Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☒ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Contract | Individual single premium deferred index-linked separate account annuity contract. |
Purchase Payment | The minimum Purchase Payment: $25,000. Prior approval required for a Purchase Payment of less than $25,000 or $1,000,000 or more. |
Owner and Annuitant Issue Ages | 0-85 |
Contract Periods | The Contract has two periods: •The Accumulation Period, the period prior to the Annuity Date; and •The Annuity Period, which begins on the Annuity Date and during which Annuity Payments are provided. |
Account Value | The total of the Fixed Account Value, the value of the Shield Option(s), and the Holding Account value under the Contract during the Accumulation Period. |
Shield Option | Each Shield Option has an associated Term, Index, Shield Rate and Rate Crediting Type. |
Term | The Term may be 1, 2, 3, or 6 years in length. |
Index | The current Indices are as follows: •S&P 500® Index (Price Return Index); •Russell 2000® Index (Price Return Index); •MSCI EAFE Index (Price Return Index); and •Nasdaq-100 Index® (Price Return Index). |
Shield Rate | We currently offer different levels of protection: Shield 10 — A Shield Rate where negative Index Performance of up to 10% of your Investment Amount is absorbed by us at the Term End Date, which would leave you to absorb any remaining negative Index Performance of up to 90% of your Investment Amount. Shield 15 — A Shield Rate where negative Index Performance of up to 15% of your Investment Amount is absorbed by us at the Term End Date, which would leave you to absorb any remaining negative Index Performance of up to 85% of your Investment Amount. Shield 25 — A Shield Rate where negative Index Performance of up to 25% of your Investment Amount is absorbed by us at the Term End Date, which would leave you to absorb any remaining negative Index Performance of up to 75% of your Investment Amount. |
Rate Crediting Type | A Shield Option can only have one associated Rate Crediting Type: either Cap Rate, Step Rate, or Step Rate Edge. |
Performance Lock | For any Shield Option with Performance Lock, once during each Term you may elect to lock the Interim Value. Once an Interim Value is locked it is irrevocable for the remainder of that Term. The Performance Lock Value will be used as value of the Shield Option for the remainder of the Term. You can exercise Performance Lock by providing Notice of election on a particular Business Day to lock the Interim Value on that day. (See “PERFORMANCE LOCK.”) |
Interim Value | The Interim Value is designed to represent the fair value of the Shield Option on each Business Day between the Term Start Date and Term End Date, taking into account the potential gain or loss of the applicable Index at the end of the Term. The Interim Value reflects the change in fair value due to economic factors of the investment instruments (including derivatives) supporting the Shield Options. The Interim Value is the amount that is available for annuitization, death benefits, withdrawals, Surrenders, and Performance Lock. For each Shield Option, we assign the value of Interim Value on any Business Day other than the Term Start Date and Term End Date. The Interim Value may be less than the Investment Amount at the time the Interim Value is calculated even when the current Index Value is higher than it was on the Term Start Date. See “Interim Value Calculation.” |
Transfers | During the Accumulation Period you may make transfers to the Fixed Account and/or to new Shield Option(s). You may only transfer during the Transfer Period. The effective date of such transfer is the first day of the Fixed Account Term and/or the Term(s) in which the transfer is made. If you have exercised Performance Lock, transfers for that Shield Option are not restricted to the Transfer Period, and you may transfer on any Contract Anniversary. You may elect to transfer the Performance Lock Value of the Shield Option to a new Shield Option or to the Fixed Account (if available) on any Contract Anniversary prior to the Term End Date (i.e., during the Term). Partial transfers of a Shield Option are not permitted, except on a Term End Date (for a Shield Option with the Performance Lock Value) or during the Transfer Period (for a Shield Option without the Performance Lock Value.) See “TRANSFERS.” |
Fixed Account | See Appendix D. |
Access to Your Money | You may withdraw some or all of your money at any time prior to the Annuity Date. For any withdrawal taken on a Term End Date, a Performance Rate Adjustment, as of the date of the withdrawal, will apply. For any withdrawal taken between the Term Start Date and the Term End Date, we use an Interim Value calculation, which will reduce the Investment Amount for that Shield Option by the percentage reduction in the Interim Value of that Shield Option. If you have exercised Performance Lock, a withdrawal will reduce your Performance Lock Value by the dollar amount of the withdrawal. The Performance Rate Adjustment and reduction (either proportionate or dollar for dollar) may be substantial. |
Withdrawal Charge | None. |
Systematic Withdrawal Program | You may elect the Systematic Withdrawal Program to provide automated processing of amounts withdrawn from your Contract, subject to program terms. We do not assess a charge for the program and you may terminate your participation in the program at any time. Withdrawals under the Systematic Withdrawal Program are subject to the same risks as any other withdrawals under the Contract. Moreover, since withdrawal amounts from a Shield Option will reduce the Investment Amount for that Shield Option by the percentage reduction in the Interim Value of that Shield Option, a withdrawal when Interim Value is less than the Investment Amount will cause a greater percentage reduction in the Investment Amount that remains in your Shield Option relative to the percentage reduction for the same withdrawal amount when Interim Value is greater than the Investment Amount. If you exercise Performance Lock on any Shield Option, the Performance Lock Value for that Shield Option will be reduced by the dollar amount of any subsequent withdrawals. Since withdrawals under the Systematic Withdrawal Program are automatic, you will have no control over the timing of those withdrawals. See “WITHDRAWAL PROVISIONS – Systematic Withdrawal Program” for availability and other restrictions. |
Death Benefit | For Owners age 81 or older at the Issue Date of the Contract, the standard death benefit is the Account Value. For Owners age 80 or younger at the Issue Date of the Contract, the standard death benefit (known as the Return of Premium death benefit) is the greater of the Account Value or your Purchase Payment (reduced proportionally by the percentage reduction in Account Value of the Shield Option(s), the Fixed Account, and the Holding Account for each partial withdrawal (including withdrawals to pay for advisory fees)). The Death Benefit Amount is determined as of the end of the Business Day on which we receive Notice of due proof of death and an acceptable election for the payment method. |
Annuity Options | You can choose an Annuity Option. After Annuity Payments begin, you cannot change the Annuity Option. You can choose one of the following Annuity Options on a fixed payment basis or any other Annuity Option acceptable to us: (i)Life Annuity with 10 Years of Annuity Payments Guaranteed; and (ii)Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed. The Annuity Options may be limited due to the requirements of the Code. |
Charges and Expenses | You will bear the expenses of Premium Tax and other taxes. See also “Fee-Based Expenses” below. |
Your Right to Cancel | You may cancel the Contract within a certain time period after receiving it by mailing or delivering the Contract to either us or the financial advisor who sold it. This is known as a “Free Look.” Unless otherwise required by state law, we will return either your Purchase Payment or Account Value, depending on your state. |
SHIELD OPTIONS | |
TERM | INDEX |
SHIELD 25 (up to 25% downside protection) | |
1 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
6 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
SHIELD 15 (up to 15% downside protection) |
SHIELD OPTIONS | |
TERM | INDEX |
1 Year | S&P 500® Index S&P 500® Index Step Rate S&P 500® Index Step Rate Edge Russell 2000® Index Russell 2000® Index Step Rate Russell 2000® Index Step Rate Edge MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
2 Year | S&P 500® Index Step Rate S&P 500® Index Step Rate Edge Russell 2000® Index Step Rate Russell 2000® Index Step Rate Edge MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
3 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
6 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
SHIELD 10 (up to 10% downside protection) | |
1 Year | S&P 500® Index S&P 500® Index Step Rate S&P 500® Index Step Rate Edge Russell 2000® Index Russell 2000® Index Step Rate Russell 2000® Index Step Rate Edge MSCI EAFE Index MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100 Index® Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
2 Year | S&P 500® Index Step Rate S&P 500® Index Step Rate Edge Russell 2000® Index Step Rate Russell 2000® Index Step Rate Edge MSCI EAFE Index Step Rate MSCI EAFE Index Step Rate Edge Nasdaq-100 Index® Step Rate Nasdaq-100 Index® Step Rate Edge |
3 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
SHIELD OPTIONS | |
TERM | INDEX |
6 Year | S&P 500® Index Russell 2000® Index MSCI EAFE Index Nasdaq-100 Index® |
Shield Rate | Downside Protection |
Shield 10 | up to 10% |
Shield 15 | up to 15% |
Shield 25 | up to 25% |
Shield Option type: | If Index Performance is: | Performance Rate will equal: |
Shield Options with a Cap Rate | less than or equal to zero | the lesser of: zero or the Index Performance increased by the Shield Rate (For example: a -15% Index Performance with Shield 10 will result in a -5% Performance Rate. The Performance Rate can never be greater than zero if the Index Performance is negative.) |
greater than zero and less than the Cap Rate | the Index Performance | |
greater than zero and equals or exceeds the Cap Rate | the Cap Rate | |
Shield Options with a Step Rate | less than zero | the lesser of: zero or the Index Performance increased by the Shield Rate (For example: a -15% Index Performance with Shield 10 will result in a -5% Performance Rate. The Performance Rate can never be greater than zero if the Index Performance is negative.) |
equal to or greater than zero | the Step Rate | |
Shield Options with Step Rate Edge | less than zero and exceeds the Shield Rate | Index Performance increased by the Shield Rate (For example: a -15% Index Performance with Shield 10 will result in a -5% Performance Rate.) |
less than zero but does not exceed the Shield Rate | the Edge Rate | |
zero or positive | the Edge Rate |
Contract Year | 1 | 2 | 3 | 4 | 5 |
Term Start Date | |||||
Investment Amount(1) | $50,000 | $55,000 | $57,750 | $57,750 | $57,750 |
Index Value | 1,000 | 1,200 | 1,260 | 1,260 | 1,197 |
Term End Date | |||||
Index Value | 1,200 | 1,260 | 1,260 | 1,197 | 1,017 |
Index Performance(2) | 20% | 5% | 0% | -5% | -15% |
Cap Rate | 10% | 10% | 10% | 10% | 10% |
Shield Rate | 10% | 10% | 10% | 10% | 10% |
Performance Rate (one year)(3) | 10% | 5% | 0% | 0% | -5% |
Performance Rate Adjustment(4) | $5,000 | $2,750 | $0 | $0 | -$2,888 |
Investment Amount(5) | $55,000 | $57,750 | $57,750 | $57,750 | $54,862 |
Contract Year | 1 | 2 | 3 | 4 | 5 |
Term Start Date | |||||
Investment Amount(1) | $50,000 | $54,000 | $58,320 | $62,986 | $62,986 |
Index Value | 1,000 | 1,050 | 1,260 | 1,260 | 1,134 |
Term End Date | |||||
Index Value | 1,050 | 1,260 | 1,260 | 1,134 | 964 |
Index Performance(2) | 5% | 20% | 0% | -10% | -15% |
Step Rate | 8% | 8% | 8% | 8% | 8% |
Shield Rate | 10% | 10% | 10% | 10% | 10% |
Performance Rate (one year)(3) | 8% | 8% | 8% | 0% | -5% |
Performance Rate Adjustment(4) | $4,000 | $4,320 | $4,666 | $0 | -$3,149 |
Investment Amount(5) | $54,000 | $58,320 | $62,986 | $62,986 | $59,837 |
Contract Year | 1 | 2 | 3 | 4 | 5 |
Term Start Date | |||||
Investment Amount(1) | $50,000 | $53,500 | $57,245 | $61,252 | $65,540 |
Index Value | 1,000 | 1,050 | 1,260 | 1,260 | 1,134 |
Term End Date | |||||
Index Value | 1,050 | 1,260 | 1,260 | 1,134 | 964 |
Index Performance(2) | 5% | 20% | 0% | -10% | -15% |
Edge Rate | 7% | 7% | 7% | 7% | 7% |
Shield Rate | 10% | 10% | 10% | 10% | 10% |
Performance Rate (one year)(3) | 7% | 7% | 7% | 7% | -5% |
Performance Rate Adjustment(4) | $3,500 | $3,745 | $4,007 | $4,288 | -$3,277 |
Investment Amount(5) | $53,500 | $57,245 | $61,252 | $65,540 | $62,263 |
Step Rate Edge | Step Rate | Cap Rate | Cap Rate | |
Term (in months) | 12 | 24 | 36 | 72 |
Months elapsed since Term Start Date | 0 | 0 | 0 | 0 |
Investment Amount | $50,000 | $50,000 | $50,000 | $50,000 |
Shield Rate | 10% | 15% | 10% | 25% |
Shield Option Rate | 8.25% | 18% | 130% | 200% |
Months until Term End Date | 12 | 24 | 36 | 72 |
Market Value Rate on Term Start Date | 2.00% | 4.00% | 6.00% | 8.00% |
Starting Index Value | 1,000 | |||
Total Account Value | $200,000 |
Step Rate Edge | Step Rate | Cap Rate | Cap Rate | |
Months elapsed since Term Start Date | 6 | |||
Months until Term End Date | 6 | 18 | 30 | 66 |
Index Value | 1200 | |||
Index Performance on calculation date(1) | 20% | |||
Market Value Rate on calculation date | 3.00% | 5.00% | 7.00% | 9.00% |
Market value of the Fixed Income Asset Proxy | $48,823.16 | $46,519.03 | $42,116.56 | $34,758.31 |
Market value of the Derivative Asset Proxy | $3,848.51 | $6,526.00 | $16,069.42 | $21,946.25 |
Interim Value of each Shield Option(2) | $52,671.67 | $53,045.03 | $58,185.98 | $56,704.57 |
Total Account Value | $220,607.25 |
Step Rate Edge | Step Rate | Cap Rate | Cap Rate | |
Months elapsed since Term Start Date | 6 | |||
Months until Term End Date | 6 | 18 | 30 | 66 |
Index Value | 700 | |||
Index Performance on calculation date(1) | -30% | |||
Market Value Rate on calculation date | 3.00% | 5.00% | 7.00% | 9.00% |
Market value of the Fixed Income Asset Proxy | $48,823.16 | $46,519.03 | $42,116.56 | $34,758.31 |
Market value of the Derivative Asset Proxy | -$8,899.83 | -$5,554.28 | -$5,794.44 | $2,103.07 |
Interim Value of each Shield Option(2) | $39,923.32 | $40,964.75 | $36,322.12 | $36,861.38 |
Total Account Value | $154,071.57 |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 600 |
Index Performance(1) | 20% |
Time Remaining in Shield Option (in months) | 6 |
Market Value Rate on calculation date | 3% |
Market value of Fixed Income Asset Proxy | $49,452.40 |
Market value of Derivative Asset Proxy | $4,062.37 |
Interim Value of Shield Option(2) | $53,514.77 |
Withdrawal Amount taken | $20,000 |
Investment Amount at Term Start Date adjusted for any withdrawals(3) | $31,313.57 |
Net Proceeds from withdrawal paid to Contract Owner(4) | $20,000 |
Term End Date | |
Index Value | 700 |
Index Performance(5) | 40% |
Performance Rate(6) | 10% |
Performance Rate Adjustment(7) | $3,131.36 |
Investment Amount(8) | $34,444.93 |
Term Start Date | |
Investment Amount | $50,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 500 |
Interim Value Calculation Halfway Through Term | |
Index Value | 400 |
Index Performance(1) | –20% |
Time Remaining in Shield Option (in months) | 6 |
Market Value Rate on calculation date | 3% |
Market value of Fixed Income Asset Proxy | $49,452.40 |
Market value of Derivative Asset Proxy | –$4,661.31 |
Interim Value of Shield Option (sum of 1+2)(2) | $44,791.09 |
Withdrawal Amount taken | $20,000 |
Investment Amount adjusted for any withdrawals(3) | $27,674.13 |
Net Proceeds from Withdrawal paid to Contract Owner(4) | $20,000 |
Term End Date | |
Index Value | 450 |
Index Performance(5) | –10% |
Performance Rate(6) | 0% |
Performance Rate Adjustment(7) | $0 |
Investment Amount(8) | $27,674.13 |
Contract Year | 1 |
Term Start Date | |
Investment Amount | $50,000 |
Index Value | 1,000 |
Term End Date | |
Index Value | 1,200 |
Index Performance(1) | 20% |
Cap Rate | 10% |
Shield Rate | Shield 10 |
Performance Rate (one year)(2) | 10% |
Performance Rate Adjustment(3) | $5,000 |
Investment Amount(4) | $55,000 |
Contract Year | 2 | |
1-Year Term / Shield 10 / S&P 500® Index with a Cap Rate of 10% | 1-Year Term / Shield 10 / Russell 2000® Index with a Cap Rate of 12% | |
Investment Amount at Term Start Date (second term)(1) | $27,500 | $27,500 |
Term Start Date | |
Investment Amount | $100,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 1,000 |
Interim Value Calculation Halfway Through Term | |
Index Value | 1,200 |
Index Performance(1) | 20% |
Time Remaining in Shield Option (in months) | 6 |
Market Value Rate on calculation date | 3% |
Market value of Fixed Income Asset Proxy | $98,904.80 |
Market value of Derivative Asset Proxy | $8,124.74 |
Interim Value of Shield Option(2) | $107,029.53 |
Performance Lock Value(3) | $107,029.53 |
Term Start Date | |
Investment Amount | $100,000 |
Shield Rate | Shield 10 |
Cap Rate | 10% |
Index Value | 1,000 |
Interim Value Calculation Halfway Through Term | |
Index Value | 1,200 |
Index Performance(1) | 20% |
Time Remaining in Shield Option (in months) | 6 |
Market Value Rate on calculation date | 3% |
Market value of Fixed Income Asset Proxy | $98,904.80 |
Market value of Derivative Asset Proxy | $8,124.74 |
Time Remaining in Shield Option (in months) | 6 |
Interim Value of Shield Option on day you exercise Performance Lock(2) | $107,029.53 |
Gross Withdrawal Amount | $50,000 |
Performance Lock Value after Withdrawal(3) | $57,029.53 |
If you… | Your “Applicable Age” is… |
Were born on or before June 30, 1949 | 70½ |
Were born on or after July 1, 1949 (and attain age 72 prior to January 1, 2023) | 72 |
Attain age 72 on or after January 1, 2023 (and attain age 73 on or before December 31, 2032) | 73* |
Attain age 74 on or after January 1, 2033 | 75* |
Plan Type | Elective Contribution | Catch-up Contribution |
IRA | $6,500 | $1,000 |
SIMPLE IRA | $15,500 | $3,500 |
401(k) | $22,500 | $7,500 |
SEP/401(a) | (Employer contributions only) | |
403(b) [TSA] | $22,500 | $7,500 |
457(b) | $22,500 | $7,500 |
Applications when purchasing the Contract, including initial Purchase Payment | P.O. Box 4365 Clinton, IA 52733-4365 Fax: (877) 245-2964 Or through your financial representative |
Death Claims | P.O. Box 4330 Clinton, IA 52733-4330 Fax: (877) 245-8163 |
Annuity Payments Payments | |
•Requests to receive regular Annuity Payments Payments | P.O. Box 4365 Clinton, IA 52733-4365 Telephone: (800) 882-1292 Fax: (877) 246-8424 |
•Death Claims for Contracts receiving Annuity Payments Payments | P.O. Box 4364 Clinton, IA 52733-4364 Telephone: (800) 882-1292 Fax: (877) 245-8163 |
•General requests and elections for Contracts receiving Annuity Payments Payments | P.O. Box 4363 Clinton, IA 52733-4363 Telephone: (800) 882-1292 Fax: (877) 246-8424 |
All other requests and elections and general inquiries (except requests for a transaction or other notification related to the Performance Lock Benefit must be submitted in writing, by telephone or by fax) | P.O. Box 4301 Clinton, IA 52733-4301 Telephone: (888) 243-1932 Fax: (877) 246-8424 |
Investment Amount at Term Start Date | $100,000 |
Term | 1-Year |
Initial Index | S&P 500® Index |
Index Value on Term Start Date for S&P 500® Index | 1,400 |
Cap Rate | 10% |
Shield Rate | 10% |
Index substitution | |
Number of days since Term Start Date | 183 |
Index Value for S&P 500® Index | 1,330 |
Index Performance for S&P 500® Index(1) | –5% |
Substituted Index | Russell 2000® Index |
Index Value for Russell 2000® Index on substitution date | 1,250 |
Index Value for Russell 2000® Index | 1,375 |
Index Performance for S&P 500® Index(1) | –5% |
Index Performance for Russell 2000® Index(2) | 10% |
Total Index Performance for the Term(3) | 4.5% |
Cap Rate | 10% |
Shield Rate | 10% |
Performance Rate(4) | 4.5% |
Performance Rate Adjustment(5) | $4,500 |
Investment Amount at Term End Date(6) | $104,500 |
Date | Amount | ||
A | Purchase Payment | Issue Date | $100,000 |
B | Account Value | First Contract Anniversary | $90,000 |
C | Death Benefit | First Contract Anniversary | $100,000 (= greater of A and B) |
D | Withdrawal | One Day after the First Contract Anniversary | $9,000 |
E | Percentage Reduction in Account Value | One Day after the First Contract Anniversary | 10% (= D/B) |
F | Account Value after Withdrawal | One Day after the First Contract Anniversary | $81,000 (= B-D) |
G | Purchase Payment Reduced for Withdrawal | One Day after the First Contract Anniversary | $90,000 (= A-(A × E)) |
H | Death Benefit | One Day after the First Contract Anniversary | $90,000 (= greater of F and G) |
/s/ Eric Steigerwalt* Eric Steigerwalt | Chairman of the Board, President, Chief Executive Officer and a Director |
/s/ Myles Lambert* Myles Lambert | Director and Vice President |
/s/ David A. Rosenbaum* David A. Rosenbaum | Director and Vice President |
/s/ Jonathan Rosenthal* Jonathan Rosenthal | Director, Vice President and Chief Investment Officer |
/s/ Edward A. Spehar* Edward A. Spehar | Director, Vice President and Chief Financial Officer |
/s/ Kristine Toscano* Kristine Toscano | Vice President and Chief Accounting Officer |
/s/ Gianna H. Figaro-Sterling* Gianna H. Figaro-Sterling | Vice President and Controller |
*By: | |
Michele H. Abate, Attorney-In-Fact January 23, 2024 |