|         |                       |
|---------|-----------------------|
| • | Is NOT a bank deposit |

|         |                     |
|---------|---------------------|
| • | Is NOT FDIC insured |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | Is NOT insured or endorsed by a bank or any government agency |

|         |                                 |
|---------|---------------------------------|
| • | Is NOT available in every state |

----

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |
| Summary                                                                                 | 5 |
| Preliminary Note Regarding Terms Used in This Prospectus                                | 5 |
| What is the GLWB?                                                                       | 5 |
| How much will the GLWB cost?                                                            | 5 |
| Can the GLWB Participant cancel the GLWB?                                               | 6 |
| What happens if the Contract Owner/Plan Sponsor eliminates a Covered Fund from my Plan? | 6 |
| Can the Contract Owner/Plan Sponsor cancel the Contract?                                | 6 |
| What protection does the GLWB provide?                                                  | 6 |
| How does the GLWB work?                                                                 | 7 |
| How does the Contract Owner/Plan Sponsor apply for the Contract?                        | 7 |
| How does a Retirement Plan participant elect the GLWB?                                  | 7 |
| What are the Designated Investment Options?                                             | 8 |
| Is the GLWB right for Retirement Plan participants?                                     | 8 |
| Risk Factors                                                                            | 9 |
| The Contract                                                                            | 11 |
| Investment Options -- the Covered Funds                                                 | 11 |
| Great-West SecureFoundation Balanced Fund                                               | 12 |
| Great-West SecureFoundation Lifetime Funds                                              | 12 |
| Adding and Removing Covered Funds                                                       | 13 |
| IRA Rollovers                                                                           | 13 |
| The Accumulation Phase                                                                  | 13 |
| Covered Fund Value                                                                      | 14 |
| Benefit Base                                                                            | 14 |
| Subsequent Contract Contributions to Your Account                                       | 15 |
| Ratchet Date Adjustments to the Benefit Base                                            | 15 |
| Excess Withdrawals During the Accumulation Phase                                        | 15 |
| Types of Excess Withdrawals                                                             | 16 |
| Treatment of a Distribution During the Accumulation Phase                               | 16 |
| Loans                                                                                   | 16 |
| Death During the Accumulation Phase                                                     | 17 |
| The GAW Phase                                                                           | 17 |
| Installments                                                                            | 17 |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |
| Calculation of Installment Amount                                       | 18 |
| Installment Frequency Options                                           | 19 |
| Vesting                                                                 | 19 |
| Lump Sum Distribution Option                                            | 20 |
| Suspending and Re-Commencing Installments After a Lump Sum Distribution | 20 |
| Optional Resets of the GAW% During the GAW Phase                        | 21 |
| Effect of Excess Withdrawals During the GAW Phase                       | 21 |
| Death During the GAW Phase                                              | 22 |
| The Settlement Phase                                                    | 22 |
| Examples of How the GLWB Works                                          | 23 |
| Guarantee Benefit Fee                                                   | 25 |
| Divorce Provisions Under the Contract                                   | 27 |
| Effect of Annuitization                                                 | 28 |
| Termination of the Contract                                             | 29 |

----

|                                       |
|---------------------------------------|
|                                       |  |
| Miscellaneous Provisions              | 29 |
| Financial Condition of the Company    | 30 |
| Taxation of the Contract and the GLWB | 31 |

|                                                 |
|-------------------------------------------------|
|                                                 |  |
| About Us                                        | 33 |
| Sales of the Contract                           | 33 |
| Additional Information                          | 34 |
| Legal Matters                                   | 34 |
| Experts                                         | 35 |
| Where You Can Find More Information             | 35 |
| Incorporation of Certain Documents by Reference | 35 |
| Definitions                                     | 35 |
| Part II                                         | X |

----

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The “Contract” is the Great-West SecureFoundation Group Fixed Deferred Contract issued by Great-West Life & Annuity Insurance Company. |
|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “We,” “us,” “our,” “Great-West,” or the “Company” means Great-West Life & Annuity Insurance Company. |
|         |                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “Covered Person” or “Covered Persons” means the person or persons, respectively, named in the Contract whose age is used for certain important purposes under the Contract, including determining the amount of the guaranteed income that may be provided by the Contract. The GLWB Participant must be a Covered Person. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “Covered Fund” or “Covered Funds” refer to the Great-West SecureFoundation® Lifetime 2015 Fund, Great-West SecureFoundation® Lifetime 2020 Fund, Great-West SecureFoundation® Lifetime 2025 Fund, Great-West SecureFoundation® Lifetime 2030 Fund, Great-West SecureFoundation® Lifetime 2035 Fund, Great-West SecureFoundation® Lifetime 2040 Fund, Great-West SecureFoundation® Lifetime 2045 Fund, Great-West SecureFoundation® Lifetime 2050 Fund, Great-West SecureFoundation® Lifetime 2055 Fund, and the Great-West SecureFoundation® Balanced Fund. The Covered Funds are not issued by Great-West. Great-West Funds, Inc. is the issuer of the Covered Funds and is an affiliate of Great-West. |

----

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | The maximum Guarantee Benefit Fee, as a percentage of a GLWB Participant’s Covered Fund Value, on an annual basis, is 1.5%. |
|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | The minimum Guarantee Benefit Fee, as a percentage of a GLWB Participant’s Covered Fund Value, on an annual basis, is 0.70%. |
|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | The current Guarantee Benefit Fee, as a percentage of a GLWB Participant’s Covered Fund Value, on an annual basis, is 0.90%. |
|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | longevity risk, which is the risk that a GLWB Participant will outlive the assets invested in the Covered Fund; and |
|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | income volatility risk, which is the risk of downward fluctuations in a GLWB Participant’s retirement income due to changes in market performance. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Accumulation Phase: During the Accumulation Phase, the GLWB Participant may make additional Contract Contributions to the Covered Fund, which establishes the Benefit Base (this is the sum of all Contract Contributions minus any withdrawals and any adjustments made on the “Ratchet Date” as described later in this prospectus), and take Distributions from the Account just as the GLWB Participant otherwise would be permitted to (although Excess Withdrawals will reduce the amount of the Benefit Base under the Contract). The GLWB Participant is responsible for managing withdrawals during the Accumulation Phase. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GAW Phase: After the GLWB Participant (or if there are joint Covered Persons, the younger joint Covered Person) has turned age 55, then the GLWB Participant can enter the GAW Phase and begin to take GAWs (which are annual withdrawals that do not exceed a specified amount) without reducing the Benefit Base. GAWs before age 59 1/2 may result in certain tax penalties, and may not be permissible in certain circumstances. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Settlement Phase: If the Covered Fund Value falls to zero as a result of Covered Fund performance, the Guarantee Benefit Fee, certain other fees that are not directly associated with the GLWB or Contract (e.g., custodian fees or advisory fees), and/or GAWs, the Settlement Phase will begin. During the Settlement Phase, we make Installments to the GLWB Participant for life. However, the Settlement Phase may never occur, depending on how long the GLWB Participant lives and how well the Covered Fund performs. |

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the Plan Sponsor selects a new record keeper, the GLWB Participant may lose the entire benefit. Currently, the Contracts are only offered to Plan Sponsors of Retirement Plans that select Great-West as their record keeper. If the Plan Sponsor elects a new record keeper, it is likely that this will result in the termination of the Contract and the GLWB Participant will lose the entire benefit unless the GLWB Participant has already reached Settlement Phase. The Guarantee Benefit Fee will not be refunded. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Plan Sponsor may cancel the Contract or remove the Covered Funds. The GLWB is an investment option offered by the Retirement Plan and is contingent on the Retirement Plan offering one or more of the Covered Funds. The Plan Sponsor may elect to cancel the Contract at any time or remove the Covered Funds from the Retirement Plan’s investment options. If the Plan Sponsor takes either of these actions, the GLWB Participant will lose the entire benefit unless the GLWB Participant has already reached Settlement Phase. The Guarantee Benefit Fee will not be refunded. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant may die before receiving payments from us or may not live long enough to receive enough income to exceed the amount of the Guarantee Benefit Fees paid. If the GLWB Participant (assuming he is the sole Covered Person) dies before the Covered Fund Value is reduced to zero, the GLWB Participant will never receive any payments under the Contract. Neither the Contract nor the GLWB has any cash value or provides a death benefit. Furthermore, even if the GLWB Participant begins to receive Installments in the Settlement Phase, the GLWB Participant may die before receiving an amount equal to or greater than the amount paid in Guarantee Benefit Fees. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Covered Funds may perform well enough so that the GLWB Participant may not need the guarantee that may otherwise be provided by the Contract. The Covered Funds are managed by a registered investment adviser, Great-West Capital Management, LLC (“GWCM”), a wholly owned subsidiary of Great-West. GWCM manages the Great-West SecureFoundation® Lifetime Funds to become more conservative as time goes on, which may minimize the likelihood that the GLWB Participant will experience a significant loss of capital at an advanced age. GWCM also has the flexibility to manage the Great-West SecureFoundation® Balanced Fund conservatively. Therefore, there is a good chance that the Covered Funds will perform well enough that GAWs will not reduce Covered Fund Value to zero. As a result, the likelihood that we will make payments to the GLWB Participant is minimal. In this case, the GLWB Participant will have paid us the Guarantee Benefit Fee for the life of the GLWB and received no payments in the Settlement Phase in return. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant may need to make Excess Withdrawals, which have the potential to substantially reduce or even terminate the benefits available under the Contract. Because personal financial needs can arise unpredictably (e.g., unexpected medical bills), the GLWB Participant may need to make a withdrawal from a Covered Fund before the start of the GAW Phase or following the start of the GAW Phase in an amount larger than the GAW. These types of withdrawals are Excess Withdrawals that will reduce or eliminate the guarantee that may otherwise be provided by the Contract. There is no provision under the Contract to cure any decrease in the benefits due to Excess Withdrawals. To avoid making Excess Withdrawals, the GLWB Participant will need to carefully manage any withdrawals. The Contract does not require us to warn the GLWB Participant of Excess Withdrawals or other actions with adverse consequences. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant may choose to cancel the GLWB prior to a severe market downturn. The GLWB is designed to protect the GLWB Participant from outliving the assets in the Covered Fund. If the GLWB Participant terminates the GLWB before reaching the GAW Phase or Settlement Phase, we will not make payments to the GLWB Participant, even if subsequent Covered Fund performance reduces the Covered Fund Value to zero. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant might not begin making GAWs at the most financially beneficial time. Because of decreasing life expectancy as one ages, in certain circumstances, the longer the GLWB Participant waits to start taking GAWs, the less likely it is that the GLWB Participant will benefit from the GLWB. On the other hand, the earlier the GLWB Participant begins taking GAWs, the lower the GAW Percentage the GLWB Participant will receive and therefore the lower the GAWs (if any) will be. Because of the uncertainty of how long the GLWB Participant will live and how the GLWB Participant’s investments will perform over time, it will be difficult to determine the most financially beneficial time to begin making GAWs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the GLWB Participant moves his assets out of the Retirement Plan, the GLWB Participant may never receive a benefit from the GLWB. The GLWB is currently available to participants in certain Section 403(b) Plans. The Contract is entered into by the Plan Sponsor. If the GLWB Participant moves his assets out of the Retirement Plan, such as by a full distribution of all of the assets in the Plan, or moves to an IRA provider that does not offer the GLWB, the GLWB Participant will cause the GLWB to terminate. In that case, the GLWB Participant may never receive a benefit from the GLWB, and the Guarantee Benefit Fee will not be refunded. See “IRA Rollovers,” below for further information on how to maintain the Benefit Base after an IRA rollover. |

|         |                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We reserve the right to increase the Guarantee Benefit Fee at any time. If we increase the Guarantee Benefit Fee, then depending upon how long the GLWB Participant lives, the GLWB Participant may not receive enough income to exceed the amount of total fees paid. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The deduction of the Guarantee Benefit Fee each month will negatively affect the growth of the Covered Fund Value. The growth of the Plan account value is likely important to the GLWB Participant because the GLWB Participant may never receive Installments during Settlement Phase. Therefore, depending on how long the GLWB Participant lives and how other investment options available to the GLWB Participant under the Retirement Plan perform, the GLWB Participant may be financially better off without electing the Covered Funds and GLWB. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Contract limits the GLWB Participant’s investment choices. Only certain funds are available under the Contract. These Covered Funds may be managed in a more conservative fashion than other mutual funds available to the GLWB Participant. If the GLWB Participant does not elect the GLWB, it is possible that the GLWB Participant may invest under the Retirement Plan in other mutual funds (or other types of investments) that experience higher growth or lower losses, depending on the market, than the Covered Funds experience. It is impossible to know how various investments will fare on a comparative basis. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Covered Funds may become ineligible. If the Covered Fund that the GLWB Participant invests in becomes ineligible for the Contract, the GLWB Participant must Transfer the Covered Fund Value to another Covered Fund in order to keep the Contract in force. We reserve the right to designate Covered Funds that were previously eligible for use with the Contract as ineligible for use with the Contract, for any reason including due to changes to their investment objectives. In the event that all Covered Funds become ineligible or are liquidated, we will designate a new fund as a Covered Fund. The new Covered Fund may have higher fees and charges and different investment objectives/strategies than the ineligible Covered Fund. In addition, designating a new fund as a Covered Fund may result in an increase in the current Guarantee Benefit Fee, which will not exceed the maximum Guarantee Benefit Fee of 1.5%. The Guarantee Benefit Fee will not be refunded if the Covered Funds become ineligible or are liquidated. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We may terminate the Contract upon 75 days written notice to the Contract Owner. If we terminate the Contract, such termination will not adversely affect the GLWB Participant’s rights under the Contract, except that we will not permit additional Contributions to the Covered Fund. However, we will accept reinvested dividends and capital gains. The GLWB Participant will still be obligated to pay the Guarantee Benefit Fee. |

|         |                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Contract will terminate if the Guaranteed Benefit Fee is not paid. If we do not receive the Guarantee Benefit Fee (except during the Settlement Phase), including as a result of the failure of the Retirement Plan custodian to submit it to us, the Contract will terminate as of the date that the fee is due. |

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Any payments we are required to make to the GLWB Participant under the Contract will depend on our long-term ability to make such payments. We will make all payments under the Contract in the Settlement Phase from our general account, |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Contract is novel and innovative and, to date, the tax consequences of the GLWB have not been addressed in published legal authorities. A prospective GLWB Participant should consult a tax advisor before electing the Covered Funds and GLWB. See “Taxation of the Contract and GLWB,” below for further discussion of tax issues relating to the GLWB. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You should be aware of various regulatory protections that do and do not apply to the Contract. The Contract is registered in accordance with the Securities Act of 1933. The issuance and sale of the Contract must be conducted in accordance with the requirements of the Securities Act of 1933. We are also subject to applicable periodic reporting requirements and other requirements imposed by the Securities Exchange Act of 1934. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We are neither an investment company nor an investment adviser and do not provide investment advice in connection with the Contract. Therefore, we are not governed by the Investment Advisers Act of 1940 (the “Advisers Act”) or the Investment Company Act of 1940 (the “1940 Act”). Accordingly, the protections provided by the Advisers Act and the 1940 Act are not applicable with respect to our sale of the Contract. |

----

----

----

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | We increase the GLWB Participant’s Benefit Base on a dollar-for-dollar basis each time the GLWB Participant makes a Contribution. |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | We decrease the GLWB Participant’s Benefit Base on a proportionate basis each time the GLWB Participant makes an Excess Withdrawal. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On each Ratchet Date (described below), we will increase the GLWB Participant’s Benefit Base to equal the GLWB Participant’s current Covered Fund Value if the GLWB Participant ‘s Covered Fund Value is greater than the GLWB Participant’s Benefit Base. (If so, the GLWB Participant’s Benefit Base will then reflect positive Covered Fund performance.) |

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Benefit Base is used only for purposes of calculating the GLWB Participant’s Installment Payments during the GAW Phase and the Settlement Phase. It has no other purpose. The Benefit Base does not provide and is not available as a cash value or settlement value. |

----

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | It is important that the GLWB Participant does not confuse the Benefit Base with the Covered Fund Value. |

|         |                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | During the Accumulation Phase and the GAW Phase, the Benefit Base will be re-calculated each time the GLWB Participant makes a Contract Contribution or Excess Withdrawal, as well as on an annual basis as described below, which is known as the Ratchet Date. |

|         |                                         |
|---------|-----------------------------------------|
| • | The maximum Benefit Base is $5,000,000. |

|     |                              |
|-----|------------------------------|
| (a) | the current Benefit Base; or |

|     |                                 |
|-----|---------------------------------|
| (b) | the current Covered Fund Value. |

----

----

|         |                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | become a new GLWB Participant and maintain the deceased GLWB Participant’s current Benefit Base (or proportionate share if multiple Beneficiaries) as of the date of death; or |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | establish a new Account with a new Benefit Base based on the current Covered Fund Value on the date of the deceased GLWB Participant’s death. |

----

|                             |
|-----------------------------|
|                             |  |
| Sole Covered Person         | Joint Covered Person |
| 4.0% for life at ages 55-64 | 3.5% for youngest joint life at ages 55-64 |
| 5.0% for life at ages 65-69 | 4.5% for youngest joint life at ages 65-69 |
| 6.0% for life at ages 70-79 | 5.5% for youngest joint life at ages 70-79 |
| 7.0% for life at ages 80+   | 6.5% for youngest joint life at ages 80+ |

----

|   |
|---|
|   |  |
| * | On the Initial Installment Date, we compare the current Benefit Base to the current Covered Fund Value. If the Covered Fund Value is greater than the Benefit Base, we will increase the Benefit Base to equal the Covered Fund Value, and the GAW will be based on the increased Benefit Base amount. See “Installments,” above. |

----

|         |                               |
|---------|-------------------------------|
| • | GLWB Participant information: |

|         |                       |
|---------|-----------------------|
| • | $100,000 Benefit Base |

|         |                                  |
|---------|----------------------------------|
| • | GAWs start at age 62: GAW% at 5% |

|         |                         |
|---------|-------------------------|
| • | Vested % at age 62: 50% |

|         |                         |
|---------|-------------------------|
| • | Vested % at age 63: 60% |

|         |                         |
|---------|-------------------------|
| • | Vested % at age 64: 70% |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Guaranteed Annual Withdrawal = Benefit Base x Vested % x GAW % |

|         |                                                        |
|---------|--------------------------------------------------------|
| • | Age 62 (when GAWs start): $100,000 x 50% x 5% = $2,500 |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Age 63 (on next Ratchet Date): $100,000 x 60% x 5% = $3,000 |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Age 64 (on next Ratchet Date): $100,000 x 70% x 5% = $3,500 |

|         |                               |
|---------|-------------------------------|
| • | GLWB Participant information: |

|         |                       |
|---------|-----------------------|
| • | $100,000 Benefit Base |

|         |                            |
|---------|----------------------------|
| • | $60,000 Covered Fund Value |

|         |                          |
|---------|--------------------------|
| • | GAWs start at age 62: 5% |

|         |                         |
|---------|-------------------------|
| • | Vested % at age 62: 50% |

|         |                  |
|---------|------------------|
| • | When GAWs start: |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Unvested Covered Fund Value is returned to Plan’s forfeiture account |

|         |                                                        |
|---------|--------------------------------------------------------|
| • | Unvested Covered Fund Value: 0.50% x $60,000 = $30,000 |

|         |                                            |
|---------|--------------------------------------------|
| • | Note: Covered Fund Value is reduced by 50% |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | Benefit Base is adjusted proportionately to Covered Fund Value reduction: |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Benefit Base Adjustment: 0.50% x $100,000 = $50,000 |

|         |                                   |
|---------|-----------------------------------|
| • | Note: New Benefit Base is $50,000 |

|         |                                       |
|---------|---------------------------------------|
| • | GAWs start based on new Benefit Base: |

|         |                             |
|---------|-----------------------------|
| • | GAW = 5% x $50,000 = $2,500 |

----

|        |
|--------|
|        |  |
| If     | (Attained Age GAW%) x (Covered Fund Value as of Ratchet Date) is greater than(Current GAW%) x (Current Benefit Base) |
|   |   |
| Then   | (Attained Age GAW%) x (Covered Fund Value as of Ratchet Date) becomes new GAW and(Covered Fund Value) = (New Benefit Base) |

----

----

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | All Contract Contributions are assumed to be at the end of the year and occur immediately before the next Ratchet Date. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | All withdrawals are assumed to be at the beginning of the year and occur on the Ratchet Date. |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | All GLWB Participants are assumed to be fully vested. |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | All positive investment performance of the Covered Fund is assumed to be net of investment management fees. |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | In all of the examples, the GLWB Participant has access to his Covered Fund Value until it is depleted: |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the GLWB Participant dies before the Covered Fund Value is depleted, the remaining Covered Fund Value would be available to beneficiaries. |

|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the GLWB Participant needs to take a withdrawal in excess of the GLWB Participant’s GAW, the GLWB Participant may take up to the Covered Fund Value, which will be considered an Excess Withdrawal. |

|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

|         |                                     |
|---------|-------------------------------------|
| • | GAW Amount: $500,000 x 5% = $25,000 |

|         |                              |
|---------|------------------------------|
| • | Guarantee Benefit Fee: 0.90% |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                          |
|---------|------------------------------------------|
| • | Year 1: -10%, Year 2: -10%, Years 3+: 5% |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant annually withdraws $25,000 from the GLWB Participant’s Covered Fund until about age 87 when the Covered Fund is depleted: |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | At age 87 the GLWB Participant’s Covered Fund Value is $9,474. |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant withdraws the $9,474 which depletes the Covered Fund and the GLWB Participant is now in Settlement Phase. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | We provide the remaining $15,526 necessary to make the Installment of $25,000. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | We continue to pay Installments of $25,000 each year for the GLWB Participant’s life. |

----

|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

|         |                              |
|---------|------------------------------|
| • | Guarantee Benefit Fee: 0.90% |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Years 1 through 7: 5%, Years 8 through 11: -10%, Years 12+: 5% |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | Positive Covered Fund performance through year 7 results in a Covered Fund Value of $662,407 on the Ratchet Date. |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | The GLWB Participant’s Benefit Base Ratchets to $662,407. |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | Covered Fund Value at the beginning of year 10 is $468,552, but GAWs are based on the Benefit Base, which is $662,407. |

|         |                                   |
|---------|-----------------------------------|
| • | GAWs are $662,407 x 5% = $33,120. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant annually withdraws $33,120 from the GLWB Participant’s Covered Fund until about age 81 when the Covered Fund is depleted: |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | At age 81, the GLWB Participant’s Covered Fund Value is $13,326. |

|         |                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant withdraws the $13,326 which depletes the Covered Fund and the GLWB Participant is now in Settlement Phase. We provide the remaining $19,794 necessary to make the Installment $33,120. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | We continue to pay Installments of $33,120 each year for the GLWB Participant’s life. |

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|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Additional Annual Contract Contributions until GAWs Begin: $2,500 |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

|         |                              |
|---------|------------------------------|
| • | Guarantee Benefit Fee: 0.90% |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                        |
|---------|----------------------------------------|
| • | Years 1 through 10: -5%, Years 11+: 5% |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | Poor Covered Fund performance in years 1 through 10 results in a Covered Fund Value of $291,493 at the end of year 10. |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant’s Benefit Base at the end of year 10 is $525,000 as a result of the additional Contract Contributions in years 1 through 10. |

|         |                                   |
|---------|-----------------------------------|
| • | GAWs are $525,000 x 5% = $26,250. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant annually withdraws $26,250 from the GLWB Participant’s Covered Fund until about age 79 when the Covered Fund is depleted: |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | At age 79, the GLWB Participant’s Covered Fund Value is $8,316. |

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant withdraws the $8,316 which depletes the Covered Fund and the GLWB Participant is now in Settlement Phase. We provide the remaining $17,934 necessary to make the Installment $26,250. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | We continue to pay Installments of $26,250 each year for the GLWB Participant’s life. |

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|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (i) | maintaining the current proportionate Benefit Base of the previous GLWB Participant; or |

|      |                                                                                                                                                                          |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | establishing a new Benefit Base based on the current Covered Fund Value on the date his or her Account is established and he or she will continue as a GLWB Participant. |

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|         |                             |
|---------|-----------------------------|
| • | Income for Single Life Only |

|         |                                               |
|---------|-----------------------------------------------|
| • | Income for Single Life with Guaranteed Period |

|         |                            |
|---------|----------------------------|
| • | Income for Joint Life Only |

|         |                                              |
|---------|----------------------------------------------|
| • | Income for Joint Life with Guaranteed Period |

|         |                              |
|---------|------------------------------|
| • | Income for a Specific Period |

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|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Any other form of annuity payment permitted under the Retirement Plan, if acceptable to Great-West. |

|     |                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | the GLWB Participant may elect a direct rollover of the Covered Fund Value to an IRA that offers a Great-West approved GLWB feature, if available. In this situation, the Benefit Base and GAW, if applicable, will be retained as of the date of Distribution from the Covered Fund(s) and will apply to the new GLWB feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | the GLWB Participant may choose to transfer the Covered Fund Value to any investment vehicle that does not offer a GLWB feature or to an investment vehicle that offers a GLWB feature, but does not permit the GLWB Participant to apply the Benefit Base and GAW to such feature. In this situation, the Benefit Base and GAW, if applicable, will be reduced to zero as of the date of the Distribution from the Covered Fund(s). |

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|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | A GLWB is intended for purchase only by an employee participating in a Section 403(b) Retirement Plan. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We are not responsible for determining whether a GLWB complies with the terms and conditions of, or applicable law governing, the Retirement Plan. You are responsible for making that determination. Similarly, unless otherwise agreed, we are not responsible for administering any applicable tax or other legal requirements applicable to the Retirement Plan. The Plan Sponsor, the GLWB Participant or a service provider for the Retirement Plan is responsible for determining that distributions, beneficiary designations, investment restrictions, charges and other transactions under a GLWB are consistent with the terms and conditions of the Retirement Plan and applicable law. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Among other things, if the Retirement Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), you should consider how the GLWB will be treated under the ERISA qualified joint and survivor annuity and qualified pre-retirement survivor annuity rules and, if applicable, make provision for complying with those rules in the governing documents and procedures of the Retirement Plan. Guidance published by the Internal Revenue Service on February 21, 2012, may suggest that the GLWB will be treated as an annuity for purposes of those rules. |

|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the GLWB Participant’s spouse is a joint Covered Person, that spouse must be the GLWB Participant’s sole beneficiary under the Retirement Plan. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GLWB Participant’s Account is subject to required minimum distribution rules. Withdrawals during the GAW Phase from the Covered Fund Value taken to meet required minimum distribution requirements, in the proportion of the GLWB Participant’s Covered Fund Value to the overall Account balance (and not taking into account any other retirement balances of the GLWB Participant), will be deemed to be within the contract limits for the GLWB and will not be treated as Excess Withdrawals. The required minimum distribution shall not exceed the required minimum distribution amount calculated under the Code and regulations issued thereunder as in effect on the Election Date. In the event of a dispute about the required minimum distribution amount, our determination will govern. In some circumstances, compliance with the minimum distribution rules may affect the amount and timing of Installments pursuant to the GLWB. |

|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We generally are required to confirm, with the Plan Sponsor or otherwise, that surrenders or transfers requested by GLWB Participants comply with applicable tax requirements and to decline requests that are not in compliance. We will |

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|         |                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Retirement Plan can be terminated, or the availability of the GLWB under the Retirement Plan otherwise discontinued by persons other than the GLWB Participant. |

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|         |                                                     |
|---------|-----------------------------------------------------|
| • | Great-West SecureFoundation® Balanced Fund |

|         |                                                      |
|---------|------------------------------------------------------|
| • | Great-West SecureFoundation® Lifetime Funds |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Any other fund as approved by Great-West for the Contract and Certificate. |

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