Group Annuity Contract

Group Annuity Contract GAC A contract that has been purchased by an employer known as a contract holder from John Hancock to fund tax-qualified retirement benefits for a specified group of employees who are referred to as participants.

Group annuity contract. Group Annuity Contract This contract is delivered in the State of state and is subject to the laws and regulations therein. A standard group annuity contract is used into which is introduced the definition of a separate deposit fund and provisions relating thereto. The insurer determines the present value or.

Group variable annuity contracts are often used to wrap mutual funds to provide greater revenue to plan providers or to provide access to an insurance companys stable value fund. Annuity contracts are life insurance products that guarantee an income to policyholders for life or for a set period. Whether youre ready to retire or already receiving benefits were here to help.

What Is a Group Annuity Contract. An employer establishes a group annuity on behalf of its employees by signing a master contract with the insurer. Under the Contract Prudential Insurance agreed to unconditionally and irrevocably guarantee the full payment of all annuity payments to certain of GM LLCs salaried retirees and assume all investment risk associated with the assets that were delivered as the group annuity contract.

They are the issuer usually an insurance company the owner of the annuity the annuitant and the beneficiary. Group Annuity contract liabilities of 27 billion 620 employer contracts Serve more than 101000 annuitants Established well-respected pension buyout presence for 35 years providing customized group annuity solutions through underwriting expertise contract flexibility financial strength and administrative excellence. A Single Premium Group Annuity SPGA or Terminal Funding Annuity contract is purchased by an employer that has decided to terminate their defined benefit pension plan and as required by regulation transfer accrued benefit liabilities into a life insurers irrevocable group annuity contract.

They also had telephone transfer capability. They are often created for employees who work at the same company and can be used to create a fixed income for retirement. Annual Date means the Contract Date and the same date of the same month each.

This Group Annuity Contract is intended to provide you with financial services designed to receive and accumulate your funds for the prospective purchase of annuities and payment of benefits according to the terms of your Plan. An annuity contract is a contractual obligation between as many as four parties. Many life insurance companies offer group annuities as a.