EXHIBIT 99.4(X)
[SURETRACK PLUS 90]
GUARANTEED MINIMUM ACCUMULATION BENEFIT [LOGO]
MINNESOTA LIFE INSURANCE COMPANY - A Securian Company Fax ▇▇▇-▇▇▇-▇▇▇▇
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This rider is attached to and made part of this contract as of the Rider
Effective Date. Terms not defined in this rider have the meaning given to them
in the contract to which this rider is attached. To the extent any of the
provisions contained in this rider are contrary to or inconsistent with those
of the contract, the provisions of this rider will control.
THE PURPOSE OF THE BENEFIT PROVIDED BY THIS RIDER IS TO ENSURE THE AVAILABILITY
OF A MINIMUM VALUE ON THE BENEFIT DATE. THIS BENEFIT WILL TERMINATE UPON
ASSIGNMENT OF THE CONTRACT OR A CHANGE IN OWNER UNLESS THE NEW ASSIGNEE OR
OWNER MEETS THE QUALIFICATIONS SPECIFIED IN THE RIDER TERMINATION SECTION.
RIDER SPECIFICATIONS
RIDER EFFECTIVE DATE: [February 1, 2015]
ADDITIONAL PURCHASE PAYMENT PERIOD: [12] months
BENEFIT PERIOD: [10] years
RIDER ANNIVERSARY PERCENTAGE: [90%]
FIRST OPTIONAL RESET ELIGIBILITY DATE: The [1/st/] Rider Anniversary following the Rider Effective Date
LAST OPTIONAL RESET ELIGIBILITY DATE: The earlier of the Rider Anniversary following the [80/th/] birthday of the
oldest Owner (or Annuitant in the case of a non-natural Owner), or the
last Rider Anniversary prior to the Benefit Date.
ANNUAL RIDER CHARGE: The Annual Rider Charge of [1.30%], subject to a maximum charge of
2.00%, of the Accumulation Base is deducted quarterly from Contract
Values allocated to the Variable Account.
The Annual Rider Charge may increase, subject to the maximum charge
shown above, at the time of an Optional Reset.
CONTRACT VALUE ALLOCATION: While this rider is in effect, the full Contract Value must be allocated to
an allocation plan approved by us for use with this rider.
ICC15-70285 Minnesota Life 1
DEFINITIONS
RIDER ANNIVERSARY
Any Contract Anniversary between the Rider Effective Date and the date this
rider terminates.
BENEFIT DATE
The Rider Anniversary that coincides with the end of the Benefit Period
following the later of the Rider Effective Date or the most recent Optional
Reset.
ACCUMULATION BASE
The amount that is guaranteed to be available on the Benefit Date.
OPTIONAL RESET
The election to reset the Accumulation Base to the full Contract Value and
restart the Benefit Period.
REQUIRED MINIMUM DISTRIBUTION
A withdrawal taken to satisfy required minimum distribution (RMD) provisions
pursuant to the Internal Revenue Code, as amended from time to time, and the
Treasury Regulations issued thereunder. RMD applies only to Qualified Contracts.
GENERAL PROVISIONS
REPORTS TO OWNERS
In addition to the information stated in the Reports to Owners section in the
contract, the annual report will also provide the Accumulation Base as of the
date of the report.
SPOUSAL CONTINUATION
If an Owner dies and the surviving spouse elects to continue the contract, this
rider will automatically continue until terminated as described in the Rider
Termination section.
CALCULATION OF BENEFIT VALUES
ACCUMULATION BASE
If the Rider Effective Date is the Contract Date, the initial Accumulation Base
will be set to the Purchase Payments received on the Contract Date. If the
Rider Effective Date is a Contract Anniversary after the Contract Date, the
initial Accumulation Base will be set to the Contract Value on the Rider
Effective Date.
The Accumulation Base will be increased by the amount of any additional
Purchase Payment(s) accepted by us. See the Purchase Payment Limitations
section for details about when additional Purchase Payments are permitted.
Credit Enhancements, if any, are not considered Purchase Payments and will not
directly increase the Accumulation Base.
On each Rider Anniversary, the Accumulation Base is set equal to the greater of
(a) and (b), where:
(a) is the Rider Anniversary Percentage multiplied by the Contract Value,
and
(b) is the Accumulation Base immediately prior to the Rider Anniversary.
Any withdrawal, including a Required Minimum Distribution, will cause the
Accumulation Base to be reduced by an amount equal to (a) multiplied by
(b) divided by (c) where:
(a) is the Accumulation Base immediately prior to the withdrawal,
(b) is the amount of the withdrawal, including applicable charges, and
(c) is the Contract Value immediately prior to the withdrawal.
Based on the allocation plan you select, any withdrawals may be required to be
deducted from your values in the Guaranteed Interest Options and each
Sub-Account of the Variable Account on a proportionate basis relative to your
Contract Value.
For purposes of this rider, amounts withdrawn from Contract Value which are
applied to provide Annuity Payments will be treated as a withdrawal.
ICC15-70285 Minnesota Life 2
On the Benefit Date, if the Accumulation Base is less than the Contract Value,
no adjustment will be made and the rider will terminate. If the Accumulation
Base is greater than the Contract Value, the Contract Value will be adjusted by
an amount equal to the difference between the Accumulation Base and the
Contract Value and the rider will terminate. The adjustment will be directed
into the Guaranteed Interest Options and Sub-Accounts of the Variable Account
based on the same proportion that each bears to the Contract Value on the
Benefit Date.
THE ACCUMULATION BASE IS SEPARATE FROM YOUR CONTRACT VALUE. THE ACCUMULATION
BASE ITSELF HAS NO VALUE, IS NOT AVAILABLE FOR WITHDRAWAL PRIOR TO THE BENEFIT
DATE, AND IS NOT PAYABLE AT DEATH.
OPTIONAL RESET
On any Rider Anniversary beginning with the First Optional Reset Eligibility
Date and ending with the Last Optional Reset Eligibility Date, you may elect an
Optional Reset if the Contract Value is greater than the Accumulation Base.
Upon election, the Accumulation Base will increase to the full Contract Value,
and a new Additional Purchase Payment Period and Benefit Period will begin.
Your Written Request of an Optional Reset must be received by us within 30 days
following the Rider Anniversary upon which it will take effect. The new
Accumulation Base, Benefit Date, and Additional Purchase Payment Period will be
determined as of that Rider Anniversary, not the date of election.
The annual rider charge may increase at the time of an Optional Reset as
described under the Rider Charge section.
CONTRACT VALUE REACHES ZERO
If the Contract Value and Accumulation Base both reach zero, this rider will
terminate.
If the Contract Value is reduced to zero and the Accumulation Base is still
positive, this rider will remain in effect until the Benefit Date. On the
Benefit Date, the Contract Value will be increased to the Accumulation Base and
the rider will terminate. No charges will be deducted while the Contract Value
is zero.
TIMING OF CALCULATIONS
If a Rider Anniversary falls on a day that is not a Valuation Date, rider
benefit values will be calculated based on the next available Valuation Date.
PURCHASE PAYMENT LIMITATIONS
No additional Purchase Payments may be made except during the Additional
Purchase Payment Period following the Rider Effective Date and following any
Optional Resets. Purchase Payments are allocated to the Guaranteed Interest
Options and/or the Sub-Accounts as you direct, subject to the provisions in the
Contract Value Allocation Options section. Upon termination of this rider,
Purchase Payment limitations will revert to those set forth in the contract.
CONTRACT VALUE ALLOCATION OPTIONS
While this rider is in effect, the full Contract Value must be allocated to an
allocation plan approved by us. The Contract Value may be required to be
automatically rebalanced each quarter according to the allocation plan then in
effect. You may reallocate the full Contract Value from the current allocation
plan to another allocation plan available for use with this rider at the time
of the reallocation request. Any reallocation request must be received in our
home office by Written Request or other form acceptable to us. The reallocation
will be effective on the Valuation Date coincident with or next following the
day we receive the Written Request at our home office.
We reserve the right to add, delete, or modify allocation plans. In the event
you make an additional Purchase Payment or request a transfer to an allocation
plan that is no longer available, you may be required to provide a new
allocation to one of the allocation plans available at the time of your
request. We will notify you in writing of any changes to the allocation plans
available for use with this rider.
In regard to the Guaranteed Interest Options, to the extent participation in
the allocation plan or automatic rebalancing exceeds contract maximums or
transfer limitations, such limitations will be waived while this rider is in
effect.
ICC15-70285 Minnesota Life 3
RIDER CHARGE
Beginning three months after the Rider Effective Date, and every three months
thereafter, an amount equal to one quarter of the Annual Rider Charge will be
multiplied by the Accumulation Base on the date of the charge, and the result
will be deducted on a proportionate basis from Contract Values allocated to the
Variable Account. On a Rider Anniversary, the Contract Value used to determine
the Accumulation Base and Optional Reset availability will be the Contract
Value immediately after the charge is deducted.
The Annual Rider Charge may increase at the time of an Optional Reset to an
amount that will not exceed the maximum Annual Rider Charge.
RIDER TERMINATION
The rider will automatically terminate at the earliest of:
(a) the Benefit Date; or
(b) the Rider Anniversary following receipt of your Written Request to
terminate this rider, provided such request is received by us no more
than 30 days prior to the Rider Anniversary; or
(c) termination or surrender of the contract, including the date any death
benefits are paid as a lump sum under the terms of the contract; or
(d) the Annuity Commencement Date where all the remaining amount available
has been applied to provide Annuity Payments; or
(e) the date of an ownership change or assignment under the contract
unless:
. the new Owner assumes full ownership of the contract and is
essentially the same person (this includes but is not limited to
the change from joint ownership to sole ownership by the surviving
spouse when one of them dies, or the removal of an Owner due to a
divorce or qualified dissolution order); or
. the assignment is for the purposes of effectuating a 1035 exchange
of the contract.
A proportionate amount of the Annual Rider Charge will be deducted at
termination. Following termination, the charge associated with this rider will
be discontinued and the benefits within this rider will terminate. Once
terminated, this rider may not be reinstated.
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Secretary President
ICC15-70285 Minnesota Life 4