 |
Thrivent Retirement Choice Variable Annuity |
| Thrivent Variable Annuity Account I | |
| | |
| Statutory Prospectus | |
| April 30, 2026 |
This prospectus describes key features of the Thrivent Retirement Choice Variable Annuity Contract (the “Contract”) offered by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law. This is an individual flexible premium deferred variable annuity.
This prospectus also describes certain optional features, not all of which may be available at the time you are interested in purchasing your Contract. We reserve the right to restrict availability of certain optional features. We may also make changes to optional features after your Contract is issued as specified in this prospectus. We reserve the right to reject any applications, subject to any applicable nondiscrimination laws and to our own standards and guidelines.
This Contract is a complex investment and involves risks, including loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties, as applicable. Thrivent’s obligations under the Contract are subject to its financial strength and claims-paying ability.
This Contract has Variable Options and a Fixed Account option. Additional information about each Variable Option and the Fixed Account can be found in Appendix A: Investment Options Available Under the Contract. For the GLWB Rider, additional information on investment restrictions can be found in Appendix B. We allocate premiums based on your designation to one or more Subaccounts of Thrivent Variable Annuity Account I (the “Variable Account”) and/or the Fixed Account.
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IF YOU ARE A NEW INVESTOR IN THE CONTRACT, YOU MAY CANCEL YOUR CONTRACT
WITHIN 10 DAYS OF RECEIVING IT WITHOUT PAYING FEES OR PENALTIES.
WITHIN 10 DAYS OF RECEIVING IT WITHOUT PAYING FEES OR PENALTIES.
In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract value. You should review the prospectus, or consult with your financial advisor or professional, for additional information about the specific cancellation terms that apply.
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Additional information about certain investment products, including variable annuity contracts, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Table of Contents
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Special Terms
| Accumulated Value |
The sum of the values for your Contract in Subaccounts and/or the Fixed Account on or before the Maximum Annuity Date |
| Accumulation Unit |
A unit of measure used to determine your value in a Subaccount during the Accumulation Phase. |
| Annuitant(s) |
The person(s) upon whose life the annuity income will be determined. |
| Annuity Date |
A date when annuity income payments begin. |
| Cash Surrender Value |
The Cash Surrender Value on any day is the greater of the Accumulated Value minus any Surrender Charge or the minimum amount required by law. |
| Contract |
The flexible premium deferred variable annuity contract offered by Thrivent and described in this prospectus. |
| Contract Age |
A person’s Issue Age increased by one on each Contract Anniversary. |
| Contract Anniversary |
The same month and day of each year after issue as in the Date of Issue. |
| Contract Year |
The first Contract Year begins on the Date of Issue and continues through the day before the first Contract Anniversary. Thereafter, a Contract Year begins on one Contract Anniversary and continues through the day before the next Contract Anniversary. |
| Date of Issue |
The date when the Initial Premium is allocated to the Subaccounts of the Variable Account and to the Fixed Account. |
| Fixed Account |
An Investment Option that credits an interest rate. The Fixed Account is part of our General Account. The Fixed Account is not a subaccount. For the current interest rate, please call our Service Center at 1-800-847-4836. |
| General Account |
The General Account consists of all assets of Thrivent other than those allocated to a Separate Account. Allocations to the Fixed Account are maintained in the General Account. Insurance benefits are paid from the General Account and are subject to Thrivent’s claims-paying ability. |
| GLWB Benefit Base |
The GLWB Benefit Base is the amount used for calculating the Guaranteed Annual Withdrawal Amounts and the GLWB Rider Charge. It cannot be taken as a full or partial surrender and is not payable as part of Death Proceeds. |
| GLWB Rate Sheet |
A prospectus supplement, that will be filed periodically, where we declare the current features applicable on our Thrivent Income Builder (GLWB) Rider. |
| Investment Option |
A Variable Option or the Fixed Account available in this Contract. |
| Issue Age |
A person’s age on his or her birthday nearest the Date of Issue. |
| Maximum Anniversary Death Benefit (MADB) Rider |
This is an optional benefit that may be selected at the time of application for an additional fee. It can provide you with an increased death benefit based on the Accumulated Value on a Contract Anniversary. |
| Maximum Anniversary Death Benefit (MADB) Rider Charge |
The charge you pay if you add the optional death benefit at the time of application. The MADB Rider Charge will be deducted quarterly from the Accumulated Value. |
| Maximum Annuity Date |
The latest date when annuity income payments must begin. |
| Notice |
A request signed by you or provided in another manner acceptable to us and received in good order by us at our Service Center. |
| Owner, you, your, yours |
The owner(s) of this contract. |
| Portfolio |
Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund. |
| Qualified Plan |
A contract governed by the requirements of Section 408, or 408A of the Internal Revenue Code, as amended. |
| Service Center |
Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone, 1-800-847-4836, or such other office as we may specify in a notice to the Contract Owner. |
| Settlement Option |
You may elect to convert all or some of your Accumulated Value into guaranteed annuity payments from us. A death benefit, if any, would then depend on the option selected. |
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| Spouse |
An individual lawfully married to another individual as defined by federal tax law. The marriage must be recognized by the state, possession, or territory of the United States in which the marriage is entered into, regardless of domicile. Individuals who enter into a marriage under the laws of a foreign jurisdiction are recognized as married for federal tax law purposes if the relationship would be recognized as marriage under the laws of at least one state, possession, or territory of the United States, regardless of domicile. |
| Subaccount |
A subdivision of the Variable Account. Each Subaccount invests exclusively in the shares of a corresponding Portfolio. |
| Surrender Charge |
A charge that applies to withdrawals that have not met the waiting period. Each premium payment has its own 7-year Surrender Charge period. |
| Thrivent Income Builder (GLWB) Rider |
This is an optional benefit that may be selected at the time of application for an additional fee. It can provide you with retirement income by guaranteeing specified withdrawals for life. You may withdraw up to a Guaranteed Annual Withdrawal Amount (GAWA) each Contract Year for as long as the Thrivent Income Builder (GLWB) Rider is in force. |
| Thrivent Income Builder (GLWB) Rider Charge |
The charge you pay if you add the optional guaranteed lifetime withdrawal benefit at the time of application. The GLWB Rider Charge will be deducted quarterly from the Accumulated Value. |
| Valuation Day |
Each day the New York Stock Exchange is open for trading. The Valuation Day ends at the close of trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time. |
| Valuation Period |
The period of time from the determination of Accumulation Values on a Valuation Day to the values on the next Valuation Day. |
| Variable Account |
Thrivent Variable Annuity Account I, which is a Separate Account of Thrivent. |
| Variable Option |
An Investment Option under the Contract of which the value of the contract during the accumulation phase varies according to the investment experience of |
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What is the Contract, and what is it designed to do?
The Contract is an individual flexible premium deferred variable annuity contract intended to help you accumulate assets for retirement or other long-term goals, through an investment in one or more Portfolios and the Fixed Account. When you are ready to take money out of the annuity, the Contract offers withdrawals on an ad hoc or systematic basis, as well as the option of electing from several types of annuity payments (Settlement Options). A Settlement Option can be guaranteed for a set timeframe or for your lifetime. There is also an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider, which you may add for an additional charge. With a GLWB Rider you may take out guaranteed withdrawal amounts for life, as long as you do not exceed the specified amount permitted. The Contract offers a Standard Death Benefit if an Owner dies before the Maximum Annuity Date. For an additional charge, you may purchase an optional death benefit, the Maximum Anniversary Death Benefit (MADB) Rider, which may increase the death benefit if the Owner dies before the Maximum Annuity Date. After any Annuity Date, amounts payable from that annuitized portion, if any, depend upon the terms of the Settlement Option.
The Contract is an individual flexible premium deferred variable annuity contract intended to help you accumulate assets for retirement or other long-term goals, through an investment in one or more Portfolios and the Fixed Account. When you are ready to take money out of the annuity, the Contract offers withdrawals on an ad hoc or systematic basis, as well as the option of electing from several types of annuity payments (Settlement Options). A Settlement Option can be guaranteed for a set timeframe or for your lifetime. There is also an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider, which you may add for an additional charge. With a GLWB Rider you may take out guaranteed withdrawal amounts for life, as long as you do not exceed the specified amount permitted. The Contract offers a Standard Death Benefit if an Owner dies before the Maximum Annuity Date. For an additional charge, you may purchase an optional death benefit, the Maximum Anniversary Death Benefit (MADB) Rider, which may increase the death benefit if the Owner dies before the Maximum Annuity Date. After any Annuity Date, amounts payable from that annuitized portion, if any, depend upon the terms of the Settlement Option.
For whom is the Contract appropriate?
The Contract may be appropriate if you have a long-term investment horizon. It is not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading.
The Contract may be appropriate if you have a long-term investment horizon. It is not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading.
What are the phases of the Contract?
The Contract has two phases, the accumulation phase and the income phase. During the accumulation phase, you may make one or more premium payments and transfer Accumulated Value between the various investment options and the Fixed Account, subject to some limitations. Additional information about the available Subaccounts can be found in Appendix A at the end of this document. If you have the GLWB Rider, investment restrictions can be found in Appendix B. The income phase begins when we begin to make payments to you. If you elect to annuitize, you may have all or part of your Contract’s Accumulated Value converted into guaranteed annuity payments (a Settlement Option). Once you move to a Settlement Option, you may or may not have a death benefit or be able to take additional withdrawals, depending on the Settlement Option you choose.
The Contract has two phases, the accumulation phase and the income phase. During the accumulation phase, you may make one or more premium payments and transfer Accumulated Value between the various investment options and the Fixed Account, subject to some limitations. Additional information about the available Subaccounts can be found in Appendix A at the end of this document. If you have the GLWB Rider, investment restrictions can be found in Appendix B. The income phase begins when we begin to make payments to you. If you elect to annuitize, you may have all or part of your Contract’s Accumulated Value converted into guaranteed annuity payments (a Settlement Option). Once you move to a Settlement Option, you may or may not have a death benefit or be able to take additional withdrawals, depending on the Settlement Option you choose.
Investment Options: The Contract provides the opportunity for tax-deferred growth by allocating the Accumulated Value to a variety of investment options and the Fixed Account. For the current Fixed Account interest rate, please call our Service Center at 1-800-847-4836.
Tax Treatment: The premium payments you put into the Contract have the potential to accumulate on a tax-deferred basis. This means earnings are not taxed until money is paid out of the Contract.
Dollar Cost Averaging: You may choose one of two different Dollar Cost Averaging Programs that allow you to have automatic periodic transfers made to one or more of the variable Portfolios. Either Dollar Cost Averaging Program allows such investments to be made in installments over time. The minimum premium necessary to establish a Dollar Cost Averaging Program is $10,000.
Asset Rebalancing: You may choose the Automatic Asset Rebalancing Program, which transfers your Accumulated Value among variable Portfolios on a regular basis according to your instructions. This can help you select a specific asset allocation and maintain it over time. If you have the GLWB Rider, quarterly Asset Rebalancing will happen automatically, if needed, to conform with the GLWB investment restrictions.
Death Benefits: We will pay Death Proceeds upon the death of an Owner, or the annuitant if the Owner is a Non-Natural Person. The Death Benefit is calculated at the end of the Valuation Period during which we receive at our Service Center a certified copy of the death certificate, or other lawful evidence providing equivalent information. The amount of the Death
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Benefit is the greater of the Accumulated Value or the Standard Death Benefit. Once calculated, Death Proceeds payable to a beneficiary may continue to be subject to the investment experience of the Subaccounts until that beneficiary submits a claim form in good order.
Settlement Options: You may elect to convert all or some of your Accumulated Value into guaranteed annuity payments from us. A death benefit, if any, would then depend on the option selected.
What optional benefits are available for an additional cost?
Maximum Anniversary Death Benefit (MADB) Rider: The MADB Rider provides for a death benefit calculation that takes into account the highest Accumulated Value on any Contract Anniversary up to Contract Age 80, adjusted for any premiums or surrenders made after the anniversary. The Death Benefit is calculated at the end of the valuation period during which we receive at our Service Center a certified copy of the death certificate, or other lawful evidence providing equivalent information. The Death Benefit will be the highest of the Accumulated Value, Standard Death Benefit, or the MADB Rider benefit. Once calculated, the death proceeds continue to be subject to the investment experience of the Subaccounts. When a beneficiary provides a claim form in good order, that beneficiary's share of the death proceeds will be removed from the market.
Thrivent Income Builder - Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider: The GLWB Rider provides for guaranteed annual withdrawal amounts for as long as you live, even if your Contract’s value is depleted by these guaranteed withdrawals. If you have this rider, your allocations to the Subaccounts will be restricted to two options: the Asset Allocation Option or the Custom Option. On the Date of Issue, you will have a GLWB Benefit Base equal to your initial premium. Thereafter, your GLWB Benefit Base will be adjusted for additional premiums. The more your GLWB Benefit Base grows, the higher guaranteed amount you will have when you begin taking withdrawals. You have the potential to grow your Benefit Base and increase your lifetime withdrawals in three ways:
Credits – If there are no withdrawals in the Contract Year, the Benefit Base will increase by a Credit Amount for 10 years, or up to Contract age 80, if sooner. The GLWB Credit Percentage is multiplied by your current Credit Base. Initially, the Credit Base is equal to the premium paid, and is increased by additional premiums paid. The Credit Base is also adjusted for any excess withdrawals taken.
Step-ups - If your Contract’s value is greater than your Benefit Base on your Contract Anniversary, the Benefit Base steps up to the new Accumulated Value and is locked in as your new Benefit Base. The Credit Base is increased to equal the stepped up Benefit Base.
• Your future annual credits will then be based off your new Credit Base following a step-up.
• A new 10-year crediting period starts.
Guaranteed Minimum - If you haven’t taken any withdrawals in the first 12 years or until you reach age 71 (whichever is later), your Benefit Base is guaranteed to be a specified percentage (see Rate Sheet) of first year premiums plus a specified percentage (see Rate Sheet) of all other premiums.
The first time you take a withdrawal, a calculation occurs to determine the amount you can withdraw each Contract Year, without affecting your future guarantees. This amount is called the Guaranteed Annual Withdrawal Amount (GAWA). This initial GAWA is calculated by applying a Guaranteed Withdrawal Percentage to your Benefit Base. While you may withdraw more than the GAWA in a Contract Year, an additional withdrawal can result in a GLWB Excess Surrender, thereby reducing your future guarantees.
The GAWA may change from year to year depending on whether the Benefit Base was increased or decreased as a result of GLWB Excess Surrenders. Withdrawals of the GAWA are taxed in the same manner as partial surrenders under the Contract.
Please see the statutory prospectus for more information and examples of how this rider works.
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Key Information
Important Information You Should Consider About the Contract
| FEES AND EXPENSES |
Location in Statutory Prospectus | |||
| Are There Charges or Adjustments for Early Withdrawals? |
the next five years. If you make an early withdrawal, you could pay a greater if there are taxes and tax penalties. Surrender Charges apply only to amounts that exceed the greatest of 10% of the Accumulated Value existing at the time the first surrender is made in a Contract Year, the Contract’s earnings or any Required Minimum Distribution. |
Fee Table | ||
| Are There Transaction Charges? |
transactions. Asset Rebalancing Programs), you will incur a $25 transfer charge. You will also pay a charge if you request a wire transfer of funds from your Contract to another financial institution. That financial institution may also charge a fee to receive a wire. You will also pay a charge if you request to have a check sent to you using an overnight mail service. |
Fee Table | ||
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| Are There Ongoing Fees and Expenses? |
Yes. The table below describes the fees and expenses that you may pay about the specific fees you will pay each year based on the options you have elected. |
Fee Table | ||
| Annual Fee |
Minimum |
Maximum | ||
| Base Contract (as a percentage of |
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| Portfolio Company fees and expenses (Expenses that you pay as a percentage of your investment. Expenses may be higher or lower in future years. More detail is contained |
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| Optional benefits available for an additional charge (only one optional benefit may be selected) |
Minimum |
Maximum | ||
| Thrivent Income Builder (GLWB) Rider Charge (as a percentage of the Benefit Base) |
|
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| Maximum Anniversary Death Benefit (MADB) Rider Charge (as a percentage of the MADB value) |
|
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| the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take substantially increase costs. | ||||
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Lowest Annual Cost: $ |
Highest Annual Cost: $ |
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| Assumes: |
Assumes: | |||
| Investment of $100,000 |
Investment of $100,000 | |||
| 5% annual appreciation |
5% annual appreciation | |||
| expenses |
expenses | |||
| No optional benefits |
Thrivent Income Builder (GLWB) Rider | |||
| No sales charges |
No sales charges | |||
| No additional premium payments, transfers or withdrawals |
No additional premium payments, transfers or withdrawals | |||
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| RISKS |
Location in Statutory Prospectus | |||
| Is There a Risk of Loss from Poor Performance? |
|
Principal Risks of Investing in the Contract | ||
| Is This a Short-Term Investment? |
|
Principal Risks of Investing in the Contract | ||
| What Are the Risks Associated with the Investment Options? |
|
Principal Risks of Investing in the Contract | ||
| What are the Risks Related to the Insurance Company? |
|
Principal Risks of Investing in the Contract | ||
| RESTRICTIONS |
Location in Statutory Prospectus | |||
| Are There Restrictions on the Investment Options? |
|
Purchases and Contract Value Appendix B: Investment Options Available Under a Contract with GLWB Rider | ||
| Are There Any Restrictions on Contract Benefits? |
|
Benefits Available Under the Contract | ||
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| TAXES |
Location in Statutory Prospectus | |||
| Taxes – What are the Contract’s Tax Implications? |
|
Taxes | ||
| CONFLICTS OF INTEREST |
Location in Statutory Prospectus | |||
| How are Investment Professionals Compensated? |
|
Distribution of the Contracts | ||
| Should I Exchange My Contract? |
|
Taxes - Exchanges of Annuity Contracts | ||
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| Transaction Expenses |
Maximum Fees |
| Sales Load Imposed on Purchases (as a percentage of purchase payments) |
|
| Surrender Charge (as a percentage of amount surrendered)1 |
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| Transfer Charge2 |
$ |
| Annual Contract Expenses |
Maximum |
Current |
| Administrative Expenses3 |
$ |
$ |
| Base Contract Expenses (as a percentage of the daily net assets in the |
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| Optional Benefit Expenses |
Maximum |
Current |
| Maximum Anniversary Death Benefit (MADB) Rider Charge (as a percentage of MADB)5 |
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| Thrivent Income Builder (GLWB) Rider Charge (as a percentage of the Benefit Base)6 |
|
See GLWB Rate Sheet |
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| Charges after the Annuity Date | |
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Minimum |
Maximum |
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| Expenses after reimbursements and/or fee waivers |
0.22% |
2.575%7 |
Example
This Example is intended to help you compare the cost of investing in the Variable Options with the cost of investing in other annuity contract that offer variable options. These costs include transaction expenses, annual Contract expenses and Annual Portfolio Company Expenses.
The Example assumes all Contract value is allocated to the Variable Options. Your costs could differ from those shown below if you invest in the Fixed Account.
The Example assumes that you invest $100,000 in the Variable Options for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual Portfolio Company Expenses and optional benefits available for an additional charge. Although your costs may be higher or lower, based on these assumptions, your costs would be8:
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10 |
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applicable time period: |
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$ |
$ |
$ |
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applicable time period: |
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$ |
$ |
$ |
$ |
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$ |
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$ |
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For this example, the following assumptions are used: 2.50% optional benefit charge, 1.25% mortality and expense risk charge and Portfolio operating expense of 2.575%.
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Description of Insurance Company, Registered Separate Account, and Investment Options
Insurance Company
Thrivent Financial for Lutherans (“Thrivent”) is the Insurance Company that issues the Contract and is located at 600 Portland Ave S., Suite 100 Minneapolis, MN 55415. Thrivent is obligated to pay all amounts promised to investors under the Contract, subject to its financial strength and claims-paying ability. Thrivent is relying on the exemption provided by rule 12h-7 under the Securities Exchange Act (17 CFR 240.12h-7).
Thrivent
Thrivent is a not-for-profit financial services membership organization of Christians helping our members achieve financial security and give back to their communities. We were organized in 1902 as a fraternal benefit society under Wisconsin law, and comply with Internal Revenue Code Section 501(c)(8). We are licensed to sell insurance in all states and the District of Columbia.
For more information, visit Thrivent.com.
Registered Separate Account
Thrivent Variable Annuity Account I is the Registered Separate Account for the Contract.
The Registered Separate Account is a separate account of ours, which became available October 31, 2002. The Registered Separate Account meets the definition of a “separate account” under the federal securities laws. The Registered Separate Account is registered with the Securities and Exchange Commission (the “SEC”) as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision by the SEC of the management or investment policies or practices of the Registered Separate Account.
We own the assets of the Registered Separate Account, and we are not a trustee with respect to such assets. However, the Wisconsin laws under which the Registered Separate Account is operated provide that the Registered Separate Account shall not be chargeable with liabilities arising out of any other business we may conduct. The Registered Separate Account will be fully funded at all times for the purposes of federal securities laws. We may transfer to our General Account assets of the Registered Separate Account which exceed the reserves and other liabilities of the Registered Separate Account.
Income and realized and unrealized gains and losses from each Subaccount of the Registered Separate Account are credited to or charged against that Subaccount without regard to any of our other income, gains or losses. We may accumulate in the Registered Separate Account the charge for mortality and expense risk, mortality gains and losses and investment results applicable to those assets that are in excess of net assets supporting the Contracts.
1.Income, gains, and losses credited to, or charged against, the Registered Separate Account reflect the separate account’s own investment experience and not the investment experience of the Insurance Company’s other assets; and
2.the assets of the Registered Separate Account may not be used to pay any liabilities of the Insurance Company other than those arising from the Contracts.
Variable Options
1.Contract value allocated to a Variable Option will vary based on the investment experience of the corresponding Portfolio Company in which the Variable Option invests. There is a risk of loss of the entire amount invested.
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2.Information regarding each Portfolio Company, including (i) its name, (ii) investment type, (iii) investment advisor and any sub-advisor, (iv) current expenses, and (v) performance is available in Appendix A to this prospectus. Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. You can view these online at dfinview.com/Thrivent/RetirementChoice. You can also request paper copy by calling our Service Center at 1-800-847-4836, or by sending an email request to mail@thrivent.com.
3.To the extent required by law, we will vote the Fund’s shares held in the Registered Separate Account at regular and special shareholder meetings of the Fund in accordance with instructions received from persons having voting interests in the corresponding Subaccounts of the Registered Separate Account. If, however, the 1940 Act or any regulation thereunder should be amended or if the present interpretation thereof should change, and as a result we determine that we are permitted to vote the Fund’s shares in our own right, we may elect to do so.
Before the Maximum Annuity Date, an Owner shall have the voting interest with respect to Portfolio’s shares attributable to the Contract.
The number of votes which an Owner has the right to instruct will be calculated separately for each Subaccount. The number of votes which each Owner has the right to instruct will be determined by dividing a Contract’s Accumulated Value in a Subaccount by the net asset value per share of the corresponding Portfolio in which the Subaccount invests. Fractional shares will be counted. Voting instructions will be solicited by written communications prior to such meeting in accordance with procedures established by the Portfolio.
Any Portfolio shares held in the Registered Separate Account for which we do not receive timely voting instructions, or which are not attributable to Owners, will be voted by us in proportion to the instructions received from all Owners. As a result of proportionate voting, a small number of Owners could determine the outcome of the shareholder vote. Any Portfolio shares held by us or our affiliates in General Accounts will, for voting purposes, be allocated to all Registered Separate Accounts of ours and our affiliates having a voting interest in that Portfolio in proportion to each such separate account’s votes. Voting instructions to abstain on any item to be voted upon will be applied on a pro rata basis to reduce the votes eligible to be cast.
Each person having a voting interest in a Subaccount will receive proxy materials, reports and other materials relating to the appropriate Portfolio.
| Name |
Term |
Minimum Guaranteed Interest Rate |
| Fixed Account (all states except New York) |
Life of the Contract |
0.50% for Contracts issued on or after 10/1/2020 1.00% for Contracts issued before 10/1/2020 |
| Fixed Account (New York only) |
Life of the Contract |
1.00% |
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Charges and Adjustments
Surrender Charge
We do not deduct a sales charge when we receive a premium payment. However, we may assess a Surrender Charge for partial surrenders or surrenders that exceed the free surrender amount or earnings or Required Minimum Distribution amount. We use this charge to cover certain expenses relating to the sale of the Contract. Each premium payment will have its own 7-year Surrender Charge schedule. The duration of each premium is the number of full years since that premium was allocated to this Contract. For the purpose of determining the Surrender Charge, surrenders are processed in the following order:
(1) First, the Contract’s earnings are reduced. The Contract’s earnings are:
(a) The Accumulated Value at the time the surrender is made;
Minus
(b) The total of premiums allocated to this Contract;
Plus
(c) The total of premiums that were previously surrendered.
(2) Thereafter, premiums that were not previously surrendered are reduced in the order that they were allocated to this Contract (first-in, first-out order).
In each Contract Year, you may surrender without a Surrender Charge an amount up to the greatest of (a), (b), and (c):
(a) 10% of the Accumulated Value existing at the time the first surrender is made in that Contract Year.
(b) This Contract’s earnings.
(c) The Required Minimum Distribution, if any, that we determine for this Contract according to Section 401(a)(9) of the Internal Revenue Code, for;
(i) That calendar year, or
(ii) The prior calendar year if the surrender is made in a Contract Year that began in the prior calendar year.
If the Contract includes the Thrivent Income Builder, no Surrender Charge will apply to partial surrenders as long as the total amount surrendered in a Contract Year is less than or equal to the Guaranteed Annual Withdrawal (GAWA) for that Contract Year.
The Surrender Charge schedule will be applied to the premiums reduced based on the duration of those premiums. The duration of each premium is the number of full years since that premium was allocated to this Contract. Upon a full surrender, all remaining premiums will be reduced.
The amount surrendered to pay the Surrender Charge is subject to the Surrender Charge.
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| Surrender Charges | |
| Full years since allocation |
Percentage Applied to surrender amount1 |
| 0 |
7 % |
| 1 |
7 % |
| 2 |
6 % |
| 3 |
5 % |
| 4 |
4 % |
| 5 |
3 % |
| 6 |
2 % |
| 7 + |
0 % |
1Earnings in the Contract are removed first and always without a Surrender Charge. Then, premiums are removed from the Contract on a first-in, first-out basis and are assessed Surrender Charges based on full years since allocation.
Example of Full Surrender in Surrender Charge Period:
DeMarcus’s initial premium is $100,000. Other than an additional premium of $25,000 one year later, DeMarcus contributes no additional premium for the next five years. Also, DeMarcus makes no surrenders from the Contract for the next five years. Five full years after the initial premium allocation, and four full years after the additional premium, DeMarcus’s Accumulated Value is $175,000.
DeMarcus elects to make a full surrender (assume no GAWA or RMD applies in this example). DeMarcus’s earnings are $175,000 - $100,000 - $25,000 = $50,000, which are free of Surrender Charges. DeMarcus’s premiums are still in the Surrender Charge period, and his Surrender Charge is $100,000 X 3% + $25,000 X 4%, which is $4,000. DeMarcus’s cash surrender value is $175,000 - $4,000, which is $171,000.
Example of partial surrender in Surrender Charge period:
DeMarcus‘s initial premium is $100,000. Other than an additional premium of $25,000 one year later, DeMarcus contributes no additional premium for the next five years. Also, DeMarcus takes no surrenders from the Contract for the next five years. Five full years after the initial premium allocation, and four full years after the additional premium, DeMarcus’s Accumulated Value is $175,000.
DeMarcus elects to make a partial surrender of $90,000 on a “gross” basis (assume no GAWA or RMD applies in this example). DeMarcus’s earnings are $175,000 - $100,000 - $25,000 = $50,000, which are free of Surrender Charges. DeMarcus’s premiums are still in the Surrender Charge period, and the first-in, first-out method is used to determine the Surrender Charge. DeMarcus’s Surrender Charge is $40,000 X 3%, which is $1,200. DeMarcus’s surrender amount after the Surrender Charge is $90,000 - $1,200, which is $88,800. DeMarcus’s Accumulated Value after the partial surrender is $175,000 - $90,000, which is $85,000.
Waiver of Surrender Charges
♦
Surrenders Paid Under Certain Settlement Options. For surrenders of premiums made more than three years since that premium was allocated, there is no Surrender Charge applied to amounts you elect to have paid under:
(1)A Settlement Option for a fixed amount or a fixed period (described under Annuity Period), if the payment period equals or exceeds the longest remaining Surrender Charge period that would have applied, and the proceeds are not subsequently withdrawn.
(2)Options which involve a life income.
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For Florida and New York contracts this provision applies after Contract Year one.
♦
Ten Percent Free Each Contract Year (minimum amount each year). 10% of the Accumulated Value existing at the time the first surrender is made in that Contract Year. This “Ten Percent Free” is not cumulative.
♦
Confinement of the Owner in a Hospital, Nursing Home, or Hospice. There is no Surrender Charge during or within 90 days after the end of the confinement of the Owner in a licensed hospital, nursing home, or hospice, provided that the confinement begins after the Contract has been issued and continues for at least 30 consecutive days. We will require proof of confinement satisfactory to us.
♦
Terminal Illness of the Owner. There is no Surrender Charge if the Owner has a life expectancy of 12 months or less. We will require certification by a physician acting within the scope of his or her license and may require independent medical verification.
Mortality and Expense Risk Charge
We assume certain financial risks associated with the Contracts. Those risks are of two basic types:
♦
Mortality Risk. This includes our risk that (1) death benefits paid before the Annuity Date will be greater than the Accumulated Value available to pay those benefits, and (2) annuity payments involving life incomes will continue longer than we expected due to lower than expected death rates of the persons receiving them.
♦
Expense Risk. This is the risk that the expenses we incur with respect to the Contracts will exceed Contract charges.
As compensation for assuming these risks, we deduct a daily risk charge from the daily net assets in the Subaccounts. We guarantee that the mortality and expense risk charges for your Contract will never exceed the annual rates shown in the Fee and Expense Tables. The maximum charge as a percentage of daily net assets in the Subaccounts is 1.25%. See the Fee Table for more detail.
If the risk charge is insufficient to cover the actual cost of the risks assumed by us, we will bear the loss. We will not reduce annuity payments to compensate for the insufficiency. If the risk charge proves more than sufficient, the excess will be profit available to us for any appropriate corporate purpose including, among other things, payment of sales expenses. See Sufficiency of Charges below.
Maximum Anniversary Death Benefit (MADB) Rider Charge
The MADB Rider Charge is the charge for this rider. The MADB Rider Charge will be deducted from the Accumulated Value. It will be deducted from the Fixed Account and the Subaccounts of the Variable Account on a pro rata basis according to the ratio of the accumulated value in the Fixed Account and each Subaccount of the Variable Account to the Accumulated Value of the Contract as of the Rider Quarterly Anniversary. For Contracts issued in New York, the MADB Rider Charge is only assessed against the Subaccounts of the Variable Account. If the market is closed on the date the MADB Rider Charge should be processed, the charge will be processed on the next Valuation Date. The Rider Quarterly Anniversary is a date that is a multiple of three months following the date the rider is issued, and on the same date of the month as the date the rider is issued. If a month does not include that date, the Rider Quarterly Anniversary will be the last day of that month.
The first MADB Rider Charge will be deducted on the first Rider Quarterly Anniversary for the three-month period that started on the Rider Date of Issue. Thereafter, the MADB Rider Charge for each three-month period will be deducted on the Rider Quarterly Anniversary immediately after that three-month period.
On the day of each deduction, the MADB Rider Charge is calculated as the MADB multiplied by the MADB Rider Charge rate divided by four. The MADB Rider Charge is calculated after any changes to the MADB and the MADB Rider Charge rate that may occur prior to or on that day.
We may change the MADB Rider Charge rate at any time. It will never exceed the Maximum MADB Rider Charge of 0.50%. The current charge is 0.25%.
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At rider termination, the MADB Rider Charge will be deducted for the final three-month period or portion thereof that the rider was in force. If rider termination occurs less than three months after the most recent Rider Quarterly Anniversary, the final MADB Rider Charge will be adjusted proportionately to reflect the time period that the rider was in force. The final MADB Rider Charge will be deducted immediately on the rider termination date. Thereafter, the MADB Rider Charge will cease.
Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider Charge
The Thrivent Income Builder (GLWB) Rider Charge is the charge for this rider. It will be deducted from the Subaccounts of the Variable Account on a pro rata basis according to the ratio of each Subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted from the Fixed Account only if the variable Subaccounts are depleted. For Contracts issued in New York, the charge will be waived if the variable Subaccounts are depleted. If the market is closed on the date the Thrivent Income Builder (GLWB) Rider Charge should be processed, the charge will be processed on the next Valuation Date.
The first Thrivent Income Builder (GLWB) Rider Charge will be deducted on the first Rider Quarterly Anniversary for the three-month period that started on the Rider Date of Issue. Thereafter, the Thrivent Income Builder (GLWB) Rider Charge for each three-month period will be deducted on the Rider Quarterly Anniversary immediately after that three-month period. The Rider Quarterly Anniversary is a date that is a multiple of three months following the date the rider is issued, and on the same day of the month as the date the rider is issued. If a month does not include that date, the Rider Quarterly Anniversary will be the last day of that month.
On the day of each deduction, the Thrivent Income Builder (GLWB) Rider Charge is calculated as:
1) The GLWB Benefit Base;
Multiplied by
2) The Thrivent Income Builder (GLWB) Rider Charge Rate divided by four.
The Thrivent Income Builder (GLWB) Rider Charge is calculated after any changes to the GLWB Benefit Base and the GLWB Charge Rate that may occur on or prior to that day.
We may change the Thrivent Income Builder (GLWB) Rider Charge Rate at any time. It will never exceed the Maximum GLWB Charge Rate of 2.50%.
At rider termination, the Thrivent Income Builder (GLWB) Rider Charge will be deducted for the final three-month period or portion thereof that the rider was in force. If rider termination occurs less than three months after the most recent Rider Quarterly Anniversary, the final Thrivent Income Builder (GLWB) Rider Charge will be adjusted proportionately to reflect the time period that the rider was in force. The final Thrivent Income Builder (GLWB) Rider Charge will be deducted immediately on the rider termination date. Thereafter, the Thrivent Income Builder (GLWB) Rider Charge will cease.
Transfer Charge
You may make 24 free transfers in each Contract Year. On subsequent transfers (other than the Dollar Cost Averaging and Asset Rebalancing Programs), you will incur a $25 transfer charge. The transfer charge will be deducted from the amount transferred. Current IRS guidance references 12 transfers, however we believe that 24 transfers is acceptable under current law.
Surrender of a Settlement Option with a Guaranteed Period
If you are receiving annuity income with a guaranteed period, you may elect to receive a full or partial surrender of the commuted value of the remaining payments, unless the income elected was irrevocable. The value of the remaining payments on any day is based on the interest rate used to determine the income payable plus 0.25%. This increase of the rate used in the calculation is the Commuted Value Charge.
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Expenses of the Portfolios
Because the Subaccounts purchase shares of the Portfolios; the accumulation unit values of the Subaccounts will reflect the corresponding Portfolio operating expenses or other expenses incurred by the Portfolio. See the Fee Table and the current prospectuses of the Portfolios.
Administrative Expenses
We will charge an Administrative Expense on each Contract Anniversary. The Maximum Annual Administrative Expense is $50.
However, we will waive the charge on any anniversary when the Accumulated Value is at least $50,000.
The charge will be taken from each Subaccount of the Variable Account and from the Fixed Account according to the ratio for this Contract of the Accumulated Value in each Subaccount and the Fixed Account to the Accumulated Value of the Contract.
Sufficiency of Charges
If the amount of all charges assessed in connection with the Contract as described above is not enough to cover all expenses incurred in connection therewith, we will bear the loss. Any such expenses borne by us will be paid out of our General Account which may include, among other things, proceeds derived from risk charges deducted from the Variable Account. Conversely, if the amount of such charges proves more than enough, we will retain the excess.
Maintenance of Solvency
The Maintenance of Solvency provision is a legal requirement of a fraternal benefit society. The provision can come into play only when the reserves of a fraternal benefit society become impaired. That means there would be a serious concern with the financial position of the society. It is extremely unlikely that Thrivent would be in an impaired condition considering its financial position. In the extraordinary event that our reserves become impaired, you may be required to make an extra payment. This can happen only in the rare event that the insurance commissioner issued an order declaring us to be in a hazardous condition. If that happened, our Board of Directors would work with the commissioner to determine each member’s portion of the deficiency. You could submit additional funds, have the amount treated as a debt against the Contract, or take a reduction in benefits. Please be advised that a Maintenance of Solvency provision is applicable to all fraternal benefit societies, regardless of the financial position and ratings of the society. You may review our financial statements and reports from our independent public accounting firm in the Statement of Additional Information (SAI) found online at dfinview.com/Thrivent/RetirementChoice.
General Description of the Contracts
Entire Contract
Your entire Contract is comprised of:
♦
the Contract including any attached rider(s), if any, endorsements or amendments;
♦
the application attached to the Contract; and
♦
our Articles of Incorporation and Bylaws and all amendments to them. Benefits will not be reduced or eliminated by any future amendments to our Articles of Incorporation or Bylaws.
Contract Rights
While an Owner is living and before the Maximum Annuity Date, you may exercise all of the owner’s rights under the Contract. If there are multiple owners, all must act in concert to exercise ownership rights. Joint owners must be federally recognized Spouses and each other’s sole primary beneficiary.
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If the Contract was applied for as a juvenile Contract, the Owner (juvenile) may not exercise ownership rights until control is transferred to the Owner. Before control is transferred, the person who applied for the Contract as applicant/controller may exercise ownership rights on behalf of the Owner.
An Owner may (subject to the eligibility requirements in the bylaws of Thrivent) name a beneficiary to receive the death benefit or the annuity proceeds payable under the Contract.
No Beneficiary change shall take effect unless received by Thrivent at its Service Center. When Notice is received, any change shall take effect as of the date the request for beneficiary change was signed, as long as the request for change was mailed or actually delivered to Thrivent while the insured was alive. Such beneficiary change shall be null and void where Thrivent has made a good faith payment of the proceeds or has taken other action before receiving the change.
Spousal Continuation
If an Owner dies, and that Owner’s Spouse is the sole, primary beneficiary, the surviving Spouse may elect to continue this Contract in force under Spousal Continuation, to the extent permitted by law. See Benefits Available Under the Contract - Spousal Continuation.
Death of Annuitant After an Annuity Date
If an Annuitant dies while we are paying annuity income under a Settlement Option, any amounts payable will depend on the terms of that Settlement Option. See Annuity Period - Settlement Options.
Contract Termination
We will terminate your Contract on any Contract Anniversary if the Accumulated Value before the deduction of any Contract Maintenance Charge is less than $2,000. Upon termination, we will pay you the Accumulated Value.
Allocation of Premiums
You may allocate premiums under the Contract to one or more of the Subaccounts of the Variable Account or the Fixed Account. We reserve the right to limit allocations or transfers to the Fixed Account.
You may make 24 free transfers in each Contract Year. On subsequent transfers (other than the Dollar Cost Averaging and Asset Rebalancing Programs), you will incur a $25 transfer charge. The transfer charge will be deducted from the amount transferred.
The Accumulated Value of the Contract in the Subaccounts will vary primarily based on the investment experience of the Portfolios whose shares are held in the Subaccounts designated. The interest rate that applies to the Fixed Account depends upon the rate in effect on the date of the allocation and subsequent rates guaranteed to never fall below the Fixed Account Guaranteed Minimum Interest Rate.
Automatic Asset Rebalancing Program
The Automatic Asset Rebalancing Program transfers your Contract’s Accumulated Value among Portfolios (this excludes the Fixed Accounts) on a regular basis according to your instructions. The Automatic Asset Rebalancing Program is not allowed at the same time a Dollar Cost Averaging Program is being utilized.
On or before the Maximum Annuity Date, you may participate in an optional Asset Rebalancing Program that allows you to elect a specific asset allocation to maintain over time. You may not include the Fixed Account in the Asset Rebalancing Program. If you make additional premium payments or transfers into a Subaccount that was not previously included in the Asset Rebalancing Program, those amounts will not be subject to rebalancing unless you revise your Asset Rebalancing Program. You may select any date to begin the Asset Rebalancing Program (except the 29th, 30th, or 31st of a month) and whether to have your Subaccounts reallocated quarterly, semiannually or annually. The sum of the rebalancing percentages must be 100% and each rebalancing allocation percentage must be a whole number not greater than 100%. The rebalancing will be done after all other transfers and allocations to or from the Subaccounts for the Valuation Day. To
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participate in the Asset Rebalancing Program, complete the Asset Rebalancing Form at the time of your application or call 1-800-847-4836 to request an Asset Rebalancing Form. To terminate the Asset Rebalancing Program, you must provide Notice to us. The program will not terminate automatically by transferring your allocations to another Subaccount or combination of Subaccounts. Thrivent has the right to refuse or limit transfers to variable Subaccounts at any time.
Dollar Cost Averaging Program
You may choose one of two different Dollar Cost Averaging Programs that allow you to have automatic periodic transfers made to one or more Subaccounts other than the Fixed Account. Only one Dollar Cost Averaging Program may be operating at any time. Dollar Cost Averaging is generally suitable if you are making a substantial premium payment to your Contract and desire to control the risk of investing at the top of a market cycle. Either Dollar Cost Averaging Program allows such investments to be made in equal installments over time in an effort to reduce such risk. Dollar Cost Averaging does not guarantee that your Contract’s Accumulated Value will gain in value, nor will it protect against a decline in value if market prices fall. However, it can be an effective strategy to help meet your long-term goals. The Dollar Cost Averaging Programs you may participate in are described below. The Dollar Cost Averaging Program is not available at the same time you have Automatic Asset Rebalancing or if you have the Thrivent Income Builder (GLWB) Rider.
Dollar Cost Averaging from the Fixed Account. You may dedicate a premium of at least $10,000 at any time to be allocated to a one-year allocation in the Fixed Account (the “DCA Fixed Account”) for automatic monthly transfers to one or more Subaccounts. You may not transfer to the Fixed Account in the Dollar Cost Averaging Program. The amount allocated to the DCA Fixed Account may be credited with a higher interest rate that will be determined when the payment is received and will be guaranteed for the duration of the one-year period. Premiums can be added to an existing DCA Fixed Account and will transfer out on the existing schedule.
One-twelfth of the amount you allocate to the DCA Fixed Account will be transferred to the designated Subaccounts when we allocate your initial premium, and subsequent transfers will be made on the same date each month for the next 11 months. If that date falls on a date at the end of the month, such as the 29th, 30th, or the 31st and the subsequent month does not have a comparable date, we will process the transfer on the last day of the month. If the date falls on a weekend the transfer will be processed on the following business day. The amount of the transfer each month will be equal to the accumulated value in the DCA Fixed Account divided by the number of automatic transfers remaining. If you terminate the automatic transfers before the twelfth transfer is made, the accumulated value in the DCA Fixed Account will be transferred to the Thrivent Money Market Subaccount unless you request that it be transferred to a different Subaccount.
Money Market Dollar Cost Averaging. At any time, you may establish a Dollar Cost Averaging Program to make periodic transfers of at least $200 from the Thrivent Money Market Subaccount to one or more of the Subaccounts but not the Fixed Account. At least $10,000 must be allocated with premiums and/or transfers to the DCA Money Market account for it to be established. Premiums and transfers can be added to an existing DCA Money Market account and will transfer out according to the existing transfer schedule. If the remaining amount to be transferred drops below the amount you established, the entire remaining balance will be transferred on the next transfer date and the Dollar Cost Averaging Program will terminate. Transfers will be made automatically on the date you choose (except the 29th, 30th, or 31st of a month). Transfers will continue until the entire amount in the Money Market Subaccount has been depleted or until you notify us to discontinue the Program. In order to begin, terminate or resume the Program, we must receive Notice.
Exchange Program
From time to time, we may offer programs for certain variable annuities issued by Thrivent to be exchanged for the Contract described in this prospectus. You should carefully consider whether an exchange is appropriate for you by comparing the death benefits, living benefits, and other guarantees that are provided by the Contract you currently own to the benefits and guarantees provided by the new Contract being offered. You should also compare the fees and charges of your current Contract to the new Contract being offered as they may be higher than your current Contract. The programs we offer will be made available on terms and conditions determined by us and any such program will comply with applicable law.
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General Account
The General Account is the general account of Thrivent, which consists of all assets of Thrivent other than those allocated to a Separate Account. Allocations to the Fixed Account are maintained in the General Account. Insurance benefits are paid from the General Account and are subject to Thrivent’s claims-paying ability.
Subaccounts
The Subaccounts will purchase and redeem from the corresponding Portfolios at net asset value. Shares will be redeemed to the extent necessary for us to collect charges under the Contracts, to make payments upon surrenders, to provide benefits under the Contracts, or to transfer assets from one Subaccount to another Subaccount, or the Fixed Account, as requested by Contract Owners. Any dividend or capital gain distribution received from a Portfolio of the Funds will be reinvested immediately at net asset value in that Portfolio and retained as assets of the corresponding Subaccount.
Contract or Registered Separate Account Changes
At our sole discretion and to the fullest extent permitted by law, we reserve the right to make certain changes to the structure and operation of the Variable Account, including, among others, the right to:
♦
Remove, combine, or add Subaccounts and make the new Subaccounts available to you at our discretion;
♦
Substitute shares of another Portfolio, which may have differences such as (among other things) different fees and expenses, objectives, and risks, for shares of an existing Portfolio in which your Subaccount invests at our discretion;
♦
Substitute or close Subaccounts to allocations of premiums or Accumulated Value, or both, and to existing investments or the investment of future premiums, or both, at any time in our discretion;
♦
Transfer assets supporting the Contract from one Subaccount to another or from the Variable Account to another Variable Account;
♦
Combine the Variable Account with other variable accounts, and/or create new variable accounts;
♦
Deregister the Variable Account under the 1940 Act, or operate the Variable Account as a management investment company under the 1940 Act, or as any other form permitted by law; and
♦
Modify the provisions to reflect changes to the Subaccounts and the Variable Account and to comply with applicable law.
The Portfolios, which sell their shares to the Subaccounts, also may terminate these arrangements and discontinue offering their shares to the Subaccounts. We will not make any changes without receiving any necessary approval of the SEC and applicable state insurance departments. We will notify you of any changes.
Income, gains and losses, whether or not realized, from the assets in each Subaccount are credited to or charged against that Subaccount without regard to any of our other income, gains or losses. The value of the assets in the Variable Account is determined at the end of each Valuation Date.
If investment in any particular Portfolio is no longer possible, in our judgment becomes inappropriate for the purposes of the Contract, or for any other reason in our sole discretion, we may close or combine any of the current Portfolios. We may close a Portfolio to new investment but continue to allow current investors to add additional premium payments, or we may combine the Portfolio with another Portfolio. The substituted investment option may have different fees and expenses. We will not make any substitutions without receiving any necessary approval of the SEC and state insurance departments, if applicable. You will be notified of any substitutions. This notification will include the name of the Portfolio being modified, the approximate date of the shareholder vote (if applicable), the date the combination will be completed (if approved and if applicable), the date that the Portfolio will be closed to new investment selections, the date that funds can no longer be applied to the Portfolio and the description of where the current value will move to (if applicable) and where future premium payments (if any) will be applied. Subaccounts may be opened, closed or substituted with regard to any of the following as of any specified date: 1) existing Accumulated Value; 2) future payments; and 3) existing and/or future Contract Owners. Each Portfolio sells its shares to the Subaccounts pursuant to a participation agreement and may terminate the agreement and discontinue offering its shares to the Subaccounts.
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In addition, we reserve the right to make other structural and operational changes affecting the Variable Account.
We do not guarantee any money you place in the Subaccounts. The value of each Subaccount will increase or decrease, depending on the investment performance of the corresponding Portfolio and fees and charges. You could lose some or all of your money.
Frequent or unusual premium payments, withdrawals or transfers may dilute the value of the underlying fund shares if the trading takes advantage of any lag between a change in the value of an underlying fund’s portfolio securities and the reflection of that change in the underlying fund’s share price. In addition, frequent transactions may increase costs of the underlying fund, and may disrupt an underlying fund’s portfolio management strategy, requiring it to maintain a relatively higher cash position and possibly resulting in lost opportunity costs and forced liquidations of securities held by the fund. We have policies and procedures to discourage frequent transactions. We use reasonable efforts to apply the policies and procedures uniformly.
As described in the Charges - Transfer Charge section, we impose a fee if transfers made within a given time period exceed a maximum contractual number. If we determine that you are engaging in excessive trading activity, we will request that you cease such activity immediately. If we determine that you are continuing to engage in excessive trading, we will restrict your Contract so that you can make transfers on only one business day each calendar month and any such transfers must be separated by at least 20 calendar days.
We also use a combination of monitoring Contract Owner activity and further restricting certain Contract Owner activity based on a history of frequent transactions. When monitoring Contract Owner activity, we may consider several factors to evaluate transaction activity including, but not limited to, the amount and frequency of premiums and withdrawals, the amount of time between transfers and trading patterns. In making this evaluation, we may consider transactions in multiple Contracts under common ownership or control.
We may also, without prior notice, limit, modify, restrict, suspend, or eliminate your right to continue frequent transactions. We monitor for frequent activity based upon established parameters that are applied consistently to all Contract Owners. Such parameters may include, without limitation, the length of the holding period between premium payments and withdrawals, the length of the holding period between Subaccount transfers, the number of transfers in a specified period, the dollar amount of transfers, and/or any combination of the foregoing. Exceptions may apply to Dollar Cost Averaging, automatic investment plans, systematic withdrawal plans or non-abusive re-balancing. We reserve the right, in our sole discretion, to identify other trading practices as abusive.
Although we seek to deter and prevent frequent trading practices, there are no guarantees that all activity can be detected or prevented. Contract Owners engaging in such trading practices use an evolving variety of strategies to avoid detection and it may not be possible for operational and technological systems to reasonably identify all frequent trading activity. Contract Owners still may be subject to their harmful effects if Thrivent is unable to detect and deter abusive trading practices.
We may revise our policies and procedures in our sole discretion, at any time and without prior notice, as we deem necessary or appropriate to better detect and deter harmful trading activity, or to comply with state or federal regulatory requirements, or to impose additional or alternative restrictions on Contract Owners engaging in frequent transfers. In addition, our orders to purchase shares of the funds are generally subject to acceptance by the fund, and in some cases a fund may reject or reverse our purchase order. Therefore, we reserve the right to reject any Contract Owners’ transfer request if our order to purchase shares of the Fund is not accepted by, or is reversed by, an applicable fund.
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Assignments
Assignment is the transfer of Contract ownership, after issue, from one party to another.
♦
If the Contract was issued as a Qualified Plan, it may not be sold, assigned, discounted or pledged as collateral for a loan or as security for performance of an obligation or for any other purpose to any person other than us.
♦
If the Contract is not used in a Qualified Plan, then, before the Annuity Date, ownership may be transferred subject to our approval, except that joint Annuitants who are also joint owners may not transfer ownership to a natural person, and the Contract may be assigned as collateral. If the Contract was applied for as a juvenile Contract, then ownership may be transferred only after control has been transferred to the Annuitant. If the Contract Owner is a trust, then the Contract Owner may transfer ownership to the Annuitant.
We must receive and approve any assignment request before it is effective. We are not responsible for the validity or effect of any assignment.
You should consider the tax implications of an assignment. See Taxes.
Anti-Money Laundering
In order to protect against the possible misuse of our products in money laundering or terrorist financing, we have adopted an anti-money laundering program satisfying the requirements of federal law. Among other things, this program requires us, our financial advisors and professionals, and our customers to comply with certain procedures and standards that serve to ensure that our customers’ identities are properly verified and that premiums are not derived from improper sources. We reserve the right to reject premiums. We reserve the right to verify any information received by accessing information maintained in databases internally or externally.
Under applicable anti-money laundering rules and other regulations, certain transactions may be suspended, restricted or cancelled and any proceeds may be withheld. Laws designed to prevent terrorist financing and money laundering might in certain circumstances, require us to block certain transactions until we receive authorization from the appropriate regulator.
Our anti-money laundering program is subject to change without notice to account for changes in applicable laws or regulations. We may also make changes as a result of our ongoing assessment of exposure to illegal activity.
Reports to Contract Owners
At least once each year we will send you a report showing the value of your Contract. The report will include the Accumulated Value and any additional information required by law. Values shown will be for a date no more than two months prior to the date we mail the report. We will mail your report to your last known address unless prior mailings have been returned undeliverable to us. We will make a reasonable effort in these situations to locate you in order to continue mailing your report and other related documents. Please notify the Service Center if your address has changed.
If your Contract is set up on monthly systematic purchases or surrenders, we will only send quarterly confirmation statements for these transactions.
Important Notice Regarding Delivery of Documents
In response to concerns regarding multiple mailings, we send one copy of a prospectus to each household. This process is known as householding. This consolidation helps reduce printing and postage costs, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836. If you wish to revoke householding in the future, you may write to us at P.O. Box 8075, Appleton, WI 54912-8075, or call us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.
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Gender Neutral Benefits
In 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that the application of sex-distinct actuarial tables to employees based upon their gender in calculating the amount of retirement benefits violates Title VII of the Civil Rights Act of 1963. Because of this decision, employer-sponsored retirement plans may not use sex-distinct actuarial annuity rates in determining benefits.
Generally, annuity payments described in this prospectus are determined using sex-distinct actuarial tables based on the Annuitant’s gender. However, annuity payments will be based on a gender neutral basis for the following:
♦
Contracts used in an employer sponsored retirement plan; and
♦
Contracts issued in Massachusetts and Montana.
Annuity Period
Annuity Date
You may select one or more dates to begin an annuity income under a Settlement Option. Each Settlement Option will begin on an Annuity Date.
Maximum Annuity Date
The Maximum Annuity Date stated in your Contract is the latest date on which we will begin paying you an annuity income. At issue, the Maximum Annuity Date is set to the Contract Anniversary when the oldest Owner is age 95 under the Contract. At the Maximum Annuity Date stated in your Contract, we may, at our discretion, allow you to extend the Maximum Annuity Date.
If the Thrivent Income Builder (GLWB) Rider is in place on the Maximum Annuity Date, annuity payments will be at least as much as the Guaranteed Annual Withdrawal Amount (GAWA).
Your Contract provides for a death benefit if an Owner dies before the Maximum Annuity Date. After the Maximum Annuity Date, amounts payable, if any, depend on the terms of the Settlement Option.
Annuity Income
An annuity income will be calculated using the amount of cash surrender value on an Annuity Date.
For any surrender made more than three years after the date that premium was allocated to the Contract, no Surrender Charge will be deducted from the portion of the amount surrendered which is paid under Options 2 or 3 (listed below), provided that payments will be made for at least as long as the greatest number of months remaining in any Surrender Charge schedule that otherwise would have applied and the proceeds are not subsequently withdrawn.
Surrender Charges will also be waived for an election of Option 4 or 5 (listed below) or any other life income option agreed to by us.
We will pay you the annuity income under a settlement agreement according to the annuity Settlement Option that you select. However, we will pay a single sum if the Accumulated Value on the Maximum Annuity Date is less than $2,000. If we pay you proceeds in a single sum, your Contract will terminate.
If you have not selected either a Settlement Option or a single sum payment by the Maximum Annuity Date, we will pay proceeds of $2,000 or more using an annuity with (1) life income with 10-year guarantee period if one Annuitant is living on the Maximum Annuity Date, or (2) joint and survivor life income with a 10-year guarantee period if two Annuitants are living on the Maximum Annuity Date.
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Settlement Options
You may elect to have your full proceeds ($2,000 or more) paid to you under an annuity Settlement Option or a combination of options.
Proceeds from death or surrender are payable in a lump sum unless otherwise provided. Instead of a lump sum, proceeds from death or surrenders of $2,000 or more may be paid under a Settlement Option by means of a settlement agreement that we will issue.
♦
Option 1 - Interest Income. The proceeds may be left on deposit. Interest earned may be paid in cash at regular intervals or left to accumulate at interest. We will pay interest at a rate not less than the guaranteed interest rate. All or part of these proceeds may be withdrawn upon request.
♦
Option 2 - Income of a Fixed Amount. We will pay annuity income of a fixed amount at agreed upon intervals. The fixed amount must not result in a payment period that exceeds 360 months. We reserve the right to require a fixed amount that results in a payment period of at least 60 months. Interest will be credited on the unpaid balance at a rate not less than the guaranteed interest rate. Income will be paid until the proceeds and interest are paid in full. After the first payment is made, this option may not be changed except as described in the Contract.
♦
Option 3 - Income for a Fixed Period. We will pay annuity income for a fixed period not to exceed 360 months. We reserve the right to require a fixed period of at least 60 months. Interest will be credited on the unpaid balance at a rate not less than the guaranteed interest rate. After the first payment is made, this option may not be changed except as described in the Contract.
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Option 4 - Life Income with Guaranteed Period. We will pay annuity income for the lifetime of the Annuitant of the settlement agreement. A guaranteed period of up to 360 months may be elected. If the Annuitant dies during the guaranteed period, payments will be continued to the end of the period and will be paid to the agreement’s beneficiary. After the first payment is made, this option may not be changed except as described in the Contract. Income will not be less than an income based on the mortality table and guaranteed interest rate using the sex and adjusted age of the annuitant on his or her birthday nearest the date of settlement. If we are making payments under a life income Settlement Option with a guaranteed period, an owner of the Settlement Option may elect to receive a lump sum instead of continuing payments while in the guaranteed period, unless the Settlement Option election was irrevocable. The value of the remaining payments on any day is based on the interest rate used to determine the income payable plus 0.25%. This increase of the rate used in the calculation is the Commuted Value Charge. If an owner or Annuitant dies on or after the Annuity Date and before all of the annuity proceeds have been paid, we must pay any remaining annuity proceeds under the Settlement Option at least as rapidly as payments were being paid under that Settlement Option on the date of death.
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Option 5 - Joint and Survivor Life Income with Guaranteed Period. We will pay annuity income as long as at least one of the two Annuitants of the Settlement Option agreement is alive. A guaranteed period of up to 360 months may be elected. If one Annuitant dies during the guaranteed period, payments will continue for the lifetime of the surviving Annuitant. Before the first payment is made under this option, a reduction factor may be elected which will reduce any payments made after the guaranteed period by the elected reduction factor if only one annuitant is then living. Payments made during the guaranteed period will be larger if a reduction factor is elected. If both Annuitants die during the guaranteed period, payments will be continued to the end of that period and will be paid to the agreement’s beneficiary. After the first payment is made, this option may not be changed except as described in the Contract. Income will not be less than an income based on the mortality table and guaranteed interest rate using the sex and adjusted age of each Annuitant on his or her birthday nearest the date of settlement. If we are making payments under a life income Settlement Option with a guaranteed period, an owner of the Settlement Option may elect to receive a lump sum instead of continuing payments while in the guaranteed period, unless the Settlement Option election was irrevocable. The value of the remaining payments on any day is based on the interest rate used to determine the income payable plus 0.25%. This increase of the rate used in the calculation is the Commuted Value Charge. If an owner or Annuitant dies on or after the Annuity Date and before all of the annuity proceeds have been paid, we must pay any remaining annuity proceeds under the Settlement Option at least as rapidly as payments were being paid under that Settlement Option on the date of death.
♦
Option 6 – Other Options. The proceeds may be paid under any other Settlement Option agreeable to us.
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Adjusted Age
As used in Options 4 and 5, adjusted age is the age of an Annuitant on his or her birthday nearest the date of settlement minus the adjustment shown below:
| Years of First Payment |
Age Adjustment |
| 2020-2029 |
0 |
| 2030-2039 |
1 |
| 2040-2049 |
2 |
| 2050-2059 |
3 |
| 2060-2069 |
4 |
| 2070-2079* |
5 |
*For each succeeding decade, the age adjustment continues to increase by 1.
Partial Annuitization
Federal tax law permits taxpayers to annuitize a portion of their annuity while leaving the remaining balance tax deferred. You may elect to have a portion of your proceeds ($2,000 or more) paid to you under an annuity Settlement Option or a combination of options. The Settlement Option(s) must be for a fixed amount or fixed period payable for at least ten years, or a single or joint life income with or without a guaranteed period. If this requirement is met, the Settlement Option and the tax-deferred balance will generally be treated as two separate Contracts for income tax purposes only. Your after-tax premiums in your Contract will be allocated pro rata between the Settlement Option and the portion that remains deferred.
Frequency of Annuity Payments
Annuity payments under a Settlement Option will be paid at monthly intervals unless you and we agree to a different payment schedule. Payments under any Settlement Option must be in amounts at least as great as $50. If annuity payments would be or become less than $50, we may change the frequency of payments to intervals that will result in payments of at least $50.
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| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Current Fee |
Brief Description of Restrictions and Limitations |
| |
|
|
additional charge |
additional charge |
|
| |
|
|
(as a percentage of MADB) |
(as a percentage of MADB) |
|
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| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Current Fee |
Brief Description of Restrictions and Limitations |
| |
|
|
(as a percentage of GLWB Benefit Base) |
See GLWB Rate Sheet%2 |
|
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| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Current Fee |
Brief Description of Restrictions and Limitations |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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| Comparison Values | |
| Total premiums paid |
$300,000 |
| Accumulated Value |
$275,000 |
| Standard Death Benefit |
$300,000 |
| Date |
Beneficiary |
Accumulation Unit Value |
Death Proceeds Received |
| July 10 |
Ramona |
$11 |
15,000 x $11= $165,000 |
| July 20 |
Sofia |
$9 |
15,000 x $9= $135,000 |
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37
38
39
40
41
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If one of the two Joint Covered Persons dies before the GLWB Calculation Date, this rider is unchanged, except that:
At the death of the first of the two Joint Covered Persons before the Maximum Annuity Date:
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Purchases and Contract Value
We issue individual flexible premium deferred variable annuity contracts. In order to purchase a Contract, you must submit an application to us through a financial advisor or professional. We only offer the Contract to a member or to a person eligible for membership who is also applying for membership. The Contract may be sold to or in connection with retirement plans that may or may not qualify for special Federal tax treatment under the Internal Revenue Code. Annuity payments under the Contract are deferred until the Maximum Annuity Date.
The minimum acceptable initial premium is $5,000 unless your Contract is issued in connection with a Qualified Plan. If your Contract is issued in connection with a Qualified Plan, the minimum acceptable premium is $2,000. We may, at our discretion, waive this initial premium requirement. You may pay additional premiums under the Contract, but we may choose not to accept any additional premium less than $50.
The maximum Issue Age is Contract Age 85 and no premiums are accepted once any Owner reaches Contract Age 88 (or any annuitant if owned by a non-natural person).
Premium amounts of $1 million or greater will require prior approval, and we reserve the right to limit the total amount of all premiums paid on the Contract to $1 million. We reserve the right to decline future applications if the premium on an Owner’s Contract is $1 million or greater.
We reserve the right to decline applications that do not meet issue and suitability guidelines.
This prospectus contains all material provisions of the Contract and any variations are pursuant to state law. In your application you select the features of your Contract, including:
♦
The amount of your initial premium. This premium must be at least $5,000 unless your Contract is issued in connection with a Qualified Plan. If your Contract is issued in connection with a Qualified Plan, the minimum acceptable premium is $2,000. If you add the Thrivent Income Builder (GLWB) Rider, the minimum acceptable premium is $25,000.
♦
How you want your premiums allocated among the Subaccount(s), and/or the Fixed Account. We reserve the right to limit the number of allocations to Subaccounts.
♦
Whether or not you want the Maximum Anniversary Death Benefit (MADB) Rider or the Thrivent Income Builder (GLWB) Rider.
♦
The beneficiary or beneficiaries you want to receive the benefit payable upon the death of an Owner.
Processing Your Application
We will process your application when we receive it. Your Contract’s Date of Issue is the date the first premium is applied. If we determine that the application is not in good order, we will attempt to complete it within five business days. If the application is not complete at the end of this period, we will tell you the reason for the delay and we will return the initial premium unless you specifically consent to our keeping it until the application is complete.
Allocation of Premiums
We will allocate your initial premium among the Subaccount(s) and/or the Fixed Account according to your application. Any amount of your initial premium which you allocate to a Subaccount will be credited to your Contract with a number of Accumulation Units of that Subaccount based on the Subaccount’s Accumulation Unit Value at the end of that Valuation Period. Subsequent allocations to a Subaccount will be credited with a number of Accumulation Units of that Subaccount based on the Subaccount’s Accumulation Unit Value at the end of the Valuation Period when the allocation is made.
The allocation percentages that you select must be in whole numbers and their sum must be 100%. We reserve the right to adjust allocation percentages to eliminate fractional percentages. Premiums that you pay after the initial premium are allocated at the end of the Valuation Period in which we receive them using the allocation percentages specified in your
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application. Absent further instructions, subsequent premiums will be allocated according to your application. You may change the allocation percentages for future premiums without charge and at any time by giving us Notice. Unless specifically designated otherwise, any change will apply to all future premiums unless you request another change.
If you add the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts and the Fixed Account will be restricted by the Required Allocation Percentages per Allocation Group. See Appendix B – Investment Options Available Under a Contract with GLWB Rider at the end of this document.
The values in the Subaccounts of the Variable Account will vary with the investment experience of the corresponding Portfolios. You bear the entire investment risk of the amounts allocated to Subaccounts of the Variable Account. You should periodically review your allocations of premiums in light of market conditions and your overall financial objectives. See Subaccount Valuation below.
Fixed Account
Premiums and Accumulated Value may be allocated to or transferred to the Fixed Account. We reserve the right to limit allocations or transfers to and from the Fixed Account.
Amounts held in the Fixed Account are invested with our General Account. The interest rates for amounts in the Fixed Account depend on the date of allocation or transfer to the Fixed Account. We guarantee that the initial interest rate for each amount allocated or transferred to the Fixed Account will be effective for at least twelve months, and subsequent interest rates will not be changed more often than once every twelve months. The effective annual interest rate will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown in your Contract. At our discretion, we may credit interest in excess of the guaranteed interest rate. For the current interest rate, please call our Service Center at 1-800-847-4836.
The date of allocation or transfer is the date that interest begins to accrue. Interest is compounded daily.
The Fixed Account includes any amounts in the DCA Fixed Account. Interest guarantees are subject to Thrivent’s claims-paying ability.
The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $500 or 25% of the Accumulated Value in the Fixed Account, excluding any Accumulated Value in the DCA Fixed Account, at the time the first transfer is made in that Contract Year.
Additional Information about the Fixed Account
Because of exemptive and exclusionary provisions, interests in the Fixed Account have not been registered under the Securities Act of 1933 (“1933 Act”), and the Fixed Account is not registered as an investment company under the Investment Company Act of 1940 (“1940 Act”). Accordingly, the Fixed Account is generally not subject to the provisions of the 1933 or 1940 Acts. Disclosures regarding the Fixed Account, however, may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements in prospectuses.
Accumulated Value of Your Contract
On or before the Maximum Annuity Date, your Contract’s value is expressed as its Accumulated Value. Your Contract’s Accumulated Value is the sum of the accumulated values in Subaccounts and the Fixed Account.
Your Contract’s Accumulated Value will reflect the investment experience of the chosen Subaccounts, any amount of value in the Fixed Account, any premiums that you pay, any surrenders you make, and any charges we assess in connection with the Contract. There is no guaranteed minimum Accumulated Value, and, because a Contract’s Accumulated Value on any future date depends upon a number of variables, it cannot be predetermined.
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Subaccount Valuation
On any Valuation Day, the Accumulated Value of your investment in a Subaccount is equal to the number of Accumulation Units attributable to that Subaccount multiplied by the Accumulation Unit Value for that Subaccount. On any day that is not a Valuation Day, the Accumulated Value for a Subaccount will be determined on the next Valuation Day.
Accumulation Units. Transactions in and out of a Subaccount are made by crediting or reducing the number of Accumulation Units of the Subaccount in your Contract.
We credit your Contract with Accumulation Units of a Subaccount when:
♦
You allocate premiums to that Subaccount;
♦
You transfer Accumulated Value into that Subaccount from another Subaccount or the Fixed Account;
♦
If an excess of the Death Benefit over the Accumulated Value is allocated to the Subaccount.
We reduce the Accumulation Units in a Subaccount when:
♦
You transfer Accumulated Value out of that Subaccount into another Subaccount or the Fixed Account;
♦
You make a surrender from that Subaccount;
♦
Transfer Charges are applied against the Subaccount;
♦
Expenses for optional riders (if applicable) are applied;
♦
The expense for the Annual Contract Maintenance Charge (if applicable) is applied.
Accumulation Unit Value
A Subaccount’s Accumulation Unit Value for your Contract is the unit price that is used whenever we credit or reduce Accumulation Units of the Subaccount. Accumulation Unit Values may increase or decrease at the end of each Valuation Period. We re-determine the Accumulation Unit Value for each Subaccount at the end of each Valuation Period. At the end of each Valuation Period, the Accumulation Unit Value for a Subaccount is equal to (1) multiplied by (2) where:
(1) Is the Accumulation Unit Value for that Subaccount at the end of the prior Valuation Period.
(2) The Net Investment Factor for accumulation unit values for the Subaccount for that period.
Accumulation unit values are determined at the end of each Valuation Period before the transfer or allocation of any amounts to or from the Subaccounts. The accumulation unit values may increase or decrease on each Valuation Day.
Net Investment Factor
The Net Investment Factor for a Subaccount measures investment performance of that Subaccount. The Net Investment Factor for a Subaccount for a Valuation Period is determined by dividing (1) by (2) and then subtracting (3) and (4) where:
(1) Is the sum of:
(a) The net asset value per share of the corresponding Portfolio at the end of the Valuation Period; plus
(b) The per share amount of any dividend or capital gain distribution made by the Portfolio if the “ex-dividend” date occurs during the Valuation Period; plus or minus
(c) A per share charge or credit for any taxes reserved for what we determine to be a result of the investment operation of the Portfolio.
(2) Is the net asset value per share of the corresponding Portfolio of the Subaccount at the end of the prior Valuation Period.
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(3) Is the charge for mortality and expense risks that we deduct for each day in the Valuation Period and is based upon the daily Accumulated Value in each Subaccount. This charge may also be based upon the total Accumulated Value in the Subaccounts and is guaranteed not to exceed, on an annual basis, the Maximum Annual Mortality and Expense Risk Charge.
(4) Is the charge for any Subaccount fee that reduces the Net Investment Factor. We deduct this charge for each day in the Valuation Period based on the daily Accumulated Value in the Subaccount.
Transfers of Accumulated Value
Before the Maximum Annuity Date and while an Owner is still living, you may request the transfer of all or a part of your Contract’s Accumulated Value among the Subaccounts and the Fixed Account. You can request a transfer by giving us Notice.
We will process your transfer request prior to the close of regular trading on the New York Stock Exchange (generally 4 p.m., Eastern time) at the close of business that same day. Requests received after the close of the New York Stock Exchange are processed the next Valuation Day. If you request a transfer to or from a Subaccount, we will credit or reduce your Accumulation Units of the chosen Subaccount. Transfers are subject to the following conditions:
♦
The total amount transferred from a Subaccount or the Fixed Account must be at least $200. However, if the total value in a Subaccount or the Fixed Account is less than $200, the entire amount may be transferred.
♦
The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $500 or 25% of the Accumulated Value in the Fixed Account, excluding any Accumulated Value in the DCA Fixed Account, at the time the first transfer is made in that Contract Year.
♦
You may make 24 free transfers in any Contract Year. For each transfer in excess of 24 (excluding automatic transfers made through Dollar Cost Averaging or Asset Rebalancing), we will charge you $25. We consider all amounts transferred in the same Valuation Period to be one transfer for purposes of this charge. It is not dependent upon the number of originating or destination Subaccounts. We reserve the right to limit the number of transfers you make in any Contract Year.
♦
No Accumulated Values may be transferred to the DCA Fixed Account.
Transfers may also be subject to any conditions that the Portfolio whose shares are involved may impose.
Premium Payments
Your payment must be in U.S. dollars drawn on a U.S. Bank. Thrivent does not accept cash, starter checks (checks without pre-printed registration), traveler’s checks, credit card, courtesy checks or most third-party checks. If you pay a premium by check, we require a reasonable time for that check to clear your bank before such funds would be available to you. This period of time will not exceed 15 days.
Date of Receipt
Except as otherwise stated herein, the date of our receipt of any Notice, premium payment, telephonic instructions or other communication is the actual date it is received at our Service Center (or by our authorized designee) in proper form unless received (1) after the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time), or (2) on a date which is not a Valuation Day. In either of these two cases, the date of receipt will be deemed to be the next Valuation Day.
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Surrenders and Withdrawals
If you request a surrender on or before the Maximum Annuity Date, we will pay to you all or part of the Accumulated Value of a Contract after deducting any applicable Surrender Charge or tax withholdings. Partial surrenders must be for at least $200 and must not reduce the remaining Accumulated Value in the Contract to less than $2,000. Under certain circumstances an Owner may make partial or full surrenders of annuity income.
Surrender On or Before the Maximum Annuity Date
While the Owner is living, you may surrender your Contract for its Cash Surrender Value or you may request a partial surrender or systematic partial surrender. Your request will not be processed until we receive it at our Service Center in good order. If we receive your surrender request before the close of regular trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time, it will receive that day’s valuation.
Any surrender which you request will be made at the end of the Valuation Period during which the requirements for surrender are completed. We will pay you the proceeds from a surrender within seven days after the surrender is made.
The Cash Surrender Value of your Contract will be equal to the Accumulated Value of your Contract decreased by any Surrender Charge. See Charges and Adjustments.
Surrenders that exceed the limits under the GLWB Rider may reduce the benefit by an amount greater than the value withdrawn or could terminate the benefit. The MADB Rider is decreased by the same proportion as the Accumulated Value is decreased by a partial surrender. This may reduce the rider value by an amount greater than the value withdrawn or could terminate the benefit. After Contract Age 80, the benefit is adjusted only for additional premium or withdrawals.
When you request a partial surrender, you specify the amount that you want to receive as a result of the surrender. The partial surrender may be any amount which: (1) is at least $200; (2) does not exceed the Accumulated Value; and (3) does not reduce the remaining Accumulated Value in the Contract to less than $2,000.
If the amount you request as a partial surrender would reduce the remaining Accumulated Value to less than $2,000, we may contact you to determine whether you would like a partial surrender of an amount that would result in the remaining Accumulated Value of at least $2,000 or whether instead you would like to make a full surrender of your Contract.
If there is no Surrender Charge or tax withholding associated with the surrender, the amount surrendered will be the amount that you request to receive. Otherwise, the amount surrendered will be the amount necessary to provide the amount requested after we apply the Surrender Charge, and any tax withholding.
When you request a partial surrender, we will allocate the partial surrender among the Subaccounts and the Fixed Account according to the ratio for the Contract of the Accumulated Value in each Subaccount, and the Fixed Account to the Accumulated Value of the Contract. Amounts surrendered from a Subaccount will be done by reducing Accumulation Units of that Subaccount.
After the Maximum Annuity Date, your Contract does not have an Accumulated Value that can be surrendered. However, surrender may be allowed under certain Settlement Options. See Annuity Period - Settlement Options.
A partial surrender or surrender may result in adverse tax consequences, including the imposition of a 10% federal premature distribution penalty. For all surrenders, you should consider the tax implications of a surrender before you make a surrender request. See Taxes.
For more complete instructions pertaining to your individual circumstances, please contact our Service Center at 1-800-847-4836.
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Minimum Accumulated Value
We will terminate your Contract on any Contract Anniversary if the Accumulated Value before the deduction of any Contract Maintenance Charge is less than $2,000. Upon termination, we will pay you the Accumulated Value.
Free Look Period
After you receive your Contract, you have a “free look” period of 10 calendar days (some states require a longer free look period, which will be indicated in your Contract) to decide if you want to keep it. If you decide to cancel the Contract within the free look period, you may do so by returning the Contract and providing Notice of cancellation to our Service Center or a financial advisor or professional. Once we receive the Contract and Notice of cancellation, we will cancel the Contract and refund to you an amount equal to the Accumulated Value plus any expenses we’ve taken. The value may be more or less than your premium payment depending upon the investment performance. This means you bear the risk of any decline in your value until we receive your Contract and Notice of cancellation. However, in certain states we must return your premium payment, if greater.
In addition to the “free look” period described, if your Contract is an IRA and you revoke it within 7 days after initially receiving the IRA disclosure, we will refund all premiums that you have paid regardless of the state in which the Contract was issued. If the value is higher, you have the right to receive the value in lieu of the initial premium payment. If you receive the higher value, we will issue you a tax form for the earnings.
Telephone and Online Transactions
You may perform certain transactions online or over the telephone.
We have adopted reasonable security procedures to ensure the authenticity of instructions, including requiring identifying information, recording telephone conversations and providing written confirmations of transactions. Nevertheless, we honor telephone and online instructions from any person who provides the correct identifying information. Be aware that there is a risk of possible loss to the Contract Owner if an unauthorized person uses this service in the Contract Owner’s name. Thrivent disclaims any liability for losses resulting from such transactions by not having been properly authorized. However, if Thrivent does not take reasonable steps to help ensure that such authorizations are valid, Thrivent may be liable for such losses. Certain circumstances may prevent you from conducting transactions including but not limited to the event of a disaster, equipment malfunction, or overload of telephone system circuits. Should circumstances prevent you from conducting a telephone or online transaction, we recommend you provide us with a written request. If due to malfunction or other circumstances, the recording of the Contract Owner’s telephone request is incomplete or not fully comprehensible, we will not process the transaction. We reserve the right to suspend or limit telephone and online transactions.
Contract Owners can go online at www.thrivent.com to conduct online transactions or call the Service Center at 1-800-847-4836 for telephone transactions.
Timely Processing
We will process all requests in a timely fashion. Requests received in good order by us or our authorized designee prior to 4:00 p.m. Eastern Time (or sooner if the NYSE closes prior to 4:00 p.m. Eastern Time) on a Valuation Day will use the Accumulation Unit Value as of the close of regular trading on the NYSE on that Valuation Day. We will process requests received after that time using the Accumulation Unit Value as of the close of regular trading on the NYSE of the following Valuation Day. This date can be the same day you perform the transaction as long as the request is received prior to 4:00 p.m. Eastern Time. The effective date cannot be a date prior to the date of the online transaction.
Once we issue your Contract, we will process payment of any amount due from any Subaccount within seven calendar days after we receive Notice. Payment may be postponed if the NYSE is closed. Postponement may also result for such other periods as the SEC may permit. Payment from the Fixed Accounts may be deferred up to six months.
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Postponement of Payments
We may delay payment of any surrender, Death proceeds or annuity payment amounts that are in the Variable Account if:
(1)The New York Stock Exchange is closed other than customary weekend and holiday closings, or trading on the New York Stock Exchange is restricted as determined by the SEC, or
(2)An emergency exists, as determined by the SEC, as a result of which disposal of securities is not reasonably practicable or it is not reasonably practicable to determine the value of the Variable Account’s net assets.
Transfers and allocations of Accumulated Value to and from the Subaccounts of the Variable Account may also be postponed under these circumstances.
We may also place a temporary hold on the disbursement of redemption proceeds, in accordance with the terms and conditions of SEC No-Action Relief under the Redemption Requirements of Section 22(e) of the Investment Company Act of 1940.
Loans
Loans are not permitted under the Contract.
Taxes
General
The following discussion of the federal income tax treatment of the Contract is not exhaustive, does not purport to cover all situations, and is not intended as tax advice. The federal income tax treatment of the Contract is unclear in certain circumstances, and a qualified tax advisor should always be consulted with regard to the application of law to individual circumstances. This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Department regulations, and interpretations existing on the date of this prospectus. These authorities, however, are subject to change by Congress, the Treasury Department, and judicial decisions.
This discussion does not address any federal estate or gift tax consequences, or any state or local tax consequences, associated with the Contract. In addition, we make no guarantee regarding any tax treatment—federal, state, or local—of any Contract or any transaction involving a Contract.
Tax Status of the Variable Account
The Variable Account is not separately taxed as a “regulated investment company” under the Code, but rather is treated as our separate account. Under current law, both the investment income and realized capital gains of the Variable Account (i.e., the income and capital gains distributed to the Variable Account by the Fund) are reinvested without taxation to us. However, we reserve the right in the future to make a charge against the Variable Account or the Accumulated Value of a Contract for any federal, state, or local income taxes that we incur and determine to be attributable to the Variable Account or the Contract.
Taxation of Annuities in General
The following discussion assumes that the Contract is not used in connection with a Qualified Plan.
Tax Deferral During Accumulation Period
In general, under current law, an increase in a Contract’s Accumulated Value is not taxable to the Owner until received, either in the form of annuity income payments as contemplated by the Contract or in some other form of distribution. However, this rule applies only if: (1) the investments of the Variable Account are “adequately diversified” in accordance
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with Treasury Department regulations; (2) the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; (3) the Owner is an individual (or an individual is treated as the Owner for tax purposes); and (4) the Contract’s Maximum Annuity Date is not unduly delayed.
Diversification Requirements
The Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these rules, the Contract will not be treated as an annuity Contract for federal income tax purposes, and so the interest or earnings credited to the Contract’s Accumulated Value in any year will be includible in the Contract owner’s income that year for federal tax purposes. We expect that the Variable Account, through the Fund, will comply with these rules.
Ownership Treatment
In certain circumstances, variable annuity Owners may be considered the owners, for federal income tax purposes, of the assets of a segregated asset account used to support their Contracts. In those circumstances, the account’s income and gains would be currently includible in the Owners’ gross income. The Internal Revenue Service (the “IRS”) has stated in published rulings that a variable Contract Owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets.
The ownership rights under the Contract are similar to, but different in certain respects from, the ownership rights described in IRS rulings in which the Owners were determined not to be the owners of the assets of a segregated asset account. For example, the Contract Owner has the choice of more investment options to which to allocate premium payments and the Accumulated Value than were addressed in those rulings These differences could result in the Contract Owner being treated as the owner of all or a portion of the assets of the Variable Account and thus subject to current taxation on the income and gains from those assets. In addition, we do not know what standards will be set forth in any further regulations or rulings which the Treasury Department or the IRS may issue. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance that such efforts would be successful.
Contracts Not Owned by Individuals. As a general rule, Contracts held by “non-natural persons” such as a corporation, trust, or other similar entity are not treated as annuity Contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner during the taxable year. However, this rule generally will not apply to a Contract held by a trust or other entity which holds the Contract as an agent for a natural person. In addition, this rule will not apply to: (1) a Contract acquired by the estate of a decedent by reason of the death of the decedent; (2) Contracts used in connection with certain Qualified Plans; (3) Contracts purchased by employers upon the termination of certain Qualified Plans; (4) certain Contracts used in connection with structured settlement agreements; and (5) a Contract purchased with a single premium payment when the annuity starting date is no later than one year from the purchase of the Contract and substantially equal periodic payments are made, not less frequently than annually, during the annuity income period.
The remainder of this discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.
Taxation of Partial and Full Surrenders
In the case of a partial surrender, the amount received is generally includible in income for federal tax purposes to the extent that the Accumulated Value of the Contract, before the partial surrender, exceeds the “investment in the Contract.” In the case of a full surrender, the amount received is includible in income to the extent that it exceeds the investment in the Contract. For these purposes, the investment in the Contract at any time equals the total of the premium payments made under the Contract up to that time less any amounts previously received from the Contract which were excludable from income. All amounts includible in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the lower rates currently applicable to long-term capital gains and corporate dividends.
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Taxation of Annuity Income Payments
Normally, the portion of each annuity income payment includible in income for federal tax purposes is the excess of the payment over an exclusion amount. In the case of fixed income payments, the exclusion amount is determined by multiplying (1) the payment, by (2) the ratio of the investment in the Contract allocated to our Fixed Account, adjusted for any period certain or refund feature, to the total expected amount of annuity income payments. For this purpose, the expected number or amount of annuity income payments is determined by Treasury Department regulations which take into account the Annuitant’s life expectancy and the form of annuity benefit selected.
Once the total amount of the investment in the Contract is excluded using the above formulas, annuity income payments will be fully taxable. If annuity income payments cease because of the death of the Annuitant and before the total amount of the investment in the Contract is recovered, the unrecovered amount generally will be allowed as a deduction.
Income from annuities will be subject to the Medicare Tax on Investment Income. This tax will be imposed on individuals with a modified adjusted gross income (MAGI) of more than $200,000 and joint filers with an MAGI of more than $250,000. Generally, the tax rate will be 3.8% of the lesser of the net investment income or the amount the MAGI exceeds the threshold amount.
There may be special income tax issues present in situations where the Contract Owner and the Annuitant are not the same person and are not married to one another. In such situations a tax advisor should be consulted.
Tax Treatment of Death Benefit
Prior to the Maximum Annuity Date, we may distribute amounts from a Contract because of the death of an Owner or, in certain circumstances, the death of the Annuitant. If distributed in a lump sum, such death benefit proceeds are includible in income in the same manner as a full surrender, or if distributed under an annuity income option, such proceeds are includible in the same manner as annuity income payments.
After the Maximum Annuity Date, death proceeds are taxable and generally are included in the income of the recipient as follows:
♦
If payments from a life income with a guaranteed payment period are continued, they are taxed only after the remaining investment in the Contract has been recovered.
♦
Other payments are taxed as annuity income payments.
♦
If distributed in a lump sum, they are taxed in the same manner as a full surrender.
Assignments, Pledges, and Gratuitous Transfers
Any assignment or pledge of (or agreement to assign or pledge) any portion of the Accumulated Value of the Contract is treated for federal income tax purposes as a surrender of such amount or portion. The investment in the Contract is increased by the amount includible in income with respect to such an assignment or pledge. If an Owner transfers a Contract without adequate consideration to a person other than the Owner’s Spouse (or a former Spouse incident to divorce), the Owner must include in income the difference between the Contract’s Accumulated Value and the investment in the Contract at the time of the transfer. In such a case, the transferee’s investment in the Contract is increased to reflect the amount includible in the transferor’s income.
Penalty Tax on Premature Distributions
Withdrawals (whether partial or full) and Annuity Payments taken before age 59 1∕2 may be subject to an additional 10% federal tax penalty. However, this penalty tax does not apply to any distribution: (1) received on or after the Contract Owner attains age 59 1∕2; (2) the Contract Owner becoming disabled (as defined in Section 2(m)(7) of the tax law); (3) made on or after the death of the Contract Owner or, if the Contract Owner is not an individual, on or after the death of the primary annuitant (as defined in the tax law); (4) that is part of a series of substantially equal periodic payments, not less frequently than annually, for the life or life expectancy of the Contract Owner or for the joint lives of the Contract Owner and federally recognized SpouseFor the purposes of substantially equal periodic payments, if there is a significant
54
modification of the payment schedule before the later of the taxpayer reaching age 59 1∕2 or the expiration of five years from the time the payment starts, the taxpayer’s income shall be increased by the amount of tax and deferred interest that otherwise would have been incurred.
There are additional exceptions that can help you avoid the 10% federal tax penalty. It is important to consult your tax adviser to understand these exceptions and the specific requirements and limitations for each one.
Aggregation of Contracts
In certain circumstances, the IRS may determine the amount of any distribution from the Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract and also purchases at approximately the same time another deferred annuity issued by us, the IRS may treat the two contracts as one contract. Similarly, if a person transfers part of his or her interest in one annuity contract to purchase another annuity contract, the IRS might treat the two contracts as one contract. In addition, if a person purchases two or more contracts from us (or an affiliate) during any calendar year, all such contracts will be treated as one contract for purposes of determining the amount of any full or partial surrender that is includible in income. The effects of such aggregation are not always clear; however, such aggregation could affect the amount of a surrender or an annuity payment that is taxable and the amount which might be subject to the 10% penalty tax described above.
Exchanges of Annuity Contracts
We may issue the Contract in exchange for all or part of another annuity contract. Such an exchange will be income tax free if certain requirements are satisfied (a 1035 Exchange). If the exchange is tax free, the investment in the Contract immediately after the exchange will generally be the same as that of the annuity contract exchanged, increased by any additional premium payment made as part of the exchange. If part of an existing contract is exchanged for the Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts. You should consult your tax advisor in connection with an exchange of all or part of an annuity contract for the Contract.
Qualified Plans
The Contracts also are designed for use with several types of Qualified Plans. When used in Qualified Plans, deferred annuities like the Contracts do not offer additional tax-deferral benefits, but annuities offer other product benefits to investors in Qualified Plans. Participants under such Qualified Plans as well as Contract Owners, Annuitants, and beneficiaries are cautioned that the rights of any person to any benefits under such Qualified Plans may be subject to the terms and conditions of the plans themselves regardless of the terms and conditions of the Contracts issued in connection with them.
The following briefly describes certain types of Qualified Plans in connection with which we may issue a Contract.
Traditional IRAs. Section 408 of the Code permits eligible individuals to contribute to an Individual Retirement Account or an Individual Retirement Annuity (collectively known as an “IRA”). IRAs are subject to limits on the amounts that may be contributed and deducted, on the persons who may be eligible to do so, and on the time when distributions may commence (required minimum distributions – “RMDs”). Also, you may “roll over” distributions from certain Qualified Plans on a tax-deferred basis into an IRA.
Roth IRAs. Section 408A of the Code permits eligible individuals to contribute to a type of IRA known as a “Roth IRA.” Roth IRAs are generally subject to the same rules as non-Roth IRAs, but differ in several respects. Among the differences is that, although contributions to a Roth IRA are not deductible, “qualified distributions” (those that satisfy certain waiting and use requirements) from a Roth IRA will be excludable from income. Subject to certain restrictions, a distribution from an eligible employer-sponsored qualified plan may be directly moved to a Roth IRA. This movement is called a “qualified rollover contribution.”
55
Required Minimum Distributions from Qualified Contracts
Treasury Regulations provide that you cannot keep assets in qualified contracts or IRAs indefinitely. Required Minimum Distribution (RMD) rules must be satisfied. For qualified contracts other than Roth IRAs, distributions generally must begin no later than April 1st of the calendar year following the later of the calendar year in which you attained the “applicable age” as defined in IRC Section 401(a)(9). If it is an employer sponsored plan, the date distributions must begin may go out to the date you retire.
If you were born after December 31, 1950, and before January 1, 1960, your applicable age is 73. If you were born after December 31, 1959, your applicable age is 75. Previously, the age at which RMDs were required to begin was 70 1∕2 for those born before July 1, 1949, and 72 for those born after June 30, 1949, and before January 1, 1951. Upon your death, beneficiaries may be subject to RMD, which varies based on the type of beneficiary and other factors.
Roth IRAs are not subject to these rules during the Owner’s lifetime. However, upon your death the beneficiary is subject to RMD requirements.
The amount of the payment must at least equal the minimum required under the IRS rules. RMDs are calculated based on the Accumulated Value (and the actuarial present value of any additional living and death benefits from optional riders) that you have purchased under the contract. As a result, the RMDs may be larger than if the calculation was based on the Accumulated Value only.
An additional method for calculating your RMDs may be available if you have an IRA in an annuity payout (or partial annuity payout), and an IRA in the deferral stage. If you have an IRA that has been annuitized or partially annuitized and you also have a deferred IRA, you now may take into account the annuity payments when determining your overall RMD for all your IRAs. Please contact your tax advisor for assistance.
Federal Income Tax Withholding
We will withhold and remit to the federal government a part of the taxable portion of each distribution made under a Contract unless the owner notifies us at or before the time of the distribution that the owner does not want any amounts withheld. In certain circumstances, we may be required to withhold tax. The withholding rates applicable to the taxable portion of annuity income payments (other than eligible rollover distributions made in connection with Qualified Plans) are the same as the withholding rates generally applicable to payments of wages. Further, a 10% withholding rate applies to the taxable portion of non-periodic payments (including partial and full surrenders), and as discussed above, the withholding rate applicable to eligible rollover distributions is 20%. Whether or not federal income tax is withheld, the Owner (or other applicable taxpayer) remains liable for payment of federal income tax on Contract distributions.
Generation Skipping Transfer Tax
Under certain circumstances, the tax Code may impose a generation skipping transfer tax when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. You should consult your tax advisor for more information.
Civil Unions and Domestic Partnerships
Domestic partnerships and civil unions that are not recognized as legal marriages under state law, will not be treated as marriages under federal law. Consequently, certain transactions, such as a change of ownership or continuation of the Contract after death, may be taxable those individuals. You should consult your tax adviser for more information on this subject.
Legal Proceedings
There are no legal proceedings to which the Variable Account is a party or to which the assets of the Variable Account are subject. Neither Thrivent nor Thrivent Investment Management Inc. is involved in any litigation that is of material importance in relation to their financial condition or that relates to the Variable Account.
56
Financial Statements
The financial statements of Thrivent and the Variable Account are contained in the Statement of Additional Information. The SAI is available, without charge, upon request.You can view a copy of the SAI online at dfinview.com/Thrivent/RetirementChoice. or you can request a paper copy by calling our Service Center at 1-800-847-4836, or by sending an email request to mail@thrivent.com.
57
Distribution of the Contracts
Thrivent Investment Management Inc., 600 Portland Avenue S., Suite 100, Minneapolis, Minnesota 55415-4402, an indirect subsidiary of Thrivent, is a registered broker-dealer and acts as principal underwriter and distributor of the Contracts pursuant to a distribution agreement with us. Thrivent Investment Management Inc. also acts as the distributor of a number of other variable annuity and variable life insurance contracts we offer.
The financial advisor or professional in this transaction is a duly licensed registered representative of Thrivent Investment Management Inc. and is also an appointed insurance producer of Thrivent.
Your financial advisor or professional may be paid differently depending on the product or service recommended. As a result, your financial advisor or professional in this transaction may have a financial incentive to recommend that you purchase one product instead of another.
For premiums paid to the Contract, your financial advisor or professional receives a commission in the range of 0% to 6.44%. Commission rates are based on the source of funds used to pay the premiums, age of the owner, and compensation option selected. Your financial advisor or professional may also receive asset-based compensation ranging from 0% to 0.92% of the account value annually. If you elect a Settlement Option we pay commission in the range of 0% to 0.98% of the premium applied to the Settlement Option. The compensation described above is not charged directly to you or your Contract. The compensation is paid from our resources, which include fees and charges imposed on your Contract.
Thrivent receives additional compensation, sometimes referred to as “revenue sharing, ”from certain external variable investment trusts that are available investment options within this product. This compensation is in connection with services that Thrivent provides, including promoting and administering the Contracts.
The underlying mutual funds incur expenses each time they sell, administer, or redeem their shares. The Variable Account aggregates Contract Owner purchase, redemption, and transfer requests and submits net or aggregated purchase/redemption requests to each underlying mutual fund daily. The Variable Account (not the Contract Owners) is the underlying mutual fund shareholder. When the Variable Account aggregates transactions, the underlying mutual fund does not incur the expense of processing individual transactions it would normally incur if it sold its shares directly to the public. Thrivent incurs these expenses instead. Thrivent also incurs the distribution costs of selling the contract (as discussed above), which benefit the underlying mutual funds by providing Contract Owners with investment options that correspond to the underlying mutual funds.
Some of the underlying mutual funds and their affiliates make certain payments to Thrivent or its affiliates (the "payments"). The amount of these payments is typically based on a percentage of assets invested in the underlying mutual funds attributable to the Contracts and other variable contracts Thrivent issues. These payments are made for various purposes, including payments for the services provided and expenses incurred by Thrivent or its affiliates in promoting, marketing and administering the Contracts and underlying funds. Thrivent may realize a profit on the payments received.
Thrivent or its affiliates may receive the following types of payments:
Underlying mutual fund 12b-1 fees, which are deducted from underlying mutual fund assets;
Sub-transfer agent fees or fees pursuant to administrative service plans adopted by the underlying mutual fund, which may be deducted from underlying mutual fund assets; and
Payments by an underlying mutual fund’s adviser or subadviser (or its affiliates). Such payments may be derived, in whole or in part, from the advisory fee, which is deducted from underlying mutual fund assets and is reflected in mutual fund charges.
58
Furthermore, Thrivent may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.
Thrivent took into consideration the anticipated mutual fund service fee payments from the underlying mutual funds when it determined the charges imposed under the Contracts (apart from fees and expenses imposed by the underlying mutual funds). Without these mutual fund service fee payments, Thrivent would have imposed higher charges under the Contract.
Most underlying mutual funds or their affiliates have agreed to make payments to Thrivent or its affiliates, although the applicable percentages may vary from underlying mutual fund to underlying mutual fund and some may not make any payments at all. Because the amount of the actual payments Thrivent and its affiliates receive depends on the assets of the underlying mutual funds attributable to the Contract, Thrivent and its affiliates may receive higher payments from underlying mutual funds with lower percentages (but greater assets) than from underlying mutual funds that have higher percentages (but fewer assets). Payments related to administrative services will not exceed 0.25% of the underlying assets. Payments related to distribution services also will not exceed 0.25% of the underlying assets.
Thrivent may consider several criteria when identifying the underlying mutual funds, including some or all of the following: investment objectives, investment process, risk characteristics, investment capabilities, experience and resources, investment consistency, fund expenses, asset class coverage, the alignment of the investment objectives of the underlying mutual fund with Thrivent’s hedging strategy, the strength of the adviser’s or subadviser’s reputation and tenure, brand recognition, and the capability and qualification of each investment firm. Other factors Thrivent may consider during the identification process are: whether the underlying mutual fund’s adviser or subadviser is a Thrivent affiliate; whether the underlying mutual fund or its service providers (e.g. the investment adviser or subadvisers), or its affiliates will make mutual fund service fee payments to Thrivent or its affiliates in connection with certain administrative, marketing, and support services; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the Contracts. There may be underlying mutual funds with lower fees and expenses, as well as other variable contracts that offer underlying mutual funds with lower fees and expenses. The customer should consider all of the fees and charges of the Contract in relation to its features and benefits when making a decision to invest. Note that higher Contract and underlying mutual fund fees and expenses have a direct effect on and may lower investment performance.
59
How to Contact Us
Telephone:
1-800-847-4836
Internet:
Thrivent.com
Fax:
1-800-225-2264
New Applications:
Thrivent
P.O. Box 8075
Appleton, WI 54912-8061
P.O. Box 8075
Appleton, WI 54912-8061
Transfers, Surrenders, or Partial Surrenders:
Thrivent
P.O. Box 8075
Appleton, WI 54912-8075
P.O. Box 8075
Appleton, WI 54912-8075
Express Mail:
Thrivent
4321 N. Ballard Road
Appleton, WI 54919-3400
4321 N. Ballard Road
Appleton, WI 54919-3400
For Wire Transfer Instructions,
Please contact 1-800-847-4836
Please contact 1-800-847-4836
60
| INVESTMENT TYPE |
PORTFOLIO COMPANY; ADVISER (SUBADVISER) |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/25) | ||
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5 YEAR |
10 YEAR | |||
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| INVESTMENT TYPE |
PORTFOLIO COMPANY; ADVISER (SUBADVISER) |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/25) | ||
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| INVESTMENT TYPE |
PORTFOLIO COMPANY; ADVISER (SUBADVISER) |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/25) | ||
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5 YEAR |
10 YEAR | |||
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1Current expenses reflect temporary fee reductions.
2
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.
3
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.
4
Formerly known as Putnam VT Research Portfolio
63
| Name |
Term |
Minimum Guaranteed Interest Rate |
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Life of the Contract |
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Life of the Contract |
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64
Appendix B: Investment Options Available Under a Contract with GLWB Rider
If you have the optional Thrivent Income Builder (GLWB) Rider, you will be subject to investment restrictions. There are currently two options available, the Asset Allocation Option or the Custom Option. Premium and Accumulated Value allocations must comply with one of these options. You will receive Notice if these change in the future.
The Asset Allocation Option requires 100% allocation among the available Subaccounts and there are no restrictions on the percentage you may allocate into each Subaccount.
The Custom Option has five different groups with a specified minimum or maximum percentage of premium or Accumulated Value that can be allocated to each group. You select the percentages of premium or Accumulated Value to allocate to Subaccounts within each group. Each option is also subject to automatic quarterly asset rebalancing.
| GLWB RIDER Asset Allocation Option | |
| ALLOCATION OPTIONS |
REQUIRED ALLOCATION PERCENTAGES |
| Thrivent Conservative Allocation Portfolio Thrivent Dynamic Allocation Portfolio Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Portfolio |
100% |
| GLWB RIDER Custom Allocation Option | |
| ALLOCATION OPTIONS |
REQUIRED ALLOCATION PERCENTAGES |
| Group 1 Thrivent Fixed Account1 |
See GLWB Rate Sheet |
| Group 2 BlackRock Total Return V.I. Portfolio Eaton Vance VT Floating-Rate Income Portfolio Goldman Sachs VIT Core Fixed Income Portfolio John Hancock VIT Core Bond Trust Portfolio John Hancock VIT Strategic Income Opportunities Trust Portfolio PIMCO VIT Global Bond Opportunities (unhedged) Portfolio PIMCO VIT Long-Term US Government Portfolio PIMCO VIT Real Return Portfolio Templeton Global Bond VIP Portfolio Thrivent Government Bond Portfolio Thrivent High Yield Portfolio Thrivent Income Portfolio Thrivent Short-Term Bond Portfolio Thrivent Money Market Portfolio |
See GLWB Rate Sheet |
65
| GLWB RIDER Custom Allocation Option | |
| ALLOCATION OPTIONS |
REQUIRED ALLOCATION PERCENTAGES |
| Group 3 American Funds IS® Global Growth Portfolio American Funds IS® Growth-Income Portfolio American Funds IS® International Growth and Income Portfolio American Funds IS® International Portfolio Fidelity® VIP Value Portfolio Fidelity® VIP International Capital Appreciation Portfolio Janus Henderson VIT Enterprise Portfolio Janus Henderson VIT Forty Portfolio MFS® VIT II Core Equity Portfolio MFS® VIT III Mid Cap Value Portfolio MFS® VIT Value Series Portfolio Principal Capital Appreciation Portfolio Principal VC Equity Income Portfolio Putnam VT International Value Portfolio Putnam VT U.S. Research Portfolio2 Thrivent Aggressive Allocation Portfolio Thrivent All Cap Portfolio Thrivent Conservative Allocation Portfolio Thrivent Dynamic Allocation Portfolio Thrivent ESG Index Portfolio Thrivent Global Stock Portfolio Thrivent International Equity Portfolio Thrivent International Index Portfolio Thrivent Large Cap Growth Portfolio Thrivent Large Cap Index Portfolio Thrivent Large Cap Value Portfolio Thrivent Mid Cap Growth Portfolio Thrivent Mid Cap Index Portfolio Thrivent Mid Cap Stock Portfolio Thrivent Mid Cap Value Portfolio Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Portfolio Thrivent Multisector Bond Portfolio |
See GLWB Rate Sheet |
| Group 4 Franklin Small Cap Value VIP Portfolio Goldman Sachs VIT Small Cap Equity Insights Portfolio John Hancock VIT International Small Company Trust Portfolio MFS® VIT New Discovery Series Portfolio Thrivent Small Cap Growth Portfolio Thrivent Small Cap Index Portfolio Thrivent Small Cap Stock Portfolio |
See GLWB Rate Sheet |
| Group 5 Fidelity® VIP Emerging Markets Portfolio Fidelity® VIP Energy Portfolio MFS® VIT II Technology Portfolio MFS® VIT III Global Real Estate Portfolio PIMCO VIT Emerging Markets Bond Portfolio Thrivent Emerging Markets Equity Portfolio Thrivent Healthcare Portfolio Thrivent Real Estate Securities Portfolio |
See GLWB Rate Sheet |
66
1 Amounts held in the Fixed Account are invested with our General Account. The interest rates for amounts in the Fixed Account depend on the date of allocation or transfer to the Fixed Account. We guarantee that the initial interest rate for each amount allocated or transferred to the Fixed Account will be effective for at least twelve months, and subsequent interest rates will not be changed more often than once every twelve months. The effective annual interest rate will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown in your Contract. At our discretion, we may credit interest in excess of the guaranteed interest rate. For the current interest rate, please call our Service Center at 1-800-847-4836. The date of allocation or transfer is the date that interest begins to accrue. Interest is compounded daily. Interest guarantees are subject to Thrivent’s claims-paying ability. The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $500 or 25% of the Accumulated Value in the Fixed Account at the time the first transfer is made in that Contract Year.
| Name |
Term |
Minimum Guaranteed Interest Rate |
| Fixed Account (all states except New York) |
Life of the Contract |
0.50% for Contracts issued on or after 10/1/2020 1.00% for Contracts issued before 10/1/2020 |
| Fixed Account (New York only) |
Life of the Contract |
1.00% |
2 Formerly known as Putnam VT Research Portfolio
67
Appendix C: Historical GLWB Rate Sheet Supplements
GLWB Rate Sheet Prospectus Supplement dated April 30, 2025
to the Prospectus dated April 30, 2025
to the Prospectus dated April 30, 2025
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For all states except New York
This GLWB Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This GLWB Rate Sheet Prospectus Supplement (“GLWB Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current GLWB Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This GLWB Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentages, and the current GLWB investment restrictions.
This GLWB Rate Sheet has no specified end date, but it can be superseded at any time. Any new GLWB Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this GLWB Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after April 30, 2025,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted quarterly from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted quarterly from the Fixed Account only if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
68
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
4.00% |
3.50% |
| 60-64 |
4.75% |
4.25% |
| 65-69 |
6.00% |
5.50% |
| 70-74 |
6.25% |
5.75% |
| 75+ |
6.50% |
6.00% |
When you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted as follows. There are currently two options: the Asset Allocation Option and the Custom Option. Please see Appendix B in the prospectus for a list of the available Subaccounts in each option. We may change these options and available Subaccounts upon Notice.
Choose Between These Investment Options
| Asset Allocation Option | |
| Allocation Options |
Required Allocation Percentages |
| Asset Allocation Portfolios |
100% |
| |
|
| |
|
| |
|
| |
|
| Custom Option | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
69
GLWB Rate Sheet Prospectus Supplement dated July 8, 2024
to the Prospectus dated April 30, 2024
to the Prospectus dated April 30, 2024
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For all states except New York
This GLWB Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This GLWB Rate Sheet Prospectus Supplement (“GLWB Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current GLWB Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This GLWB Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentages, and the current GLWB investment restrictions.
This GLWB Rate Sheet has no specified end date, but it can be superseded at any time. Any new GLWB Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this GLWB Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after July 22, 2024,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted quarterly from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted quarterly from the Fixed Account only if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
70
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
4.00% |
3.50% |
| 60-64 |
4.75% |
4.25% |
| 65-69 |
6.00% |
5.50% |
| 70-74 |
6.25% |
5.75% |
| 75+ |
6.50% |
6.00% |
When you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted as follows. There are currently two options: the Asset Allocation Option and the Custom Option. These may change in the future pursuant to any GLWB Rate Sheet Prospectus Supplements.
Choose Between These Investment Options
| Asset Allocation Option | |
| Allocation Options |
Required Allocation Percentages |
| Thrivent Balanced Income Plus Portfolio Thrivent Diversified Income Plus Portfolio Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Portfolio |
100% |
| Custom Option | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
71
GLWB Rate Sheet Prospectus Supplement dated April 30, 2024
to the Prospectus dated April 30, 2024
to the Prospectus dated April 30, 2024
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For all states except New York
This GLWB Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This GLWB Rate Sheet Prospectus Supplement (“GLWB Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current GLWB Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This GLWB Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentages, and the current GLWB investment restrictions.
This GLWB Rate Sheet has no specified end date, but it can be superseded at any time. Any new GLWB Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this GLWB Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after April 30, 2024,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted quarterly from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted quarterly from the Fixed Account only if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
72
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.50% |
3.00% |
| 60-64 |
4.25% |
3.75% |
| 65-69 |
5.50% |
5.00% |
| 70-74 |
5.75% |
5.25% |
| 75+ |
6.00% |
5.50% |
When you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted as follows. There are currently two options: the Asset Allocation Option and the Custom Option. These may change in the future pursuant to any GLWB Rate Sheet Prospectus Supplements.
Choose Between These Investment Options
| Asset Allocation Option | |
| Allocation Options |
Required Allocation Percentages |
| Thrivent Balanced Income Plus Portfolio Thrivent Diversified Income Plus Portfolio Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Portfolio |
100% |
| Custom Option | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
73
Rate Sheet Prospectus Supplement dated August 22, 2023
to the Prospectus dated April 30, 2023
to the Prospectus dated April 30, 2023
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For all states except New York
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB Rider Groups and Required Allocation Percentages.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after September 6, 2023,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted from the Fixed Account only if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
74
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.50% |
3.00% |
| 60-64 |
4.25% |
3.75% |
| 65-69 |
5.50% |
5.00% |
| 70-74 |
5.75% |
5.25% |
| 75+ |
6.00% |
5.50% |
If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted by Subaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
| GLWB Rider Groups and Allocation Percentages | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
75
Rate Sheet Prospectus Supplement dated April 30, 2023
to the Prospectus dated April 30, 2023
to the Prospectus dated April 30, 2023
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB Rider Groups and Required Allocation Percentages.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For GLWB Rider elections (on an application or election form, if applicable) signed on or after April 30, 2023,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted from the Fixed Account only if the variable subaccounts are depleted. For riders issued in New York, charges will not be deducted from the Fixed Account.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.30% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
76
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.25% |
2.75% |
| 60-64 |
3.75% |
3.25% |
| 65-69 |
4.75% |
4.25% |
| 70-74 |
5.25% |
4.75% |
| 75+ |
5.75% |
5.25% |
If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted by Subaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
| GLWB Rider Groups and Allocation Percentages | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
77
Rate Sheet Prospectus Supplement dated September 30, 2022
to the Prospectus dated April 30, 2022
to the Prospectus dated April 30, 2022
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB Rider Groups and required Allocation Percentages.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For GLWB Rider elections (on an application or election form, if applicable) signed on or after October 15, 2022,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted from the Fixed Account only if the variable subaccounts are depleted. For riders issued in New York, charges will not be deducted from the Fixed Account.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.30% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
78
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.25% |
2.75% |
| 60-64 |
3.75% |
3.25% |
| 65-69 |
4.75% |
4.25% |
| 70-74 |
5.25% |
4.75% |
| 75+ |
5.75% |
5.25% |
If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted by Subaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
| GLWB Rider Groups and Allocation Percentages | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
79
Rate Sheet Prospectus Supplement dated April 30, 2022
to the Prospectus dated April 30, 2022
to the Prospectus dated April 30, 2022
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB Rider Groups and required Allocation Percentages.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For GLWB Riders issued on or after April 30, 2022, the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will be deducted from the Fixed Account only if the variable subaccounts are depleted. For riders issued in New York, charges will not be deducted from the Fixed Account.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.30% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
200% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
80
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.25% |
2.75% |
| 60-64 |
3.75% |
3.25% |
| 65-69 |
4.75% |
4.25% |
| 70-74 |
5.25% |
4.75% |
| 75+ |
5.75% |
5.25% |
If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted by Subaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
| GLWB Rider Groups and Allocation Percentages | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
81
Appendix D: Historical GLWB Rate Sheet Supplements for New York
GLWB Rate Sheet Prospectus Supplement dated April 30, 2025
to the Prospectus dated April 30, 2025
to the Prospectus dated April 30, 2025
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For New York sales only
This GLWB Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This GLWB Rate Sheet Prospectus Supplement (“GLWB Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current GLWB Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This GLWB Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB investment restrictions.
This GLWB Rate Sheet has no specified end date, but it can be superseded at any time. Any new GLWB Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this GLWB Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after April 30, 2025,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will not be deducted from the Fixed Account if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
82
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.50% |
3.00% |
| 60-64 |
4.25% |
3.75% |
| 65-69 |
5.00% |
4.50% |
| 70-74 |
5.50% |
5.00% |
| 75-79 |
6.00% |
5.50% |
| 80-84 |
6.55% |
6.05% |
| 85-89 |
7.25% |
6.75% |
| 90-94 |
8.15% |
7.65% |
| 95+ |
9.30% |
8.80% |
When you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted as follows. There are currently two options: the Asset Allocation Option and the Custom Option. We may change these options and available Subaccounts upon Notice.
Choose Between These Investment Options
| Asset Allocation Option | |
| Allocation Options |
Required Allocation Percentages |
| Asset Allocation Portfolios |
100% |
| |
|
| |
|
| |
|
| |
|
| Custom Option | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
83
Rate Sheet Prospectus Supplement dated April 30, 2024
to the Prospectus dated April 30, 2024
to the Prospectus dated April 30, 2024
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For New York sales only
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB investment restrictions.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after April 30, 2024,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will not be deducted from the Fixed Account if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
84
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.50% |
3.00% |
| 60-64 |
4.25% |
3.75% |
| 65-69 |
5.00% |
4.50% |
| 70-74 |
5.50% |
5.00% |
| 75-79 |
6.00% |
5.50% |
| 80-84 |
6.55% |
6.05% |
| 85-89 |
7.25% |
6.75% |
| 90-94 |
8.15% |
7.65% |
| 95+ |
9.30% |
8.80% |
When you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted as follows. There are currently two options: the Asset Allocation Option and the Custom Option. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
Choose Between These Investment Options
| Asset Allocation Option | |
| Allocation Options |
Required Allocation Percentages |
| Asset Allocation Portfolios |
100% |
| |
|
| |
|
| |
|
| |
|
| Custom Option | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
85
Rate Sheet Prospectus Supplement dated August 22, 2023
to the Prospectus dated April 30, 2023
to the Prospectus dated April 30, 2023
THRIVENT RETIREMENT CHOICE VARIABLE ANNUITY
THRIVENT VARIABLE ANNUITY ACCOUNT I
THRIVENT VARIABLE ANNUITY ACCOUNT I
For New York sales only
This Rate Sheet Prospectus Supplement is to be used in connection with the above-referenced prospectus and should be read and kept with your prospectus. To obtain an additional copy of the current prospectus, please contact our Service Center at 1-800-847-4836.
This Rate Sheet Prospectus Supplement (“Rate Sheet”) applies if you elect the Thrivent Income Builder Rider. The optional Thrivent Income Builder Rider is a Guaranteed Lifetime Withdrawal Benefit (“GLWB”). You can find the current Rate Sheet at dfinview.com/Thrivent/RetirementChoice or call our Service Center to request a copy.
This Rate Sheet provides the current GLWB Rider Charge, Maximum GLWB Benefit Base, GLWB Credit Percentage, GLWB Benefit Base Guaranteed Minimum, GLWB Withdrawal Percentage, and the current GLWB Rider Groups and Required Allocation Percentages.
This Rate Sheet has no specified end date, but it can be superseded at any time. Any new Rate Sheet will be available a minimum of 10 business days prior to its effective date. For complete information about the optional benefit referenced in this Rate Sheet Prospectus Supplement, please see the applicable subsection titled “Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider” section in the full Prospectus.
For applications signed on or after September 6, 2023,
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
where the specified premium arrives in good order within 90 days of the sign date,
the following applies:
The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a pro rata basis according to the ratio of each subaccount of the Variable Account to the Accumulated Value of the Variable Account. The charge will not be deducted from the Fixed Account if the variable subaccounts are depleted.
| Annual Contract Expenses |
Current |
| Thrivent Income Builder (GLWB) Rider Charge |
1.45% |
Your Maximum GLWB Benefit Base will be limited to the dollar amount below. In addition, the following factors will be variables in the calculation of your GLWB Rider benefit.
| GLWB Rider Features |
Current |
| Maximum GLWB Benefit Base |
$10,000,000 |
| GLWB Credit Percentage |
6% |
| GLWB Benefit Base Guaranteed Minimum The GLWB Benefit Base Guaranteed Minimum is calculated using the premium amounts allocated under this contract. It is calculated as the sum of the following: |
|
| 1) Premium allocated in the first Contract Year, multiplied by: |
100% |
| 2) Premium allocated in subsequent Contract Years and no later than one day before the Guarantee Date, multiplied by: |
|
| 100% |
86
The GLWB Withdrawal Percentage is set on the GLWB Calculation Date using the Contract Age of the Covered Person (or the younger Covered Person, if there are two) on that date. Once that GLWB Withdrawal Percentage is set on the GLWB Calculation Date, it cannot change.
| GLWB Withdrawal Percentages | ||
| Contract Age |
Single |
Joint |
| 50-59 |
3.50% |
3.00% |
| 60-64 |
4.25% |
3.75% |
| 65-69 |
5.00% |
4.50% |
| 70-74 |
5.50% |
5.00% |
| 75-79 |
6.00% |
5.50% |
| 80-84 |
6.55% |
6.05% |
| 85-89 |
7.25% |
6.75% |
| 90-94 |
8.15% |
7.65% |
| 95+ |
9.30% |
8.80% |
If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the Subaccounts will be restricted by Subaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in the future pursuant to any Rate Sheet Prospectus Supplements.
| GLWB Rider Groups and Allocation Percentages | |
| Allocation Options |
Required Allocation Percentages |
| Group 1 |
0-10% |
| Group 2 |
20-90% |
| Group 3 |
0-70% |
| Group 4 |
0-40% |
| Group 5 |
0-10% |
87
The Statement of Additional Information (SAI) dated April 30, 2026 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/RetirementChoice.
For a paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to mail@thrivent.com.
Reports and other information about Thrivent are available on the Securities Exchange Commission website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Form #ICC20 W-BZ-FPVA and state variations
EDGAR Contract No.C000220060 32066PR R4-26