-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GNS/z6Jb1LLCUJbyVm7B6ifkZQIpV16mHGDD8J7cI/Lx2ftmBCuQ+OAG7TDedzcR NrSF+Q7DEIMr96rvOR+Syw== 0000950146-97-001310.txt : 19970820 0000950146-97-001310.hdr.sgml : 19970820 ACCESSION NUMBER: 0000950146-97-001310 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 19970819 EFFECTIVENESS DATE: 19970819 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VARIABLE ANNUITY ACCT C OF AETNA LIFE INSURANCE & ANNUITY CO CENTRAL INDEX KEY: 0000103007 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-75980 FILM NUMBER: 97666561 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02513 FILM NUMBER: 97666562 BUSINESS ADDRESS: STREET 1: 151 FARMINGTON AVE CITY: HARTFORD STATE: CT ZIP: 06156 BUSINESS PHONE: 2032734808 MAIL ADDRESS: STREET 1: C/O AETNA LIFE & CASUALTY STREET 2: 151 FARMINGTON AVE CITY: HARTFORD STATE: CT ZIP: 06156 FORMER COMPANY: FORMER CONFORMED NAME: VARIABLE ANNUITY ACCOUNT C OF AETNA VARIABLE ANNUITY LIFE IN DATE OF NAME CHANGE: 19791108 485BPOS 1 As filed with the Securities and Exchange Registration No. 33-75980* Commission on August 19, 1997 Registration No. 811-2513 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4 - -------------------------------------------------------------------------------- POST-EFFECTIVE AMENDMENT NO. 8 TO REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 and Amendment to REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 - -------------------------------------------------------------------------------- Variable Annuity Account C of Aetna Life Insurance and Annuity Company Aetna Life Insurance and Annuity Company 151 Farmington Avenue, RE4A, Hartford, Connecticut 06156 Depositor's Telephone Number, including Area Code: (860) 273-4686 Julie E. Rockmore, Counsel Aetna Life Insurance and Annuity Company 151 Farmington Avenue, RE4A, Hartford, Connecticut 06156 (Name and Address of Agent for Service) - -------------------------------------------------------------------------------- It is proposed that this filing will become effective: immediately upon filing pursuant to paragraph (b) of Rule 485 - ---------- X on August 21, 1997 pursuant to paragraph (b) of Rule 485 - ---------- Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Registrant has registered an indefinite number of securities under the Securities Act of 1933. Registrant filed a Rule 24f-2 Notice for the fiscal year ended December 31, 1996 on February 28, 1997. *Pursuant to Rule 429(a) under the Securities Act of 1933, Registrant has included a combined prospectus under this Registration Statement which includes all the information which would currently be required in prospectuses relating to the securities covered by Registration Statement No. 33-75984. VARIABLE ANNUITY ACCOUNT C CROSS REFERENCE SHEET
LOCATION - PROSPECTUS DATED MAY 1, 1997 AND AS AMENDED FORM N-4 BY SUPPLEMENT DATED ITEM NO. PART A (PROSPECTUS) AUGUST 21, 1997 1 Cover Page ........................................ Cover Page, and as amended 2 Definitions ....................................... Definitions 3 Synopsis .......................................... Prospectus Summary; Fee Table, and as Amended 4 Condensed Financial Information ................... Condensed Financial Information 5 General Description of Registrant, Depositor, and Portfolio Companies ................ The Company; Variable Annuity Account C; The Funds, and as amended 6 Deductions and Expenses ........................... Charges and Deductions; The Contract - Distribution 7 General Description of Variable Annuity Contracts.. Contract Rights; Miscellaneous 8 Annuity Period .................................... Annuity Period 9 Death Benefit ..................................... Death Benefit 10 Purchases and Contract Value ...................... The Contract; Determining Contract Value 11 Redemptions ....................................... Contract Rights - Withdrawals; Contract Rights - Right to Cancel 12 Taxes ............................................. Tax Status 13 Legal Proceedings ................................. Miscellaneous - Legal Proceedings 14 Table of Contents of the Statement of Additional Information ............................ Statement of Additional Information - Table of Contents
LOCATION - STATEMENT OF FORM N-4 ADDITINAL INFORMATION ITEM NO. PART B (STATEMENT OF ADDITIONAL INFORMATION) DATED MAY 1, 1997 15 Cover Page ......................................... Cover page 16 Table of Contents .................................. Table of Contents 17 General Information and History .................... General Information and History 18 Services ........................................... General Information and History; Independent Auditors 19 Purchase of Securities Being Offered ............... Offering and Purchase of Contracts 20 Underwriters ....................................... Offering and Purchase of Contracts 21 Calculation of Performance Data .................... Performance Data; Average Annual Total Return Data Quotation 22 Annuity Payments ................................... Annuity Payments 23 Financial Statements ............................... Financial Statements
Part C (Other Information) Information required to be included in Part C is set forth under the appropriate item, so numbered, in Part C to this Registration Statement. PARTS A AND B The Prospectus and the Statement of Additional Information are incorporated into Part A and Part B of this Post-Effective Amendment No.8, respectively, by reference to Post-Effective Amendment No. 7 to the Registration Statement on Form N-4 (File No. 33-75980), as filed electronically on April 14, 1997. Supplement to Prospectus Dated May 1, 1997 Aetna Life Insurance and Annuity Company Variable Annuity Account B Variable Annuity Account C The prospectus dated May 1, 1997 is amended as follows: Cover: The following Funds, to the extent they are listed in your prospectus, will be replaced with the designated Substitute Funds after the close of business of the New York Stock Exchange on November 26, 1997:
Replaced Fund Substitute Fund Scudder Variable Life Investment Fund-- Portfolio Partners Scudder International Growth Portfolio International Portfolio Class A Shares Alger American Small Capitalization Portfolio Portfolio Partners MFS Emerging Equities Portfolio American Century VP Capital Appreciation Portfolio Partners MFS Research Growth Portfolio (Formerly TCI Growth) Neuberger & Berman AMT Growth Portfolio Portfolio Partners MFS Value Equity Portfolio Alger American Growth Portfolio Portfolio Partners T. Rowe Price Growth Equity Portfolio Janus Aspen Short-Term Bond Portfolio Aetna Variable Encore Fund (money market) Franklin Government Securities Trust Aetna Income Shares (bond)
The following Fund, if previously available in your prospectus, will be removed from the list of Funds as of the close of business of the New York Stock Exchange on November 26, 1997, or as soon thereafter as all participants have redirected their allocations to other investment options (Closing Date), since it will be closed to new investments after that date (except reinvested dividends and capital gains earned on amounts already invested in the Fund through the Separate Account and loan repayments automatically deposited into the Fund pursuant to the Company's loan repayment procedures). Closed Lexington Natural Resources Trust SUBJECT TO COMPLETION OR AMENDMENT INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SUPPLEMENT SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE. The Date of this Supplement is August 21, 1997 XFUNDS-97 Fee Table--2 The table under Annual Expenses of the Funds is amended by deleting the Replaced Funds after November 26, 1997 and the Closed Fund after the Closing Date and adding the following Substitute Funds:
Investment Advisory Fees Other Expenses (after expense (after expense Total Annual reimbursement) reimbursement) Fund Expenses Portfolio Partners Scudder International Growth Portfolio .80% .20% 1.00%(1) Portfolio Partners MFS Emerging Equities Portfolio .70%(2) .13% .83%(1) Portfolio Partners MFS Research Growth Portfolio .70%(2) .15% .85%(1) Portfolio Partners MFS Value Equity Portfolio .65% .25% .90%(1) Portfolio Partners T. Rowe Price Growth Equity Portfolio .60% .15% .75%(1)
(1) The Company has agreed to reimburse the Fund for expenses and/or waive its fees so that the aggregate expenses will not exceed this amount through April 30, 1999. Without such reimbursements or waivers, Total Annual Fund Expenses are estimated to be as follows: 1.00% for the Scudder International Growth Portfolio; .87% for the MFS Emerging Equities Portfolio; .92% for the MFS Research Growth Portfolio; .90% for the MFS Value Equity Portfolio; and .79% for the T. Rowe Price Growth Equity Portfolio. (2) The advisory fee is .70% of the first $500 million in assets and .65% on the excess. Fee Table--3 The Hypothetical Illustrations (Example) in the Fee Table are amended by deleting all information with respect to the Replaced Funds for periods after November 26, 1997, and with respect to the Closed Fund after the Closing Date and adding the following:
EXAMPLE A EXAMPLE B If you withdraw the entire Account Value at If you do not withdraw the entire Account the end of the periods shown, you would pay Value, or if you annuitize at the end of the the following expenses, including any periods shown, you would pay the following applicable deferred sales charge: expenses (no deferred sales charge is reflected): 1 year 3 years 5 years 10 years 1 year 3 years 5 year 10 years ------ ------- ------- -------- ------ ------- ------ -------- Portfolio Partners Scudder International Growth Portfolio $78 $136 $197 $298 $27 $82 $140 $298 Portfolio Partners MFS Emerging Equities Portfolio $76 $131 $189 $281 $25 $77 $132 $281 Portfolio Partners MFS Research Growth Portfolio $77 $132 $189 $283 $25 $78 $133 $283 Portfolio Partners MFS Value Equity Portfolio $77 $133 $192 $288 $26 $79 $135 $288 Portfolio Partners T. Rowe Price Growth Equity Portfolio $76 $129 $185 $273 $24 $75 $128 $273
The Examples above assume that a mortality and expense risk charge of 1.25% on an annual basis, an administrative expense charge of 0.25% on an annual basis and an annual maintenance fee of $30 are assessed. Example A assumes that a deferred sales charge of 5% of the Account Value at the end of years 1, 3 and 5, and 0% at the end of year 10, is assessed. (Charges under your particular Contract may be lower. Please refer to Fee Table--1 of your Prospectus.) Prospectus, Page 1 In the Section Investment Options, the Substitute Funds will take the place of the Replaced Funds after the close of business of the New York Stock Exchange on November 26, 1997. Any amounts allocated to the Replaced Funds will automatically be allocated to the Substitute Funds after that date. Information about the Closed Fund will be deleted after the Closing Date, since it will not be eligible for the deposit of any new payments or transfers from other Funds. The following will be added: Portfolio Partners Scudder International Growth Portfolio seeks long-term growth of capital primarily through a diversified portfolio of marketable foreign equity securities. Portfolio Partners MFS Emerging Equities Portfolio seeks long-term growth of capital by investing primarily in common stocks issued by companies that its subadviser believes are early in their life cycle but which have the potential to become major enterprises (emerging growth companies). Portfolio Partners MFS Research Growth Portfolio seeks long-term growth of capital and future income by investing primarily in common stocks or securities convertible into common stocks issued by companies that the subadviser believes to possess better-than-average prospects for long-term growth, and, to a lesser extent, in income-producing securities including bonds and preferred stock. Portfolio Partners MFS Value Equity Portfolio seeks capital appreciation by investing primarily in common stocks. Portfolio Partners T. Rowe Price Growth Equity Portfolio seeks long-term growth of capital and, secondarily, seeks to increase dividend income by investing primarily in common stocks issued by a diversified group of well-established growth companies. Aetna Life Insurance and Annuity Company serves as the investment adviser to each Portfolio. Scudder, Stevens & Clark, Inc. serves as the subadviser to the Scudder International Growth Portfolio; Massachusetts Financial Services Company serves as the subadviser to the MFS Emerging Equities, MFS Research Growth and MFS Value Equity Portfolios; and T. Rowe Price Associates, Inc. serves as the subadviser to the T. Rowe Price Growth Equity Portfolio. Prospectus--"Transfer" Section The Section in the prospectus discussing Transfers, is amended by adding the following to the Subsections on Dollar Cost Averaging (if available): Amounts being transferred into a Replaced Fund will automatically be transferred into the Substitute Fund after November 26, 1997, unless you have been dollar cost averaging between the Aetna Variable Encore Fund and the Janus Aspen Short-Term Bond Portfolio (in either direction). In that event, or if amounts are to be transferred into a Closed Fund, your Dollar Cost Averaging will automatically terminate after November 26, 1997 even if the Closed Fund has not closed because all participants have not redirected their allocations to other investment options. To continue with Dollar Cost Averaging after that date, you must select Funds from the then-current list of available Funds. XFUNDS-97 VARIABLE ANNUITY ACCOUNT C PART C - OTHER INFORMATION Item 24. Financial Statements and Exhibits (a) Financial Statements: (1) Included in Part A: Condensed Financial Information (2) Included in Part B: Financial Statements of Variable Annuity Account C: - Statement of Assets and Liabilities as of December 31, 1996 - Statements of Operations and Changes in Net Assets for the years ended December 31, 1996 and 1995 - Notes to Financial Statements - Independent Auditors' Report Financial Statements of the Depositor: - Independent Auditors' Report - Consolidated Statements of Income for the years ended December 31, 1996, 1995 and 1994 - Consolidated Balance Sheets as of December 31, 1996 and 1995 - Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 1996, 1995 and 1994 - Consolidated Statements of Cash Flows for the years ended December 31, 1996, 1995 and 1994 - Notes to Consolidated Financial Statements (b) Exhibits (1) Resolution of the Board of Directors of Aetna Life Insurance and Annuity Company establishing Variable Annuity Account C(1) (2) Not applicable (3.1) Form of Broker-Dealer Agreement(2) (3.2) Alternative Form of Wholesaling Agreement and Related Selling Agreement(2) (4.1) Form of Variable Annuity Contract (G-CDA-HF)(3) (4.2) Form of Variable Annuity Contract (I-CDA-HD)(4) (4.3) Form of Variable Annuity Contract (GIH-CDA-HB)(5) (4.4) Form of Variable Annuity Contract (IMT-CDA-HO)(5) (4.5) Form of Variable Annuity Contract (G-CDA-HD)(6) (4.6) Form of Variable Annuity Contract (GIP-CDA-HB) (4.7) Form of Endorsement (EGAAE-IO) to Contract GIH-CDA-HB(5) (4.8) Form of Endorsement (EGISA-IA) to Contracts GIH-CDA-HB and IMT-CDA-HO(5) (4.9) Form of Endorsement (EVPE-IC) to Contracts GIH-CDA-HB and IMT-CDA-HO(5) (4.10) Form of Endorsement (EGE2MF5-IB) to Contract GIH-CDA-HB(5) (4.11) Form of Endorsement (EGAWA-HC) to Contracts GIH-CDA-HB and GIP-CDA-HB(5) (4.12) Form of Endorsement (EGAWGU-HC) to Contracts GIH-CDA-HB and GIP-CDA-HB(5) (4.13) Form of Endorsement (ETCI-IB) to Contracts GIH-CDA-HB, GIP-CDA-HB and IMT-CDA-HO(5) (4.14) Form of Endorsement (EGP-MDRPM-96) to Contracts GIH-CDA-HB, GIP-CDA-HB(5) (4.15) Form of Endorsement (EGP-MDRHF-96) to Contract G-CDA-HF(5) (4.16) Form of Endorsement (EGP-MDRHD-96) to Contract G-CDA-HD(5) (4.17) Form of Endorsement (EIP-MDRHD-96) to Contract I-CDA-HD(5) (4.18) Form of Endorsement (EIP-MDRPM-96) to Contract IMT-CDA-HO(5) (4.19) Form of Endorsement (ESVB-HB) to Contracts IMT-CDA-HO and GIH-CDA-HB(5) (4.20) Form of Endorsement (EUSR-HC) to Contract IMT-CDA-HO(5) (4.21) Form of Endorsement (EGAWI-HC) to Contract IMT-CDA-HO(5) (4.22) Form of Endorsement (ERPH-HB) to Contract IMT-CDA-HO(5) (4.23) Form of Endorsement (EIECVT-HI) to Contract IMT-CDA-HO(5) (4.24) Form of Endorsement (ESF-GPHIMT-HD) to Contracts IMT-CDA-HO and GIH-CDA-HB(5) (4.25) Form of Endorsement (EEIMEDH-IB) to Contract IMT-CDA-HO(5) (4.26) Form of Endorsement (EEGEDP-IB) to Contract GIH-CDA-HB(5) (4.27) Form of Endorsement (EPUMF-IC) to Contract GIH-CDA-HB(5) (4.28) Form of Endorsement (EGECVT-HI) to Contract GIH-CDA-HB(5) (4.29) Form of Endorsement (ERPH-HB) to Contract GIH-CDA-HB(5) (4.30) Form of Endorsement (EEIMEDH-IB) to Contract GIH-CDA-HB(5) (4.31) Form of Endorsement (EPAMAR-HD) to Contracts GIH-CDA-HB and GIP-CDA-HB(5) (4.32) Form of Endorsement (EFUND97) to Contract IMT-CDA-HO(3) (5.1) Form of Variable Annuity Contract Application (300-GPP-10) (5.2) Form of Variable Annuity Contract Application (200-IMC-HG)(5) (6.1) Certificate of Incorporation and By-Laws of Aetna Life Insurance and Annuity Company(7) (6.2) Amendment of Certificate of Incorporation of Aetna Life Insurance and Annuity Company(4) (7) Not applicable (8) Not applicable (9) Opinion and Consent of Counsel (10) Consent of Independent Auditors (11) Not applicable (12) Not applicable (13) Schedule for Computation of Performance Data(8) (14) Not applicable (15.1) Powers of Attorney(9) (15.2) Authorization for Signatures(2) (27) Financial Data Schedule 1. Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 33-75986), as filed electronically on April 22, 1996. 2. Incorporated by reference to Post-Effective Amendment No. 5 to Registration Statement on Form N-4 (File No. 33-75986), as filed electronically on April 12, 1996. 3. Incorporated by reference to Post-Effective Amendment No. 14 to Registration Statement on Form N-4 (File No. 33-75964), as filed electronically on July 29, 1997. 4. Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement on Form N-4 (File No. 33-75964), as filed electronically on February 11, 1997. 5. Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 33-75980), as filed electronically on February 12, 1997. 6. Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 33-75982), as filed electronically on April 22, 1996. 7. Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form S-1 (File No. 33-60477), as filed electronically on April 15, 1996. 8. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 33-75990), as filed on April 25, 1994. 9. Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form S-6 (File No. 33-76004), as filed electronically on July 14, 1997. Item 25. Directors and Officers of the Depositor Name and Principal Business Address* Positions and Offices with Depositor - ---------------- ------------------------------------ Daniel P. Kearney Director and President Timothy A. Holt Director, Senior Vice President and Chief Financial Officer Christopher J. Burns Director and Senior Vice President J. Scott Fox Director and Senior Vice President John Y. Kim Director and Senior Vice President Shaun P. Mathews Director and Vice President Glen Salow Director and Vice President Deborah Koltenuk Vice President and Treasurer, Corporate Controller Frederick D. Kelsven Vice President and Chief Compliance Officer Kirk P. Wickman Vice President, General Counsel and Secretary * The principal business address of all directors and officers listed is 151 Farmington Avenue, Hartford, Connecticut 06156. Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant Incorporated herein by reference to Item 25 of Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A (File No. 33-41694), as filed electronically on July 9, 1997. Item 27. Number of Contract Owners As of June 30, 1997, there were 615,817 individuals holding interests in variable annuity contracts funded through Variable Annuity Account C. Item 28. Indemnification Reference is hereby made to Section 33-771(f) of the Connecticut General Statutes ("C.G.S.") regarding indemnification of directors and Section 33-776(4) regarding indemnification of officers, employees and agents of Connecticut corporations. These statutes provide in general that Connecticut corporations incorporated prior to January 1, 1997 shall indemnify their officers, directors, employees and agents against "liability" (defined as the obligation to pay a judgment, settlement, penalty, fine, excise tax in the case of an employee benefit plan or reasonable expenses incurred with respect to a proceeding). In the case of a proceeding by or in the right of the corporation, indemnification is limited to reasonable expenses incurred in connection with the proceeding against the corporation to which the individual was named a party. The corporation's obligation to provide such indemnification does not apply unless (1) the individual has met the standard of conduct set forth in Section 33-771; and (2) a determination is made (by majority vote of a quorum of the board of directors who were not parties to the proceeding, or if a quorum cannot be obtained, by a committee of the board selected as described in Section 33- 775(b)(2); by special legal counsel selected by the board of directors or members thereof as described in Section 33-775(b)(3); by shareholders) that the individual met the standard set forth in Section 33-771; or (3) the court, upon application by the individual, determines in view of all the circumstances that such person is reasonably entitled to be indemnified. Also, unless limited by its Certificate of Incorporation, a corporation must indemnify an individual who was wholly successful on the merits or otherwise against reasonable expenses incurred by him in connection with a proceeding to which he was a party because of his relationship as director, officer, employee or agent of the corporation. The statute does specifically authorize a corporation to procure indemnification insurance on behalf of an individual who is or was a director, officer, employer or agent of the corporation. Consistent with the statute, Aetna Inc. has procured insurance from Lloyd's of London and several major United States excess insurers for its directors and officers and the directors and officers of its subsidiaries, including the Depositor. Item 29. Principal Underwriter (a) In addition to serving as the principal underwriter and depositor for the Registrant, Aetna Life Insurance and Annuity Company (Aetna) also acts as the investment adviser for Aetna Series Fund, Inc. and the principal underwriter and investment adviser for Portfolio Partners, Inc., Aetna Variable Encore Fund, Aetna Variable Fund, Aetna Generation Portfolios, Inc., Aetna Income Shares, Aetna Investment Advisers Fund, Inc., Aetna GET Fund, and Aetna Variable Portfolios, Inc. (all management investment companies registered under the Investment Company Act of 1940 (1940 Act)). Additionally, Aetna acts as the principal underwriter and depositor for Variable Life Account B of Aetna, Variable Annuity Account B of Aetna and Variable Annuity Account G of Aetna (separate accounts of Aetna registered as unit investment trusts under the 1940 Act). Aetna is also the principal underwriter for Variable Annuity Account I of Aetna Insurance Company of America (AICA) (a separate account of AICA registered as a unit investment trust under the 1940 Act). (b) See Item 25 regarding the Depositor. (c) Compensation as of December 31, 1996:
(1) (2) (3) (4) (5) Name of Net Underwriting Compensation Principal Discounts and on Redemption Brokerage Underwriter Commissions or Annuitization Commissions Compensation* - ----------- ---------------- ---------------- ----------- ------------ Aetna Life $1,325,661 $96,924,599 Insurance and Annuity Company
* Compensation shown in column 5 includes deductions for mortality and expense risk guarantees and contract charges assessed to cover costs incurred in the sales and administration of the contracts issued under Variable Annuity Account C. Item 30. Location of Accounts and Records All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules under it relating to the securities described in and issued under this Registration Statement are located at the home office of the Depositor as follows: Aetna Life Insurance and Annuity Company 151 Farmington Avenue Hartford, Connecticut 06156 Item 31. Management Services Not applicable Item 32. Undertakings Registrant hereby undertakes: (a) to file a post-effective amendment to this registration statement on Form N-4 as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen months old for as long as payments under the variable annuity contracts may be accepted; (b) to include as part of any application to purchase a contract offered by a prospectus which is part of this registration statement on Form N-4, a space that an applicant can check to request a Statement of Additional Information; and (c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form N-4 promptly upon written or oral request. (d) Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. (e) Aetna Life Insurance and Annuity Company represents that the fees and charges deducted under the contracts covered by this registration statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company. SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Variable Annuity Account C of Aetna Life Insurance and Annuity Company, certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment No. 8 to its Registration Statement on Form N-4 (File No. 33-75980) and has caused this Post-Effective Amendment No. 8 to its Registration Statement on Form N-4 (File No. 33-75980) to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hartford, State of Connecticut, on the 19th day of August, 1997. VARIABLE ANNUITY ACCOUNT C OF AETNA LIFE INSURANCE AND ANNUITY COMPANY (Registrant) By: AETNA LIFE INSURANCE AND ANNUITY COMPANY (Depositor) By: Daniel P. Kearney* ----------------- Daniel P. Kearney President As required by the Securities Act of 1933, this Post-Effective Amendment No. 8 to the Registration Statement on Form N-4 (File No. 33-75980) has been signed by the following persons in the capacities and on the dates indicated.
Signature Title Date - --------- ----- ---- Daniel P. Kearney* Director and President ) - ---------------------- Daniel P. Kearney (principal executive officer) ) ) Timothy A. Holt* Director, Senior Vice President and ) August - ---------------------- Timothy A. Holt Chief Financial Officer ) 19, 1997 ) Christopher J. Burns* Director ) - ---------------------- Christopher J. Burns ) ) J. Scott Fox* Director ) - ---------------------- J. Scott Fox ) ) John Y. Kim* Director ) - ---------------------- John Y. Kim ) Shaun P. Mathews* Director ) - ----------------------- Shaun P. Mathews ) ) Glen Salow* Director ) - ----------------------- Glen Salow ) ) Deborah Koltenuk* Vice President and Treasurer, Corporate Controller ) - ------------------------ Deborah Koltenuk ) By: /s/ Julie E. Rockmore -------------------- Julie E. Rockmore *Attorney-in-Fact
VARIABLE ANNUITY ACCOUNT C EXHIBIT INDEX Exhibit No. Exhibit Page ---------- ------- ---- 99-B.1 Resolution of the Board of Directors of Aetna Life Insurance and * Annuity Company establishing Variable Annuity Account C 99-B.3.1 Form of Broker-Dealer Agreement * 99-B.3.2 Alternative Form of Wholesaling Agreement and Related Selling * Agreement 99-B.4.1 Form of Variable Annuity Contract (G-CDA-HF) * 99-B.4.2 Form of Variable Annuity Contract (I-CDA-HD) * 99-B.4.3 Form of Variable Annuity Contract (GIH-CDA-HB) * 99-B.4.4 Form of Variable Annuity Contract (IMT-CDA-HO) * 99-B.4.5 Form of Variable Annuity Contract (G-CDA-HD) * 99-B.4.6 Form of Variable Annuity Contract (GIP-CDA-HB) ------- 99-B.4.7 Form of Endorsement (EGAAE-IO) to Contract GIH-CDA-HB * 99-B.4.8 Form of Endorsement (EGISA-IA) to Contracts GIH-CDA-HB * and IMT-CDA-HO 99-B.4.9 Form of Endorsement (EVPE-IC) to Contracts GIH-CDA-HB * and IMT-CDA-HO 99-B.4.10 Form of Endorsement (EGE2MF5-IB) to Contract * GIH-CDA-HB 99-B.4.11 Form of Endorsement (EGAWA-HC) to Contract GIH-CDA-HB * 99-B.4.12 Form of Endorsement (EGAWGU-HC) to Contracts * GIH-CDA-HB and GIP-CDA-HB *Incorporated by reference
Exhibit No. Exhibit Page - ---------- ------- ---- 99-B.4.13 Form of Endorsement (ETCI-IB) to Contracts GIH-CDA-HB, * GIP-CDA-HB and IMT-CDA-HO 99-B.4.14 Form of Endorsement (EGP-MDRPM-96) to Contracts * GIH-CDA-HB and GIP-CDA-HB 99-B.4.15 Form of Endorsement (EGP-MDRHF-96) to Contract * G-CDA-HF 99-B.4.16 Form of Endorsement (EGP-MDRHD-96) to Contract * G-CDA-HD 99-B.4.17 Form of Endorsement (EIP-MDRHD-96) to Contract * I-CDA-HD 99-B.4.18 Form of Endorsement (EIP-MDRPM-96) to Contract * IMT-CDA-HO 99-B.4.19 Form of Endorsement (ESVB-HB) to Contracts IMT-CDA-HO * and GIH-CDA-HB 99-B.4.20 Form of Endorsement (EUSR-HC) to Contract IMT-CDA-HO * 99-B.4.21 Form of Endorsement (EGAWI-HC) to Contract IMT-CDA-HO * 99-B.4.22 Form of Endorsement (ERPH-HB) to Contract IMT-CDA-HO * 99-B.4.23 Form of Endorsement (EIECVT-HI) to Contract IMT-CDA-HO * 99-B.4.24 Form of Endorsement (ESF-GPHIMT-HD) to Contracts * IMT-CDA-HO and GIH-CDA-HB 99-B.4.25 Form of Endorsement (EEIMEDH-IB) to Contract * IMT-CDA-HO 99-B.4.26 Form of Endorsement (EEGEDP-IB) to Contract GIH-CDA-HB * 99-B.4.27 Form of Endorsement (EPUMF-IC) to Contract GIH-CDA-HB * * Incorporated by reference
Exhibit No. Exhibit Page - ---------- ------- ---- 99-B.4.28 Form of Endorsement (EGECVT-HI) to Contract GIH-CDA-HB * 99-B.4.29 Form of Endorsement (ERPH-HB) to Contract GIH-CDA-HB * 99-B.4.30 Form of Endorsement (EEIMEDH-IB) to Contract * GIH-CDA-HB 99-B.4.31 Form of Endorsement (EPAMAR-HD) to Contracts * GIH-CDA-HB and GIP-CDA-HB 99-B.4.32 Form of Endorsement (EFUND97) to Contract IMT-CDA-HO * 99-B.5.1 Form of Variable Annuity Contract Application (300-GPP-10) --------- 99-B.5.2 Form of Variable Annuity Contract Application (200-IMC-HG) * 99-B.6.1 Certificate of Incorporation and By-Laws of Depositor * 99-B.6.2 Amendment of Certificate of Incorporation of Depositor * 99-B.9 Opinion and Consent of Counsel --------- 99-B.10 Consent of Independent Auditors --------- 99-B.13 Schedule for Computation of Performance Data * 99-B.15.1 Power of Attorney * 99-B.15.2 Authorization for Signatures * 27 Financial Data Schedule --------- * Incorporated by reference
EX-99.B4.6 2 Aetna Life Insurance and Annuity Company Home Office: 151 FARMINGTON AVE. HARTFORD, CONNECTICUT 06156 (203) 273-0123 Herein called Aetna Agrees to pay benefits as stated in this Contract. DETAILS OF VARIABLE FEATURES OF THIS CONTRACT ARE IN PARTS III AND IV. THIS CONTRACT MAY NOT BE SUITABLE IF ONLY ONE (1) LARGE DEPOSIT IS MADE. RIGHT TO CANCEL The Owner may cancel this Contract within 10 days of receiving it, by sending a written notice to Aetna at the above address or to the agent from whom it was purchased. Aetna will return all payments made for this Contract within 7 days after it receives the notice of cancellation and this Contract. This page, following pages, and the application, make up the entire Contract. Signed at Hartford, Connecticut on the Effective Date. /s/ Stephen B. Middlebrook /s/ William O. Bailey Secretary President GROUP VARIABLE OR FIXED DEPOSIT ADMINISTRATION CONTRACT NON-PARTICIPATING ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT. GIP-CDA-HB SPECIFICATIONS PLAN OWNER GROUP CONTRACT NO. EFFECTIVE DATE THIS CONTRACT IS DELIVERED IN AND IS SUBJECT TO THE LAWS OF THAT JURISDICTION Deduction from Deposit(s) - The amount of the Net Deposit(s) applied to this Contract will be the deposit(s) received by Aetna minus a deduction for premium taxes, if any. (See section 3.01.) Guaranteed Interest Rate - There is a guaranteed interest rate for amounts held in the General Account. Aetna may add interest daily at any higher rate. (See sections 3.04 and 4.01.) Surrender Fee - There will be a charge deducted for early surrender. (See section 3.13.) Deductions From The Separate Account And The Funds - Total deductions equal 1.5% on an annual basis. Once Annuity payments begin, if the dollar amount of the Variable Annuity payments is not to decrease Aetna must earn a gross return on the assets of the Separate Account of: (a) 5% on an annual basis if an assumed net return rate of 3.5% is chosen; or (b) 6.5% on an annual basis if an assumed net return rate of 5% is chosen. This Contract is a legal contract between the Owner and Aetna. READ THIS CONTRACT CAREFULLY. This Contract sets forth, in detail, all of the rights and obligations of both you and Aetna. IT IS THEREFORE IMPORTANT THAT YOU READ THIS CONTRACT CAREFULLY. GIP-CDA-HB TABLE OF CONTENTS Page I. GENERAL DEFINITIONS 1.01 Annuitant......................................................... 5 1.02 Annuity........................................................... 5 1.03 Contract Year..................................................... 5 1.04 Fixed Annuity..................................................... 5 1.05 Fund(s)........................................................... 5 1.06 General Account................................................... 5 1.07 Participant....................................................... 5 1.08 Plan.............................................................. 5 1.09 Separate Accounts................................................. 5 1.10 Valuation Period.................................................. 5 1.11 Variable Annuity.................................................. 5 II. GENERAL PROVISIONS 2.01 Contract, Change of Contract...................................... 6 2.02 Incontestability.................................................. 6 2.03 Control of Contract and Individual Accounts....................... 6 2.04 Payments.......................................................... 6 2.05 Individual Certificates........................................... 6 2.06 Designation of Beneficiary........................................ 7 2.07 Misstatements and Adjustments..................................... 7 2.08 State Laws........................................................ 7 2.09 Replacement of Fund(s)............................................ 7 2.10 Grace Period...................................................... 7 2.11 Non-Participating Contract........................................ 7 III. DEPOSIT, RESERVE, AND SURRENDER PROVISIONS 3.01 Net Deposit(s).................................................... 8 3.02 Allocated Contract - Individual Accounts.......................... 8 3.03 Unallocated Contract.............................................. 8 3.04 Guaranteed Interest Rate - General Account........................ 9 3.05 Record Units - Separate Account................................... 9 3.06 Investment Increment Factors - Separate Account................... 9 3.07 Record Unit Value - Separate Account.............................. 9 3.08 Contract Reserve.................................................. 10 3.09 Active Life Fund.................................................. 10 3.10 Transfer of Contract Reserves..................................... 10 3.11 Notice to the Owner............................................... 10 3.12 Sum Payable at Death (Before Annuity Payments Start).............. 11 3.13 Surrender Value................................................... 11 IV. ANNUITY PROVISIONS 4.01 Choices to be Made................................................ 13 4.02 Special Terms Under Annuity Options............................... 13 4.03 Other Terms of Annuity Options.................................... 13 4.04 Death of Annuitant/Beneficiary.................................... 14 4.05 Fund(s) Annuity Units - Separate Account.......................... 14 4.06 Fund(s) Annuity Unit Value - Separate Account..................... 14 4.07 Annuity Options................................................... 15 3 GIP-CDA-HB GIP-CDA-HB 4 I. GENERAL DEFINITIONS 1.01 ANNUITANT - A Participant or beneficiary on whose life an Annuity has been effected under this Contract. 1.02 ANNUITY - Payment of an income: (a) for the life of one or two people; (b) for a stated period, or amount; or (c) for some mix of (a) and (b). 1.03 CONTRACT YEAR - A period of 12 months beginning on the Effective Date or any anniversary of the Effective Date. 1.04 FIXED ANNUITY - An Annuity of a fixed dollar amount paid from the General Account. 1.05 FUND(S) - The open-end management investment companies (mutual funds) registered under the Investment Company Act of 1940 and made available by Aetna. 1.06 GENERAL ACCOUNT - The Account which holds the assets of Aetna, other than those assets of Aetna in the Separate Accounts. Reserves for a Fixed Annuity are held in the General Account. 1.07 PARTICIPANT - A person for whom benefits are being funded under this Contract. 1.08 PLAN - The employee benefit plan identified on the Specifications page. The term includes all written documents describing the Plan. The Plan is not a part of this Contract. Aetna is not bound by terms of the Plan. 1.09 SEPARATE ACCOUNTS - Accounts set up by Aetna under the Connecticut Insurance Laws. Assets for this class of variable contracts are set apart from other assets of Aetna. Reserves for a Variable Annuity are held in a Separate Account and invested in shares of Fund(s). 1.10 VALUATION PERIOD - The period of time from the end of one business day to the end of the next business day. 1.11 VARIABLE ANNUITY - An Annuity of a varying dollar amount paid from the Separate Account. 5 GIP-CDA-HB II. GENERAL PROVISIONS 2.01 Contract, Change of Contract This Contract constitutes the entire legal relationship between Aetna and the Owner. Only an authorized Officer of Aetna may change any of the terms of this Contract. Aetna will notify the Owner in writing 30 days in advance of the effective date of any change. Any change will not affect the amount or terms of any Annuity which begins prior to such change. Any change below will only apply to deposits made on behalf of Participants who become covered under this Contract on or after the effective date of such change. Any change that affects the Annuity Options, and the Tables for such Options, can only be made: (a) no earlier than 12 months after the Effective Date of this Contract; and (b) no earlier than 12 months after the effective date of any such prior change. Change can be made at any time that affect the following provisions of this Contract: (a) Net Deposit(s); (d) Investment Increment Factors; (b) Guaranteed Interest Rate; (e) Surrender Value; (c) Contract Reserve; (f) Fund(s) Annuity Unit Value Any new Participants to be covered under this Contract on or after the effective date of any change will be subject to such change. This Contract is subject to change as required by federal or state law. 2.02 Incontestability Aetna cannot cancel this Contract because of any error of fact on the application. 2.03 Control of Contract and Individual Accounts All rights in this Contract rest with the Owner. The Contract Owner is entitled to all amounts held in the Active Life Fund (see section 3.09). The Owner is entitled to make any choices allowed by this Contract with respect to Individual Accounts. Any choices under this Contract by the Owner, Annuitant or beneficiary must be in writing. Until receipt of such choices in the Home Office of Aetna, Aetna may rely on any previous choices made. This Contract, and any Individual Accounts, are not subject to the claims of any creditors except to the extent permitted by law. 2.04 Payments Aetna will make Annuity payments as and when due. Any other payments will be made by Aetna within 7 days of receipt of the written claim for payment, except as otherwise provided in section 3.13. 2.05 Individual Certificates 6 GIP-CDA-HB Aetna will issue certificates for each Participant as required by the state in which this Contract is delivered. The certificate will contain a summary of the benefits provided by this Contract. Certificates are for information only and are not a part of this Contract. 2.06 Designation of Beneficiary The beneficiary for each Participant shall be as named, or later changed, by the Owner. 2.07 Misstatements and Adjustments If the age, sex, or any other relevant fact of any payee is found to be misstated, the correct facts will be used to adjust payments. 2.08 State Laws This Contract complies with the laws of the state in which it is delivered. Any cash, death or Annuity payments are equal to or greater than the minimum required by such law. Annuity tables for legal reserve valuation shall be as required by state law and may be different from the annuity tables used to determine annuity payments. 2.09 Replacement of Fund(s) Aetna, or the Separate Account(s) and the Fund(s), may: (a) change the Fund(s) - which may be invested in by the Separate Account(s); and (b) replace the shares of any Fund(s) held in the Separate Account(s) with shares of any other Fund(s). Such change or replacement must be: (1) approved by a majority vote of persons having an interest in the Separate Account(s) and the Fund(s); or (2) deemed necessary by Aetna under the Investment Company Act of 1940; or (3) deemed necessary by Aetna to accomplish the purpose of the Separate Account(s). Aetna will notify the Owner of any such change or replacement. 2.10 Grace Period This Contract will remain in effect even if deposits are not continued. 2.11 Non-Participating Contract The Owner, Participants, or beneficiaries will not have a right to share in the earnings of Aetna. 7 GIP-CDA-HB III. DEPOSIT, RESERVE, AND SURRENDER PROVISIONS 3.01 Net Deposit(s) The Net Deposit is the actual deposit minus an amount required to pay premium taxes, if any. As a rule, Aetna will deduct the charge for premium taxes at the time Annuity benefits are purchased (see section 4.01) rather than when deposits are received. If Aetna determines that it must pay a premium tax at any other time, it will deduct the charge from the Active Life Fund (see section 3.09) at that time. 3.02 Allocated Contract - Individual Accounts This section applies if the Plan is: (a) a defined contribution plan (as defined in section 414(i) of the Internal Revenue Code); or (b) an insurance contract plan (as defined in section 412(i) of the Internal Revenue Code). Aetna will maintain two Individual Accounts for each Participant. A Participant's Individual Account for crediting employee deposits and an Individual Plan Account for crediting employer deposits. On the basis of information supplied by the Owner, Aetna will credit the Net Deposit(s) to such Accounts in either: (a) the General Account; (b) the Separate Account where they will be allocated to the Fund(s) as directed by the Owner; or (c) a mix of (a) or (b). 3.03 Unallocated Contract This section applies if the Plan is not one described in section 3.02. Aetna will maintain a Participant's Individual Account for each Participant into which Net Deposits resulting from employee deposits will be credited. All other Net Deposits will be held in a single, unallocated Plan Account in the name of the Owner. On the basis of information supplied by the Owner, Aetna will credit the Net Deposit(s) to such Accounts in either: (a) the General Account; (b) the Separate Account where they will be allocated to the Fund(s) as directed by the Owner; or (c) a mix of (a) or (b). 8 GIP-CDA-HB 3.04 Guaranteed Interest Rate - General Account On Net Deposit(s) made to the General Account, Aetna will add interest daily at an annual rate no less than 4%. Aetna may add interest daily at any higher rate determined prospectively by its Board of Directors. This Guarantee does not apply to any amounts applied to the payment of an Annuity. (See section 4.01 for a description of any interest guarantee applying to Annuities.) 3.05 Record Units - Separate Account The portion of the Net Deposit(s) applied to the Separate Account Fund(s) will determine the number of Record Units. This number is equal to the Net Deposit(s) divided by the Record Unit Value (see 3.07) for the Valuation Period when the Net Deposit is received. 3.06 Investment Increment Factors - Separate Account Investment Increment Factors are those items used to determine a Fund's net return factor for each Valuation Period. The net return factor(s) are then used to compute all Separate Account values and payments. The gross return is equal to: (a) investment income; plus (b) realized and unrealized capital gains; minus (c) realized and unrealized capital losses; minus (d) certain investment expenses; and minus (e) a daily charge at an annual rate of .25% for investment management expense. The gross return is divided by the net assets of the Fund at the start of the Valuation Period to compute the gross return rate. A gross return rate may be more or less than 0. The net return rate is equal to: (a) the gross return rate; plus or minus (b) taxes (or charges to a tax reserve) on the Separate Account; and minus (c) a daily charge at an annual rate of 1.25% for annuity mortality and expense risks and profit. A net return rate may be more or less than 0. The net return factor for each Fund is equal to the net return rate plus 1.000000. 3.07 Record Unit Value - Separate Account The Record Unit Value for each Separate Account Fund is computed by multiplying the net return factor for the current Valuation Period by the Record Unit Value for the previous Period. The dollar value of 9 GIP-CDA-HB Record Units, Separate Account Reserves, and Variable Annuity payments may go up or down due to investment gain or loss. 3.08 Contract Reserve The Contract Reserve is equal to: (a) Net Deposit(s) credited to the General Account (if any); plus (b) General Account interest added by Aetna; plus (c) the value of Separate Account Record Units (if any); minus (d) a charge of $30 for each Participant on each anniversary of the Effective Date when the Plan is one described in section 3.02 (a); or (e) a charge determined as $30 times the number of Participants on the Effective Date made on each anniversary of the Effective Date when the plan is one described in section 3.03; minus (f) any amounts previously surrendered. 3.09 Active Life Fund The Active Life Fund is the total Contract Reserve, minus those amounts applied to the payment of Annuities under Part IV of this Contract. 3.10 Transfer of Contract Reserves The Owner may transfer any portion of the Contract Reserves from any Fund to any other Fund or to the General Account. Reserves cannot be transferred from the General Account to any of the Funds. A transfer of Reserves cannot be made within 90 days of a previous transfer. 3.11 Notice to the Owner Aetna will notify the Owner each year of: (a) the investments held in the Fund(s) for the Separate Account; and (b) the number of record units; or (c) the number of annuity units; and (d) the value of a unit. Such number or values will be as of a date no more than 60 days before the date of the notice. 3.12 Sum Payable at Death (Before Annuity Payments Start) 10 GIP-CDA-HB Aetna will pay to the beneficiary the value of the Participant's Individual Account if: (a) the participant dies before Annuity payments start; and (b) the notice of death is received by Aetna. The sum paid will be that portion of the Contract Reserve held in the Participant's Individual Account on the date when the notice is received. Any additional amounts payable to the beneficiary will be as provided in the Plan. The beneficiary may choose to apply any sum payable at death under Annuity Options (see section 4.07). If no beneficiary is living at the death of the Participant, payment of any amount due will be made to the Owner. 3.13 Surrender Value The amount paid by Aetna upon the surrender of all or any portion of the Active Life Fund shall be reduced by a surrender fee. The surrender fee will be a percentage of the amount surrendered and will vary according to the number of Deposit Cycles completed. The number and amount of deposits to be made in a year is chosen by the Owner. A Deposit Cycle is completed when this number or amount of deposits has been made. The number of completed Deposit Cycles may not be greater than the whole years since the Effective Date. For each surrender from the Active Life Fund, the fee will be as follows; Number of Deposit Cycles Completed Fee Less than 5 5% 5 or more but less than 7 4% 7 or more but less than 9 3% 9 or more 2% No surrender fee is deducted when any portion of the Active Life Fund is paid: (a) at the death of a Participant before annuity payments start; or (b) as a premium for an annuity for a Participant. Aetna reserves the right to liquidate any surrender value with accrued interest in installments over a period not to exceed 60 months when the value of the Active Life Fund held in the General Account exceeds $500,000 and the Owner chooses to surrender: (a) such value; or (b) any portion in excess of 20% of such value within a 12-month period. Under certain emergency conditions, Aetna has the right to defer payment of any surrender value: (a) for a period of up to 6 months (unless prohibited by state law); and (b) as provided by federal law. 11 GIP-CDA-HB IV. ANNUITY PROVISIONS 4.01 Choices to be Made The Owner may tell Aetna to pay over any portion of the Contract Reserve (minus any charges for premium taxes) as a premium for an Annuity under Options 2, 3, 4, and 5 (see 4.07). The first Annuity payment must generally be made no later than the first day of the month following the Annuitant's 75th birthday. The Owner may tell Aetna to make the first Annuity payment on the first day of any prior month. When any option is chosen, the Owner or beneficiary choosing the option must tell Aetna if payments are to be made other than monthly. They must also tell Aetna to pay: (a) a Fixed Annuity; (b) a Variable Annuity using any of the Fund(s) made available by Aetna; or (c) any mix of these. When choosing a Fixed Annuity, Aetna will add interest daily at an annual rate no less than 3.5%. Aetna may add interest daily at any higher rate. When choosing a Variable Annuity, an assumed net return rate of 5% per year may be chosen. If not chosen, Aetna will use an assumed net return rate of 3.5% per year. 4.02 Special Terms Under Annuity Options (a) When payments start, the age of the Annuitant plus the number of years for which payments are guaranteed must not exceed 95. (b) The present value of the payments to the Annuitant when payments start shall be more than 50% of the present value of the payments to be made to all payees; this restriction does not apply if Option 5 is chosen and the second Annuitant is the spouse of the Annuitant. 4.03 Other Terms of Annuity Options No choice of any Annuity Option may be made if the first payment would be less than $20 or if the total payments in a year would be less than $100. Age, where used in the above tables, means age nearest birthday on the date of the first payment. The tables for Options 4 and 5 use the Annuity table for 1949 with: (a) a 1 year age reduction for males; and (b) a 6 year age reduction for females. If Fixed Annuity Options 3, 4, or 5 are chosen and a larger payment would result from applying the surrender value to a current Aetna single premium annuity, Aetna will make the larger payment. 12 GIP-CDA-HB 4.04 Death of Annuitant/Beneficiary When an Annuitant dies while payments are being made under an Annuity Option, payments will be continued to the beneficiary as provided by the option. If no beneficiary is living, the present value of any remaining payments will be paid in one sum to the estate of the Annuitant. The present value will assume the then current commutation rate used by Aetna. When a beneficiary dies while a sum is held at interest, the amount held will be paid in one sum to the estate of the beneficiary. When a beneficiary dies while payments are being made under an Annuity Option, the present value of any remaining payments will be paid in one sum to the estate of the beneficiary. The present value will assume the then current commutation rate used by Aetna. 4.05 Fund(s) Annuity Units - Separate Account The amount of the first Variable Annuity payment will be equal to: (a) the portion of the Contract Reserve (minus any charges for premium taxes) to be used to pay a Variable Annuity using the Fund(s); times (b) the rate for each $1,000 for the Option chosen. Such amount, or portion, of the payment using a Fund will be divided by the Fund(s) Annuity Unit Value (see 4.03) on the due date of the first payment to determine the number of the Fund(s) Annuity Units. Such number of the Fund(s) Annuity Units remains fixed. Each future payment is equal to such number times the Fund(s) Annuity Unit Value on the due date of each payment. 4.06 Fund(s) Annuity Unit Value - Separate Account For any Valuation Period the Fund(s) Annuity Unit Value is equal to: (a) the Value for the next previous Period; times (b) the net return factor(s) (see section 3.06) for the tenth previous Period; times (c) a factor to reflect the assumed net return rate. The factor for 3.5% per year is .9999058; for 5% per year it is .9998663. The dollar amount of Annuity Units, values, and payments may go up or down due to investment gain or loss. Payments shall not be changed due to mortality or expense results. 4.07 Annuity Options 13 GIP-CDA-HB Option 1 - Payment of Interest on Sum Left With Aetna - This option may be used only by the beneficiary when the death of the Participant is before Aetna has started paying an Annuity. A portion or all of the sum due may be held in the General Account of Aetna at an annual interest rate of 3 1/2%. Aetna may add interest daily at any higher rate. The beneficiary may later tell Aetna to: (a) pay a portion, or all, of the sum held by Aetna; or (b) apply a portion, or all, of the sum held by Aetna under any of the Annuity Options below. Option 2 - Payments of a Stated Dollar Amount - An Annuity of a chosen amount will be paid until there are no funds left. The payments to be made in a year must be no less than $60 for each $1,000 applied to this Option, but cannot exceed an amount which would deplete the funds in less than 3 years. 14 GIP-CDA-HB Option 3 - Payments for a Stated Period of Time - An Annuity will be paid for the number of years chosen. The number of years must be no less than 3 and no more than 30. AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% PAYMENTS FOR A STATED PERIOD
Years of Amount of Years of Amount of Years of Amount of Payments Payments Payments Payments Payments Payments -------- --------- -------- --------- -------- --------- 3 $29.19 13 $7.94 22 $5.39 4 22.27 14 7.49 23 5.24 5 18.12 15 7.10 24 5.09 6 15.35 16 6.76 25 4.96 7 13.38 17 6.47 26 4.84 8 11.90 18 6.20 27 4.73 9 10.75 19 5.97 28 4.63 10 9.83 20 5.75 29 4.53 11 9.09 21 5.56 30 4.45 12 8.46
Rates for a Variable Annuity with Assumed Net Return Rate of 5% PAYMENTS FOR A STATED PERIOD
Years of Amount of Years of Amount of Years of Amount of Payments Payments Payments Payments Payments Payments -------- --------- -------- --------- -------- --------- 3 $29.80 13 $8.64 22 $6.17 4 22.89 14 8.20 23 6.02 5 18.74 15 7.82 24 5.88 6 15.99 16 7.49 25 5.76 7 14.02 17 7.20 26 5.65 8 12.56 18 6.94 27 5.54 9 11.42 19 6.71 28 5.45 10 10.51 20 6.51 29 5.36 11 9.77 21 6.33 30 5.28 12 9.16
15 GIP-CDA-HB Option 4 - Life Income - An Annuity will be paid for life. Payments may be made for a minimum stated period, if chosen, of 60, 120, 180 or 240 months. If the Annuitant dies before the end of such stated period, payments will be made to the beneficiary for the rest of the stated period. AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months: Annuitant Male Female None 60 120 180 240 ---- ------ ---- ---- ----- ----- ----- 50 55 $ 4.98 $4.96 $4.89 $4.77 $4.62 51 56 5.08 5.05 4.98 4.85 4.68 52 57 5.18 5.16 5.07 4.93 4.74 53 58 5.30 5.26 5.17 5.01 4.80 54 59 5.41 5.38 5.27 5.09 4.86 55 60 5.54 5.49 5.37 5.17 4.92 56 61 5.67 5.62 5.48 5.26 4.98 57 62 5.80 5.75 5.59 5.35 5.04 58 63 5.95 5.89 5.71 5.44 5.10 59 64 6.10 6.03 5.83 5.53 5.16 60 65 6.27 6.19 5.96 5.62 5.22 61 66 6.44 6.35 6.09 5.72 5.27 62 67 6.63 6.52 6.23 5.81 5.33 63 68 6.82 6.71 6.38 5.91 5.38 64 69 7.04 6.90 6.53 6.00 5.43 65 70 7.26 7.11 6.68 6.10 5.47 66 71 7.50 7.33 6.84 6.19 5.52 67 72 7.76 7.56 7.01 6.28 5.55 68 73 8.04 7.80 7.18 6.37 5.59 69 74 8.34 8.07 7.35 6.46 5.62 70 75 8.67 8.34 7.52 6.54 5.65 71 9.01 8.63 7.70 6.62 5.67 72 9.39 8.94 7.88 6.69 5.69 73 9.79 9.26 8.05 6.76 5.71 74 10.22 9.61 8.22 6.81 5.72 75 10.69 9.96 8.39 6.87 5.73
16 GIP-CDA-HB Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. 17 GIP-CDA-HB AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Variable Annuity with Assumed Net Return Rate of 5% LIFE INCOME WITH
Age of Payments Guaranteed for a Stated Period of Months: Annuitant Male Female None 60 120 180 240 ---- ------ ---- ---- ----- ----- ----- 50 55 $ 5.89 $ 5.86 $5.78 $5.65 $5.48 51 56 5.99 5.96 5.86 5.71 5.53 52 57 6.09 6.06 5.95 5.79 5.59 53 58 6.20 6.16 6.04 5.86 5.64 54 59 6.32 6.27 6.14 5.94 5.70 55 60 6.44 6.39 6.24 6.02 5.75 56 61 6.57 6.51 6.34 6.10 5.80 57 62 6.71 6.64 6.45 6.18 5.86 58 63 6.85 6.77 6.56 6.26 5.91 59 64 7.00 6.92 6.68 6.35 5.97 60 65 7.16 7.07 6.80 6.43 6.02 61 66 7.34 7.23 6.93 6.52 6.07 62 67 7.52 7.40 7.06 6.61 6.12 63 68 7.72 7.58 7.20 6.70 6.17 64 69 7.93 7.77 7.35 6.79 6.21 65 70 8.16 7.97 7.50 6.88 6.25 66 71 8.40 8.19 7.65 6.97 6.29 67 72 8.66 8.42 7.81 7.05 6.33 68 73 8.94 8.66 7.97 7.14 6.36 69 74 9.24 8.92 8.13 7.22 6.39 70 75 9.56 9.19 8.30 7.29 6.41 71 9.91 9.48 8.47 7.36 6.43 72 10.29 9.78 8.64 7.43 6.45 73 10.69 10.10 8.80 7.49 6.47 74 11.13 10.43 8.97 7.55 6.48 75 11.60 10.79 9.13 7.60 6.49
Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. Option 5 - Life Income for Two Payees - An Annuity will be paid during the lives of the Annuitant and a second annuitant. At the death of either, payments will continue to the survivor. When this option is chosen, a choice must be made of: 18 GIP-CDA-HB (a) 100% of the payment to continue to the survivor; (b) 66 2/3% of the payment to continue to the survivor; (c) 50% of the payment to continue to the survivor; or (d) payments for a minimum of 120 months, with 100% of the payment to continue to the survivor. 19 GIP-CDA-HB AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% JOINT AND LAST SURVIVOR ANNUITY 100% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $4.10 $4.27 $4.43 $4.57 $4.69 $4.79 $4.86 55 60 4.21 4.43 4.65 4.86 5.04 5.20 5.32 60 65 4.30 4.57 4.86 5.15 5.43 5.68 5.88 65 70 4.38 4.69 5.04 5.43 5.83 6.21 6.56 70 75 4.44 4.79 5.20 5.68 6.21 6.78 7.33 75 80 4.48 4.86 5.32 5.88 6.56 7.33 8.16 80 85 - 4.91 5.41 6.03 6.82 7.80 8.95
Rates for a Variable Annuity with Assumed Net Return Rate of 5% JOINT AND LAST SURVIVOR ANNUITY 100% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $5.00 $5.16 $5.31 $5.44 $5.57 $5.67 $5.75 55 60 5.11 5.31 5.51 5.71 5.90 6.06 6.19 60 65 5.20 5.44 5.71 5.99 6.26 6.52 6.73 65 70 5.28 5.57 5.90 6.26 6.65 7.04 7.38 70 75 5.34 5.67 6.06 6.52 7.04 7.59 8.14 75 80 5.38 5.75 6.19 6.73 7.38 8.14 8.96 80 85 - 5.81 6.29 6.90 7.66 8.62 9.76
20 GIP-CDA-HB Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. 21 GIP-CDA-HB AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% JOINT AND LAST SURVIVOR ANNUITY 66-2/3% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $4.51 $4.72 $4.94 $5.18 $5.44 $5.71 $ 6.00 55 60 4.70 4.94 5.20 5.49 5.81 6.14 6.49 60 65 4.90 5.18 5.49 5.84 6.23 6.65 7.09 65 70 5.11 5.44 5.81 6.23 6.71 7.25 7.82 70 75 5.34 5.71 6.14 6.65 7.25 7.93 8.69 75 80 5.58 6.00 6.49 7.09 7.82 8.69 9.69 80 85 - 6.28 6.84 7.53 8.39 9.47 10.77
Rates for a Variable Annuity with Assumed Net Return Rate of 5% JOINT AND LAST SURVIVOR ANNUITY 66-2/3% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $5.43 $5.62 $5.84 $6.08 $6.36 $ 6.65 $ 6.98 55 60 5.62 5.84 6.10 6.38 6.70 7.06 7.44 60 65 5.82 6.08 6.38 6.72 7.11 7.54 8.01 65 70 6.06 6.36 6.70 7.11 7.58 8.12 8.71 70 75 6.31 6.65 7.06 7.54 8.12 8.80 9.56 75 80 6.59 6.98 7.44 8.01 8.71 9.56 10.56 80 85 - 7.31 7.84 8.49 9.33 10.38 11.66
Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. 22 GIP-CDA-HB AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% JOINT AND LAST SURVIVOR ANNUITY 50% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $4.75 $4.98 $5.24 $5.55 $5.91 $ 6.32 $ 6.79 55 60 4.99 5.24 5.54 5.88 6.28 6.76 7.30 60 65 5.26 5.55 5.88 6.27 6.73 7.27 7.90 65 70 5.59 5.91 6.28 6.73 7.26 7.90 8.65 70 75 5.96 6.32 6.76 7.27 7.90 8.67 9.57 75 80 6.37 6.79 7.30 7.90 8.65 9.57 10.69 80 85 - 7.30 7.88 8.59 9.49 10.61 12.00
Rates for a Variable Annuity with Assumed Net Return Rate of 5% JOINT AND LAST SURVIVOR ANNUITY 50% TO THE SURVIVOR NO MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $5.67 $5.89 $6.15 $6.47 $ 6.84 $ 7.29 $ 7.81 55 60 5.91 6.15 6.44 6.78 7.20 7.70 8.28 60 65 6.20 6.47 6.78 7.16 7.63 8.19 8.86 65 70 6.54 6.84 7.20 7.63 8.16 8.80 9.58 70 75 6.95 7.29 7.70 8.19 8.80 9.56 10.48 75 80 7.42 7.81 8.28 8.86 9.58 10.48 11.60 80 85 - 8.39 8.94 9.61 10.46 11.56 12.92
Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. 23 GIP-CDA-HB AMOUNT OF FIRST MONTHLY PAYMENT FOR EACH $1,000 AFTER DEDUCTION OF ANY CHARGE FOR PREMIUM TAXES Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.5%; and Rates for a Variable Annuity with Assumed Net Return Rate of 3.5% JOINT AND LAST SURVIVOR ANNUITY 100% TO THE SURVIVOR 120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $4.10 $4.27 $4.42 $4.56 $4.68 $4.77 $4.83 55 60 4.21 4.42 4.64 4.84 5.02 5.16 5.26 60 65 4.30 4.56 4.84 5.12 5.38 5.61 5.78 65 70 4.37 4.68 5.02 5.38 5.76 6.10 6.37 70 75 4.42 4.77 5.16 5.61 6.10 6.58 7.00 75 80 4.46 4.83 5.26 5.78 6.37 7.00 7.58 80 85 - 4.86 5.33 5.88 6.55 7.29 8.02
Rates for a Variable Annuity with Assumed Net Return Rate of 5% JOINT AND LAST SURVIVOR ANNUITY 100% TO THE SURVIVOR 120 MONTHS MINIMUM PERIOD
Age of Age of Annuitant Second Annuitant Male 45 Male 50 Male 55 Male 60 Male 65 Male 70 Male 75 Male Female Female Female Female Female Female Female ---- ------ ------- ------- ------- ------- ------- ------- ------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 55 $5.00 $5.15 $5.30 $5.43 $5.55 $5.64 $5.71 55 60 5.10 5.30 5.50 5.69 5.87 6.01 6.12 60 65 5.19 5.43 5.69 5.96 6.21 6.44 6.61 65 70 5.27 5.55 5.87 6.21 6.57 6.90 7.17 70 75 5.32 5.64 6.01 6.44 6.90 7.37 7.78 75 80 5.36 5.71 6.12 6.61 7.17 7.78 8.34 80 85 - 5.75 6.19 6.72 7.35 8.06 8.76
Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates in the above tables. 24 GIP-CDA-HB - -------------------------------------------------------------------------------- Aetna Life Insurance and Annuity Company Home Office: 151 FARMINGTON AVE. HARTFORD, CONNECTICUT 06156 (203) 273-0123 GROUP VARIABLE OR FIXED DEPOSIT ADMINISTRATION CONTRACT NON-PARTICIPATING ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT GIP-CDA-HB - -------------------------------------------------------------------------------- 15 GIP-CDA-HB EX-5.1 3 APPLICATION FORM APPLICATION FORM Aetna Life Insurance and Annuity Company Pension/Profit Sharing/HR10 Customer Relations Department, PFSD Group Contracts 151 Farmington Ave., Hartford, CT 06156
CLIENT INFORMATION 1. Trustees of___________________________________________________________________________________________________________________ 2. Name of Plan (if different)___________________________________________________________________________________________________ 3. Mailing Address_______________________________________________________________________________________________________________ City_____________________________________________________________State_________________________ZIP Code_______________________ 4. Tax Identification No. - ------------------------------------------------------------------------------------------------------------------------------------ ACCOUNT INFORMATION 5. Type of entity qualified under section 401 of the Internal Revenue Code [ ] Corporation [ ] Self Employed Individual(s) [ ] Other (specify) 6. Type of Contract: [ ] MAP II [ ] MAP III [ ] MAP IIIB [ ] MAP IV 7. Contract is to be: [ ] Allocated [ ] Unallocated 8. Plan Anniversary Date_________________________________________________________________________________________________________ 9. Will this contract change or replace any existing life insurance or annuity contract? [ ] Yes [ ] No If yes, please provide carrier name, account number, and date to be cancelled. ------------------------------------------------------------------------------------------------------------------------------ 10. Release Plan Information to Third Party Administrator (TPA) [ ] Yes [ ] No Name of TPA _________________________________________________________________________________________________________________ Mailing Address _____________________________________________________________________________________________________________ City_________________________________________State____________________________ ZIP Code___________________________________ 11. Special Requests ____________________________________________________________________________________________________________ - ------------------------------------------------------------------------------------------------------------------------------------ TYPE OF INVESTMENT 12. Participants may elect the investment allocation for: [ ] Employer and Employee contributions [ ] Employee contributions only [ ] None, Contract holder elects. 13. Complete the following only if the Contract Holder elects types of investments. Contract holder may elect the investment allocation as follows for: [ ] Employer and Employee contributions [ ] Employer contributions only Employer Employee Enter the percentage of payment to be Aetna Variable Fund ______% ______% ------------------------------------------- allocated to each type of investment. Fixed Account ______% ______% ------------------------------------------- Total must be 100% Aetna Variable Encore Fund ______% ______% ------------------------------------------- Aetna Income Shares ______% ______% ------------------------------------------- *Within a Guaranteed Accumulation Account Guaranteed Short Term* ______% ______% ------------------------------------------- (GAA) classification, Terms and Guaranteed Guaranteed Long Term* ______% ______% ------------------------------------------- Interest Rates offered may vary with each Aetna Investment Advisers Fund, Inc. ______% ______% ------------------------------------------- Deposit Period. See the prospectus for Other ______% ______% ------ further information about the rules Other ______% ______% ------ applicable to allocation of further TOTAL 100% 100% contributions to GAA. - ------------------------------------------------------------------------------------------------------------------------------------ I understand that amounts withdrawn from a GAA Term may be subject to a market value adjustment prior to the maturity date of that term as specified in the contract. I further understand that Annuity payments and account values, (if any), when based on the investment experience of a separate account, are variable and not guaranteed as to fixed dollar amount. Dated at ______________________ This ______________ Day of _________________________ 19_______. City and State ------------------------------------------------------- ----------------------------------------------------- Witness Contract Holder - ------------------------------------------------------------------------------------------------------------------------------------ PRODUCER'S NOTE: Do you have any reason to believe any existing life insurance or annuity contracts will be modified or replaced if this contract is issued? [ ] Yes [ ] No ------------------------------------------------------ Signature of Producer - ------------------------------------------------------------------------------------------------------------------------------------
300-GPP-IO
Corrections and amendments (Home Office Use Only). Errors and omissions may be corrected by the Company but no change in plan, classification, amount, or extra benefits shall be made without written consent to the Contract Holder. (N/A in W. Va.) PRODUCER INFORMATION Aetna Office Name ALIAC Code Producer Name Percentage of ALIAC Office Code ALIAC Producer Code Participation Comments - ------------------------------------------------------------------------------------------------------------------------------------ H.O. USE ONLY State [ ] [ ] Area [ ] [ ] [ ] Agcy. [ ] [ ] [ ] Er# [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] App. Dte. [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] Plan eff. [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] Contract Type [ ] Plan Type [ ] [ ] [ ] [ ] Confirm [ ] Owner [ ] Bill [ ] Submarket [ ] [ ] Higher int. [ ] SIRI [ ] [ ] [ ] [ ] [ ] Sep. Acct. [ ] Exper. Dte.[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] Mstr. Bg. [ ] [ ] [ ] [ ] [ ] ABC [ ] Alloc. Code [ ] [ ] TPA [ ] [ ] [ ] [ ] Client Report [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] Disclosure Booklet MAP II/PFS No. 723.00.32 Affix Prospectus/ [ ] Disclosure Booklet MAP III/PFS No. 723.00.65 Disclosure Booklet [ ] Disclosure Booklet MAP IV/PFS No. 723.00.106 Receipt Here [ ] Prospectus PFS No. 723.00.30 [ ] Prospectus PFS No. 723.00.107 [ ] Other
EX-99.B.9 4 OPINION AND CONSENT OF COUNSEL 151 Farmington Avenue Hartford, CT 06156 [AETNA LETTERHEAD] [AETNA LOGO] Julie E. Rockmore Counsel Law Division, RE4A August 19, 1997 Investments & Financial Services (860) 273-4686 Fax: (860) 273-8340 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 Re: Aetna Life Insurance and Annuity Company and its Variable Annuity Account C Post-Effective Amendment No. 8 to Registration Statement on Form N-4 Prospectus Title: Group Installment Variable Annuity Contracts for HR 10 Plans and Rewrite of Qualified 401 Plans File Nos. 33-75980* and 811-2513 Dear Sir or Madam: The undersigned serves as counsel to Aetna Life Insurance and Annuity Company, a Connecticut life insurance company (the "Company"). It is my understanding that the Company, as depositor, has registered an indefinite amount of securities (the "Securities") under the Securities Act of 1933 (the "Securities Act") as provided in Rule 24f-2 under the Investment Company Act of 1940 (the "Investment Company Act"). In connection with this opinion, I have reviewed the N-4 Registration Statement, as amended to the date hereof, and this Post-Effective Amendment No. 8. I have also examined originals or copies, certified or otherwise identified to my satisfaction, of such documents, trust records and other instruments I have deemed necessary or appropriate for the purpose of rendering this opinion. For purposes of such examination, I have assumed the genuineness of all signatures on original documents and the conformity to the original of all copies. I am admitted to practice law in Connecticut, and do not purport to be an expert on the laws of any other state. My opinion herein as to any other law is based upon a limited inquiry thereof which I have deemed appropriate under the circumstances. - -------- * Pursuant to Rule 429(a) under the Securities Act of 1933, Registrant has included a combined prospectus under this Registration Statement which includes all the information which would currently be required in prospectuses relating to the securities covered by Registration Statement No. 33-75984. Based upon the foregoing, and, assuming the Securities are sold in accordance with the provisions of the prospectus, I am of the opinion that the Securities being registered will be legally issued and will represent binding obligations of the Company. I consent to the filing of this opinion as an exhibit to the Registration Statement. Sincerely, /s/ Julie E. Rockmore Julie E. Rockmore EX-99.B10 5 CONSENT OF INDEPENDENT AUDITORS CONSENT OF INDEPENDENT AUDITORS The Board of Directors of Aetna Life Insurance and Annuity Company and Contractholders of Aetna Variable Annuity Account C: We consent to the use of our reports dated February 4, 1997 and February 14, 1997 incorporated herein by reference in registration statement (No. 33-75980) on Form N-4. /s/ KPMG Peat Marwick LLP Hartford, Connecticut August 19, 1997 EX-27 6 FDS -- VARIABLE ANNUITY ACCOUNT C
6 0000103007 Account C 12-MOS DEC-31-1996 JAN-01-1996 DEC-31-1996 7,952,811,278 8,565,202,363 0 0 0 8,565,202,363 0 0 0 0 0 0 0 0 0 0 0 0 0 8,565,202,363 712,854,599 0 0 93,446,331 619,408,268 513,568,522 18,307,901 1,151,284,691 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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