within 10 calendar days to inform You that the provision has been
exercised, and You will have 30 days from the date the Contract Value falls to
zero in order to choose a fixed annuity payment income option and the frequency
of Your payments. If the 30 day period expires and You have not made a choice,
then You will receive monthly payments based on a Life Annuity with 120 Monthly
Periods Guaranteed (Joint and Survivor Life Annuity with 120 Monthly Periods
Guaranteed if there are Joint Annuitants) beginning 60 days from the date the
Contract Value falls to zero. b. Otherwise, the GMIB will terminate without
value.
BASIS OF COMPUTATION. The actuarial basis for the Table of Guaranteed Annuity
Purchase Rates shall be a 10 year setback of the Annuity 2000 Mortality Table,
with an interest rate of 2.5%, and a 2% expense load. This table does not
include any applicable tax.
Assessment of GMIB Charge. The GMIB Charge is as specified on the Contract Data
Page. This charge will be deducted at the end of each Contract Month on a pro
rata basis from the Investment Divisions of the Separate Account. GMIB Charges
in excess of the Separate Account Contract Value will be waived. GMIB Charges
result in a redemption of Accumulation Units. The GMIB Charge will not affect
the value of the Accumulation Units.
Upon termination of the GMIB, a pro rata GMIB Charge will be assessed against
Your Separate Account Contract Value for the period since the last monthly GMIB
Charge.
Death of the Owner or Annuitant. If You are also the Annuitant, and You die and
Your spouse continues the Contract, Your spouse will become the Annuitant and
will continue to be eligible for the GMIB, as long as Your spouse would have
been eligible as an Annuitant on the Issue Date under the terms of this GMIB
endorsement and is not age 85 or older. If Your spouse would not have been
eligible as an Annuitant on the Issue Date under the terms of this endorsement
or is age 85 or older, the GMIB Charge will be discontinued, the GMIB
endorsement shall immediately terminate, and Your spouse will not receive the
GMIB hereunder.
If the Owner (assuming the Owner is a natural person) and the Annuitant are not
the same person and the Annuitant dies, You may select a new Annuitant; as long
as the new Annuitant would have been eligible as an Annuitant on the Issue Date
under the terms of this endorsement and is not age 85 or older. If the new
Annuitant would not have been eligible as an Annuitant on the Issue Date under
the terms of this endorsement or is age 85 or older, the GMIB Charge will be
discontinued, the GMIB endorsement shall immediately terminate, and You will not
receive the GMIB hereunder.
The Contract to which this endorsement is attached is hereby amended under this
endorsement to limit the Owner's right to change/or select a new Annuitant as
provided for in the immediately preceding paragraph.
Termination of the GMIB. The GMIB will terminate and not be payable under this
endorsement on the earlier of:
1. the date You elect to receive income payments under the Contract;
2. the Exercise Date of this endorsement;
3. the 31st calendar day following the Contract Anniversary on or immediately
following the Annuitant's 85th birthday;
4. the later of the date the Contract Value falls to zero due to a total
withdrawal from the Contract or the deduction of charges or the date of any
applicable automatic annuitization under the Contract Value Falls to Zero
provision; and, 5. upon Your death (unless Your spouse is the Beneficiary,
elects to continue the Contract and is eligible for this benefit); or, upon
the death of the Annuitant if the Owner is not a natural person.
Once income payments under the GMIB have been elected, payments will continue as
defined by the income option selected.
Limitations and Restrictions --- Please read carefully
1. The GMIB may only be elected prior to the Issue Date.
2. If the GMIB endorsement is elected, the Annuitant must not be older than
age 75 on the Issue Date.
3. A written request for step-up must be received in Good Order by the Service
Center within 30 days prior to the Contract Anniversary.
4. If the GMIB endorsement is elected, the GMIB endorsement is irrevocable and
will remain in place as long as the Contract remains in force or until
otherwise terminated hereunder.
5. The GMIB will only be payable as one of the following life contingent fixed
annuity payment income options:
a. Life Income,
b. Joint and Survivor,
c. Life Annuity with 120 Monthly Periods Guaranteed, and
d. Joint and Survivor Life Annuity with 120 Monthly Periods Guaranteed.
6. Unless the GMIB is automatically exercised when the Contract Value falls to
zero, it may only be exercised on or during the 30 calendar day period
following any Contract Anniversary that is at least 10 years later than the
most recent Step-Up Date, but in no event later than the 30 calendar day
period following the Contract Anniversary on or immediately following the
Annuitant's 85th birthday.
7. In the event of Joint Annuitants, the age of the youngest Annuitant will be
used to determine all limits dependent on age in this endorsement. "
SIGNED FOR THE
JACKSON NATIONAL LIFE INSURANCE COMPANY
CLARK P. MANNING
Clark P. Manning
PRESIDENT AND CHIEF EXECUTIVE OFFICER
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TABLE OF GUARANTEED ANNUITY PURCHASE RATES
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The following table is for a GMIB Benefit Base of $1,000 and will apply pro rata
to the actual GMIB Benefit Base calculated under this endorsement.
[Enlarge/Download Table]
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Monthly Monthly Monthly Monthly
Installments Installments Installments Installments
----------------- ----------------- ----------------- ----------------
Age of Life w/ Age of Life w/ Age of Life w/ Age of Life w/
Annuitant Life 120 mos. Annuitant Life 120 mos. Annuitant Life 120 mos. Annuitant Life 120 mos.
Male Only Certain Male Only Certain Female Only Certain Female Only Certain
--------------------------------------------------------------------------------------------------------------
40 2.85 2.84 64 4.03 3.99 40 2.74 2.74 64 3.74 3.72
41 2.88 2.87 65 4.11 4.07 41 2.76 2.76 65 3.81 3.79
42 2.90 2.90 66 4.20 4.15 42 2.79 2.79 66 3.89 3.86
43 2.93 2.93 67 4.30 4.24 43 2.81 2.81 67 3.97 3.94
44 2.97 2.96 68 4.40 4.33 44 2.84 2.84 68 4.05 4.02
45 3.00 2.99 69 4.51 4.43 45 2.87 2.87 69 4.15 4.10
46 3.03 3.03 70 4.62 4.53 46 2.90 2.90 70 4.24 4.19
47 3.07 3.06 71 4.74 4.64 47 2.93 2.93 71 4.34 4.29
48 3.11 3.10 72 4.87 4.76 48 2.96 2.96 72 4.45 4.39
49 3.15 3.14 73 5.01 4.88 49 2.99 2.99 73 4.57 4.50
50 3.19 3.18 74 5.16 5.00 50 3.03 3.03 74 4.69 4.61
51 3.23 3.22 75 5.32 5.13 51 3.07 3.06 75 4.83 4.73
52 3.28 3.27 76 5.49 5.27 52 3.10 3.10 76 4.97 4.85
53 3.33 3.32 77 5.67 5.41 53 3.14 3.14 77 5.12 4.99
54 3.38 3.36 78 5.87 5.56 54 3.19 3.18 78 5.28 5.13
55 3.43 3.41 79 6.07 5.72 55 3.23 3.22 79 5.46 5.27
56 3.48 3.47 80 6.29 5.87 56 3.28 3.27 80 5.65 5.43
57 3.54 3.52 81 6.53 6.04 57 3.32 3.31 81 5.85 5.59
58 3.60 3.58 82 6.78 6.20 58 3.37 3.36 82 6.07 5.76
59 3.66 3.64 83 7.04 6.37 59 3.43 3.42 83 6.31 5.94
60 3.73 3.70 84 7.33 6.55 60 3.48 3.47 84 6.57 6.12
61 3.80 3.77 85 7.63 6.72 61 3.54 3.53 85 6.85 6.31
62 3.87 3.84 86 7.96 6.90 62 3.60 3.59 86 7.15 6.51
63 3.95 3.91 63 3.67 3.65
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Note: Due to the length of the information, the Tables for the Joint and
Survivor income option and the Joint and Survivor Life Annuity with
120 Monthly Periods Guaranteed income option are available from the
Service Center upon Your request.
4 Subsequent Filings that Reference this Filing
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