F's NEW YORK LIFE INSURANCE COMPANY A A/quual Company Founded in 1845 51 MADISON AVENUE, NEW YORK, N. Y. 10010 CONTRACTHOLDER: CITY OF OAKLAND EFFECTIVE DATE: August 5, 1985 JUN 1 'l 1985 DATE OF ISSUE: CONTRACT NUMBER: NEW YORK LIFE WILL PAY the benefits provided by this contract, subject to its terms and Conditions. This contract is made in consideration of the payment of a Contribution in the amount of $187,950,075.00 receipt of which is hereby acknowledged. This figure was determined as the gross value of the benefits described herein as of September 1, 1985 and credited or charged with interest from or to the date of receipt of funds to or from August 5, 1985. The benefits, provisions and conditions set forth on the following pages are part of this contract. IN WITNESS WHEREOF, New York Life has caused this contract to be executed on its Date of Issue. DUPLICATE OF GROUP ANNUITY CONTRACT SINGLE CONTRIBUTION NON-PARTICIPATING ANNUITIES 5/84 I - - 0 TABLE OF CONTENTS ARTICLE PAGE I. DEFINITIONS . . . . . . . . . . . I II. BENEFITS Annuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2 Forms of Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2 PAYMENT OF BENEFITS Method of Payment of Annuity Benefit . . . . . . . . . . . . . . . . . . . . . . . . .. 3 Payment in Event of Incapacity . . . . . . . . . . . . . . . . . 3 Evidence of Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 3 IV. GENERAL PROVISIONS Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 Misstatements and Redetermination of Annuity . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 Information to be Furnished . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 LiaEility of New York Life . . . . . . . . . . . . . . . . . . . . . . 5 AssignaBility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5 JurisdictionEXHIBITS Exhibit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -.. 6 5/84 ARTICLE 1: DEFINITIONS Whenever the terms set forth below are used in this c0ntract, they will have the meaning set forth below unless a different meaning is plainly required by the context. Masculine pronouns will refer to both males and females and the singular will include the plural unless the context indicates otherwise. Headings of articles and sections are used for convenience of reference and, in case of conflict, the text of the contract, rather than such headings, will control. 1.1 PLAN means the City of Oakland, California Police and Fire Retirement System as amended to the Effective Date of this contract. 1.2 PARTICIPANT means any person designated by the Employer as a retired participant of the Plan who is entitled to benefits under this contract pursuant to the Plan. 1.3 EMPLOYER means City of Oakland. GP-SPC 104020 -1- 5/84 ARTICLE II: BENEFITS 2.1 ANNUITY BENEFITS Each Participant and each spouse of a deceased Participant who was receiving or became entitled to receive retirement benefit payments under the Plan as shown on Exhibit A, prior to September 1, 1985 and is living on September 1, 1985 will be entitled to an annuity benefit under this contract commencing on September 1, 1985. The amount and form of such benefit will be determined pursuant to the provisions of the plan. 2.2 FORMS OF ANNUITIES The form of annuity to be provided will be one of the following, as specified below: Life Annuity means an annuity consisting of a series of payments beginning as of the date such annuity is to commence pursuant to Section 2.1 and payable during the Participant's lifetime, ceasing with the last payment due on or before the day the Participant dies. Life Joint and Survivor Annuity with Eligible Spouse means an annuity cousisting of a series of payments beginning as of the date such annuity is to commence pursuant to Section 2.1 and payable during the Participant's lifetime. On the death of the Participant, 66 2/3% of such payments will continue to the Participant's spouse, if the eligible spouse is then living. payments will cease with the last payment due on or before the day the Participant dies, or, if later, the day the eligible spouse dies. Eligible spouse for purposes of this annuity form, means the lawful spouse of the_Participant as determined by the Plan. GP-SPC 2 "04020 5/84 ARTICLE PAYMENT OF BENEFITS 3.1 METHOD OF PAYMENT OF ANNUITY BENEFIT The annuity benefit provided under the terms of Article II of this contract will be paid as directed by the centractholder to Oakland POIice and Fire Retirement System. Suchannuitybenefitpaymentswill be due and paid on the first business day of the month. The amount of payment will reflect any necessary adjustments as reported by the Contractholder to New York Life by the 10th day of the preceding month. 3.2 EVIDENCE OF SURVIVAL When any payment under this contract is centingent upon a person's being alive on any date, New York Life may require evidence satisfactory to it that such person was alive on said date. 3-?04020 5/84 ARTICLE IV: GENERAL PROVISIONS 4.1 CONTRACT The entire contract between New York Life and the Contractholder will consist of this contract and the application of the Contractholder, a copy of which is attached hereto. No agent or other person except an Executive Officer of New York Life has authority to make, endorse, or modify this contract on behalf of New York Life or to waive any of New York Life?s rights or requirements, and no modification of this Contract will be valid unless evidenced by an amendment to the contract signed by the Contractholder and an Executive Officer of New York Life. No such modification will require the consent of any Participant or other person or entity entitled to a benefit, provided that such modification does not effect the amount, or the terms and conditions of payment, of any annuity provided with respect to the Participant under this contract. 4.2 CERTIFICATES New York Life will issue to the Contractholder for delivery to each individual for whom an annuity has been purchased under the terms of Article II of this Contract an individual certificate setting forth the amount and terms of payment of Such annuity. 4.3 MISSTATEMENTS AND REDETERMINATION OF ANNUITY PAYMENTS If the age, sex or form of annuity payments with respect to any Participant is found to have been misstated, then, (unless an equitable adjustment satisfactory to New York Life and the Contract? holder is made) the amount of annuity payable by New York Life will be as may be provided by the amount initially applied to the purchase of any annuity and determined as of the Effective Date of this contract based on the misstated information, but re-determined on the basis of the correct age, sex and form of annuity payments. Any adjustment of terms or amounts of payments made in accordance with the preceding statement will be conclusive upon any Participant affected thereby. Upon redetermination of annuity amounts in accordance with the preceding paragraph any overpayments by New York Life due to any misstatement that gave reason to the redetermination will be deducted from amounts thereafter payable to the Participant, or other person or entity entitled to a benefit and any underpayments will be paid in full with the next payment due the Participant or other person or entity entitled to a benefit. 4.4 INFORMATION TO BE FURNISHED New York Life will be furnished data required for the administration of this c0ntract. GP-SPC 4-04020 -4- 5/84 ARTICLE IV: GENERAL PROVISIONS (continued) (ii) New York Life reserves the right to inquire into the accuracy and completeness of any such data and to make a reasonable inspection of the records upon which such data are based, but it is under no obligation to make any such inquiry or inspection. All references in this contract to actiOn taken pursuant to the Plan means actions reported to New York Life as having been taken by the Employer in accordance with the provisions of the Plan. New York Life is entitled to rely conclusively on the accuracy and completeness of data reported to it by the Employer, including the determination as to whether an individual is entitled to a benefit and the amount and form of such benefit. 4.5 LIABILITY OF NEW YORK LIFE New York Life is not a party to the Plan and its obligations are limited to those set forth in this contract. The liability of New York Life, with respect to a Participant or other person or entity entitled to a benefit, will be limited to the payment of any benefit due such person or entity as directed by Contractholder under the terms of the contract and in force at the time such payment becomes due. 4.6 ASSIGNABILITY (1) Any assignment of this contract, or of any interest therein, by the Contractholder must be made in duplicate and a copy filed with New York Life and will be subject to any payment made or other action taken by New York Life before the assignment is received at its Home Office. New York Life assumes no responsibility for the validity of any assignment. (ii) No other person entitled to a benefit under this contract will have the right to assign, transfer, hypothecate, enoumber, commute or anticipate his interest in such benefit and, to the extent permitted by law, no benefit will be liable to seizure or application by operation of law to pay any debt or liability incurred by him. 4.7 JURISDICTION This contract is delivered in and subject to the laws of the state of California. GP-SPC 4-04020 -5- 5/84 A nmcmou CITY OF OAKLAND "hose Main Office Address is One City Hall Plaza. Oakland, CA 94512 hereby takes application to New York Life InSurance Company, New York. N.Y. 10010 for Group Annuity Contract No. GA- 04020 the terms of which are hereby approved and accepted by the Contractholder to take effect on the Effective Date specified in the Contract. It is agreed that this application supersedes any application for this Contract previously signed by the Contractholder. Above described Contractholder He?iy L./Cardner, City Manager Executed at Oakland, California Above 6 ntractholder La . godrggue, President on June 30. 1987 By Oakland Poli Fire Retirement System Board (Signature and Title) Agent Howard Brizindine (Must be Resident Licensed Agent where law so requires) (This copy is part of the entire Contract.) 5368 1065 In 11.5.A