Exhibit 4(e)
FIXED ACCOUNT RIDER
This rider is made part of the basic contract/certificate to which it is
attached. The date of issue of the rider is the same as that of the basic
contract/certificate unless a different date is shown on the
Contract/Certificate Specifications page. Except as provided in this rider, the
Fixed Account is treated the same as an Underlying Fund.
When the Contract Owner, or the Participant/Certificate Owner (hereinafter
referred to as Participant) if so authorized, directs Us to do so, We will apply
all or any part of a Participant's Purchase Payments to the Fixed Account.
PURCHASE PAYMENTS
The Purchase Payments are the payments the Contract Owner and/or the
Participants allocate to the Fixed Account. No Purchase Payment after the first
is required to keep the Fixed Account in effect, as long as the basic
contract/certificate is in effect.
We will apply the allocation of the first net Purchase Payment paid for the
Fixed Account to provide Accumulation Units to the Fixed Account within two
business days after it is received in good order at Our Office. We will apply
any allocation of the net Purchase Payments after the first net Purchase Payment
to the Fixed Account as of the day We receive it at Our Office.
VALUATION INFORMATION
For the purpose of this rider, for the Fixed Account only, the VALUATION
INFORMATION section of the basic contract/certificate is amended by deleting the
following provisions:
1. "Number of Accumulation Units;"
2. "Accumulation Unit Value;" and
3. "Net Investment Factor;"
and the following provisions are added.
NUMBER OF ACCUMULATION UNITS
We will determine the number of Accumulation Units to be credited to the Fixed
Account by dividing the net Purchase Payment applied to the Fixed Account by the
applicable Accumulation Unit Value of the Fixed Account.
ACCUMULATION UNIT VALUE
We will determine the value of an Accumulation Unit for the Fixed Account on any
day by multiplying:
a) the value on the immediately preceding date; by
b) the net interest factor for the day on which the value is being
determined.
NET INTEREST FACTOR
The net interest factor for a day is:
1. the assured Net Interest Rate which is equivalent to an annual
interest rate equal to the Minimum Guaranteed Interest Rate for the
Fixed Account shown on the Contract/Certificate Specifications, plus
2. any interest in excess of the assured Net Interest Rate credited at
Our discretion, plus
3. 1.000000.
INTEREST CREDITED TO THE FIXED ACCOUNT
The initial interest rate for any Purchase Payment is declared [each month] and
is guaranteed for [twelve months]. Each Purchase Payment is placed in a "cell"
for interest crediting purposes. At the end of the [twelve month] guarantee
period, a renewal interest rate will be determined that will not be lower than
the guaranteed minimum interest rate shown on the Contract/Certificate
Specifications. At the end of the initial guarantee period, the first renewal
rate will be guaranteed to the end of that calendar year. The second and all
future renewal rates will be declared each subsequent January 1 and guaranteed
through December 31 of each year.
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Interest will be compounded and credited to the Fixed Account at a daily rate
equivalent to the effective annual interest rate as determined by Us. The rate
will never be less than the guaranteed minimum interest rate shown on the
Contract/Certificate Specifications. Additional interest above the guaranteed
minimum interest rate amounts may be credited by Us for the initial and renewal
guaranteed interest periods.
TRANSFERS BETWEEN THE UNDERLYING FUNDS AND THE FIXED ACCOUNT
Amounts may generally be transferred from the Underlying Funds to the Fixed
Account at any time. Amounts may be transferred from the Fixed Account to the
Underlying Funds as described on the Contract/Certificate Specifications page.
No transfers will be allowed between the Fixed Account and any Competing Fund in
the Plan. Amounts previously transferred from the Fixed Account to the
Underlying Funds may not be transferred back to the Fixed Account or any
Competing Fund for a period of at least[ 3 months] from the date of transfer. We
reserve the right to limit the number of transfers and percentage of Cash Value,
as shown on the Contract/Certificate Specifications page, to be transferred from
the Fixed Account to the Underlying Funds and to contracts not issued by Us. The
minimum number of transfers allowed is shown on the Contract/Certificate
Specifications.
TRANSFERS TO CONTRACTS/CERTIFICATES NOT ISSUED BY US AND THE FIXED ACCOUNT
At the Written Request of the Contract Owner, or Participant if so authorized,
We will make available the Cash Surrender Value of the Fixed Account for
transfer to contracts/certificates not issued by Us, subject to the restrictions
on the Contract/Certificate Specifications page.
TRANSFERS FROM OTHER CONTRACTS/CERTIFICATES ISSUED BY US AND THE FIXED ACCOUNT
We may allow the Contract Owner, or Participant, if so authorized, to transfer
funds held in another group Annuity contract/certificate issued by Us to the
Fixed Account without applying deferred sales charges or surrender charges to
the funds being transferred. Once the transfer is complete and We have
established a new account, new deferred sales charges or surrender charges may
apply to the Fixed Account as shown on the Contract/Certificate Specifications
page.
TRANSFERS TO OTHER CONTRACTS/CERTIFICATES ISSUED BY US AND THE FIXED ACCOUNT
We may allow the Contract Owner or Participant, if so authorized, to transfer
funds in the Fixed Account to another contract/certificate issued by Us without
incurring a deferred sales charge or surrender charge as shown on the
Contract/Certificate Specifications page to the funds being transferred. Once
the transfer is complete and We have established a new account, new deferred
sales charges or surrender charges may apply to the new contract/certificate in
accordance with the provisions of such contract/certificate.
DISTRIBUTION FROM THE FIXED ACCOUNT
ALLOWABLE DISTRIBUTIONS
The Contract Owner or Participant if so authorized may request allowable
distributions shown on the Contract/Certificate Specifications page from the
Fixed Account at any time. Upon receipt of Written Request, We will pay the
Contract Owner or Participant if so authorized the Cash Value of the Fixed
Account as applicable for those allowable distributions.
SURRENDER FROM FIXED ACCOUNT CELLS
For the purpose of processing distributions from the Fixed Account, withdrawals
are taken from the most recent "cell" first, and each subsequent cell is
accessed for distributions in descending order on a Last-In, First-Out (LIFO)
basis.
The Cash Surrender Value will be determined as of the Next Valuation Date
following receipt of the Written Request. We may defer payment of the Cash
Surrender Value in the Fixed Account for up to six months from the date of the
Written Request. If a payment is deferred more than 10 days from the date the
request is received, interest will continue to be earned during the deferred
period at the rate required by law or at the rate currently being credited under
this rider, whichever is greater.
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CONTRACT/CERTIFICATE CHARGES
No Account Charge is applicable to the Fixed Account.
CONTRACT DISCONTINUANCE PROVISIONS
If the contract is discontinued, this rider will also be discontinued, and no
further Purchase Payments or transfers will be allowed.
[If the contract is discontinued because of Plan Termination and the Plan
certifies to Us that the Plan Termination is the result of the dissolution or
liquidation of the employer under US Code Title 11 procedures, the Cash
Surrender Value may be distributed directly to the employees entitled to share
in such distributions in accordance with the Plan relating to Plan Termination.
Distribution may be in the form of cash payments, Annuity options, or deferred
annuities. This provision does not apply to Internal Revenue Code Section 457
plans subject to the New York State Deferred Compensation Board rules and
regulations.
If the Plan is terminated or the contract discontinued by the Contract Owner for
any other reason, then u]pon discontinuance of the contract, We will determine
the Market Adjusted Value of the Fixed Account using the formula described
below. The Market Adjusted Value is the current value as of the date of
discontinuance and reflects the relationship between the rate of interest
credited to funds on deposit under the Fixed Account at the time of
discontinuance and the rate of interest credited on new deposits for this class
of contracts at the time of discontinuance. The Market Adjusted Value may be
greater than or less than the Cash Value of the Fixed Account.
Upon determining the Market Adjusted Value of the Fixed Account, We will
pay the Contract Owner, or Participant if so authorized, the choice of:
a) the Market Adjusted Value, less any amounts deducted on
Surrender, less any loans outstanding in one lump sum within 60
days of the date of discontinuance We may defer the payment of
this amount for up to six months from the date of discontinuance.
If a payment is deferred more than 10 working days from the date
of discontinuance, interest will continue to be earned during the
deferred period in the same manner as described in this rider; or
b) the Cash Value of the Fixed Account in installments over a 5 year
period. Interest will be credited to the remaining Cash Value of
the Fixed Account during this installment period at a fixed
effective annual interest rate of not less than 1.5% below the
net effective rate being credited to the contract on the date of
discontinuance. The first payment will be made no later than 60
days following Our mailing the written notice of Contract
Discontinuance to the Contract Owner at the most current address
available on Our records. The remaining payments will be mailed
on each anniversary of the discontinuance date for 4 years.
Allowable distributions shown on the Contract Specifications page
are not allowed during the 5 year installment period.
For Internal Revenue Code Section 457 plans subject to the New York State
Deferred Compensation Board rules and regulations, the Cash Value will be
paid out upon termination of the Contract/Certificate on the fifth
anniversary of the Contract Date. If the Contract is terminated at any
other time and in any other tax market, then the previously described rules
upon discontinuance of the contract still apply.
MARKET VALUE ADJUSTMENT FORMULA
Market Adjusted Value = Cash Value x (1+ R0)(5) / (1+R1 + 0.0025)(5)
Where R0 is the rate of interest credited to funds on deposit under the
Fixed Account at the time of discontinuance and R1 is the rate of interest
credited on new deposits for this class of contracts at the time of
discontinuance.
If We discontinue the contract when the Cash Value of the contract is less than
the Termination Amount shown on the Contract/Certificate Specifications page, or
We determine that the Plan or administration of the Plan is not in conformity
with applicable law, then within 31 days after We notify the Contract Owner in
writing of Our intent to discontinue the contract,
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We will pay the Contract Owner, or the Participants, if so authorized, the Cash
Value of the Fixed Account, if any, in a lump sum.
METLIFE INSURANCE COMPANY OF CONNECTICUT
[
/s/ C. Robert Henrikson
----------------------------------------
C. ROBERT HENRIKSON
President and Chief Operating Officer ]
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