Exhibit 99-B.4.39
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Aetna Life Insurance and Annuity Company
Home Office: ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇
Aetna Life Insurance and Annuity Company, herein called
Aetna, agrees to pay the benefits stated in the Contract.
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Certificate of Group To the Employee:
Annuity Coverage
Aetna certifies that coverage is in force for you under
the stated Group Annuity Contract and Certificate
numbers. All data shown here is taken from Aetna records
and is based upon information furnished by you.
This Certificate is a summary of the Group Annuity
Contract provisions. It replaces any and all prior
certificates, riders, or amendments issued to you under
the stated Contract and Certificate numbers. This
Certificate is for information only and is not a part of
the Contract.
THE VARIABLE FEATURES OF THE GROUP CONTRACT ARE
DESCRIBED IN PARTS III AND IV.
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Right to Cancel You may cancel this Certificate within 10 days of
receiving it by returning this Certificate along with a
written notice to Aetna at the above address or to the
agent from whom it was purchased. Within 7 days after it
receives the notice of cancellation and this Certificate
at its Home Office, Aetna will return the entire
consideration paid plus any increase or minus any
decrease in the current value of any funds allocated to
the Separate Account.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Senior Vice President, Annuity Secretary
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Contract Holder Group Annuity Contract No.
STATE UNIVERSITY SYSTEM SPECIMEN
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Your Name Certificate No.
▇▇▇▇ ▇▇▇ SPECIMEN
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Type of Plan
ORP subject to IRC Section 401(a)
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ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA, APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GTCC-IB(AORP)
Specifications
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Guaranteed There are guaranteed interest rates for amounts held in
Interest Rate the Fixed Account (See 3.04) and the GA Account (See
3.03(d)).
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Deductions from There will be deductions for mortality and expense risks
the Separate and administrative fees. (See 3.07 and 4.06.)
Account
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Deduction from Purchase Payment(s) are subject to a deduction for
Purchase premium taxes, if any. (See 3.01.)
Payment(s)
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TABLE OF CONTENTS
I. GENERAL DEFINITIONS
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Page
1.01 Annuitant........................................................ 5
1.02 Annuity.......................................................... 5
1.03 Fixed Account.................................................... 5
1.04 Fixed Annuity.................................................... 5
1.05 Fund(s).......................................................... 5
1.06 General Account.................................................. 5
1.07 Guaranteed Accumulation Account (GA Account)..................... 5
1.08 Matured Term Value............................................... 5
1.09 Maturity Date.................................................... 5
1.10 Nonunitized Separate Account..................................... 5
1.11 Participant (You)................................................ 5
1.12 Plan............................................................. 5
1.13 Purchase Payment(s).............................................. 5
1.14 Separate Account................................................. 5
1.15 Valuation Period (Period)........................................ 6
1.16 Variable Annuity................................................. 6
II. GENERAL PROVISIONS
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2.01 Change of Contract............................................... 6
2.02 Change of Fund(s)................................................ 6
2.03 Nonparticipating Contract........................................ 7
2.04 Payments......................................................... 7
2.05 State Laws....................................................... 7
2.06 Control of Contract.............................................. 7
2.07 Designation of Beneficiary....................................... 8
2.08 Misstatements and Adjustments.................................... 8
2.09 Incontestability................................................. 8
2.10 Grace Period..................................................... 8
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III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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Page
3.01 Net Purchase Payment............................................. 8
3.02 Individual Account(s)............................................ 8
3.03 Guaranteed Accumulation Account (GA Account)..................... 9
3.04 Guaranteed Interest Rate - Fixed Account......................... 9
3.05 Experience Credits............................................... 13
3.06 Fund Record Units - Separate Account............................. 13
3.07 Net Return Factor(s) - Separate Account.......................... 13
3.08 Fund Record Unit Value - Separate Account........................ 14
3.09 Current Value.................................................... 14
3.10 Transfer of Current Value from the Funds or GA Account........... 14
3.11 Transfer of Current Value from the Fixed Account................. 15
3.12 Notice to the Contract Holder.................................... 15
3.13 Distribution Options............................................. 15
3.14 Sum Payable at Death (Before Annuity Payments Start)............. 18
3.15 Surrender Value.................................................. 19
3.16 Timing of Distributions.......................................... 19
3.17 Payment of Surrender Value....................................... 20
3.18 Reinstatement.................................................... 20
IV. ANNUITY PROVISIONS
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4.01 Choices to be Made............................................... 21
4.02 Annuity Payments to Annuitant.................................... 21
4.03 Death of Annuitant............................................... 22
4.04 Fund(s) Annuity Units - Separate Account......................... 22
4.05 Fund(s) Annuity Unit Value - Separate Account.................... 22
4.06 Annuity Net Return Factor(s) - Separate Account.................. 23
4.07 Annuity Options.................................................. 23
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I. GENERAL DEFINITIONS
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1.01 Annuitant: A person on whose life an Annuity has been
effected under this Certificate.
1.02 Annuity Payment of an income:
(a) For the life of one or two persons;
(b) For a stated period; or
(c) For some combination of (a) and (b)
1.03 Fixed Account: An accumulation option with a guaranteed
minimum interest rate. Aetna may credit a
higher rate which is not guaranteed
1.04 Fixed Annuity: An Annuity with payments which do not vary
in amount.
1.05 Fund(s): The open-end registered management
investment companies (mutual funds) made
available by Aetna under the Contract.
1.06 General Account: The Account holding the assets of Aetna,
other than those assets held in the Separate
Account or the Nonunitized Separate Account.
1.07 Guaranteed Accumulation An accumulation option which guarantees a
Account (GA Account): stipulated rate of interest for a specified
period of time.
1.08 Matured Term Value: The amount payable on a GA Account Term's
Maturity Date
1.09 Maturity Date: The last day of a GA Account Term,
1.10 Nonunitized Separate An Account set up by Aetna under Title 38a,
Account: Section 38a-433, of the Connecticut General
Statutes which is used to hold assets for GA
Account Terms greater than three years. The
Contract Holder does not participate in the
investment gain or loss from the assets held
in this Account.
1.11 Participant (You): A person who participates in the Plan named
on the cover of this Certificate.
1.12 Plan: The Plan named on the Certificate cover. The
Plan is not a part of the Contract. Aetna is
not bound by the terms of the Plan.
1.13 Purchase Payment(s): Payments made to Aetna.
1.14 Separate Account: An account which buys and holds shares of
the Fund(s). Income, gains or losses,
realized or unrealized are credited or
charged to this account without regard to
other income, gains or losses of Aetna.
Aetna owns the assets held in a separate
account and is not a trustee as to such
amounts. These accounts generally are not
guaranteed and are held at market value. The
assets of such accounts, to the extent of
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reserves and other contract liabilities of
the account, shall not be charged with other
Aetna liabilities.
1.15 Valuation Period (Period): The period as of 4:00 p.m. Eastern time on
each day the New York Stock Exchange is open
for business to 4:00 p.m. Eastern time of
the next such business day, or such other
day that one or more of the Funds determines
its net asset value.
1.16 Variable Annuity: An Annuity with payments which vary with the
net investment results of a Separate
Account.
II. GENERAL PROVISIONS
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2.01 Change of Contract: Except as provided below, only an authorized
officer of Aetna may change the terms of the
Contract by notifying the Contract Holder,
in writing, at least 30 days before the
effective date of the change. Any change
will not affect the amount or terms of any
Annuity which begins before the change.
Aetna may make a change that affects the GA
Account Market Value Adjustment (see 3.03
(g)) with at least 30 days advance written
notice to the Contract Holder. Any such
change shall become effective for any
present or future Participant.
Any change that affects the following
provisions of the Contract will not apply to
existing Individual Accounts:
(a) Net Purchase Payment(s)
(b) Guaranteed GA Account Interest Rate
(c) Guaranteed Interest Rate -- Fixed
Account
(d) Net Return Factor(s) -- Separate
Account
(e) Current Value
(f) Surrender Value
(g) Fund(s) Annuity Unit Value --
Separate Account.
Any change that affects the Annuity Options
and the tables for the Options cannot be
made:
(1) Until at least 12 months after the
Effective Date of the Contract; and
(2) Until at least 12 months after the
effective date of any such prior
change.
New Participants covered under the Contract
on or after the effective date of any change
will be subject to the change. If the
Contract Holder does not agree to any change
under this provision, no new Participants
will be covered under the Contract. Aetna
will continue to accept Purchase Payments
for the Participants covered under the
Contract before the change. The Contract may
also be changed as required by federal or
state law.
2.02 Change of Fund(s): Aetna or the Separate Account may:
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(a) Change the Fund(s) which may be
invested in by the Separate Account;
and
(b) Replace the shares of any Fund(s)
held in the Separate Account with
2.02 Change of Fund(s): shares of any other Fund(s).
(Cont'd):
Changes must be:
(a) Approved by a majority vote of persons
having an interest in the Separate
Account and the Fund(s):
(b) Deemed necessary by Aetna under the
Investment Company Act of 1940; or
(c) Deemed necessary by Aetna to
accomplish the purpose of the Separate
Account.
Aetna will notify the Contract Holder of any
change,
2.03 Nonparticipating You, your beneficiary or the Contract Holder
Contract: will not have a right to share in the
earnings of Aetna.
2.04 Payments: Aetna will make Annuity payments as and when
due. Aetna will make other payments within 7
days of receipt at its Home Office of a
written claim for payment which is in good
order.
2.05 State Laws: The Contract and this Certificate complies
with the laws of the state in which the
Contract is delivered. Any cash, death or
Annuity payments are equal to or greater
than the minimum required by such laws.
Annuity tables for legal reserve valuation
shall be as required by state law. Such
tables may be different from Annuity tables
used to determine Annuity payments.
2.06 Control of Contract: The Contract Holder may make any choices
allowed by the Contract for the Employer
Account and the Employee Account. Choices
made under the Contract must be in writing
or in a form satisfactory to Aetna. Until
receipt of such choices in its Home Office,
Aetna may rely on any previous choices made.
The Plan, however, may allow you to select
the investment options of the Employer
Account and/or the Employee Account. No
distributions will be made from the Employer
Account or the Employee Account without the
Contract Holder's written direction to
Aetna.
(a) Nontransferable and Nonassignable: The
Contract, this Certificate and any
Individual Accounts are nontransferable
and nonassignable, except to Aetna
pursuant of a "qualified domestic
relations order" as set forth under the
Internal Revenue Code.
(b) Distributions: With respect to any
distribution made from an Employee or
Employer Account, the Contract Holder
must certify in writing that the
distribution is in accordance with the
terms of the Plan.
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(c) Participant Rights/Employee Account:
You have a nonforfeitable right to the
value of your Employee Account pursuant
to the terms of the Plan as interpreted
by the Contract Holder (see 1.12).
(d) Participant Rights/Employer Account:
You have a nonforfeitable right to the
value of your Employer Account pursuant
to the terms of, and to the extent of
your vested percentage under, the Plan
as interpreted by the Contract Holder.
It is the Contract Holder's
responsibility to maintain records of
your vesting percentages. Aetna will
not maintain nor keep such records
2.07 Designation of Beneficiary: You shall name the beneficiary of the
Employer and Employee Account. Aetna will
pay any portion of the Individual Account(s)
Current Value to the beneficiary as directed
by the Contract Holder.
2.08 Misstatements and If Aetna finds the age of any payee to be
Adjustments: misstated, the correct facts will be used to
adjust payments.
2.09 Incontestability: Aetna cannot cancel the Contract because of
any error of fact on the application. Aetna
cannot cancel this Certificate because of
any error of fact on the enrollment form.
2.10 Grace Period: This Certificate will remain in effect even
if Purchase Payments are not continued.
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment(s): The actual Purchase Payment less any premium
tax. Generally, Aetna will deduct the
premium tax when Annuity benefits are
purchased (see Part IV). If Aetna determines
that a premium tax is due when Purchase
Payments are received or at any other time,
it will deduct the tax at that time.
The Net Purchase Payment(s) may be credited
among:
(a) The Fixed Account; and
(b) The Guaranteed Accumulation Account;
and
(c) The Fund(s) in which the Separate
Account invests.
Aetna must be told the percentage of the Net
Purchase Payment(s) to be applied to each
investment above.
During any calendar year, the Contract
Holder or, if allowed by the Plan, you may
tell Aetna to change the investment mix
twelve times. Should Aetna allow additional
changes, each may be subject to a fee of up
to $10.
3.02 Individual Account(s): The Contract is issued to the Contract
Holder on your behalf. However,
Participant's Individual Accounts are
explained below
Aetna may maintain two Individual Accounts
for each Participant. These will be:
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(a) Employer Account: This Individual
Account will be credited with
employer Net Purchase Payment(s);
and
(b) Employee Account: This Individual
Account will be credited with
employee Net Purchase Payment(s),
specifically employee salary
reduction contributions.
3.02 Individual Account(s) In addition to any Purchase Payment(s)
(Cont'd) stated to be made to the Contract, a
(Cont'd) lump-sum Purchase Payment(s), of
not less than a minimum amount stated by
Aetna, may be made on your behalf. Aetna may
maintain an Individual Account for each lump
sum payment. Such Individual Account(s) will
be designated as an Employer Account(s) or
an Employee Account(s) as instructed by the
Contract Holder.
3.03 Guaranteed Accumulation: The GA Account guarantees stipulated rates
Account (GA Account): of interest for stated periods of time (see
(a), (b) and (d) below). Amounts withdrawn
before the end of a Guaranteed Term may be
subject to a Market Value Adjustment
(MVA)(see(g) below).
(a) Deposit Period -- A calendar month,
a calendar quarter, or any other
period of time specified by Aetna
during which Net Purchase Payment(s)
and transfers are accepted into the
GA Account for one or more
Guaranteed Terms.
(b) Guaranteed Term (Term) -- The period
of time for which interest rates are
guaranteed on Net Purchase
Payment(s) and on transfers made
into the Deposit Period of the GA
Account. Terms are offered at
Aetna's discretion for various
lengths of time ranging up to and
including ten years.
(c) Guaranteed Term Classifications --
The grouping of Terms according to
their time to maturity. The
following are the Classifications:
(1) Short-Term: Terms of up to and
including 3 years: or
(2) Long-Term: Terms of greater
than 3 years and up to and
including 10 years.
During a Deposit Period, Aetna may
make available one or more Terms
within a Classification. The
Contract Holder or, if allowed by
the Plan, you have the option to
allocate Net Purchase Payment(s) and
transfers into any or all of the
available Deposit Period Terms. If
no specific direction is given, Net
Purchase Payment(s) and transfers
will go into available Terms on a
pro rata basis within the
Classification(s) previously chosen
by the Contract Holder. At least one
Term in the Short-Term
Classification will be available
each Deposit Period.
(d) Guaranteed GA Account Interest Rates
(Guaranteed Rates) - Aetna will
declare all interest rate(s)
applicable to a specific Term at the
start of the Deposit Period for that
Term. These rate(s) are guaranteed
by
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Aetna for that Deposit Period and
the ensuing Term and are not based
on the actual investment experience
of the underlying assets in the GA
Account. The Guaranteed Rates are
annual effective yields. The
interest is credited daily at a rate
that will produce the guaranteed
annual effective yield over the
period of a year. No annual rate
will ever be less than 3%.
3.03 Guaranteed Accumulation For Terms of one year or less, one
Account (GA Account) Guaranteed Interest Rate is set and
(Cont'd): announced for that full Term. For
other Terms, there may be two or
more rates.
The rate(s) will be set and
announced prior to the Deposit
Period for that Term and will not be
subject to change.
(e) Withdrawals from GA Account -- Full
or partial surrenders may be
requested at any time from the GA
Account. However, amounts withdrawn
prior to the Maturity Date of a Term
to satisfy a surrender request may
be subject to an MVA (see (g)
below).
Full and partial surrenders are
satisfied by withdrawing amounts
from each of the investment options
in which the Individual Account is
invested (the Fund(s), the Fixed
Account, the GA Account Short-Term
Classification and the GA Account
Long-Term Classification) on a pro
rata basis. However, the Contract
Holder may specify a particular
order in which investment options
will be liquidated in order to
satisfy a partial surrender request.
For purposes of withdrawals, Terms
within the GA Account Short-Term and
Long-Term Classifications are
considered as two separate
investment options. Amounts will be
removed within a GA Account
Classification starting with the
Term still in effect with the oldest
Deposit Period.
Amounts may be transferred at any
time subject to Contract
specifications (see 3.10 or 3.11
below). Amounts transferred prior to
the Maturity Date of a Term are
subject to an MVA (see (g) below).
Fund(s) will be removed within the
elected Classification starting with
the Term still in effect with the
oldest Deposit Period.
During the Deposit Period and the 90
days following the close of the
Deposit Period, any amounts applied
to the GA Account during that
Deposit Period may not be withdrawn
unless due to:
(1) A full or partial surrender;
(2) A payment of a premium for an
Annuity Option; or
(3) The Sum Payable at Death
provision.
(f) Maturity Date/Reinvestment -- The
Contract Holder or you, as
applicable, will be mailed a notice
at least 18 calendar days before a
Term's Maturity Date. This notice
will contain the current Deposit
Period's Guaranteed Rate(s), Term(s)
and projected Matured Term Value.
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The Matured Term Value may be
surrendered or transferred on the
Term's Maturity Date without an MVA.
If no specific direction is given by
the Contract Holder or you, as
applicable, prior to the Maturity
Date, each Matured Term Value will be
reinvested in a Term of the same
duration. In the event that a Term of
the same duration is unavailable, each
Matured
3.03 Guaranteed Accumulation Term Value will automatically be
Account (Cont'd) reinvested in the next shortest Term
available in the same Classification
during the then current Deposit
Period. If however, only one Term is
available within the Classification,
then the Matured Term Value will
automatically be reinvested in that
Term. Within two business days after
the Maturity, the Contract Holder or
you, as applicable, will be mailed a
confirmation statement. This statement
will state the Term and Guaranteed
Rate(s) which will apply to the
reinvested Matured Term Value.
During the calendar month following
the Term's Maturity Date, one
exception is allowed to the 90 day
transfer restriction and MVA under (e)
and (g). This exception is applicable
to each Matured Term Value plus any
interest accrued thereon, provided no
part of the Matured Term Value was
transferred on the Maturity Date.
During this calendar month period, the
Contract Holder or you, as applicable,
may notify Aetna's Home Office to
transfer or surrender all or part of
the Matured Term Value plus any
interest accrued thereon from the GA
Account without an MVA. This provision
only applies to the first such request
received from the Contract Holder
during this period for any Matured
Term Value. The Matured Term Value
plus any interest accrued thereon may
be transferred upon such request
without an MVA:
(1) To any other Terms of the GA
Account available in the current
Deposit Period; or
(2) To any other allowable Fund(s).
If no such notification is given, the
Matured Term Value will remain subject
to the terms and conditions of the new
Term. All surrender and transfer
requests will be processed as of the
date they are received in good order
at Aetna's Home Office.
(g) Market Value Adjustment (MVA) -- There
will be an MVA for a withdrawal from
the GA Account before the end of a
Term when the withdrawal is due to:
(1) A transfer;
(2) A full or partial surrender; or
(3) A payment of a premium for
Annuity Option 2.
The amount of the withdrawal will be
adjusted to a market value amount as
described below.
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The market value adjusted amount will
be equal to the amount withdrawn
multiplied by the following ratio:
_x
365
(1 + i)
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_x
365
(1 + j)
3.03 Guaranteed Accumulation Where:
Account (GA Account) i is the Deposit Yield
(Cont'd) j is the Current Yield
x is the number of days
remaining, (computed from
Wednesday of the week of
withdrawal) in the
Guaranteed Term.
The Deposit Period Yield will be
determined as follows
o At the close of the last
business day of each Week of the
Deposit Period, a yield will be
computed as the average of the
yields on that day of U.S.
Treasury Notes which mature in
the last three months of the
Guaranteed Term.
o The Deposit Period Yield is the
average of those yields for the
Deposit Period. If withdrawal is
made prior to the close of the
Deposit Period, it is the
average of those yields on each
week preceding withdrawal.
The Current Yield is the average of
the yields on the last business day of
the week preceding withdrawal on the
same U.S. Treasury Notes included in
the Deposit Period Yield.
In the event that no U.S. Treasury
Notes which mature in the last three
months of the Guaranteed Term exist,
Aetna reserves the right to use the
U.S. Treasury Notes that mature in a
following quarter.
Full and partial surrenders as well as
transfers made within six months of
the Participant's date of death under
the Sum Payable at Death provision
will be the greater of:
o The aggregate MVA amount which
is the sum of all market value
adjusted amounts calculated due
to a withdrawal of amounts (for
surrender or transfer) from
Terms prior to the end of those
Terms. The aggregate MVA may be
either positive or negative; or
o The applicable portion of the
Current Value in the GA Account.
After the six month period, the
surrender or transfer will be the
aggregate MVA amount (i.e., including
all MVAs).
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The greater of the aggregate MVA
amount or the applicable portion of
the Current Value in the GA Account is
applied to amounts withdrawn from the
GA Account for payment of a premium
under Annuity Options 3 or 4.
Aetna may make any change to the MVA
with 30 days advance written notice to
the Contract Holder. Any such change
shall become effective for Purchase
Payment(s), transfers or reinvestments
made to any new Term by any present or
future Participant.
3.03 Guaranteed Accumulation (h) Deposits to the GA Account -- All
Account (GA Account) amounts in the GA Account under the
(Cont'd) Short-Term Classification are made to
the General Account.
All amounts in the GA Account under
the Long-Term Classifications are made
to a Nonunitized Separate Account.
There are no discrete units for this
Nonunitized Separate Account. The
Contract Holder or you, as applicable,
does not participate in the gain or
loss from the assets held in the
Nonunitized Separate Account. Such
gain or loss is borne entirely by
Aetna. These assets may be chargeable
with liabilities arising out of any
other business of Aetna.
For Terms under both the Short-Term
and Long-Term Classifications, Aetna
guarantees stipulated interest rates
to be credited to the GA Account. All
assets of Aetna including amounts made
to the GA Account are available to
meet the guarantees under the GA
Account.
3.04 Guaranteed Interest On any Purchase Payment(s) made to the Fixed
Rate - Fixed Account Account, Aetna will add interest daily at
any annual rate no less than 3%. Aetna may
add interest daily at any higher rate
determined by its Board of Directors.
3.05 Experience Credits: Aetna may apply Experience Credits under
this Contract. Any such Credits will be
computed as decided by Aetna.
3.06 Fund Record Units The portion of the Net Purchase Payment(s)
Separate Account applied to the Separate Account will
determine the number of each Fund's Record
Units. This number is equal to the Net
Purchase Payment applied to the Fund divided
by the Fund Record Unit Value (see 3.08) for
the Valuation Period in which the Purchase
Payment is received in good order.
3.07 Net Return Factor(s) The Net Return Factors are used to compute
Separate Account: all Separate Account Values and payments for
any Fund.
The Net Return Factor for each Fund is equal
to 1.0000000 plus the Net Return Rate.
The Net Return Rate is equal to:
(a) The value of the shares of the Fund
held by the Separate Account at the
end of a Valuation Period; minus
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(b) The value of the shares of the Fund
held by the Separate Account at the
start of the Valuation Period; plus or
minus
(c) Taxes (or reserves for taxes) on the
Separate Account (if any) divided by
(d) The total value of the Fund Record
Units and Fund Annuity Units of the
Separate Account at the start of the
Valuation Period; minus
3.07 Net Return Factor(s) -- (e) A daily actuarial charge at an annual
Separate Account: effective rate of 1.40% for Annuity
(Cont'd) mortality and expense risks and asset
based sales charge and profit and a
daily administrative charge which will
not exceed 0.25% on an annual
effective basis. The administrative
charge may be changed annually except
for amounts which have been used to
purchase an Annuity.
A Net Return Rate may be more or less than 0
The value of a share of the Fund is equal to
the net assets of the Fund divided by the
number of shares outstanding.
3.08 Fund Record Unit Value -- Each Fund's Record Unit Value is computed by
Separate Account: multiplying the Net Return Factor for the
current Valuation Period by the Fund's
Record Unit Value for the previous Period.
The dollar value of a Fund's Record Unit,
Separate Account assets, and Variable
Annuity payments may go up or down due to
investment gain or loss.
3.09 Current Value: The Current Value is equal to:
(a) Any amounts in the Fixed Account,
including Fixed Account interest added
by Aetna: plus
(b) Any amounts in the GA Account,
including GA Account interest added by
Aetna; plus
(c) The sum of any Separate Account Record
Unit Value(s); plus
(d) Any amount due to Experience Credits;
Current Value does not include amounts used
to elect an Annuity.
3.10 Transfer of Current Value Before an Annuity Option is elected, all or
from the Funds or GA any portion of the Current Value may be
Account: transferred from any Fund or the GA Account
to:
(a) Any other Fund;
(b) The Fixed Account; or
(c) The GA Account's current Deposit
Period.
Amounts in a specific GA Account Term cannot
be transferred to the Deposit Period of
another Term within the same Classification
except at the Term's Maturity.
14
Amounts applied to Classifications of the GA
Account may not be transferred to the
Fund(s) or the Fixed Account during the
Deposit Period or for 90 days after the
close of the Deposit Period.
Transfers from the GA Account are subject to
the Withdrawal and Market Value Adjustment
provisions. (See 3.03 (e) and (g).)
3.10 Transfer of Current Value For each Individual Account, twelve
from the Funds or GA transfers of Current Value (excluding
Account (Cont'd): transfers from the GA Account at the end of
a Guaranteed Term) can be made during a
calendar year period. Should Aetna allow
additional transfers, each may be subject to
a fee of up to $10.
3.11 Transfer of Current Value Before an Annuity Option is elected, up to
from the Fixed Account: 20% of the Current Value held in the Fixed
Account may be transferred to any Fund(s) or
the GA Account's current Deposit Period(s).
Such transfer will be:
(a) Without charge; and
(b) Allowed once per calendar year.
The Current Value of the Fixed Account, as
used above, is the value when the request is
received in good order at the Home Office of
Aetna.
3.12 Notice to the Contract Aetna will notify the Contract Holder or
Holder: you, as applicable, each year of:
(a) The value of any amounts held in
(1) The Fixed Account;
(2) The GA Account;
(3) The Fund(s) for the Separate
Account;
(b) The number of any Fund(s) Record
Units; and
(c) The Fund(s) Record Unit Value(s), and
(d) The Surrender Values of these amounts.
Such number or values will be as of a date
no more than 60 days before the date of the
notice.
3.13 Distribution Options: The following distribution options may be
elected by the Contract Holder on your
behalf:
(a) Estate Conservation Option (ECO): A
distribution option under which a
portion of the Individual Account(s)
Current Value will automatically be
surrendered and distributed to you
each year.
(1) An ECO payment will be
determined in the following
manner:
15
Payments will commence no
earlier than the year in which
you attain age 70 1/2 and will
be calculated on the full
Current Value of the Individual
Account(s).
(2) Amount of Distribution: Each
year that ECO is in effect,
Aetna will calculate and
distribute an amount equal to
the minimum required
distribution under the Internal
Revenue Code of 1986, (Code), as
it may be amended from time to
time. The annual distribution
will be determined by dividing
3.13 Distribution Options the determined by dividing the
(Cont'd): Individual Account(s) Current
Value, as of December 31 of the
year prior to the year for which
the payment is to be made, by a
life expectancy factor.
As elected by the Contract
Holder, the factor is either the
single life or joint life
expectancy based on tables in
Section 401(a)(9) of the Code or
related regulations. If joint
life expectancy is elected and
you or your spouse dies,
payments will be calculated
based on the survivor's life
expectancy.
These calculations may be
changed as necessary to comply
with the Code minimum
distribution rules. The joint
life expectancy factor can only
be elected based on the joint
life expectancy of you and your
spouse, and your spouse must be
named as the beneficiary of any
death benefits under the
Contract while ECO is in effect.
(3) Minimum Current Value: At its
discretion, Aetna may require a
minimum initial Current Value
for election of this option. If
after election of this option
the Current Value is
insufficient to make a scheduled
ECO payment, Aetna will
distribute the entire balance of
the Individual Account(s).
(4) Date of Distribution: The
Contract Holder shall specify
the initial distribution date.
The earliest date is the first
day of the calendar year in
which you attain age 70 1/2.
Subsequent distributions will be
made annually on the 15th of the
month the initial payment was
made or such other date Aetna
may designate or allow.
(5) Elections and Revocation: ECO
may be elected by the Contract
Holder, on your behalf, by
submitting a completed and
signed election form to Aetna's
Home Office. The Contract Holder
must also certify in writing
that the distribution is in
accordance with the terms of the
Plan.
Once elected, this option may be
revoked by the Contract Holder
by submitting a written request
to Aetna at its Home Office. Any
revocation will apply only to
amounts not yet paid. ECO may be
elected only once on your
behalf.
(6) Reservation of Rights: Aetna
reserves the right to change the
terms of ECO for future
elections and discontinue the
availability of this option
after proper
16
notification. Aetna also
reserves the right to allow
payments to be made more
frequently than annually.
(b) Systematic Withdrawal Option (SWO): A
distribution option under which a
portion of your Individual Account(s)
Current Value will automatically be
surrendered and distributed to you
each year.
3.13 Distribution Options (1) Amount of Distribution: The
(Cont'd) Contract Holder may elect one of
the two payment methods
described below.
(a) Specified Amount: Payments
of a designated dollar
amount which must be no
greater than 10% of the
initial Current Value and
shall remain constant
unless a higher amount is
required under Code
minimum distribution
rules. Each year that the
Specified Amount is in
effect, Aetna will
calculate the minimum
required distribution
under the Code and
distribute this amount if
it is larger than the
amount elected by the
Contract Holder. The life
expectancy factor for this
purpose will be your life
expectancy at the time of
the election of this
option, and with each
subsequent calendar year
the factor will be reduced
by one. The minimum
required distribution will
be determined by dividing
the Individual Account(s)
Current Value as of
December 31 of the year
prior to the year for
which the payment is to be
made, by a life expectancy
factor. At its discretion,
Aetna may require a
minimum initial payment
amount; or
(b) Specified Period: Payments
which are made over a
period of time which must
be at least 10 years,
unless otherwise required
by Code minimum
distribution rules. The
maximum specified period
will be limited by the
Code minimum distribution
rules. The annual amount
paid each year is
calculated by dividing the
Individual Account(s)
Current Value as of
December 31 of the prior
year, by the number of
payment years remaining.
The life expectancy factor
is either the single life
or joint life expectancy,
as elected by the Contract
Holder, based on tables in
Section 401(a)(9) of the
Code or related
regulations. If the joint
life expectancy is
elected, upon your or your
spouse's death, the
minimum required
distribution for the
Specified Amount payment
method will continue to be
calculated in the same
manner as described in
(b)(1). Payments upon your
death will continue to be
calculated in the same
manner described above,
unless the Contract Holder
on behalf of your spouse
elects an alternate
17
payment mode. Any mode
elected must provide
payments to be made at
least as rapidly as those
made prior to your death.
These calculations may be
changed as necessary to
comply with the Code
minimum distribution
rules. The joint life
expectancy factor can only
be elected based on the
joint life expectancy of
you and your spouse, and
your spouse must be named
as the Plan beneficiary of
any death benefits under
the Contract while SWO is
in effect.
3.13 Distribution Options (2) Minimum Initial Current Value:
(Cont'd) At its discretion, Aetna may
require a minimum initial
Current Value for election of
this option. If after election
of this option the Current Value
is insufficient to make a
scheduled SWO payment, Aetna
will distribute the entire
balance of the Individual
Account.
(3) Date of Distribution: The
Contract Holder shall specify
the initial date. The earliest
date is the first day of the
calendar year in which you
attain age 70 1/2. Subsequent
distributions will be made
annually on the 15th of the
month the initial payment was
made or such other date Aetna
may designate or allow.
(4) Elections and Revocation: SWO
may be elected by the Contract
Holder by submitting a completed
and signed election form to
Aetna's Home Office. The
Contract Holder must certify in
writing that the distribution is
in accordance with the terms of
the Plan.
Once elected, this option may be
revoked by the Contract Holder
by submitting a written request
to Aetna at its Home Office. Any
revocation will apply only to
amounts not yet paid. SWO may be
elected only once on your
behalf.
(5) Reservation of Rights: Aetna
reserves the right to change the
terms of SWO for future
elections and discontinue the
availability of this option
after proper notification. Aetna
also reserves the right to allow
payments to be made more
frequently than annually.
3.14 Sum Payable at Death Aetna will pay any portion of the Individual
(Before Annuity Payments Account(s) Current Value to the beneficiary
Start): and in the manner directed in writing by the
Contract Holder when:
(a) You die before Annuity payments start:
and
18
(b) The notice of death is received in
good order by Aetna.
For each Individual Account, the death
benefit is guaranteed to be the greater of:
(a) The Current Value of the Individual
Account plus aggregate positive MVA,
as applicable, on the date the notice
of death and the request for payment
are received in good order at Aetna's
Home Office; or
(b) The total of Net Purchase Payment(s)
made to each Individual Account minus
the total of all partial surrenders or
annuitizations made from each Account.
This guaranteed death benefit is available
only to beneficiaries who request either a
lump sum payment or an Annuity Option within
the first six months after the date of your
death.
3.14 Sum Payable at Death If the payee of the death proceeds is your
(Before Annuity Payments surviving spouse (as your designated
Start) (Cont'd): beneficiary), the first Annuity payment or
the lump sum payment may be deferred to a
date not later than when you would have
attained age 70 1/2 or such later date as
may be allowed under federal law or
regulations. If the beneficiary is not the
surviving spouse, all of the Current Value
must either be applied to an Annuity Option
within one year of your death or be paid to
the payee within 5 years of your death (see
Part IV).
In no event may any payments to the
beneficiary under an Annuity Option extend
beyond:
(a) The life of the payee determined as of
the date payments are to commence; or
(b) Any certain period greater than the
payee's life expectancy as determined
by regulations under Code Section 401
(a)(9) as of the date payments are to
begin.
3.15 Surrender Value: The amount payable by Aetna upon the
surrender of any portion on an Individual
Account will be the value of the Individual
Account at the end of the Valuation Period
in which the surrender request is received
at its Home Office. Partial surrenders of an
Individual Account's Fixed Account value may
not exceed 20% of the Fixed Account Value
during any calendar year. Any portion of a
full surrender of an Individual Account
which is in the Fixed Account will be paid
in five annual installments in accordance
with Section 3.17.
For a partial or full surrender from any
Individual Account, Aetna must receive
written direction from the Contract Holder
on a form acceptable to Aetna. Aetna may
defer payment of the surrender value until
appropriate Contract Holder direction is
received.
19
3.16 Timing of Distributions: The distribution of benefits accrued after
December 31, 1986, must be made in a lump
sum or must begin not later than the April 1
of the calendar year following the calendar
year in which you attain age 70 1/2 or
retire, whichever occurs later.
The required distribution described in
either of the above rules must be made over
your life (or the joint lives of you and the
beneficiary) or over a period not exceeding
your life expectancy (or the joint life
expectancies of you and the beneficiary).
3.16 Timing of Distributions: If the Contract Holder does not request
(Cont'd) commencement of benefits as described above,
Aetna will not be responsible for compliance
with the Code Section 401(a)(9) minimum
distribution requirements and for any
adverse tax consequences that may result.
3.17 Payment of Surrender Under certain emergency conditions, Aetna
Value: may defer payments:
(a) For a period of up to 6 months (unless
not allowed by state law); and
(b) As provided by federal law.
Any surrenders requested from an Individual
Account's Fixed Account value may not exceed
20% of the Individual Account's Fixed
Account Current Value as of the date the
withdrawal request is received in good order
at Aetna's Home Office during any calendar
year. The surrender value will be reduced by
any Fixed Account surrender(s), transfer(s)
or annuitizations previously made during the
calendar year.
In the event of Individual Account
termination, Aetna will pay any Fixed
Account surrender value from the Individual
Account with interest, in five annual
payments of:
o One-fifth of the Fixed Account
surrender value minus any Fixed
Account surrender(s), transfer(s) or
annuitizations made during the
calendar year;
o One-fourth of the Fixed Account
surrender value;
o One-third of the Fixed Account
surrender value; and
o One-half of the Fixed Account
surrender value; and
20
o The remaining balance of the Fixed
Account surrender value as the fifth
and final payment.
Once Aetna receives notification of an
Individual Account termination, no further
surrender(s) or transfer(s) will be
permitted from the Fixed Account.
Interest, as used above, will not be more
than two percentage points below any rate
determined prospectively by the Board of
Directors for this class of Contract. In no
event will the interest rate be less than
3%.
3.18 Reinstatement: All or a portion of the proceeds of a full
surrender of this Contract may be reinvested
within 30 days after the surrender if
allowed by law. Any Market Value Adjustment
deducted from GA Account surrenders will not
be included in the reinstatement. Amounts
will be reinstated among the Fixed Account,
GA Account, and the Fund(s) in the same
proportion as they were at the time of
surrender. Any amount reinstated to the GA
Account will be credited to the current
Deposit Period. The number of Record Units
reinstated with be based on the Record
3.18 Reinstatement: Unit Value(s) next computed after receipt at
(Cont'd) Aetna's Home Office of the reinstatement
request and the amount to be reinvested.
Reinstatement is permitted only once.
IV. ANNUITY PROVISIONS
--------------------------------------------------------------------------------
4.01 Choices to be Made: The Contract Holder may elect an Annuity
Option on your behalf by telling Aetna to
pay all or any portion of the Current Value
(minus any premium tax) as a premium for an
Annuity under Option 2, 3, or 4 (see 4.07).
The present value of the expected payments
to the Annuitant when payments start shall
be determined in accordance with the tables
under Code Section 401(a)(9) regulations in
order to comply with the incidental death
benefit test. This restriction does not
apply if Option 4 (e) is chosen and the
second Annuitant is the spouse of the
Annuitant.
Generally, the first Annuity payment must be
made no later than the April 1 of the
calendar year following the year in which
you turn age 70 1/2 or retire, whichever
occurs later, or such later date as may be
allowed under federal law or regulations
(see 3.16). For distributions taken in a
lump sum, see Surrender Value (3.15 and
3.17).
When an Annuity Option is chosen, Aetna must
also be told if payments are to be made
other than monthly and to pay:
(a) A Fixed Annuity using the General
Account;
(b) A Variable Annuity using any of the
Fund(s) made available by Aetna for
Annuity purposes; or
21
(c) A combination of (a) and (b).
If a Fixed Annuity is chosen, Aetna will add
interest daily at an annual rate no less
than 3.0%. Aetna may add interest daily at
any higher rate.
If a Variable Annuity is chosen, an Assumed
Annual Net Return Rate of 5% may be chosen.
If not chosen. Aetna will use an Assumed
Annual Net Return Rate of 3.5%.
With the exception of Option 2 on a variable
basis, once elected, an Annuity Option may
not be revoked.
4.02 Annuity Payments to In no event may any payments to the
Annuitant: Annuitant under any Annuity Option extend
beyond:
(a) The life of the Annuitant;
(b) The lives of the Annuitant and the
beneficiary;
4.02 Annuity Payments to (c) A period certain greater than the
Annuitant: Annuitant's life expectancy according
(Cont'd) to regulations under Code Section
401(a)(9), determined as of the date
payments are to commence: or
(d) A period certain greater than the life
expectancies of the Annuitant and the
beneficiary according to regulations
under Code Section 401(a)(9),
determined as of the date payments are
to begin.
4.03 Death of Annuitant: When an Annuitant dies under Options 2 and
3, the present value of any remaining
guaranteed payments will be paid in one sum
to the beneficiary as directed in writing by
the Contract Holder; or upon election by the
Annuitant's beneficiary, any remaining
payments will continue to the beneficiary.
If no beneficiary exists, the present value
of any remaining guaranteed payments will be
paid in one lump sum to the Contract Holder.
However, if a beneficiary dies while under
Option 1 or while receiving Annuity
payments, the present value of any remaining
payments will be paid in one lump sum to the
estate of the beneficiary. The interest rate
used to determine the first payment will be
used to calculate the present value.
4.04 Fund(s) Annuity Units - The number of Fund(s) Annuity Units is based
on the amount of the first Variable Annuity
payment which is equal to:
(a) The portion of the Current Value
(minus any premium tax) applied to pay
a Variable Annuity; divided by
(b) 1,000; multiplied by
(c) The payment rate for the Option
chosen.
22
Such amount, or portion, of the variable
payment will be divided by the appropriate
Fund(s) Annuity Unit Value (see 4.05) on the
tenth Valuation Period before the due date
of the first payment to determine the number
of each Fund Annuity Units. The number of
each Fund Annuity Units remains fixed. Each
future payment is equal to the sum of the
products of each Fund Annuity Unit Value
multiplied by the appropriate number of
Units. The Fund Annuity Unit Value on the
tenth Valuation Period prior to the due date
of the payment is used.
4.05 Fund(s) Annuity Unit For any Valuation Period, a Fund(s) Annuity
Value - Separate Account: Unit Value is equal to:
(a) The Value for the previous Period:
multiplied by
(b) The Annuity Net Return Factor(s) for
the Period; multiplied by
(c) A factor to reflect the Assumed Annual
Net Return Rate.
The factor for 3.5% per year is .9999058;
for 5% per year it is .9998663.
4.05 Fund(s) Annuity Unit The dollar value of a Fund(s) Annuity Unit
Value --Separate Account: Values and payments may go up or down due to
(Cont'd) investment gain or loss.
If Variable Annuity payments are not to
decrease, Aetna must earn a gross return on
the assets of the Separate Account of:
o 4.75% on an annual basis plus an
annual return of up to 0.25% needed to
offset the administrative charge set
at the time Annuity payments commence
if an Assumed Annual Net Return Rate
of 3.5% is chosen: or
o 6.25% on an annual basis plus an
annual return of up to 0.25% needed to
offset the administrative charge set
at the time Annuity payments commence
if an Assumed Annual Net Return Rate
of 5% is chosen.
Payments shall not be changed due to changes
in the mortality or expense results or
administrative charges.
4.06 Annuity Net Return The Annuity Net Return Factor(s) are used to
compute all Separate Account Annuity and
payments for any Fund.
The Annuity Net Return Factor(s) for each
Fund is equal to 1.0000000 plus the Net
Return Rate.
The Net Return Rate is equal to:
23
(1) The value of the shares of the Fund
held by the Separate Account at the
end of a Valuation Period; minus
(2) The value of the shares of the Fund
held by the Separate Account at the
start of the Valuation Period; plus or
minus
(3) Taxes (or reserves for taxes) on the
Separate Account (if any); divided by
(4) The total value of the Fund(s) Record
Units and Fund(s) Annuity Units of the
Separate Account at the start of the
Valuation Period; minus
(5) A daily actuarial charge at an annual
rate of 1.25% for Annuity mortality
and expense risks and profit and a
daily administrative charge which will
not exceed 0.25% on an annual basis.
A Net Return Rate may be more or less than
0.
The value of a share of the Fund is equal to
the net assets of the Fund divided by the
number of shares outstanding.
4.07 Annuity Options: Option 1 -- Payments of Interest on Sum Left
with Aetna -- This Option may be used only
by the beneficiary when you die before Aetna
has started paying an Annuity. A portion or
all of the sum paid upon death may be held
under this Option and will be held in the
General Account of Aetna at interest (see
4.01). The Contract Holder, on behalf of
your beneficiary, may later tell Aetna to:
4.07 Annuity Options: (a) Pay a portion or all of the sum held
(Cont'd) by Aetna; or
(b) Apply a portion or all of the sum held
by Aetna to any Annuity Option below.
If the beneficiary is your surviving spouse,
payment may be deferred to a date not later
than when you would have attained age 70
1/2.
If the beneficiary is not your spouse, the
Contract Holder must tell Aetna to pay the
full sum within 5 years after your death.
Option 2 -- Payments for a Stated Period of
Time -- An Annuity will be paid for the
number of years chosen. The number of years
must be at least 3 and not more than 30.
If payments for this Option are made under a
Variable Annuity, the present value of any
remaining payments may be withdrawn at any
time.
Option 3 -- Life Income -- An Annuity will
be paid for the life of the Annuitant. If
also chosen, Aetna will guarantee payments
for 60, 120, 180, or 240 months.
Option 4 -- Life Income for Two Payees -- An
Annuity will be paid during the lives of the
Annuitant and a second Annuitant. At the
death of either, payments will continue to
the survivor. When this Option is chosen, a
choice must be made of:
24
(a) 100% of the payment to continue to the
survivor;
(b) 66 2/3% of the payment to continue to
the survivor;
(c) 50% of the payment to continue to the
survivor; or
(d) Payments for a minimum of 120 months,
with 100% of the payment to continue
to the survivor.
(e) 100% of the payment to continue to the
survivor if the survivor is the
Annuitant and 50% of the payment to
continue to the survivor if the
survivor is the second Annuitant.
Other Options -- Aetna may make other
options available as allowed by the laws of
the state in which the Contract and this
Certificate is delivered.
OPTION 2
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
3 3.00% $ 28.99 $ 86.76 $ 172.88 $ 343.23
4 3.00% 22.06 66.02 131.56 261.19
5 3.00% 17.91 53.59 106.78 211.99
6 3.00% 15.14 45.30 90.27 179.22
7 3.00% 13.16 39.39 78.49 155.83
8 3.00% 11.68 34.96 69.66 138.31
9 3.00% 10.53 31.52 62.81 124.69
10 3.00% 9.61 28.77 57.33 113.82
11 3.00% 8.86 26.52 52.85 104.93
12 3.00% 8.24 24.65 49.13 97.54
13 3.00% 7.71 23.08 45.98 91.29
14 3.00% 7.26 21.73 43.29 85.95
15 3.00% 6.87 20.56 40.96 81.33
16 3.00% 6.53 19.54 38.93 77.29
25
17 3.00% 6.23 18.64 37.14 73.74
18 3.00% 5.96 17.84 35.56 70.59
19 3.00% 5.73 17.13 34.14 67.78
20 3.00% 5.51 16.50 32.87 65.26
21 3.00% 5.32 15.92 31.72 62.98
22 3.00% 5.15 15.40 30.68 60.92
23 3.00% 4.99 14.92 29.74 59.04
24 3.00% 4.84 14.49 28.88 57.33
25 3.00% 4.71 14.09 28.08 55.76
26 3.00% 4.59 13.73 27.36 54.31
27 3.00% 4.47 13.39 26.68 52.97
28 3.00% 4.37 13.08 26.06 51.74
29 3.00% 4.27 12.79 25.49 50.60
30 3.00% 4.18 12.52 24.95 49.53
--------------------------------------------------------------------------------
26
OPTION 3
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Payments Guaranteed for a Stated Period of Months
--------------------------------------------------------------------------------
Age of
Annuitant None 60 120 180 240
--------------------------------------------------------------------------------
50 $ 4.05 $ 4.05 $ 4.03 $ 3.99 $ 3.93
51 4.12 4.11 4.09 4.05 3.99
52 4.19 4.19 4.16 4.11 4.04
53 4.27 4.26 4.23 4.18 4.10
54 4.35 4.34 4.31 4.25 4.16
55 4.44 4.42 4.39 4.32 4.22
56 4.53 4.51 4.47 4.40 4.29
57 4.62 4.61 4.56 4.48 4.35
58 4.72 4.71 4.65 4.56 4.42
59 4.83 4.81 4.75 4.64 4.49
60 4.95 4.93 4.86 4.73 4.55
61 5.07 5.05 4.97 4.83 4.62
62 5.20 5.17 5.08 4.92 4.69
63 5.34 5.31 5.20 5.02 4.76
64 5.49 5.45 5.33 5.12 4.83
65 5.65 5.61 5.47 5.22 4.89
66 5.82 5.77 5.61 5.33 4.96
67 6.01 5.94 5.75 5.44 5.02
68 6.20 6.13 5.91 5.54 5.08
69 6.41 6.33 6.07 5.65 5.14
70 6.64 6.54 6.23 5.76 5.19
71 6.88 6.76 6.41 5.86 5.24
72 7.14 7.00 6.59 5.97 5.28
73 7.43 7.26 6.77 6.06 5.32
74 7.73 7.53 6.96 6.16 5.35
75 8.06 7.82 7.14 6.25 5.38
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
27
OPTION 4
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------
Ages of
------------------------
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
--------------------------------------------------------------------------------
55 50 $ 3.69 $ 4.05 $ 4.27 $ 3.69 $ 4.03
55 55 3.88 4.25 4.47 3.87 4.14
55 60 4.06 4.47 4.71 4.06 4.20
60 55 3.99 4.44 4.71 3.98 4.42
60 60 4.24 4.71 4.99 4.23 4.57
60 65 4.49 5.01 5.32 4.48 4.64
65 60 4.38 4.97 5.32 4.38 4.93
65 65 4.72 5.33 5.70 4.71 5.14
65 70 5.07 5.75 6.17 5.05 5.26
70 65 4.93 5.68 6.15 4.91 5.66
70 70 5.40 6.21 6.70 5.36 5.96
70 75 5.89 6.82 7.40 5.81 6.12
75 70 5.69 6.68 7.32 5.62 6.67
75 75 6.37 7.45 8.15 6.23 7.12
75 80 7.07 8.34 9.16 6.78 7.36
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
28
OPTION 2
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
3 3.50% $ 29.19 $ 87.33 $ 173.91 $ 344.86
4 3.50% 22.27 66.61 132.65 263.04
5 3.50% 18.12 54.19 107.92 213.99
6 3.50% 15.35 45.92 91.44 181.32
7 3.50% 13.38 40.01 79.69 158.01
8 3.50% 11.90 35.59 70.88 140.56
9 3.50% 10.75 32.16 64.05 127.00
10 3.50% 9.83 29.42 58.59 116.18
11 3.50% 9.09 27.18 54.13 107.34
12 3.50% 8.46 25.32 50.42 99.98
13 3.50% 7.94 23.75 47.29 93.78
14 3.50% 7.49 22.40 44.62 88.47
15 3.50% 7.10 21.24 42.31 83.89
16 3.50% 6.76 20.23 40.29 79.89
17 3.50% 6.47 19.34 38.51 76.37
18 3.50% 6.20 18.55 36.94 73.25
19 3.50% 5.97 17.85 35.54 70.47
20 3.50% 5.75 17.22 34.28 67.98
21 3.50% 5.56 16.65 33.15 65.74
22 3.50% 5.39 16.13 32.13 63.70
23 3.50% 5.24 15.66 31.19 61.85
24 3.50% 5.09 15.24 30.34 60.17
25 3.50% 4.96 14.85 29.56 58.62
26 3.50% 4.84 14.49 28.85 57.20
27 3.50% 4.73 14.15 28.19 55.90
28 3.50% 4.63 13.85 27.58 54.69
29 3.50% 4.53 13.57 27.02 53.57
30 3.50% 4.45 13.30 26.49 52.53
--------------------------------------------------------------------------------
29
OPTION 2
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
3 5.00% $ 29.80 $ 89.04 $176.99 $ 349.72
4 5.00% 22.89 68.38 135.93 268.58
5 5.00% 18.74 56.00 111.33 219.98
6 5.00% 15.99 47.77 94.96 187.64
7 5.00% 14.02 41.90 83.30 164.59
8 5.00% 12.56 37.52 74.58 147.35
9 5.00% 11.42 34.11 67.81 133.99
10 5.00% 10.51 31.40 62.42 123.34
11 5.00% 9.77 29.19 58.03 114.66
12 5.00% 9.16 27.36 54.38 107.45
13 5.00% 8.64 25.81 51.31 101.39
14 5.00% 8.20 24.50 48.69 96.21
15 5.00% 7.82 23.36 46.44 91.75
16 5.00% 7.49 22.37 44.47 87.88
17 5.00% 7.20 21.51 42.75 84.48
18 5.00% 6.94 20.74 41.23 81.47
19 5.00% 6.71 20.06 39.88 78.80
20 5.00% 6.51 19.46 38.68 76.42
21 5.00% 6.33 18.91 37.59 74.28
22 5.00% 6.17 18.42 36.62 72.35
23 5.00% 6.02 17.98 35.73 70.61
24 5.00% 5.88 17.57 34.93 69.02
25 5.00% 5.76 17.20 34.20 67.57
26 5.00% 5.65 16.87 33.53 66.25
27 5.00% 5.54 16.56 32.92 65.04
28 5.00% 5.45 16.28 32.35 63.93
29 5.00% 5.36 16.01 31.83 62.90
30 5.00% 5.28 15.77 31.35 61.95
--------------------------------------------------------------------------------
30
OPTION 3
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Payments Guaranteed for a Stated Period of Months
--------------------------------------------------------------------------------
Age of
Annuitant None 60 120 180 240
--------------------------------------------------------------------------------
50 $ 4.34 $ 4.34 $ 4.31 $ 4.27 $ 4.22
51 4.41 4.40 4.38 4.33 4.27
52 4.48 4.47 4.45 4.40 4.32
53 4.56 4.55 4.52 4.46 4.38
54 4.64 4.63 4.59 4.53 4.44
55 4.72 4.71 4.67 4.60 4.50
56 4.81 4.80 4.75 4.67 4.56
57 4.91 4.89 4.84 4.75 4.62
58 5.01 4.99 4.93 4.83 4.69
59 5.12 5.10 5.03 4.92 4.75
60 5.23 5.21 5.13 5.00 4.82
61 5.36 5.33 5.24 5.09 4.88
62 5.49 5.45 5.35 5.19 4.95
63 5.63 5.59 5.47 5.28 5.02
64 5.78 5.73 5.60 5.38 5.08
65 5.94 5.89 5.73 5.48 5.15
66 6.11 6.05 5.87 5.58 5.21
67 6.29 6.22 6.02 5.69 5.27
68 6.49 6.41 6.17 5.79 5.33
69 6.70 6.60 6.33 5.90 5.38
70 6.92 6.81 6.49 6.00 5.43
71 7.17 7.04 6.66 6.10 5.48
72 7.43 7.27 6.84 6.20 5.52
73 7.71 7.53 7.02 6.30 5.55
74 8.02 7.80 7.20 6.39 5.59
75 8.35 8.08 7.38 6.48 5.62
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
31
OPTION 3
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Payments Guaranteed for a Stated Period of Months
--------------------------------------------------------------------------------
Age of
Annuitant None 60 120 180 240
--------------------------------------------------------------------------------
50 $ 5.26 $ 5.25 $ 5.22 $ 5.17 $ 5.11
51 5.33 5.32 5.28 5.23 5.15
52 5.40 5.38 5.34 5.29 5.20
53 5.47 5.45 5.41 5.35 5.26
54 5.54 5.53 5.48 5.41 5.31
55 5.63 5.61 5.56 5.47 5.36
56 5.71 5.69 5.63 5.54 5.42
57 5.80 5.78 5.72 5.61 5.47
58 5.90 5.88 5.81 5.69 5.53
59 6.01 5.98 5.90 5.77 5.59
60 6.12 6.09 6.00 5.85 5.65
61 6.24 6.21 6.10 6.93 5.71
62 6.37 6.33 6.21 6.02 5.77
63 6.51 6.46 6.33 6.11 5.83
64 6.66 6.60 6.45 6.20 5.89
65 6.82 6.75 6.57 6.30 5.95
66 6.99 6.91 6.71 6.39 6.01
67 7.17 7.08 6.85 6.49 6.06
68 7.36 7.27 6.99 6.59 6.12
69 7.57 7.46 7.15 6.69 6.17
70 7.80 7.67 7.30 6.78 6.21
71 8.05 7.89 7.47 6.88 6.25
72 8.31 8.13 7.64 6.97 6.29
73 8.59 8.38 7.81 7.06 6.33
74 8.90 8.64 7.99 7.15 6.36
75 9.23 8.93 8.16 7.23 6.38
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
32
OPTION 4
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
--------------------------------------------------------------------------------
Ages of
-----------------------
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
--------------------------------------------------------------------------------
55 50 $ 3.97 $ 4.35 $ 4.56 $ 3.97 $ 4.31
55 55 4.16 4.54 4.76 4.15 4.42
55 60 4.27 4.73 5.00 4.26 4.48
60 55 4.27 4.73 5.00 4.26 4.70
60 60 4.51 4.99 5.27 4.50 4.84
60 65 4.66 5.25 5.61 4.65 4.93
65 60 4.66 5.25 5.61 4.65 5.22
65 65 4.99 5.61 5.99 4.98 5.42
65 70 5.19 5.97 6.44 5.17 5.54
70 65 5.19 5.97 6.44 5.17 5.93
70 70 5.67 6.49 6.99 5.62 6.23
70 75 5.95 6.96 7.61 5.87 6.40
75 70 5.95 6.96 7.61 5.87 6.95
75 75 6.64 7.73 8.43 6.48 7.40
75 80 7.04 8.39 9.29 6.79 7.64
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
33
OPTION 4
Life Income for Two Payees
Amount of First Monthly Payment for Each $l,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
--------------------------------------------------------------------------------
Ages of
-----------------------
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
--------------------------------------------------------------------------------
55 50 $ 4.88 $ 5.26 $ 5.48 $ 4.88 $ 5.23
55 55 5.04 5.44 5.66 5.04 5.32
55 60 5.15 5.63 5.91 5.14 5.38
60 55 5.15 5.63 5.91 5.14 5.59
60 60 5.37 5.87 6.16 5.37 5.72
60 65 5.52 6.14 6.51 5.51 5.80
65 60 5.52 6.14 6.51 5.51 6.10
65 65 5.83 6.49 6.87 5.82 6.29
65 70 6.04 6.84 7.34 6.00 6.41
70 65 6.04 6.84 7.34 6.00 6.81
70 70 6.49 7.35 7.87 6.44 7.08
70 75 6.77 7.84 8.51 6.68 7.25
75 70 6.77 7.84 8.51 6.68 7.81
75 75 7.45 8.60 9.33 7.27 8.25
75 80 7.86 9.28 10.20 7.57 8.49
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a. The rates do not differ by sex.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
34
--------------------------------------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇
Certificate of Group Annuity Coverage
--------------------------------------------------------------------------------
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GTCC-IB(AORP)
35