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Product Type: Group Fixed-Interest Flexible Premium Deferred Annuity (DAGA 90),
available to the trustees of retirement plans qualified under IRC Section 401(a).
Minimum Premium: $100 per contribution, qualified funds only.
Maximum Premium: Set by the company upon receipt of the premium and
guaranteed for one year intervals. Rates for new and ongoing premiums
are subject to change at any time and for any reason, subject to the
minimum interest rate described below.
Guaranteed Interest Rates: 4%
Administrative Loads and Fees: No sales loads or asset charges. $100 annual administration fee.
Surrender Charges: The yearly surrender charge schedule (as a
percentage of policy value being withdrawn) is: 8% first year, 8% second year,
6% third year, 4% fourth year, 2% fifth year and 0% thereafter. There is no market
value adjustment or asset charge.
Waiver of Surrender Charges: Surrender charges are waived for plan benefit
payments to participants due to death, disability, retirement or termination of employment.
Distribution Options: Flexible, as outlined in Article III Section 2 of the contract.
Withdrawals may be subject to income tax, and there may be government penalties for
premature withdrawals or insufficient minimum distributions. You should consult your tax
advisor for complete details.
Form #1732
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