Annuities
Annuities are designed as principal preserving, long term investments, which can provide funds for retirement. We offer both a non-qualified annuity and qualified Traditional and ROTH IRA annuities. All our annuities are no-load and tax-deferred (funds are taxable only at the time of withdrawal), and have some of the lowest early surrender penalties in the industry.
Competitive No-load Fixed Annuities
Flexible Premium Deferred Annuity
- Annuitant accumulates funds with interest which is compounded daily. Ongoing deposits are permitted, and may be made via Electronic Funds Transfer (EFT).
- Minimum deposit is $250.
- Our competitive interest rates are reviewed by the Board of Directors on a quarterly basis. Rates may be adjusted, but will never go below the guaranteed minimum rate established by the annuity contract.
- Prior to settlement, annuitant may withdraw all or part of the accumulated funds, subject to the Association’s Early Withdrawal Penalty.**
- FCSLA allows a one-time, per contract year, 10% penalty free withdrawal during the first 5, 7 or 10 years.* After year 5, 7 or 10, there is no FCSLA penalty on annuity withdrawals, even on additional deposits.
- Flexible Premium Deferred Annuities Early Withdrawal Penalty:
- Silver Elite (5 year): 6% the 1st year, and decreases by 1% each subsequent year.**
- Gold Elite (7 year): 8% the 1st year, and decreases by 1% each subsequent year**
- Platinum Elite (10 year): 9% the 1st and 2nd year and decrease by 1% each subsequent year.**
- At any age, the annuitant may receive interest only payments, or select a type of periodic payment offered by the Association.**
- If annuitant dies prior to settlement, funds on deposit are payable directly to the named beneficiary(ies).
Single Premium Immediate Annuity
- Uses annuitant’s initial large premium deposit as the basis for immediate contracted settlement payments.
- Annuitant is “locked in” to the settlement option, payment amount, payment scheduled selected, and rate in effect for settlements at time of commencement.
- Scheduled payments may be sent directly to annuitant’s bank account via Electronic Funds Transfer (EFT).
- Minimum deposit is $2,000.00.
- Generally, if annuitant dies prior to receiving all guaranteed payments, the remaining present value of such guaranteed payments is payable to the named beneficiary(ies).
* Our credited rate is reviewed quarterly and will not go below minimum guaranteed rate.
** A 10% federal tax penalty may apply to certain distributions if taken before the owner is age 59-1/2.
For more information about these financial products, please use our interactive contact form.
