Minimum Rate. Each interest rate set under this Contract will always be greater than or equal to that described by the NAIC Standard Nonforfeiture Law for Individual Deferred Annuities, which is currently the average of the five (5) year Constant Maturity Treasury rates reported by the Federal Reserve over the first thirteen (13) months of the fifteen (15) month period immediately preceding the date on which such Portfolio Interest Rate is effective, rounded to the nearest .05% and reduced by 1.25% (the “Minimum Rate”), provided that such Minimum Rate will not be less than 1.00%, nor greater than 3.00%.
Appears in 2 contracts
Sources: Group Annuity Contract (Prudential Discovery Premier Group Variable Contract Account), Group Annuity Contract (Prudential Discovery Premier Group Variable Contract Account)