HomeMy WebLinkAbout940320.tiff RESOLUTION
RE: APPROVE AMENDMENT NO. 2 TO GROUP CONTRACT FOR 401K PLAN AND AUTHORIZE
CHAIRMAN TO SIGN
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with Amendment No. 2 to the Group
Contract for the 401K Plan between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Principal Mutual
Life Insurance Company, effective February 7, 1994, with further terms and
conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said
amendment, a copy of which is attached hereto and incorporated herein by
reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Amendment No. 2 to the Group Contract for the 401K Plan
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Principal Mutual Life Insurance Company be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is,
authorized to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 4th day of April, A.D. , 1994, nunc pro tune
February 7, 1994.
/ BOARD OF COUNTY COMMISSIONERS
ATTEST: 9 ,/ WELD COUNTY, COLORADO
�Weld County C erk to the Board �
W. H. We s er, airman
BY:
eputy Cle k to the Board Dale Hall, Pro- em
APPROVED AS TO FORM: /
George Baxter
County Attorney Constance L. Haarbert
ALe9
ee
Barbara J. Kirkm4yer
940320
PEDO/t
GROUP CONTRACT GA 66947 AMENDMENT NO. 2
We , Us, Our means Principal Mutual Life Insurance Company
Contractholder means WELD COUNTY
It is mutually agreed by the undersigned that this Group Contract, issued by us to the Contractholder, is
amended as provided below:
Effective February 7, 1994,
by adding the following:
Rider: GP R 35909
Rider: GP R 35910
Rider: GP R 35911
Rider: GP R 35912
Rider: GP R 35913
Rider: GP R 35914
The provisions and conditions set forth on any page of this amendment are a part of this Group Contract as
fully as if recited over the signatures on this page.
Signed for Contractholder by
l TU
ame Titlee Date
Signed for us on kftl 7 99 / by
Vice President and President
Corporate Secretary
11/1
//7
Registrar
the•rincipa '
Financial
Gram
940320
SEPARATE INVESTMENT RIDER
BOND EMPHASIS BALANCED SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow this contract to participate in our balanced account called
Bond Emphasis Balanced Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract:
1. BOND EMPHASIS BALANCED SEPARATE ACCOUNT. Bond Emphasis
Balanced Separate Account is a pooled Separate Account for use by our retirement plan
customers. It is invested by us in other Separate Accounts established and maintained by
us. The majority of the assets will be invested in one or more of our Separate Accounts
invested primarily in bonds, mortgages, commercial paper and other fixed income type
investments. The remainder of the assets of this Separate Account will be invested in one
or more of our Separate Accounts invested primarily in common stocks and other equity
investments. We may also, at our option, occasionally invest in short term money market
instruments, cash or cash equivalents. We will invest or reinvest the assets held in Bond
Emphasis Balanced Separate Account in accordance with applicable law, without regard
to any investment requirements of our general account assets or of any investment
requirements of our other Separate Accounts.
The assets of Bond Emphasis Balanced Separate Account will pay investment management
charges under our other Separate Accounts in which they are invested. An additional
investment management charge will be charged under this Separate Account only for
investment management services actually performed exclusively for assets held in this
Separate Account. Currently no additional investment management charges are assessed
under this Separate Account. We reserve the right to change the amount of the investment
management charge at any time by giving you written notice at least 30 days before the
date change is to take effect. In no event will the sum of the investment management
charges exceed 2.00% of the value of the assets of Bond Emphasis Balanced Separate
Account.
2. DETERMINING BOND EMPHASIS BALANCED SEPARATE
ACCOUNT VALUE; UNIT VALUES. The value of Bond Emphasis Balanced
Separate Account is the sum of the values of the assets of the Separate Account. The
assets of Bond Emphasis Balanced Separate Account consist of amounts invested in other
Separate Accounts maintained by us. The value of the portion of the Bond Emphasis
GPR 35909 1 (FIA Full & Set)
Cl03"0
Balanced Separate Account invested in any given Separate Account will be the market
value of the amount so invested under the terms of the Separate Account in which it is
held. We will determine the value of Bond Emphasis Balanced Separate Account on each
Valuation Date.
The value of Bond Emphasis Balanced Separate Account may be expressed in units. A
Unit Value is the dollar.value of one unit held in Bond Emphasis Balanced Separate
Account. We will determine the Unit Value of Bond Emphasis Balanced Separate Account
on each Valuation Date. The Unit Value is equal to the market value of Bond Emphasis
Balanced Separate Account divided by the total number of Bond Emphasis Balanced
Separate Account Units on such date.
The initial Unit Value of one unit of Bond Emphasis Balanced Separate Account was
$10.00. The Unit Value for Contributions or transfers added to Bond Emphasis Balanced
Separate Account after its date of inception will be the Unit Value of Bond Emphasis
Balanced Separate Account on the Valuation Date the Contribution or transfer is accepted
at our home office. If a Contribution or transfer is received on any date other than a
Valuation Date, the Unit Value for such Contribution or transfer will be determined on the
next following Valuation Date. On any Valuation Date occurring after its date of
inception, the Unit Value of Bond Emphasis Balanced Separate Account will be equal to
the market value of Bond Emphasis Balanced Separate Account on such date divided by
the number of Bond Emphasis Balanced Separate Account Units before any adjustments
for Contributions or transfers to and applications from Bond Emphasis Balanced Separate
Account on such date.
3. BOND EMPHASIS BALANCED SEPARATE INVESTMENT
ACCOUNT. A Bond Emphasis Balanced Separate Investment Account is established for
each Member for each type of Contribution he directs to Bond Emphasis Balanced Separate
Account. The value of a Bond Emphasis Balanced Separate Investment Account is its
proportionate share of the value of Bond Emphasis Balanced Separate Account. This value
will be determined on each Valuation Date by multiplying (a) by (b):
(a) The number of Bond Emphasis Balanced Separate Account Units in the Bond
Emphasis Balanced Separate Investment Account as of the Valuation Date.
(b) The Bond Emphasis Balanced Separate Account Unit Value as of the Valuation Date,
as determined in Item 2 of this rider.
Contributions or transfers to a Bond Emphasis Balanced Separate Investment Account
increase the number of Bond Emphasis Balanced Separate Account Units credited to it;
applications from the account reduce the number of units. This increase or decrease is
determined by dividing the amount to be credited to or applied from the account by the
Bond Emphasis Balanced Separate Account Unit Value on the Valuation Date on which a
Contribution or transfer was credited or an application was made.
GPR 35909 2 (FIA Full & Set)
940220
4. TRANSFERS FROM A BOND EMPHASIS BALANCED SEPARATE
INVESTMENT ACCOUNT. We will, upon receipt of Notification from you and/or
a Member, as the Plan permits,
(a) transfer to his General Investment Account all or any portion of his Bond Emphasis
Balanced Separate Investment Account, or
(b) transfer to an Alternate Funding Agent all or any portion of his Bond Emphasis
Balanced Separate Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Bond Emphasis
Balanced Separate Investment Account.
The amount to be paid or transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Bond Emphasis Balanced
Separate Investment Account and will be an application from such account as of the date
transferred or paid. Each transfer to another Separate Investment Account may occur only
on a Valuation Date of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS AND PAYMENTS FROM A BOND
EMPHASIS BALANCED SEPARATE INVESTMENT ACCOUNT. In
general, transfers and payments from the Bond Emphasis Balanced Separate Investment
Account will be made within seven business days after the Valuation Date specified in Item
4. We reserve the right, however, to defer such transfers for a period not to exceed 270
days.
However, if in the 36-month period which ends on the requested date of transfer, all
transfers and payments from the total of all Bond Emphasis Balanced Separate Investment
Accounts total $20,000,000 or more, then we reserve the right to make the portion of the
requested transfer or payment in excess of$20,000,000 in substantially equal installments
over a period not to exceed 36 months. For purposes of this limitation, transfers and
payments from any separate investment accounts or funds under other contracts included
in Bond Emphasis Balanced Separate Account in connection with the Plan or with any
other retirement plan of the Employer will be included as a transfer or payment from a
Bond Emphasis Balanced Separate Investment Account. If this limitation is imposed by
us, the first installment will be made one month after the date of request, or on such later
date specified by you.
These limitations will not apply to payments to the beneficiary of a Member.
GPR 35909 3 (FIA Full & Set)
O A ItI'^^A
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Bond Emphasis Balanced Separate Investment Account will continue to participate in the
Bond Emphasis Balanced Separate Account until the date transfer or payment occurs. We
will notify you in the event of any deferment of more than 30 days under the provisions
of this Item 5.
PRINCIPAL MUTUAL(' LIFE INSURANCE COMPANY
N. 9, /.JJw.n.a.
G C
PRESIDENT
GPR 35909 4 (FIA Full & Set)
9A11li0
SEPARATE INVESTMENT RIDER
STOCK EMPHASIS BALANCED SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow this contract to participate in our balanced account called
Stock Emphasis Balanced Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract:
1. STOCK EMPHASIS BALANCED SEPARATE ACCOUNT. Stock Emphasis
Balanced Separate Account is a pooled Separate Account for use by our retirement plan
customers. It is invested by us in other Separate Accounts established and maintained by
us. The majority of it is invested in one or more of our Separate Accounts invested
primarily in common stocks and other equity investments. The remainder of the assets of
this Separate Account will be invested in one or more of our Separate Accounts invested
primarily in bonds, mortgages, commercial paper and other fixed income type investments.
We may also, at our option, occasionally invest in short term money market instruments,
cash or cash equivalents. We will invest or reinvest the assets held in the Stock Emphasis
Balanced Separate Account in accordance with applicable law, without regard to any
investment requirements of our general account assets or of any investment requirements
of our other Separate Accounts.
The assets of Stock Emphasis Balanced Separate Account will pay investment management
charges under our other Separate Accounts in which they are invested. An additional
investment management charge will be charged under this Separate Account only for
investment management services actually performed exclusively for assets held in this
Separate Account. Currently, no additional investment management charges are assessed
under this Separate Account. We reserve the right to change the amount of the investment
management charge at any time by giving you written notice at least 30 days before the
date change is to take effect. In no event will the sum of the investment management
charges exceed 2.00% of the value of the assets of Stock Emphasis Balanced Separate
Account.
2. DETERMINING STOCK EMPHASIS BALANCED SEPARATE
ACCOUNT VALUE; UNIT VALUES. The value of Stock Emphasis Balanced
Separate Account is the sum of the values of the assets of the Separate Account. The
assets of Stock Emphasis Balanced Separate Account consist of amounts invested in other
Separate Accounts maintained by us. The value of the portion of the Stock Emphasis
GPR 35910 1 (FIA Full & Set)
940220
Balanced Separate Account invested in any given Separate Account will be the market
value of the amount so invested under the terms of the Separate Account in which it is
held. We will determine the value of Stock Emphasis Balanced Separate Account on each
Valuation Date.
The value of Stock Emphasis Balanced Separate Account may be expressed in units. A
Unit Value is the dollar value of one unit held in Stock Emphasis Balanced Separate
Account. We will determine the Unit Value of Stock Emphasis Balanced Separate Account
on each Valuation Date. The Unit Value is equal to the market value of Stock Emphasis
Balanced Separate Account divided by the total number of Stock Emphasis Balanced
Separate Account Units on such date.
The initial Unit Value of one unit of Stock Emphasis Balanced Separate Account was
$10.00. The Unit Value for Contributions or transfers added to Stock Emphasis Balanced
Separate Account after its date of inception will be the Unit Value of Stock Emphasis
Balanced Separate Account on the Valuation Date the Contribution or transfer is accepted
at our home office. If a Contribution or transfer is received on any date other than a
Valuation Date, the Unit Value for such Contribution or transfer will be determined on the
next following Valuation Date. On any Valuation Date occurring after its date of
inception, the Unit Value of Stock Emphasis Balanced Separate Account will be equal to
the market value of Stock Emphasis Balanced Separate Account on such date divided by
the number of Stock Emphasis Balanced Separate Account Units before any adjustments
for Contributions or transfers to and applications from Stock Emphasis Balanced Separate
Account on such date.
3. STOCK EMPHASIS BALANCED SEPARATE INVESTMENT
ACCOUNT. A Stock Emphasis Balanced Separate Investment Account is established
for each Member for each type of Contribution he directs to Stock Emphasis Balanced
Separate Account. The value of a Stock Emphasis Balanced Separate Investment Account
is its proportionate share of the value of Stock Emphasis Balanced Separate Account. This
value will be determined on each Valuation Date by multiplying (a) by (b):
(a) The number of Stock Emphasis Balanced Separate Account Units in the Stock
Emphasis Balanced Separate Investment Account as of the Valuation Date.
(b) The Stock Emphasis Balanced Separate Account Unit Value as of the Valuation Date,
as determined in Item 2 of this rider.
Contributions or transfers to a Stock Emphasis Balanced Separate Investment Account
increase the number of Stock Emphasis Balanced Separate Account Units credited to it;
applications from the account reduce the number of units. This increase or decrease is
determined by dividing the amount to be credited to or applied from the account by the
Stock Emphasis Balanced Separate Account Unit Value on the Valuation Date on which
a Contribution or transfer was credited or an application was made.
GPR 35910 2 (FIA Full & Set)
940.22!0
4. TRANSFERS FROM A STOCK EMPHASIS BALANCED SEPARATE
INVESTMENT ACCOUNT. We will, upon receipt of Notification from you and/or
a Member, as the Plan permits,
(a) transfer to his General Investment Account all or any portion of his Stock Emphasis
Balanced Separate Investment Account, or
(b) transfer to an Alternate Funding Agent all or any portion of his Stock Emphasis
Balanced Separate Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Stock Emphasis
Balanced Separate Investment Account.
The amount to be paid or transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Stock Emphasis Balanced
Separate Investment Account and will be an application from such account as of the date
transferred or paid. Each transfer to another Separate Investment Account may occur only
on a Valuation Date of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS FROM A STOCK EMPHASIS
BALANCED SEPARATE INVESTMENT ACCOUNT. In general, transfers
and payments from the Stock Emphasis Balanced Separate Investment Account will be
made within seven business days after the Valuation Date specified in Item 4. We reserve
the right, however, to defer such transfers for a period not to exceed 270 days.
However, if in the 36-month period which ends on the requested date of transfer, all
transfers and payments from the total of all Stock Emphasis Balanced Separate Investment
Accounts total $20,000,000 or more, then we reserve the right to make the portion of the
requested transfer or payment in excess of$20,000,000 in substantially equal installments
over a period not to exceed 36 months. For purposes of this limitation, transfers and
payments from any separate investment accounts or funds under other contracts included
in Stock Emphasis Balanced Separate Account in connection with the Plan or with any
other retirement plan of the Employer will be included as a transfer or payment from a
Stock Emphasis Balanced Separate Investment Account. If this limitation is imposed by
us, the first installment will be made one month after the date of request, or on such later
date specified by you.
These limitations will not apply to payments to the beneficiary of a Member.
GPR 35910 3 (FIA Full & Set)
940.2'20
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Stock Emphasis Balanced Separate Investment Account will continue to participate in the
Stock Emphasis Balanced Separate Account until the date transfer or payment occurs. We
will notify you in the event of any deferment of more than 30 days under the provisions
of this Item 5.
PRINCIPAL MUTUAL LIFE INSURANCE COMPANY PRESIDENT
GPR 35910 4 (PIA Full & Set)
940a;:',0
SEPARATE INVESTMENT RIDER
GOVERNMENT SECURITIES SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow the contract to participate in our fixed income account
called Government Securities Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract.
1. GOVERNMENT SECURITIES SEPARATE ACCOUNT. Government
Securities Separate Account is a pooled Separate Account for use by our retirement plan
customers. It is invested by us primarily in obligations issued or guaranteed by agencies
and instrumentalities of the United States Government including, but not limited to,
Government National Mortgage Association, Federal National Mortgage Association,
Federal Home Loan Mortgage Association and Student Loan Marketing Association. In
addition, we may invest in direct obligations of the U.S. Treasury such as notes, bonds,
and bills. We may also invest in short term money market instruments, cash or cash
equivalents. We will invest and reinvest the assets held in Government Securities Separate
Account in accordance with applicable law, without regard to any investment requirements
of our general account assets or any of our other Separate Accounts.
The investment management charge under Government Securities Separate Account is
based on the value of its assets. The pro-rata charge for investment management will be
deducted from Government Securities Separate Account on each Valuation Date for the
number of calendar days within the Valuation Period ending on such Valuation Date.
The annual investment management charge for Government Securities Separate Account
will not at any time exceed 2.00% of the value of its assets. Currently, the annual
investment management charge for Government Securities Separate Account is 0.36% of
the value of its assets. We reserve the right to change the amount of charge for investment
management up to the 2.00% limit at any time by giving you written notice at least 30
days before the date the change is to take effect.
2. DETERMINING GOVERNMENT SECURITIES SEPARATE ACCOUNT
VALUE; UNIT VALUES. The value of Government Securities Separate Account
is its market value. If there is no readily ascertainable market value, its value is the fair
value of the assets held in such Separate Account, as determined by us using generally
GPR 35911 1 (FIA Full & Set)
940^' 9
accepted accounting practices and applicable law. We will determine the value of
Government Securities Separate Account on each Valuation Date.
The value of Government Securities Separate Account will be expressed in units. A Unit
Value is the dollar value of one unit held in Government Securities Separate Account. We
will determine the Unit Value of Government Securities Separate Account on each
Valuation Date. This Unit Value is equal to the market value of Government Securities
Separate Account divided by the total number of Government Securities Separate Account
Units on such date.
The initial Unit Value of one unit of Government Securities Separate Account was $10.00.
The Unit Value for Contributions or transfers added to Government Securities Separate
Account after its date of inception will be the Unit Value of Government Securities
Separate Account on the Valuation Date the Contribution or transfer is accepted by us at
our home office. If a Contribution or transfer is received on any date other than a
Valuation Date, the Unit Value for such Contribution or transfer will be determined on the
next following Valuation Date. On any Valuation Date occurring after its date of inception,
the Unit Value of Government Securities Separate Account will be equal to the market
value of Government Securities Separate Account on such date divided by the number of
Government Securities Separate Account Units before any adjustments for Contributions
or transfers to and applications from Government Securities Separate Account on such
date.
3. GOVERNMENT SECURITIES SEPARATE INVESTMENT ACCOUNT.
A Government Securities Separate Investment Account is established for each Member for
each type of Contribution he directs to Government Securities Separate Account. The
value of a Government Securities Separate Investment Account is its proportionate share
of the value of Government Securities Separate Account. This value will be determined
on each Valuation Date by multiplying (a) by (b):
(a) The number of Government Securities Separate Account Units in the Government
Securities Separate Investment Account as of the Valuation Date.
(b) The Government Securities Separate Account Unit Value as of the Valuation Date,
as determined in Item 2 of this rider.
Contributions or transfers to a Government Securities Separate Investment Account
increase the number of Government Securities Separate Account Units credited to it;
applications from the account reduce the number of units. This increase or decrease is
determined by dividing the amount to be credited to or applied from the account by the
Government Securities Separate Account Unit Value on the Valuation Date on which a
Contribution or transfer was credited or an application was made.
GPR 35911 2 (FIA Full & Set)
940Z,0
4. TRANSFERS FROM A GOVERNMENT SECURITIES SEPARATE
INVESTMENT ACCOUNT. We will, upon receipt of Notification from you and/or
a Member, as the Plan permits,
(a) transfer to his General Investment Account all or any portion of his Government
Securities Separate Investment Account, or
(b) transfer to an Alternate Funding Agent all or any portion of his Government
Securities Separate Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Government Securities
Separate Investment Account.
The amount to be paid or transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Government Securities Separate
Investment Account and will be an application from such account as of the date transferred
or paid. Each transfer to another Separate Investment Account may occur only on a
Valuation Date of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS AND PAYMENTS FROM A
GOVERNMENT SECURITIES SEPARATE INVESTMENT ACCOUNT.
In general, transfers and payments from the Government Securities Separate Investment
Account will be made within seven business days after the Valuation Date specified in
Item 4. We reserve the right, however, to defer such transfers for a period not to exceed.
90 days.
These limitations will not apply to payments to the beneficiary of a Member.
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Government Securities Separate Investment Account will continue to participate in the
Government Securities Separate Account until the date transfer or payment occurs. We
will notify you in the event of any deferment of more than 30 days under the provisions
of this Item 5.
PRINCIPAL MUTUAL LIFE INSURANCE COMPANY
sal. NfON
C
PRESIDENT
GPR 35911 3 (FIA Full & Set)
940,720
SEPARATE INVESTMENT RIDER
GROWTH STOCK SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow the contract to participate in our stock account called
Growth Stock Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract.
1. GROWTH STOCK SEPARATE ACCOUNT. Growth Stock Separate Account
is a pooled Separate Account for use by our retirement plan customers. It is invested by
us primarily in common stocks, derivative instruments such as options and futures, other
equity securities, or other convertible securities that may be converted to common stocks.
The investments to be considered generally will be from large, established companies
whose earnings are expected to grow at above average rates. We may also, at our option,
occasionally invest in short term money market instruments, cash or cash equivalents. We
will invest and reinvest the assets held in Growth Stock Separate Account in accordance
with applicable law, without regard to any investment requirements of our general account
assets or any of our other Separate Accounts.
The investment management charge under Growth Stock Separate Account is based on the
value of its assets. The pro-rata charge for investment management will be deducted from
Growth Stock Separate Account on each Valuation Date for the number of calendar days
within the Valuation Period ending on such Valuation Date.
The annual investment management charge for Growth Stock Separate Account will not
at any time exceed 2.00% of the value of its assets. Currently, the annual investment
management charge for Growth Stock Separate Account is 0.36% of the value of its assets.
We reserve the right to change the amount of charge for investment management up to the
2.00% limit at any time by giving you written notice at least 30 days before the date the
change is to take effect.
2. DETERMINING GROWTH STOCK SEPARATE ACCOUNT VALUE;
UNIT VALUES. The value of Growth Stock Separate Account is its market value.
If there is no readily ascertainable market value, its value is the fair value of the assets
held in such Separate Account, as determined by us using generally accepted accounting
practices and applicable law. We will determine the value of Growth Stock Separate
Account on each Valuation Date.
GPR 35912 1 (FIA Full & Set)
94029
The value of Growth Stock Separate Account will be expressed in units. A Unit Value is
the dollar value of one unit held in Growth Stock Separate Account. We will determine
the Unit Value of Growth Stock Separate Account on each Valuation Date. This Unit
Value is equal to the market value of Growth Stock Separate Account divided by the total
number of Growth Stock Separate Account Units on such date.
The initial Unit Value of one unit of Growth Stock Separate Account was $10.00. The
Unit Value for Contributions or transfers added to Growth Stock Separate Account after
its date of inception will be the Unit Value of Growth Stock Separate Account on the
Valuation Date the Contribution or transfer is accepted by us at our home office. If a
Contribution or transfer is received on any date other than a Valuation Date, the Unit
Value for such Contribution or transfer will be determined on the next following Valuation
Date. On any Valuation Date occurring after its date of inception, the Unit Value of
Growth Stock Separate Account will be equal to the market value of Growth Stock
Separate Account on such date divided by the number of Growth Stock Separate Account
Units before any adjustments for Contributions or transfers to and applications from
Growth Stock Separate Account on such date.
3. GROWTH STOCK SEPARATE INVESTMENT ACCOUNT. A Growth
Stock Separate Investment Account is established for each Member for each type of
Contribution he directs to Growth Stock Separate Account. The value of a Growth Stock
Separate Investment Account is its proportionate share of the value of Growth Stock
Separate Account. This value will be determined on each Valuation Date by multiplying
(a) by (b):
(a) The number of Growth Stock Separate Account Units in the Growth Stock Separate
Investment Account as of the Valuation Date.
(b) The Growth Stock Separate Account Unit Value as of the Valuation Date, as
determined in Item 2 of this rider.
Contributions or transfers to a Growth Stock Separate Investment Account increase the
number of Growth Stock Separate Account Units credited to it; applications from the
account reduce the number of units. This increase or decrease is determined by dividing
the amount to be credited to or applied from the account by the Growth Stock Separate
Account Unit Value on the Valuation Date on which a Contribution or transfer was
credited or an application was made.
4. TRANSFERS FROM A GROWTH STOCK SEPARATE INVESTMENT
ACCOUNT. We will, upon receipt of Notification from you and/or a Member, as the
Plan permits,
(a) transfer to his General Investment Account all or any portion of his Growth Stock
Separate Investment Account, or
GPR 35912 2 (FIA Full & Set)
94022 O
•
(b) transfer to an Alternate Funding Agent all or any portion of his Growth Stock
Separate Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Growth Stock Separate
Investment Account.
The amount to be paid or Transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Growth Stock Separate
Investment Account and will be an application from such account as of the date transferred
or paid. Each transfer to another Separate Investment Account may occur only on a
Valuation Date of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS AND PAYMENTS FROM A
GROWTH STOCK SEPARATE INVESTMENT ACCOUNT. In general,
transfers and payments from the Growth Stock Separate Investment Account will be made
within seven business days after the Valuation Date specified in Item 4. We reserve the
right, however, to defer such transfers for a period not to exceed 270 days.
However, if in the 36-month period which ends on the requested date of transfer, all
transfers and payments from the total of all Growth Stock Separate Investment Accounts
total $20,000,000 or more, then we reserve the right to make the portion of the requested
transfer or payment in excess of $20,000,000 in substantially equal installments over a
period not to exceed 36 months. For purposes of this limitation, transfers and payments
from any separate investment accounts or funds under other contracts included in Growth
Stock Separate Account in connection with the Plan or with any other retirement plan of
the Employer will be included as a transfer or payment from a Growth Stock Separate
Investment Account. If this limitation is imposed by us, the first installment will be made
one month after the date of request, or on such later date specified by you.
These limitations will not apply to payments to the beneficiary of a Member.
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Growth Stock Separate Investment Account will continue to participate in the Growth
Stock Separate Account until the date transfer or payment occurs. We will notify you in
the event of any deferment of more than 30 days under the provisions of this Item 5.
PRINCIPAL MUTUAL LIFE INSURANCE COMPANY
C
GPR 35912 PRESIDNT (FIA Full & Set)
940?:ti9
SEPARATE INVESTMENT RIDER
SMALL COMPANY STOCK SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow the contract to participate in our stock account called Small
Company Stock Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract.
1. SMALL COMPANY STOCK SEPARATE ACCOUNT. Small Company
Stock Separate Account is a pooled Separate Account for use by our retirement plan
customers. It is invested by us primarily in common stocks, derivative instruments such
as options and futures, other equity securities, or other convertible securities that may be
converted to common stocks. The investments to be considered generally will be from
U.S. companies that are smaller than the 500 largest U.S. companies and whose earnings
are expected to grow at above average rates. We may also, at our option, occasionally
invest in short term money market instruments, cash or cash equivalents. We will invest
and reinvest the assets held in Small Company Stock Separate Account in accordance with
applicable law, without regard to any investment requirements of our general account
assets or any of our other Separate Accounts.
The investment management charge under Small Company Stock Separate Account is based
on the value of its assets. The pro-rata charge for investment management will be
deducted from Small Company Stock Separate Account on each Valuation Date for the
number of calendar days within the Valuation Period ending on such Valuation Date.
The annual investment management charge for Small Company Stock Separate Account
will not at any time exceed 2.00% of the value of its assets. Currently, the annual
investment management charge for Small Company Stock Separate Account is 0.36% of
the value of its assets. We reserve the right to change the amount of charge for investment
management up to the 2.00% limit at any time by giving you written notice at least 30
days before the date the change is to take effect.
2. DETERMINING SMALL COMPANY STOCK SEPARATE ACCOUNT
VALUE; UNIT VALUES. The value of Small Company Stock Separate Account is
its market value. If there is no readily ascertainable market value, its value is the fair
value of the assets held in such Separate Account, as determined by us using generally
GPR 35913 1 (FIA Full & Set)
940.'.2
accepted accounting practices and applicable law. We will determine the value of Small
Company Stock Separate Account on each Valuation Date.
The value of Small Company Stock Separate Account will be expressed in units. A Unit
Value is the dollar value of one unit held in Small Company Stock Separate Account. We
will determine the Unit Value of Small Company Stock Separate Account on each
Valuation Date. This Unit Value is equal to the market value of Small Company Stock
Separate Account divided by the total number of Small Company Stock Separate Account
Units on such date.
The initial Unit Value of one unit of Small Company Stock Separate Account was $10.00.
The Unit Value for Contributions or transfers added to Small Company Stock Separate
Account after its date of inception will be the Unit Value of Small Company Stock
Separate Account on the Valuation Date the Contribution or transfer is accepted by us at
our home office. If a Contribution or transfer is received on any date other than a
Valuation Date, the Unit Value for such Contribution or transfer will be determined on the
next following Valuation Date. On any Valuation Date occurring after its date of inception,
the Unit Value of Small Company Stock Separate Account will be equal to the market
value of Small Company Stock Separate Account on such date divided by the number of
Small Company Stock Separate Account Units before any adjustments for Contributions
or transfers to and applications from Small Company Stock Separate Account on such date.
3. SMALL COMPANY STOCK SEPARATE INVESTMENT ACCOUNT.
A Small Company Stock Separate Investment Account is established for each Member for
each type of Contribution he directs to Small Company Stock Separate Account. The value
of a Small Company Stock Separate Investment Account is its proportionate share of the
value of Small Company Stock Separate Account. This value will be determined on each
Valuation Date by multiplying (a) by (b):
(a) The number of Small Company Stock Separate Account Units in the Small Company
Stock Separate Investment Account as of the Valuation Date.
(b) The Small Company Stock Separate Account Unit Value as of the Valuation Date,
as determined in Item 2 of this rider.
Contributions or transfers to a Small Company Stock Separate Investment Account increase
the number of Small Company Stock Separate Account Units credited to it; applications
from the account reduce the number of units. This increase or decrease is determined by
dividing the amount to be credited to or applied from the account by the Small Company
Stock Separate Account Unit Value on the Valuation Date on which a Contribution or
transfer was credited or an application was made.
GPR 35913 2 (FIA Full & Set)
9407;20
4. TRANSFERS FROM A SMALL COMPANY STOCK SEPARATE
INVESTMENT ACCOUNT. We will, upon receipt of Notification from you and/or
a Member, as the Plan permits,
(a) transfer to his General Investment Account all or any portion of the Small Company
Stock Separate Investment Account, or
(b) transfer to an Alternate Funding Agent all or any portion of his Small Company
Stock Separate Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Small Company Stock
Separate Investment Account.
The amount to be paid or transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Small Company Stock Separate
Investment Account and will be an application from such account as of the date transferred
or paid. Each transfer to another Separate Investment Account may occur only on a
Valuation Date of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS AND PAYMENTS FROM A SMALL
COMPANY STOCK SEPARATE INVESTMENT ACCOUNT. In general,
transfers and payments from the Small Company Stock Separate Investment Account will
be made within seven business days after the Valuation Date specified in Item 4. We
reserve the right, however, to defer such transfers or payments for a period not to exceed
270 days.
However, if in the 36-month period which ends on the requested date of transfer, all
transfers and payments from the total of all Small Company Stock Separate Investment
Accounts total $20,000,000 or more, then we reserve the right to make the portion of the
requested transfer or payment in excess of$20,000,000 in substantially equal installments
over a period not to exceed 36 months. For purposes of this limitation, transfers and
payments from any separate investment accounts or funds under other contracts included
in Small Company Stock Separate Account in connection with the Plan or with any other
retirement plan of the Employer will be included as a transfer or payment from a Small
Company Stock Separate Investment Account. If this limitation is imposed by us, the first
installment will be made one month after the date of request, or on such later date
specified by you.
These limitations will not apply to payments to the beneficiary of a Member.
GPR 35913 3 (FIA Full & Set)
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Small Company Stock Separate Investment Account will continue to participate in the
Small Company Stock Separate Account until the date transfer or payment occurs. We
will notify you in the event of any deferment of more than 30 days under the provisions
of this Item 5.
PRINCIPAL MUTUAL LIFE INSURANCE COMPANY
C.
PRESIDENT
•
GPR 35913 4 (FIA Full & Set)
940.720
SEPARATE INVESTMENT RIDER
VALUE STOCK SEPARATE ACCOUNT
This rider is added to the Group Annuity Contract issued by us of which it is a part. All terms
defined in the contract and any of its attached riders have the same meaning where used in this
rider.
The purpose of this rider is to allow the contract to participate in our stock account called Value
Stock Separate Account.
The effective date of this rider is the latest of the Contract Date, the date this rider has been
approved for use in the state of issue, or the date stated in the amendment adding it to the
contract.
Pursuant to Article II, Section 6, the following is added to the contract:
1. VALUE STOCK SEPARATE ACCOUNT. Value Stock Separate Account is a
pooled Separate Account for use by our retirement plan customers. It is invested by us
primarily in common stocks, derivative instruments such as options and futures, other
equity securities, or other convertible securities that may be converted to common stocks,
which we view as undervalued by the market. The investments to be considered generally
will be from financially stable companies and will have below-average price/earnings ratios
with above-average dividend yields. We may also, at our option, occasionally invest in
short term money market instruments, cash or cash equivalents. If, in our opinion, the
market as a whole is overvalued, we may hold assets of this account in fixed income
securities instead of stocks. We will invest and reinvest the assets held in Value Stock
Separate Account in accordance with applicable law, without regard to any investment
requirements of our general account assets or any of our other Separate Accounts.
The investment management charge under Value Stock Separate Account is based on the
value of its assets. The pro-rata charge for investment management will be deducted from
Value Stock Separate Account on each Valuation Date for the number of calendar days
within the Valuation Period ending on such Valuation Date.
The annual investment management charge for Value Stock Separate Account will not at
any time exceed 2.00% of the value of its assets. Currently, the annual investment
management charge for Value Stock Separate Account is 0.36% of the value of its assets.
We reserve the right to change the amount of charge for investment management up to the
2.00% limit at any time by giving you written notice at least 30 days before the date the
change is to take effect.
GPR 35914 1 (FIA Full & Set)
9403 72 9
2. DETERMINING VALUE STOCK SEPARATE ACCOUNT VALUE;
UNIT VALUES. The value of Value Stock Separate Account is its market value. If
there is no readily ascertainable market value, its value is the fair value of the assets held
in such Separate Account, as determined by us using generally accepted accounting
practices and applicable law. We will determine the value of Value Stock Separate
Account on each Valuation Date.
The value of Value Stock Separate Account will be expressed in units. A Unit Value is
the dollar value of one unit held in Value Stock Separate Account. We will determine the
Unit Value of Value Stock Separate Account on each Valuation Date. This Unit Value is
equal to the market value of Value Stock Separate Account divided by the total number of
Value Stock Separate Account Units on such date.
The initial Unit Value of one unit of Value Stock Separate Account was $10.00. The Unit
Value for Contributions or transfers added to Value Stock Separate Account after its date
of inception will be the Unit Value of Value Stock Separate Account on the Valuation Date
the Contribution or transfer is accepted by us at our home office. If a Contribution or
transfer is received on any date other than a Valuation Date, the Unit Value for such Con-
tribution or transfer will be determined on the next following Valuation Date. On any
Valuation Date occurring after its date of inception, the Unit Value of Value Stock
Separate Account will be equal to the market value of Value Stock Separate Account on
such date divided by the number of Value Stock Separate Account Units before any
adjustments for Contributions or transfers to and applications from Value Stock Separate
Account on such date.
3. VALUE STOCK SEPARATE INVESTMENT ACCOUNT. A Value Stock
Separate Investment Account is established for each Member for each type of Contribution
he directs to Value Stock Separate Account. The value of a Value Stock Separate
Investment Account is its proportionate share of the value of Value Stock Separate
Account. This value will be determined on each Valuation Date by multiplying (a) by (b):
(a) The number of Value Stock Separate Account Units in the Value Stock Separate
Investment Account as of the Valuation Date.
(b) The Value Stock Separate Account Unit Value as of the Valuation Date, as
determined in Item 2 of this rider.
Contributions or transfers to a Value Stock Separate Investment Account increase the
number of Value Stock Separate Account Units credited to it; applications from the account
reduce the number of units. This increase or decrease is determined by dividing the
amount to be credited to or applied from the account by the Value Stock Separate Account
Unit Value on the Valuation Date on which a Contribution or transfer was credited or an
application was made.
GPR 35914 2 (FIA Full & Set)
94(r20
4. TRANSFERS FROM A VALUE STOCK SEPARATE INVESTMENT
ACCOUNT. We will, upon receipt of Notification from you and/or a Member, as the
Plan permits,
(a) transfer to his General Investment Account all or any portion of his Value Stock
Separate Investment Account, or
(b) transfer to an Alternate Funding Agent all or any portion of his Value Stock Separate
Investment Account, or
(c) pay the Member an amount equal to all or any portion of his Value Stock Separate
Investment Account.
The amount to be paid or transferred will be determined and paid or transferred within
seven business days after (i) the Valuation Date on which we receive the Notification or
(ii) a later Valuation Date specified in the request, subject to our right to defer a transfer
or payment as described in Item 5 of this rider. We are not responsible for the application
of amounts transferred to an Alternate Funding Agent.
The amount transferred or paid will be deducted from the Value Stock Separate Investment
Account and will be an application from such account as of the date transferred or paid.
Each transfer to another Separate Investment Account may occur only on a Valuation Date
of such Separate Investment Account.
5. LIMITATIONS ON TRANSFERS AND PAYMENTS FROM A VALUE
STOCK SEPARATE INVESTMENT ACCOUNT. In general, transfers and
payments from the Value Stock Separate Investment Account will be made within seven
business days after the Valuation Date specified in Item 4. We reserve the right, however,
to defer such transfers or payments for a period not to exceed 270 days.
However, if in the 36-month period which ends on the requested date of transfer, all
transfers and payments from the total of all Value Stock Separate Investment Accounts total
$20,000,000 or more, then we reserve the right to make the portion of the requested
transfer or payment in excess of $20,000,000 in substantially equal installments over a
period not to exceed 36 months. For purposes of this limitation, transfers and payments
from any separate investment accounts or funds under other contracts included in Value
Stock Separate Account in connection with the Plan or with any other retirement plan of
the Employer will be included as a transfer or payment from a Value Stock Separate
Investment Account. If this limitation is imposed by us, the first installment will be made
one month after the date of request, or on such later date specified by you.
These limitations will not apply to payments to the beneficiary of a Member.
GPR 35914 3 (FIA Full & Set)
9L!( 3. !1
If we defer transfer or payment under this Item 5, we will determine the amount to be
transferred or paid on the date transfer or payment occurs. In such a case, a Member's
Value Stock Separate Investment Account will continue to participate in the Value Stock
Separate Account until the date transfer or payment occurs. We will notify you in the
event of any deferment of more than 30 days under the provisions of this Item 5.
PRINCIPAL MUTUAL LIFE INSURANCE COMPANY
Q c
PRESIDENT
•
GPR 35914 4 (FIA Full & Set)
Hello