HomeMy WebLinkAboutHR1985-0104 - Amendment - #1-85C - Great-West Life and Annuity Insurance Company - Deferred Compensation Annuity Contract No. 88053 - 06/30/1986 LF c: F" li v I DD
Great-West Life G-M 1 CITY CL EN
Great-West Life Center
8505 East Orchard Road
December 8, 1986 Englewood, CO 80111 Tel. (303) 889-3000
Address mail to: P.O.Box 1080 Denver,CO 80201
R E C E I V E
Director of Business Affairs
City of Kent OEC 18 1986
220 So. 4th Ave.
Kent, WA 98032 PERSONNEL DEPT.
Via Certified Mail
RE: Policy #88053 Deferred Compensation Annuity Contract
Dear Policyholder:
Your FutureFunds Group Deferred Compensation Annuity Contract with Great-West
Life has been amended. The modifications are contractual improvements
provided at no additional cost and are described in this letter.
1 ) A new paragraph is added to the "Contingent Deferred Sales Charge"
section of the contract. This new paragraph states that any Participant
who has at least 15 years of participation in the FutureFunds contract
will have no Contingent Deferred Sales Charge on FutureFunds amounts
surrendered. For clients who converted to FutureFunds from our old
deferred compensation annuity contract, the Conversion Deposit amount
will still be subject to the 4-6% surrender charge on rollover monies
from the prior contract.
2) All of the guaranteed annuity purchase rates pertaining to fixed annuity
payment options under the contract (i .e., Tables C, D, and E within the
contract) have been improved (increased).
While these improvements have been available to you prior to the receipt of
this letter, the contract did not specifically provide for them. If you do
not wish to retain the above improvements as a part of your contract, you must
notify Great-West Life in writing 30 days after receipt of this letter. In
the event Great-West does not receive such notification, your Group Annuity
Contract is hereby amended to include these provisions in accordance with the
Contract Modification Section of your contract.
Great-West feels that these additions to your contract are definite
improvements and we are pleased to furnish the enclosed amendments as an
addition to ,your present group policy.
Please contact your local Great-West representative with any questions you may
have.
THE GREAT-WEST LIFE ASSURANCE COMPANY
US.HEADQUARTERS-ENGLEWOOD COi..ORADO
Amendment No. 1-85C attached to and forming part of
Group Annuity Contract No. 88053
issued by
The Great-West Life and Annuity Insurance Canpany
WHEREAS, City of Kent
(hereinafter referred to as Group Policyholder) had previously entered into a
Group Annuity Contract No. 88053 with the Great-West Life and Annuity
Insurance Company (hereinafter referred to as the Insurance Company) ,
AND WHEREAS, the Insurance Crrpany wishes to waive the Contingent Deferred
Sales Charge on certain monies within the Contract after a Participant has
been covered under this Group Annuity Contract for 15 or more years,
AND WHEREAS, the Insurance C n pany wishes to improve the guaranteed annuity
purchase rates pertaining to fixed annuity payment options under this Group
Annuity Contract,
NOW THEREFORE, the parties hereto agree that as of January 18, 1985, this
Group Annuity Contract is hereby amended by:
1 ) Adding to the Provisions Relating to Amount Payable on Death, Partial
Surrender and Surrender" section of the Contract, under the sub-section
titled "Contingent Deferred Sales Charge", a new third paragraph with the
language included in the appropriate sub-section attached hereto and
marked as Amendment No. 1-85C, and
2) Deleting Tables C, D, and E of the contract and replacing therefor the
Tables C, D, and E attached hereto and marked as Amendment 1-85C.
Dated at Denver, Colorado on June 30, 1986, by The Great-West Life and Annuity
Insurance Ccrnpany.
Vice-President and Secretary President
For the Actuary
Amendment No. 1-85C
PROVISIONS FELATIiNG TO AMOUNT PAYAELE ON DEATH PARTIAL SURRENDER
AND SURRENDER (continued)
Contingent Deferred Sales Charge
Notwithstanding the immediately preceding two paragraphs, a Contingent
Deferred Sales Charge will not be deducted for any Participant who has
participated under this Group Annuity Contract 15 or more years from the
Participant Effective Date.
Amendment No. 1-85L-"
TA B_E C - Income of Specified Amount
- Income of a Specified Period
Monthly Payment for Each $1,000
of Participant Annuity Account Value
Years Payment
3 28.61
4 21.82
5 17.75
6 15.04
7 13.10
8 11.66
9 10. 54
10 9.63
11 8.90
12 8.30
13 7.78
14 7.34
15 6.96
16 6.63
17 6.34
18 6.08
19 5.85
20 5.64
To determine the payment for other frequencies of payment, multiply the above
monthly payment by the following factors:
Factor
Quarterly payment 2.059
Semi-annual payment 5.96
Annual payment 11. 81
If payments are for an amount or duration different than that outlined above,
the Company will determine the proper amount or duration using the actuarial
basis used to determine the above Table.
Amendment No. 1-85C
TA0_E D - Fixed Life Annuity
Monthly Payment for Each $1,000
of Participant Annuity Account Value
Age of Without With Guaranteed Period
Payee Guaranteed Period 5 Years 10 years 15 Years 20 Years
50 3.99 3.99 3.98 3.96 3.94
55 4.31 4.30 4.27 4.24 4.19
60 4. 71 4.70 4.67 4.60 4 .49
65 5.28 5.25 5. 18 5.05 4.84
70 6.07 6.02 5.85 5.56 5.15
75 7.22 7. 09 6.68 6.07 5.41
If payments commence on any other date than the exact age of the Payee as
shown above, the amount of the monthly payment shall be determined by the
Company on the actuarial basis used by it in determining the above amounts.
Amendment No. 1-65C
TAELE E - Joint and One-Half Survivor Fixed Annuity
Monthly Payment for Each $1,000
of Participant Annuity Account Value
Age of If Designated Payee is Age
Annuitant 50 55 60 65 70 75
50 3.88 3. 91 3.94 3.96 3.97 3.98
55 4.09 4.15 4.19 4.23 4.25 4.27
60 4.34 4.43 4. 51 4.58 4.63 4.66
65 4.64 4.77 4.90 5.01 5. 10 5. 16
70 4.99 5.17 5.36 5.55 5.70 5.83
75 5.40 5.65 5.91 6. 19 6.46 6.69
If payments commence on any other date than the exact age of the Annuitant or
designated Payee as shown above, the amount of the monthly payment shall be
determined by the Company on the actuarial basis used by it in determininq the
above amounts.
Amendment No. 1-85C