Common use of Transfer Provision Clause in Contracts

Transfer Provision. Prior to the Annuity Date, You may transfer all or part of Your Certificate Value to any of the Variable Accounts or the Fixed Account. We will charge a $25 transfer fee for each transfer that exceeds the annual Certificate Year limit of 15. Transfers will be effected at the end of the Valuation Period in which We receive Your request for the transfer. TRANSFERS OF ACCUMULATION UNITS BETWEEN VARIABLE ACCOUNTS Both prior to and after the Annuity Date, You may transfer all or a portion of Your investment in one Variable Account to another Variable Account. A transfer will result in the purchase of Accumulation Units in a Variable Account and the redemption of Accumulation Units in the other Variable Account. The minimum amount which can be transferred between Variable Accounts is $100. The amount that must remain in the Variable Account is $100. If the remaining amount in the Variable Account is less than $100, then the entire amount of the Variable Account will be transferred. TRANSFERS OF ACCUMULATION UNITS TO AND FROM THE FIXED ACCOUNT Both prior to and after the Annuity Date, You may transfer all or any part of the Certificate Value from the Variable Account(s) to the Fixed Account of the Certificate. After the Annuity Date no transfers from the Fixed Account to the Variable Account are allowed. For transfers from the Fixed Account prior to the Annuity Date see ACCUMULATION PROVISIONS - FIXED ACCOUNT ACCUMULATION VALUE. During the Annuity Period, the amount transferred to the Fixed Account from a Variable Account will be equal to the annuity reserve for the Payee's interest in that Variable Account. The annuity reserve is the product of (a) multiplied by (b) multiplied by (c), where (a) is the number of Annuity Units representing the Participant's interest in the Variable Account; (b) is the Annuity Unit Value for the Variable Account; and (c) is the present value of $1.00 per payment period as of the age of the Annuitant at the time of transfer for the Annuity Option, determined using the 1983a Annuity Mortality Tables with interest at 3.5% per year. Amou▇▇▇ ▇▇▇nsferred to the Fixed Account will be applied under the Annuity Option at the age of the Annuitant at the time of the transfer. All amounts and Annuity Unit Values will be determined as of the end of the Valuation Period preceding the effective date of the transfer.