Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485APOS Post-Effective Amendment No. 21 to Form N-1A 208 1.13M
2: EX-4.A.V Form Irc Section 401 Group Annuity 19 85K
3: EX-4.A.VI Form Irc Section 401-New York 27 97K
4: EX-4.A.VII Form of Certificate Under Section 401 2 13K
5: EX-4.B.I.C Form of Irc Section 403(B) 26 87K
6: EX-4.B.I.D Form of Irc Section 403(B)-Texas 25 72K
7: EX-4.B.I.E. Form of Irc Section 403(B)-Oregon 21 88K
11: EX-4.B.IX Form of Certificate-Texas (Ffa) 18 61K
8: EX-4.B.VI Form of Certificate-New Jersey 19 71K
9: EX-4.B.VII Form of Certificate-Oregon 17 60K
10: EX-4.B.VIII Form of Certificate-Texas 19 60K
12: EX-4.B.X Endorsement Under SEC. 403(B), 403(A) 2± 10K
13: EX-4.B.XI Form of Endorsement Under Irc SEC. 403(B) 2 11K
14: EX-4.D.XIII Form of Endorsement Under Section 408 1 9K
15: EX-4.F.V Form of Irc Section 457 25 77K
16: EX-13.A Powers of Attorney 3 12K
EX-4.B.VII — Form of Certificate-Oregon
| EX-4.B.VII | 1st Page of 17 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
|---|
EXHIBIT (4)(b)(vii)
[LOGO] METLIFE(R)
METROPOLITAN LIFE INSURANCE COMPANY
(A Mutual Company Incorporated in New York State)
One Madison Avenue--New York, New York 10010-3690
MULTIFUNDED ANNUITY CERTIFICATE
This certificate is a tax-sheltered annuity under Section 403(b) of the Internal
Revenue Code. It is a legal contract between you and MetLife that contains your
benefits and rights and your beneficiary's rights in an easy to read Question
and Answer format. Please read this certificate carefully.
CERTTIFICATE DATE April 15, 1994
DATE FIRST CERTIFICATE YEAR ENDS December 31, 1994
PARTICIPANT'S NAME John Smith
CERTIFICATE NUMBER S123456789
GROUP ANNUITY CONTRACT Trustee of the OEA Choice Personal Benefits
Trust
INITIAL ADMINISTRATIVE FEE $20 (See item 13)
ALL VALUES PROVIDED BY THIS CERTIFICATE WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT. AVAILABLE SEPARATE ACCOUNT INVESTMENT DIVISIONS AS OF THE CERTIFICATE
DATE ARE: THE METROPOLITAN GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH,
INTERNATIONAL STOCK AND STOCK INDEX DIVISIONS; THE FIDELITY GROWTH, OVERSEAS,
EQUITY-INCOME, INVESTMENT GRADE BOND, MONEY MARKET AND ASSET MANAGER DIVISIONS;
AND THE CALVERT SOCIALLY RESPONSIBLE AND ARIEL DIVISIONS. A DESCRIPTION OF EACH
OF THESE DIVISIONS IS INCLUDED IN THE PROSPECTUS.
10-DAY RIGHT TO EXAMINE
You may return your certificate to us at our designated office or to the person
through whom you purchased it within 10 days of the date you receive it. If you
return it within the 10 day period, the certificate will be canceled from the
Certificate Date. We will return any deposits received on your behalf.
/s/ Joseph A. Reali /s/ T. Athanassiades
Joseph A. Reali Ted Athanassiades
Vice-President & Secretary President & Chief Operating Officer
Cover Page
G.4333-9A
1. WHAT DO THE BASIC TERMS IN MY CERTIFICATE MEAN?
"Account Balance" is the entire amount we hold under this certificate for
you.
"Certificate Year" for the first year is measured from the certificate date
and continues to the date specified on the cover page. Each new
certificate year begins the next day. For example, if the certificate date
is May 15, 1995 and if the first certificate year ends March 31, 1996, the
second certificate year begins April 1, 1996 and ends on March 31, 1997.
The certificate anniversary will be May 15th.
"Code" means the Internal Revenue Code.
"Deposit" refers to money received in your certificate whether sent by your
employer or under a transfer or exchange.
"Deposit Year" for any deposit, for the first year, is measured from the
date we receive it in our designated office and continues until the last
day of the month in which the anniversary of such receipt occurs. Each new
deposit year begins on the first day of the next month (this works much
like certificate years, except that deposit years are determined separately
for each deposit).
"Designated Office" is the administrative office servicing your
certificate. It is currently the Pension and Savings Center, Metropolitan
Life Insurance Company, 1125 17th Street, 8th Floor, Denver, CO 80201-
6516. If we change it, we will tell you.
"Funding Options" refer to the Metropolitan Series Fund, Inc., the Calvert
Socially Responsible Series, the Calvert Ariel Appreciation Portfolio II,
and Fidelity's Variable Insurance Products Fund and Variable Insurance
Products Fund II. All are either mutual funds or series of mutual funds
used only for insurance and annuity contracts such as this one. The
Metropolitan Series Fund and Fidelity's Variable Insurance Products Fund
and Variable Insurance Products Fund II are divided into portfolios each of
which has its own investment objectives.
"Investment Divisions" are part of the Separate Account. Each division
invests in a corresponding portfolio or series of the Funding Options,
rather than investing directly in stocks, bonds or other investments.
Thus, the investment experience of each division will generally be the same
as that of the corresponding portfolio or series, reduced by charges under
this certificate for services and benefits we provide. The cover page
shows the available divisions. We will tell you about any changes.
"We", "Us", and "Our" refer to Metropolitan Life Insurance Company.
"You", "Your", "Me", "My" or "I" refer to the participant. Your rights
under this
1
certificate are nonforfeitable; i.e., your rights cannot be taken away.
2. HOW ARE DEPOSITS ALLOCATED AND HOW MUCH MONEY CAN BE DEPOSITED UNDER MY
CERTIFICATE?
Annuity deposits may be made at any time while you are alive and before the
date income payments begin, and after we receive written approval of such
deposits from the Administrator. All deposits should be sent to our
designated office.
You choose how deposits are allocated among the Fixed Interest Account and
the investment divisions of the Separate Account. You may change your
allocation for new deposits by telling us. The change will be made upon
receipt, unless you specify a later date, which may be up to 30 days after
we receive the request. Allocations must be in whole number percentages
(e.g., 33 1/3% cannot be chosen).
The lifetime maximum for all deposits is $500,000. We may either return
amounts which are above this limit or agree to take them. We may change the
maximum by telling you in writing at least 90 days in advance.
Sections 403(b) and 415 of the Code limit the annual and aggregate amounts
that may be deposited in 403(b) contracts. The deposits permitted under
this certificate may not exceed these limitations or the limitations in
Sections 402(g) and 457(c)(1) of the Code which apply to elective deferrals
under this certificate and all other contracts you have through your
employer.
We will not accept any deposits under this certificate while you are
withdrawing money under a systematic withdrawal under item 5(i) below, or
after you have made a withdrawal based on termination of employment under
item 5(b) below.
3. CAN MY CERTIFICATE BE CANCELED?
If we do not receive deposits under your certificate for over 36
consecutive months and the account balance is less than $2,000, we may, if
permitted by law, cancel your certificate by paying the full withdrawal
value as if you had asked for a full cash withdrawal.
4. WILL METROPOLITAN ACCEPT TAX-DEFERRED AND AFTER-TAX DEPOSITS?
We will accept the following types of tax-deferred deposits, which are not
included in your gross income under the Code:
(a) Salary reduction elective deferrals--Deposits sent by your employer
-----------------------------------
under a salary reduction agreement with you.
(b) Required salary reduction non-elective deferrals--Deposits sent by
------------------------------------------------
your employer pursuant to a one-time irrevocable election of salary
reduction you made at the time you initially became eligible to
participate in the
2
salary reduction agreement.
(c) Employer contributions--Deposits sent by your employer that are not
----------------------
salary reductions.
(d) Transfers and Exchanges--Deposits resulting from the tax-free transfer
-----------------------
or exchange of other 403(b) annuity contracts or custodial accounts.
We will not accept employee after-tax deposits or any other after-tax
deposit.
5. CAN I MAKE WITHDRAWALS?
Yes, but only to the extent permitted under Federal income tax rules as
discussed in item 9 below.
To request a withdrawal, you may contact our designated office. Any
withdrawal request must be signed by you and must clearly state the account
(and investment division, if any) from which the withdrawal is to be made.
The minimum withdrawal is $500 or your entire account balance, if less.
If you make a partial withdrawal from an investment division or the Fixed
Interest Account, we will first withdraw any amounts from deposits that can
be withdrawn with no withdrawal charge, then withdraw amounts from deposits
subject to a withdrawal charge (ignoring the 20% exemption provided below),
and will then withdraw other amounts from any earnings on such deposits, in
each case on a "first-in, first-out" (FIFO) basis. To determine from what
amounts a withdrawal is taken for tax purposes, we will apply tax rules
which may be different.
Withdrawals to make direct transfers to 403(b) contracts or accounts may be
made only as permitted by Federal income tax rules. Amounts subject to the
withdrawal restrictions described in item 9 may only be transferred to
contracts or accounts with the same or stricter restrictions. We need not
allow more than two direct transfers to other 403(b) contracts or accounts
in any certificate year.
While a loan is outstanding, you may not make any withdrawals that would
reduce your Fixed Interest Account balance below 125% of any outstanding
loan balance. Any outstanding loan balance will be deducted from your
Fixed Interest Account balance, to the extent permitted by the withdrawal
restrictions described in item 9, before payment of a full withdrawal,
income payments, or a death benefit. If the withdrawal restrictions
prevent this, no full withdrawal may be made.
Certificate withdrawal charges are imposed on each deposit for the first
seven deposit years as shown in the following table:
3
-----------------------------------------------------
During Deposit Year
1 2 3 4 5 6 7 8 & Beyond
7% 6% 5% 4% 3% 2% 1% 0%
-----------------------------------------------------
To determine the withdrawal charge, we treat the certificate as if it were
a single account, and ignore both your actual allocations and what account
or division the withdrawal is actually coming from. To do this, we first
treat your withdrawal as coming from deposits that can be withdrawn without
a withdrawal charge, then from other deposits, and then from earnings on
such deposits--in each case on a first-in, first-out basis. Once we have
determined the amount of the withdrawal charge (as explained below), we
will actually withdraw it from each account and investment division in the
same proportion as the withdrawal that is being made. In determining what
the withdrawal charge is, we do not include earnings, although the actual
money to pay the withdrawal charge may come from earnings.
No certificate withdrawal charge will apply:
(a) To a full withdrawal made while you are disabled (as defined under the
Federal Social Security laws).
(b) To any full withdrawal as a result of your separation from service.
(c) To any withdrawal that is required to avoid Federal income tax
penalties or to satisfy Federal income tax rules.
(d) To any withdrawal made under item 16 after your death.
(e) To any withdrawal made to provide income payments for life, or for a
period of five years or more if the payments cannot be accelerated.
(f) To any withdrawal that is the result of an unforeseen hardship
encountered by you (as verified in writing in a form acceptable to
us).
(g) To direct transfers to any funding vehicles pre-approved by us.
(h) To a full withdrawal, if you tell us of your intention to make such a
withdrawal and such withdrawal is paid annually over four years
("systematic withdrawal") as follows:
(1) 20% of your account balance upon receipt of the request (reduced
by any partial withdrawal from your account balance made in the
same certificate year);
(2) 25% of your then current account balance one year later;
(3) 33 1/3% of your then current account balance two years later;
(4) 50% of your then current account balance three years later; and
(5) the remainder of your account balance four years later.
4
You may cancel the remaining withdrawal at any time, but if you do so,
any new systematic withdrawal would be paid over a new four year
period. Full withdrawals over fewer than four years or for amounts in
excess of the percentages shown above will be subject to the
withdrawal charges described above.
(j) For the Fixed Interest Account only, if we agree in writing that none
will apply.
In addition, withdrawals in any certificate year will be exempt from the
withdrawal charge to the extent of: (i) those amounts, if any, that can be
withdrawn without a withdrawal charge, and (ii) any extra amounts needed to
make the exemption equal 20% of your account balance. For example, assume
your account balance is $20,000 and no prior withdrawals during the
certificate year have been made. You now ask for a withdrawal of $2,000
(i.e.,10%). This entire amount may be withdrawn without a withdrawal
charge. If you then ask for another withdrawal in the same certificate
year and at that time your account balance is $19,000, the maximum
additional amount that may be withdrawn without a withdrawal charge is
$1,900 (i.e., 10%) for a total of 20% withdrawn during the certificate
year.
For partial withdrawals, we pay you what you ask for provided such amount
is eligible for withdrawal and reduce the account balance by a larger
amount, as follows: the amount to which no withdrawal charge applies, plus
the amount to which a withdrawal charge applies divided by 100% minus the
percentages shown above (so that if the percentage shown is 7% we divide by
93%). For full withdrawals, we multiply each amount to which the
withdrawal charge applies by the percentages shown above, keep the
resulting amount as a withdrawal charge and pay you the rest. If your
account balance in any investment division or account is not sufficient to
allow us to make a partial withdrawal and deduct the withdrawal charge, we
will treat your request as a request for a full withdrawal.
Example of Withdrawals
----------------------
Assume four deposits of $2,200 each allocated 50% to the Fixed Interest
Account and 50% to the Growth Division of the Separate Account. Further,
assume withdrawal charge percentages of 0%, 3%, 5% and 7% respectively; and
balances of $5,380 in the Fixed Interest Account and $5,550 in the Growth
Division. Assume no transfer or exchange deposits and that your entire
account balance is eligible for withdrawal. You now ask for $3,500 from
the Growth Division.
To determine the charge, we first take the $2,200 that can be withdrawn
with no charge (the fact that only half of it went to the Growth Division
does not matter--we are treating the certificate as if it were a single
account). We then take $1,300 from the second deposit (with a 3%
withdrawal charge) and divide this
5
$1,300 by 97%. The result is $1,340.21. Since the total of these two
numbers is $3,540.21, and you asked for $3,500, the extra $40.21 is the
withdrawal charge. We take the $40.21 from the Growth Division, as well as
taking the $3,500 from there. Your Growth Division balance is now
$2,009.79, and the total account balance is $7,389.79.
If you then take a full withdrawal, we multiply the remaining $859.79 from
your second deposit by 3% ($25.79), the third $2,200 deposit by 5% ($110),
and the fourth $2,200 deposit by 7% ($154). No charge applies to the
earnings. Thus, we withdraw $289.79 as the withdrawal charge, and pay you
the remaining $7,100.
As required by law, we have the right to delay paying any cash withdrawals
from the Fixed Interest Account for up to six months. We do not intend to
do this except in an extreme emergency. We would, of course, credit
interest during any delay.
6. WHAT IS THE FIXED INTEREST ACCOUNT AND HOW IS INTEREST CREDITED TO IT?
The Fixed Interest Account guarantees both your principal and your interest
(subject to any charges that may apply) without regard to any investment
results. The interest rates are set in advance and are "locked-in" without
regard to changing economic conditions.
Interest on amounts allocated to the Fixed Interest Account will be
credited from the date they are received at our designated office or
transferred from the Separate Account. Interest will be credited on amounts
in the Fixed Interest Account until the earliest of: (a) withdrawal because
of your death (or your spouse's if he or she continues the certificate),
(b) the dates the amounts are withdrawn or transferred to the Separate
Account, or (c) the date you start to receive income payments.
For all amounts added to the Fixed Interest Account, interest rates will be
set by us as of each January 1, April 1, July 1 and October 1. The
declared rate in effect when an amount is added to the Fixed Interest
Account will be credited on that amount from the date it is added until the
last day of the calendar year following the year in which it is added.
Thereafter, we will set interest rates for these amounts (and earnings on
them) on or before the first day of each calendar year to be credited
through the last day of such year.
We may credit a different interest rate on transfers and exchanges under
item 5 (d) than we do on other deposits and on transfers from the Separate
Account. The rates for new deposits and transfers from the Separate
Account may be different than the rates credited on amounts already in the
Fixed Interest Account. None of our interest rates will ever be less than
3%.
6
The interest rates we declare are "annual effective yields." The actual
rates we use on a day-to-day basis are slightly lower, but, if the deposit
is left in your certificate for a full year, it will grow by the full
amount on the interest rate we declared, because we compound interest
daily.
7. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account E, an investment account we
maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not
be charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from other contracts
of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio or series of the Funding Options.
Thus, the Separate Account does not invest directly in stocks, bonds, etc.,
but leaves such investments to the Funding Options to make. The Funding
Options are also bought by other separate accounts of ours, our affiliates
and other insurance companies.
We keep track of each investment division of the Separate Account
separately, using accumulation units. When you put money into an
investment division, we give you accumulation units. When you take money
out of the investment division, we reduce the number of your accumulation
units. In either case, the number of accumulation units you gain or lose
is determined by taking the dollar amount of the deposit, transfer or
withdrawal and dividing it by the value of an accumulation unit at the time
of the transaction. Thus, if you transfer in $5,000, and the value of an
accumulation unit is $100, you will get 50 accumulation units.
Initially, we set the value of each accumulation unit. At the end of each
valuation period, we then revise it by taking the net asset value of a
share in the applicable Funding Options portfolio or series at the end of
the valuation period, add any Funding Options dividend or capital gain
distribution during the valuation period, subtract any per share charge for
taxes and reserves for taxes, and divide this total by the net asset value
of a share of the same portfolio or series at the start of the valuation
period. Then we subtract a charge not to exceed .000025905 per day (an
effective annual rate of .95%) for administrative expenses and mortality
and expense risks we assume under the certificate. This calculation
results in a factor that we multiply the previous accumulation unit value
by in order to determine the new accumulation unit value.
A valuation period is the period between one calculation of an accumulation
unit value and the next calculation. Normally, we calculate accumulation
units once each day the New York Stock Exchange is open for trading, but we
can delay
7
this determination if an emergency exists, making valuation of assets in
the Separate Account not reasonably practicable, or the Securities and
Exchange Commission permits such deferral. We may change when we calculate
the accumulation unit value by giving you 30 days notice, to the extent
permitted by law.
Amounts added to the Separate Account will be credited as of the end of the
valuation period during which we receive them at our designated office or
they are transferred from the Fixed Interest Account. Additions to or
withdrawals from an investment division may only be made as of the end of a
valuation period.
We may make certain changes to the Separate Account if we think they would
best serve the interests of participants in or owners of similar contracts
or would be appropriate in carrying out the purposes of such contracts.
Any changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
o To transfer any assets in an investment division to another investment
division, or to one or more other separate accounts, or to our general
account; or to add, combine, or remove investment divisions in the
Separate Account.
o To substitute, for the Funding Options shares held in any investment
division, the shares of another class of the Metropolitan Series Fund,
Inc. or the shares of any other investment permitted by law.
If any changes result in material change in the underlying investments of
an investment division to which an amount is allocated under the
certificate, we will notify you of the change. You may then make a new
choice of investment divisions.
8. CAN MONEY BE TRANSFERRED WITHIN THIS CERTIFICATE?
Yes. An unlimilted number of transfers can be made between investment
divisions of the Separate Account, from an investment division to the Fixed
Interest Account or from the Fixed Interest Account to any investment
division. While a loan is outstanding, you may not make any transfer that
would reduce your Fixed Interest Account balance below 125% of the
outstanding loan balance. You can make a transfer by telling us.
If you make a transfer from the Fixed Interest Account, we will determine
which deposits and interest to take it from as if it was a withdrawal from
the certificate.
8
If you transfer money from the Fixed Interest Account to the Separate
Account and then you transfer money from the Separate Account to the Fixed
Interest Account within 12 months, this will be treated as a return of the
same money (whether or not it really is). Thus, after the transfer into
the Fixed Interest Account, it will earn the same interest rate that it
would have been earning had neither transfer ever taken place. Any amounts
in excess of the original transfer and any amounts transferred back to the
Fixed Interest Account more than 12 months after the first transfer will be
treated as a new deposit to the Fixed Interest Account and will earn the
current interest rate for new deposits.
9. HOW DO FEDERAL INCOME TAX RULES AFFECT MY CERTIFICATE?
These rules affect your certificate in several ways:
(a) Deposits are not included in your gross income and, therefore, are not
currently taxable. The earnings on these deposits are also tax-
deferred.
(b) Salary reduction elective deferral deposits after December 31, 1988
and the earnings credited to those deposits cannot be withdrawn until
you attain age 59 1/2, retire, terminate employment, become disabled
as defined in Code Section 72(m)(7), or die. This restriction also
applies to earnings after December 31, 1988 on amounts attributable to
your pre-1989 elective deferral deposits. We are required by the Code
to prohibit these withdrawals, except as noted in this item 9(b)
below.
If you suffer unforeseen financial hardship, you may become eligible
to withdraw the post-1988 elective deferral deposits, but not the
earnings on them. Except to the extent required by the Code, these
restrictions do not apply to pre-1989 403(b) balances transferred on a
non-taxable basis into this certificate or to transfers on a non-
taxable basis to other 403(b) contracts or accounts. In applying
these restrictions, we will treat this certificate as if it were a
single account and ignore your actual allocations.
To the extent that we are required to apply the withdrawal
restrictions of Code Section 403(b)(7)(A)(ii) to balances transferred
on a non-taxable basis into this certificate, we will do so.
(c) You must start to receive your account balance no later than April 1
of the calendar year following the calendar year in which you reach
age 70 1/2. If you are a participant in a government or church
sponsored plan, you do not have to start to receive your account
balance until you retire. Payment must be in a lump-sum or over a
period not exceeding: (i) your lifetime; (ii) your life expectancy;
(iii) the joint lifetimes of you and your beneficiary; or (iv) the
joint life expectancy of you and your beneficiary. If your
beneficiary is not your spouse and has a longer life expectancy than
you, Federal income tax rules may require payment over a shorter
9
period than shown in (iii) and (iv) above. Withdrawals must be made
in accordance with Code Section 401(a)(9) and the regulations
thereunder, including Regulation 1.401(a)(9)-2. Any withdrawal or
income option under this certificate which is inconsistent with
Federal income tax rules is not valid.
(d) In order to preserve the status of your certificate as a 403(b)
annuity, we have the right to amend this certificate to make it comply
with Federal income tax rules. We will notify you of any amendments
and, when required by law, we will obtain the approval of the
appropriate regulatory authority.
We will refund all or part of your account balance, if necessary, to
maintain your certificate as a 403(b) annuity. If we make such refunds or
payments, we will adjust your account balance accordingly.
10. MAY I ASSIGN THIS CERTIFICATE, OR USE IT AS COLLATERAL FOR A LOAN?
No. In order to qualify as a 403(b) annuity, your certificate is not
transferable. Your certificate may not be sold, assigned, discounted or
pledged as collateral for a loan. You are permitted to borrow amounts from
your Fixed Interest Account balance within specified limits as described
below (see item 11).
11. MAY I BORROW MONEY UNDER MY CERTIFICATE?
Yes, from the Fixed Interest Account only, and only before income payments
begin. How much you can borrow, how quickly you must repay it and various
other restrictions are subject to Federal income tax requirements, which
may change from time to time. Our loan application will tell you about the
restrictions that apply at the time you apply for a loan. Loans will not
be allowed for terms of less than one year or more than five years (15
years for the purchase of a principal residence).
We will charge you interest at the rate of 5% on the amount you borrow from
the date of the loan until the date the loan is repaid. When we make your
loan, your certificate's Fixed Interest Account balance will not be
reduced. Instead, the portion of your Fixed Interest Account balance
(determined on a first-in, first-out basis) from deposits first and then
interest on such deposits equal to the outstanding loan will no longer earn
the declared interest rates, but instead will earn 3%. Also, withdrawals
and transfers will be restricted as described in items 5 and 8 above.
The loan must be repaid in substantially level payments of principal and
interest at least quarterly.
If you fail to make any loan repayment when due, we will withdraw the
amount in default from your Fixed Interest Account balance, to the extent
permitted by
10
Federal income tax and Department of Labor rules. If we cannot withdraw
amounts in default from your Fixed Interest Account balance immediately, we
may do so whenever Federal income tax and Department of Labor rules permit
us to do so.
Only one loan may be outstanding on your certificate at any time, unless we
agree to allow more than one loan.
We reserve the right to delay allowing any loan for up to six months. We
do not intend to do this except in an extreme emergency.
11. ARE DIVIDENDS PAYABLE UNDER MY CERTIFICATE?
No, your certificate is nonparticipating and does not share in any
distribution of our surplus.
13. ARE ADMINISTRATIVE FEES DEDUCTED FROM MY CERTIFICATE?
At the end of each certificate year, we may deduct a $20 administrative fee
from your Fixed Interest Account on a "first-in, first-out" basis from
deposits and then from earnings on such deposits, if the account balance is
less than $10,000 and no deposits were received during the certificate
year. If your Fixed Interest Account balance is less than $20 at the end
of a certificate year, we will waive the fee. We will also waive any fee
due when your certificate ends. No administrative fee applies to the
Separate Account.
We may change the date on which the administrative fee is deducted to the
certificate anniversary. If we do so, we will tell you in advance.
14. HOW CAN I GET INFORMATION ABOUT MY CERTIFICATE AND ITS VALUE?
Each certificate year (except for the first certificate year), before
income payments start, we will send you a statement with details on
deposits, values, withdrawals, and other information about your certificate
on a calendar quarter basis. If you need information at other times,
please tell us.
Any time you or the Administrator has to tell us something (e.g., to
request additional information, to make transfers, to change your
allocation for new deposits, to make withdrawals), you or the Administrator
must send written notice to our designated office unless we have set up
some other procedure, such as notice by telephone.
11
15. CAN METROPOLITAN GUARANTEE ME AN INCOME FOR AS LONG AS I LIVE OR FOR A WIDE
CHOICE OF OTHER PERIODS?
Yes. You can receive income payments guaranteed for life on a monthly,
quarterly, semiannual or annual basis. These payments may also be
guaranteed for at least five years, but not beyond your life expectancy or
the joint life expectancy if there is more than one payee.
Other income plans which provide payments for a stated amount or a stated
number of years are also available to the extent permitted by Federal
income tax rules. The amount of each payment under an income plan must be
at least $50.
You may begin receiving income payments at any date you choose after the
certificate date if you tell us at least 30 days in advance. We will send
you information and the necessary forms to sign, upon receipt of your
request at our designated office. Once income payments start, you will not
be able to make cash withdrawals or change the choice of income plan.
We will automatically send you information about income plans when you
attain age 70. If you do not choose an income plan, make a full cash
withdrawal, or start to receive partial withdrawals in a manner that
satisfies the Code by April 1 following the calendar year you attain age 70
1/2, we will automatically start income payments on that date, for your
lifetime with a guarantee that payments will be made for at least 10 years.
If you are a participant in a government or church sponsored plan and if
you ask us to do so, we will delay any of these options until the April 1
following the calendar year after you have retired.
If your date of birth is not correct on the application for your
certificate, we will adjust the income payments to agree with your correct
age. If we have already made any payments that were wrong, we will
increase or decrease future payments to pay or recover the difference, plus
interest at 6%. We may require that you provide proof of age when income
payments are to start. We may also require proof that you are still alive
on the due date of each income payment.
16. WHAT HAPPENS IF I DIE BEFORE INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, we
will pay the death benefit (as of the date of settlement) to your
beneficiary or permit him or her to select one of our available income
plans. If you name no beneficiary (or none is alive when you die), we will
pay the contingent beneficiary.
If you name no contingent beneficiary (or none is alive when you die), we
will pay your estate. If your estate or other non-natural person becomes
entitled to payment, we will pay the entire death benefit in a lump sum to
such person.
12
Payment to more than one beneficiary or more than one contingent
beneficiary will be divided equally among them, unless you specify
otherwise.
The entire death benefit under this certificate must be distributed in a
single sum by no later than the end of the calendar year which includes the
fifth anniversary of your death. If, however, your beneficiary is a
natural person, your beneficiary may choose an income plan for life or for
a period of years not more than his or her life expectancy. The income
payments must begin by the end of the calendar year following your death.
If Treasury Regulations allow, we may permit our payments to start later.
If your beneficiary is your spouse, then your spouse may continue your
certificate as participant until the calendar year that you would have
reached age 70 1/2. Your spouse cannot make any deposits to the
certificate.
After payments start, we may require proof that the payee is alive on the
due date of each income payment.
The death benefit is the greatest of:
a. The entire account balance less any outstanding loan balance as of the
date we receive proof of death and a properly completed claim form (no
withdrawal charge will apply and no administrative fee will be
deducted), or
b. The total deposits made less any outstanding loan balance and any
partial withdrawals, or
c. The highest account balance as of the end of the calendar year in which
any prior quinquennial (5th, 10th, 15th, etc.) certificate anniversary
occurs, less any later partial withdrawals, charges and outstanding loan
balance.
17. WHAT HAPPENS IF I DIE AFTER INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, income
payments will continue to your beneficiary (even if the beneficiary is your
spouse) for the balance of the guaranteed period, if any, for the income
plan you selected. If the guaranteed period has already ended, no further
payments will be made. If your estate (other non-natural person) becomes
entitled to payment, we will pay the value of any remaining payments,
computed as of the date of death using the interest rate we use to set
those payments, in a lump-sum to such person.
18. WHO IS MY BENEFICIARY AND MAY I CHANGE MY BENEFICIARY?
Your beneficiary is the person or persons you name to receive benefits in
the event of your death. You may name a contingent beneficiary who would
become the beneficiary if all the beneficiaries die before you do. If no
beneficiaries or contingent beneficiaries are named, or if none is alive at
your death, we will pay any benefits to your estate.
13
You may change your beneficiary or contingent beneficiary at any time
before income payments start. Ask us for our "Change of Beneficiary" form.
The change will take effect as of the date you signed the form, but no
change will bind us until it is recorded at our designated office.
After income payments start, you may change the beneficiary for any future
guaranteed income payments. If the payment is being made over two
lifetimes and the other person survives you, he or she can change the
beneficiary. The name of any person over whose life payment is being made
cannot be changed.
19. HOW ARE INCOME PAYMENTS THAT ARE GUARANTEED FOR LIFE CALCULATED?
Life income payments are calculated as shown on page 15. As required by
law, this shows the lowest payments that we could ever make--we expect our
actual payments to be higher. Actual payments will not be less than those
we would provide to a person in the same class under a single payment
immediate annuity bought with an equal amount at the time annuity payments
start.
20. CAN I ARRANGE FOR A SPECIFIC INCOME PLAN FOR MY BENEFICIARY TO TAKE EFFECT
AFTER I DIE?
Yes. You can choose an income plan for your beneficiary which we will
honor at your death, unless you are already receiving income payments at
that time.
21. DOES MY CERTIFICATE CONTAIN ALL THE PROVISIONS THAT MAKE UP MY ENTIRE
CONTRACT WITH YOU?
Yes, your certificate and any riders and endorsements included in it make
up your entire contract with us. We will never contest the validity of
this certificate. Changes in its provisions may only be made in writing by
our President, Secretary, or a Vice-President. No provision may be waived
or changed by any of our other employees, representatives or agents.
Nothing in the group contract under which this certificate was issued takes
away or reduces any of your rights under this certificate or under any law
that applies to it.
14
TABLE OF VALUES
Minimum Fixed Interest Account Balance
AGE 45
For a Certificate without any partial withdrawals or outstanding loans
Basis: $1,000 annual deposit allocated to the Fixed Interest Account at the
beginning of each year.
Values are not proportional for other deposits.
[Download Table]
TABLE B
TABLE A Guaranteed Annual Guaranteed
End of Minimum Minimum Account Effective Minimum Monthly
Certificate Account Withdrawal Rate of Income At Age 70
Year Balance Value Return Unisex
1 $ 1,030.00 $ 1,000.00 0.00% $ 6.97
2 $ 2,090.90 $ 2,000.00 0.00% $ 17.36
3 $ 3,183.63 $ 3,003.63 0.04% $ 27.45
4 $ 4,309.14 $ 4,089.14 0.55% $ 37.24
5 $ 5,468.41 $ 5,218.41 0.86% $ 46.74
6 $ 6,662.46 $ 6,392.46 1.06% $ 55.97
7 $ 7,892.34 $ 7,612.34 1.21% $ 64.93
8 $ 9,159.11 $ 8,879.11 1.31% $ 73.63
9 $10,463.88 $10,183.88 1.38% $ 82.08
10 $11,807.80 $11,527.80 1.43% $ 90.28
11 $13,192.03 $12,912.03 1.47% $ 98.24
12 $14,617.79 $14,337.79 1.49% $105.97
13 $16,086.32 $15,806.32 1.51% $113.47
14 $17,598.91 $17,318.91 1.53% $120.76
15 $19,156.88 $18,876.88 1.54% $127.83
16 $20,761.59 $20,481.59 1.56% $134.70
17 $22,414.44 $22,134.44 1.56% $141.37
18 $24,116.87 $23,836.87 1.57% $147.84
19 $25,870.37 $25,590.37 1.58% $154.12
20 $27,676.49 $27,396.49 1.59% $160.23
AGE 60 $19,156.88 $18,876.88 1.54% $127.83
AGE 65 $27,676.49 $27,396.49 1.59% $160.23
AGE 70 $37,553.04 $37,273.04 1.61% $188.17
The guaranteed minimum interest rate used to determine the values shown above is
3%. Values during the year will include interest for the completed part of the
year.
All values assume that all amounts are verified amounts. The guaranteed minimum
account withdrawal values shown above equal the comparable minimum account
balances minus a withdrawal charge. The withdrawal charge does not exceed 7%
and does not apply to any deposit after seven years from our receipt of the
deposit.
Certificate values will never be less than the minimum benefits required by the
law of the state where this certificate is delivered. On request we will
provide the method of computation and values for years not shown.
The guaranteed monthly income at age 70 is the minimum amount we would pay over
your lifetime with a guaranteed payment period of 10 years, if you make no
deposits after the year shown and you begin payments at age 70. This and other
income plans that you may choose are described in item 15. To compute minimum
payments we use an interest rate of 3% and the 1983 Individual Mortality Table a
(Metropolitan Adjusted).
15
| EX-4.B.VII | Last Page of 17 | TOC | 1st | Previous | Next | ↓Bottom | Just 17th |
|---|
INDEX
[Download Table]
Subject Q&A #(s) Page(s)
------- -------- -------
Administrative Fees 13 11
Assignment 10 10
Beneficiary 18 13
Cancellation 3 2
Computation of Values 19 14
Contract and Authority 21 14
Death Benefit 16,17 12,13
Definitions 1 1
Deposits 2,4 2,2
Dividends 11 11
Fixed Interest Account 6 6
Income Payments 15,19 12,14
Information We Give You 14 11
Loans 11 11
Separate Account and Investment Divisions 7 7
Tax Rules 9 9
Transfers 8 8
Withdrawals 5 3
NOTICE
When you write to us, please give us your name, address and certificate number.
Please notify us promptly of any address changes. We will write to you at your
last known address.
Checks, drafts or money orders must be drawn to the order of MetLife. All
payments must be made in U.S. currency.
PLEASE READ THIS CERTIFICATE CAREFULLY
MULTIFUNDED ANNUITY CERTIFICATE
ALL VALUES PROVIDED BY THIS CERTIFICATE WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
16
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
|---|
| This ‘485APOS’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 3/31/97 | | 2 |
| Filed on: | | 2/28/97 | | | | | | | 497 |
| | 4/1/96 | | 2 |
| | 3/31/96 | | 2 |
| | 5/15/95 | | 2 |
| | 12/31/94 | | 1 |
| | 4/15/94 | | 1 |
| List all Filings |
5 Subsequent Filings that Reference this Filing
↑Top
Filing Submission 0000950130-97-000802 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Sun., May 19, 6:11:34.2pm ET 