Annuity Contract

Annuity Contract

The agreement outlining the terms of an annuity. Among other things, the contract spells out the contributions, employer matching contributions, benefit schedule, whether the annuity is fixed or variable, and what the early withdrawal penalties are. The annuitant and the insurance company agree on the annuity contract when the annuitant buys the annuity. Generally speaking, the insurance company maintains a standard set of annuity contracts to meet the needs of different annuitants.
References in periodicals archive ?
Pursuant to the Agreement, the Plan purchased a single premium group annuity contract from The Principal in order to secure approximately $160 million of benefits for approximately 4,500 former employees or their related beneficiaries who commenced monthly pension benefits under the Plan before January 1, 1994.
Retirement Plan's purchase of a group annuity contract backed by a separate account from Prudential Insurance Company of America to settle approximately $1.
That section states that the Commission [SEC] shall treat as an exempt security under Section 3(a)(8) of the 1933 act "any insurance or endowment policy or annuity contract or optional annuity contract" that isn't a variable contract and that, if issued on or after June 16, 2013, is issued by an insurer that has adopted suitability rules at least as stringent at the NAIC Suitability in Annuity Transaction Model Reg #275 of 2010 and any successor thereto.
Auto Business News-December 14, 2012--General Motors UK Ltd signs pension buy-in annuity contract with Rothesay Life(C)1994-2012 ENPublishing - http://www.
Client transfers cash to the trustee of the trust who purchases a deferred annuity contract with the estate owner as the annuitant.
Under this statute, the proceeds of an annuity contract issued to a Florida resident are statutorily exempt from the beneficiary's creditors.
1001-1 (j) in October 2006, the Treasury and IRS have signaled their intent to recognize gain or loss at the time of exchange of property other than money for an annuity contract.
The Service issued proposed regulations (REG-141901-05, 10/18/06) on the taxation of the exchange of property for an annuity contract.
Now let's assume that the couple purchased a $100,000 annuity contract with a lifetime guaranteed withdrawal benefit, an optional rider available for a charge in addition to the basic annuity cost, that provides a guaranteed 5% annual growth of the withdrawal value for 10 years.
18, 2006, addressed the income tax treatment of property exchanged for an annuity contract.
insurance company to cancel a $9 million annuity contract and get his money back.
As with an employee contribution-only VEBA, amounts in the group annuity contract are credited with interest that is not currently taxable.