Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485BPOS Post-Effective Amendment 1,638 9.41M
2: EX-99 Exhibit 4Vvv 7 28K
3: EX-99 Exhibit 4Www 7 28K
4: EX-99 Exhibit 4Xxx 9 37K
5: EX-99 Exhibit 4Yyy 9 37K
6: EX-99 Exhibit 4Zzz 9 38K
9: EX-99 Miscellaneous Exhibit -- kpmg_consent 1 6K
7: EX-99 Pii Application 9± 51K
8: EX-99 Pii Legal Opinion 1 8K
EX-99 — Exhibit 4Www
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EX-4.www
JACKSON
[2900 Westchester Avenue NATIONAL LIFE INSURANCE COMPANY
Purchase, New York 10577] OF NEW YORK
A STOCK COMPANY
--------------------------------------------------------------------------------
6% GUARANTEED MINIMUM WITHDRAWAL BENEFIT
WITH ANNUAL STEP-UP ENDORSEMENT
THIS ENDORSEMENT IS MADE A PART OF THE CONTRACT TO WHICH IT IS ATTACHED AND IS
EFFECTIVE ON THE ISSUE DATE OF THE CONTRACT, UNLESS ANOTHER EFFECTIVE DATE FOR
THIS ENDORSEMENT IS SHOWN BELOW. 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.
PLEASE NOTE: THIS ENDORSEMENT CANNOT BE TERMINATED INDEPENDENTLY FROM THE
CONTRACT TO WHICH IT IS ATTACHED.
THE GUARANTEED MINIMUM WITHDRAWAL BENEFIT (GMWB) CAN ONLY BE TAKEN AS A
WITHDRAWAL BENEFIT AND DOES NOT INCREASE THE CONTRACT VALUE. THIS IS AN OPTIONAL
BENEFIT AND THERE IS AN ADDITIONAL COST TO THE SEPARATE ACCOUNT CONTRACT VALUE
FOR THE BENEFIT PROVIDED.
A PARTIAL WITHDRAWAL IN EXCESS OF THE GREATER OF THE GUARANTEED ANNUAL
WITHDRAWAL AMOUNT (GAWA), OR THE REQUIRED MINIMUM DISTRIBUTION (RMD) FOR CERTAIN
QUALIFIED CONTRACTS, MAY HAVE AN ADVERSE EFFECT ON THE GUARANTEED WITHDRAWAL
BALANCE (GWB). THE GWB WILL BE REDUCED BY MORE THAN THE AMOUNT OF THE PARTIAL
WITHDRAWAL IF THE CONTRACT VALUE IMMEDIATELY PRIOR TO THE PARTIAL WITHDRAWAL IS
LESS THAN THE GWB. ANY WITHDRAWAL IN EXCESS OF THE GREATER OF THE GAWA OR THE
RMD IN ANY CONTRACT YEAR WILL DECREASE THE GAWA.
WITHDRAWALS UNDER THE GMWB ARE NOT CUMULATIVE. GUARANTEED WITHDRAWALS AVAILABLE
BUT NOT TAKEN DURING ANY GIVEN CONTRACT YEAR CANNOT BE TAKEN AS A GUARANTEED
WITHDRAWAL IN A SUBSEQUENT CONTRACT YEAR.
UPON FULL SURRENDER OF THE CONTRACT, THE GMWB IS TERMINATED WITHOUT VALUE.
SURRENDER OF YOUR CONTRACT WITH A REDUCED OR ZERO CONTRACT VALUE MAY NOT BE
APPROPRIATE IF THE GWB IS POSITIVE.
FOR INFORMATION ON HOW THIS GMWB IS CALCULATED, PLEASE SEE THE ILLUSTRATION ON
PAGE 7.
CERTAIN DEFINITIONS AS FOUND IN THE CONTRACT WHICH ARE RELATIVE TO THIS
ENDORSEMENT HAVE BEEN LISTED BELOW FOR INFORMATIONAL PURPOSES.
CONTRACT VALUE. The Contract Value equals the sum of the Separate Account
Contract Value and the Fixed Account Contract Value.
7531ANY-A
INCOME DATE. The date on which annuity payments are scheduled to begin.
SEPARATE ACCOUNT CONTRACT VALUE. The current value of the amounts allocated to
the Investment Divisions of this Contract.
WITHDRAWAL VALUE. The Contract Value, less any tax payable, minus any applicable
Withdrawal Charges, Annual Contract Maintenance Charges, and charges due under
any optional endorsement to the Contract, adjusted for any applicable Interest
Rate Adjustment.
THE CONTRACT IS AMENDED AS FOLLOWS:
(1) The following language is added to the CONTRACT DATA PAGE of the Contract:
[Enlarge/Download Table]
"GUARANTEED MINIMUM WITHDRAWAL On a monthly basis, the charge equals [0.0725%] of the
BENEFIT (GMWB) CHARGE: Guaranteed Withdrawal Balance (GWB) and is deducted from the
Separate Account Contract Value (i) at the end of each
Contract Month; and (ii) upon termination of the GMWB. Upon
an Owner initiated step-up, the Company reserves the right
to increase the GMWB Charge, subject to a maximum GMWB
Charge, on a monthly basis, of [0.1350%].
On any future Contract Anniversary, the Company may reduce
the GMWB Charge if no withdrawals have been taken.
The GMWB Charge will be discontinued upon the earlier of the
termination of this benefit or the date on which the
Contract Value equals zero."
(2) The following language is added to the DEFINITIONS section of the Contract:
"CONTRACT MONTH. The one-month period beginning on the Issue Date or any
Contract monthly anniversary.
CONTRACT YEAR. The twelve-month period beginning on the Issue Date or any
Contract Anniversary.
GUARANTEED ANNUAL WITHDRAWAL AMOUNT (GAWA). The maximum amount the Owner is
allowed to withdraw each Contract Year, subject to the exception stated in this
endorsement, for the guarantee to remain fully effective.
GUARANTEED WITHDRAWAL BALANCE (GWB). The guaranteed amount available for future
periodic partial withdrawals.
RECAPTURE CHARGE. For Contracts with a Contract Enhancement, the Recapture
Charge is assessed against certain withdrawals from the Contract Value whenever
a withdrawal is made of the Premium allocated to the Contract Value that has
received a Contract Enhancement, or upon the exercise of the Right to Examine.
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."
7531ANY-A 2
(3) The following language is added to the WITHDRAWAL PROVISIONS of the
Contract:
"GUARANTEED MINIMUM WITHDRAWAL BENEFIT. The GMWB allows the Owner to make
periodic partial withdrawals, prior to the Income Date that, in total, equal the
Guaranteed Withdrawal Balance (GWB) at election or most recent step-up
regardless of the performance of the Investment Divisions or level of the
Contract Value. The guarantee is fully effective if periodic partial withdrawals
taken within any one Contract Year do not exceed the greater of Guaranteed
Annual Withdrawal Amount (GAWA) or the Required Minimum Distribution (RMD). The
GWB will automatically "step up" to the current Contract Value (if greater than
the GWB) on each of the first 12 Contract Anniversaries following the effective
date of this endorsement. Thereafter, the Owner may "step up" the GWB to the
current Contract Value at any time after one year from the prior step-up,
subject to the Guaranteed Withdrawal Balance Step-Up provisions. Withdrawals
under the GMWB are non-cumulative; therefore, guaranteed withdrawals available
but not taken during any given Contract Year cannot be taken as a guaranteed
withdrawal in a subsequent Contract Year.
The withdrawals made under this endorsement are considered to be the same as any
other partial withdrawals for the purposes of calculating any other values under
the Contract or other endorsements attached to the Contract.
For purposes of this endorsement, partial withdrawals are considered to be the
entire amount withdrawn from the Contract, including any applicable charges and
adjustments for such withdrawals. The total amount received under the guarantee
may be less than the GWB at election or step-up due to the application of these
charges and adjustments.
A partial withdrawal in excess of the Withdrawal Value will be permitted as long
as the total partial withdrawal for the Contract Year does not exceed the
greater of the GAWA or the RMD. A partial withdrawal in excess of the Contract
Value will be permitted as long as the total partial withdrawal for the Contract
Year does not exceed the greater of the GAWA or the RMD. In this case, the
Contract Value will be set to zero and the Contract Value Reduces to Zero
provision will apply.
ASSESSMENT OF GMWB CHARGE. The GMWB Charge is as specified above. 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. GMWB Charges in excess of the
Separate Account Contract Value will be waived. GMWB Charges result in a
redemption of Accumulation Units. The GMWB Charge will not affect the value of
the Accumulation Units. Upon termination of the GMWB, a pro rata GMWB Charge
will be assessed against Your Separate Account Contract Value for the period
since the last monthly GMWB Charge.
GUARANTEED WITHDRAWAL BALANCE.
On the effective date of this endorsement, the GWB is determined as follows and
is subject to a maximum of $5,000,000.00:
1. If elected as of the Issue Date of the Contract, the GWB equals the initial
Premium, net of any applicable premium taxes.
2. If elected after the Issue Date of the Contract, the GWB equals the
Contract Value on the effective date of this endorsement, less any
applicable Recapture Charges that would be assessed on a full withdrawal.
7531ANY-A 3
With each subsequent Premium received after this endorsement is effective, the
GWB will be recalculated to equal the GWB prior to the Premium payment plus the
amount of the Premium payment, net of any applicable premium taxes, subject to
the maximum shown above.
With each partial withdrawal, the GWB is reduced. If You choose to withdraw an
amount during any Contract Year that exceeds the greater of the GAWA or the RMD,
the guarantee provided by this endorsement may be reduced to an amount less than
the GWB at election or step-up.
Partial withdrawals will affect the GWB as follows:
1. If the partial withdrawal plus all prior partial withdrawals made in the
current Contract Year is less than or equal to the greater of the GAWA or
the RMD, the GWB is equal to the greater of:
a. the GWB prior to the partial withdrawal less the partial withdrawal;
or
b. zero.
2. If the partial withdrawal plus all prior partial withdrawals made in the
current Contract Year exceeds the greater of the GAWA or the RMD, the
excess withdrawal is defined to be the lesser of the total amount of the
current partial withdrawal or the amount by which the cumulative partial
withdrawals for the current Contract Year exceeds the greater of the GAWA
or the RMD, and the GWB is equal to the greater of:
a. the GWB prior to the partial withdrawal, first reduced dollar for
dollar for any portion of the partial withdrawal not defined as an
excess withdrawal, then reduced in the same proportion that the
Contract Value is reduced for the excess withdrawal; or
b. zero.
GUARANTEED ANNUAL WITHDRAWAL AMOUNT.
On the effective date of this endorsement, the Guaranteed Annual Withdrawal
Amount is equal to 6% of the GWB.
With each subsequent Premium received after the effective date of this
endorsement, the GAWA will be recalculated to equal the GAWA prior to the
Premium payment plus 6% of the subsequent Premium payment (net of any applicable
premium taxes) or 6% of the increase on the GWB, if less.
Partial withdrawals will affect the GAWA as follows:
1. If the partial withdrawal plus all prior partial withdrawals made in the
current Contract Year is less than or equal to the greater of the GAWA or
the RMD, the GAWA is the lesser of:
a. the GAWA prior to the partial withdrawal; or
b. the GWB after the partial withdrawal.
2. If the partial withdrawal plus all prior partial withdrawals made in the
current Contract Year exceeds the greater of the GAWA or the RMD, the
excess withdrawal is defined to be the lesser of the total amount of the
current partial withdrawal or the amount by which the cumulative partial
withdrawals for the current Contract Year exceeds the greater of the GAWA
or the RMD, and the GAWA is equal to the lesser of:
a. the GAWA prior to the partial withdrawal reduced in the same
proportion that the Contract Value is reduced for the excess
withdrawal; or
b. the GWB after the partial withdrawal.
7531ANY-A 4
CONTRACT VALUE REDUCES TO ZERO. If the Contract Value is reduced to zero, all
other rights under the Contract cease (except the right to change the
Beneficiary), no subsequent Premium payments will be accepted, and all other
endorsements are terminated without value.
The Owner will receive annual payments of the GAWA until the GWB, if any, is
depleted. The last payment will not exceed the remaining GWB at the time of
payment.
Subject to the Company's approval, the Owner may elect to receive payments more
frequently than annually. However, the sum of the payments made during the year
may not exceed the annual payment amount described above.
With each payment the GWB is reduced by the amount of the payment until the GWB
is depleted.
Upon the death of the Owner or the death of any Joint Owner, the Beneficiary
will receive the scheduled payments until the remaining GWB, if any, is
depleted. No other death benefit will apply.
GUARANTEED WITHDRAWAL BALANCE STEP-UP.
On each of the first 12 Contract Anniversaries following the effective date of
this endorsement, the GWB will automatically step up.
On or after the 13th Contract Anniversary following the effective date of this
endorsement, the Owner may elect to step up the GWB. Step-ups may be elected
anytime after one year from the prior step-up. Upon election of step-up, the
Company reserves the right to prospectively increase the GMWB Charge, subject to
the maximum GMWB Charge indicated in this endorsement.
At the time of step-up:
1. The GWB equals the greater of:
a. the Contract Value, subject to a maximum of $5,000,000.00, or
b. the GWB prior to step-up.
2. The GAWA is the greater of:
a. 6% of the new GWB, or
b. the GAWA prior to step-up."
(4) The following language is added to the DEATH BENEFIT PROVISIONS of the
Contract:
"Upon the death of the Owner or the death of any Joint Owner while the Contract
is still in force and before the Income Date, the GMWB terminates without value.
Upon continuation of the Contract by a spousal Beneficiary, the GMWB will remain
in force and may not be subsequently terminated independently from the Contract
to which it is attached. No adjustments will be made to the GWB or the GAWA at
the time of such continuation. Step-ups will continue automatically or as
permitted in accordance with the rules described under the Guaranteed Withdrawal
Balance Step-Up provision. Contract Anniversaries will continue to be based on
the anniversary of the original Contract's Issue Date and continuance of
automatic step-ups will continue to be based on the original effective date of
this endorsement."
7531ANY-A 5
(5) The following language is added to the INCOME PROVISIONS of the Contract:
"In addition to the Income Options available under the Contract, the following
Income Option may be elected by the Owner under this endorsement:
FIXED PAYOUT INCOME OPTION. The Owner is entitled to receive payments in a fixed
dollar amount for a stated number of years. The actual number of years that
payments will be made is determined on the calculation date by dividing the GWB
by the GAWA. The total annual amount payable under this option will equal the
GAWA, but will not exceed the current GWB. This amount will be paid over the
determined number of years in the frequency (not less than annually) that the
Owner elects. If, at the death of the Owner, payments have been made for less
than the stated number of years, the remaining payments will be made to the
Beneficiary. This option may not be available on certain Qualified Plans."
TERMINATION OF THE GMWB. The GMWB will terminate and all benefits under this
endorsement will cease on the earlier of: 1. the date the Owner elects to
receive income payments under the Contract; 2. the date of a full surrender; 3.
the first date upon which both the Contract Value and the GWB are equal to zero;
and 4. the date upon which the Contract terminates because the Owner or any
Joint Owner dies, unless continued by
the spouse.
Endorsement effective date (if different from Issue Date of the Contract):
________________________________
SIGNED FOR THE JACKSON NATIONAL LIFE
INSURANCE COMPANY OF NEW YORK
CLARK P MANNING, JR.
PRESIDENT AND CHIEF EXECUTIVE OFFICER
7531ANY-A 6
ILLUSTRATION OF THE CALCULATION OF THE 6% GUARANTEED MINIMUM WITHDRAWAL
BENEFIT WITH ANNUAL STEP-UP
THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE GWB AND GAWA
VALUES ARE COMPUTED FOR THIS ENDORSEMENT. THE EXAMPLES ONLY DEPICT LIMITED
CIRCUMSTANCES AND SPECIFIC FACTUAL ASSUMPTIONS. THE RESULTS MAY VARY DEPENDING
UPON THE TIMING OR SEQUENCE OF ACTIONS AS WELL AS CHANGES IN MARKET CONDITIONS.
THE FOLLOWING EXAMPLES ASSUME YOU ELECT THE 6% GMWB WITH ANNUAL STEP-UP WHEN YOU
PURCHASE YOUR CONTRACT AND YOUR INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER
OPTIONAL BENEFITS ARE ELECTED. UNDER THESE CIRCUMSTANCES, YOUR INITIAL GWB IS
$100,000 AND YOUR INITIAL GAWA IS $6,000.
EXAMPLE 1: WITHDRAWAL EQUAL TO THE GAWA WHEN THE CONTRACT VALUE HAS DECREASED
DUE TO NEGATIVE MARKET PERFORMANCE.
If you withdraw the GAWA ($6,000) and your Contract Value is $80,000 at the time
of withdrawal, then
o YOUR GWB BECOMES $94,000, which is your prior GWB ($100,000) minus the
GAWA ($6,000).
o Your GAWA for the next year remains $6,000, because you did not take
more than the GAWA ($6,000).
EXAMPLE 2: WITHDRAWAL EXCEEDS THE GREATER OF THE GAWA OR THE RMD WHEN THE
CONTRACT VALUE HAS DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.
If you withdraw $24,500, your GAWA of $6,000 is greater than your RMD, and your
Contract Value is $80,000 at the time of withdrawal, then
o The excess withdrawal is the amount by which the partial withdrawal
exceeds the GAWA: $24,500 - $6,000 = $18,500.
o Your GWB is first reduced dollar for dollar by the portion of the
partial withdrawal NOT defined as an excess withdrawal: $100,000 -
($24,500 - $18,500) = $94,000.
o Your GWB is then reduced in the same proportion that your Contract
Value is reduced for the excess withdrawal:
o Your Contract Value, after reduction for the dollar for dollar
portion, is $74,000. The excess withdrawal of $18,500 reduces
your Contract Value by a factor of $18,500/$74,000 = 0.25.
o Your GWB is equal to: $94,000 x (1 - 0.25) = $70,500.
o YOUR NEW GWB IS $70,500.
o Your new GAWA is $4,500 since the proportional reduction of the GAWA
($6,000 x (1 - 0.25)) is less than your GWB after the partial
withdrawal ($70,500).
As you can see from the examples above, taking a withdrawal that exceeds the
greater of the GAWA or the RMD reduces the Guaranteed Minimum Withdrawal
Benefit.
7531ANY-A 7
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