TaxVantage Consolidator®
The TaxVantage Consolidator® (TVC) allows transfers and rollovers from qualified plans in addition to ongoing contributions. There is a 30-day “free look” period and there are no loads, administrative fees or expense charges.
The TVC is a Flexible Premium Deferred Annuity that has been designed for consolidating qualified plans into one annuity contract. Customers' money will never earn less than the guaranteed minimum fixed interest rate set at the time the annuity is issued. Once the annuity contract is issued, the clock is winding down - no matter how many deposits one makes - after 5 years there are no surrender charges. This product is available as a Traditional or Roth IRA.
The effective date, interest rate and surrender period are based on the receipt date of the initial deposit. The guaranteed minimum interest rate will remain constant and applies to any additional rollovers or contributions. Further, contracts may be credited at a rate higher than the guaranteed rate.
Beneficiary
The Beneficiary designation in effect on the Issue Date will remain in effect, unless a Change of Beneficiary Designation Form is submitted. The death benefit will be paid to the beneficiary or in equal shares if there are multiple beneficiaries.
Subject to the rights of any irrevocable Beneficiary, the Owner may change the primary Beneficiary(s) or contingent Beneficiary(s).
Surrender Schedule
Years of Complete Contract Years
from Surrender Charge Effective Date |
% Charge |
| 0 |
9% |
| 1 |
7% |
| 2 |
5% |
| 3 |
3% |
| 4 |
2% |
| 5 and thereafter |
0% |
Upon surrender of all or a portion of the Contract Value, a surrender charge as set forth in the Schedule above is assessed. The Surrender Charge is based on the number of complete Contract Years from the Surrender Charge Effective Date.
For a partial surrender, the surrender charge will be deducted from the remaining Contract Value, if sufficient, and if not, the amount surrendered.
Annuity Provisions:
Frequency and Amount of Annuity Payments
Annuity Payments will be paid as monthly installments or at any frequency acceptable to the Owner and the Company. The Contract Value on the Annuity Date is applied to the Annuity Table for the Annuity Option elected. If the amount of the Contract Value to be applied under an Annuity Option is less than $5,000, the Company reserves the right to make one lump sum payment in lieu of Annuity Payments. If the amount of any Annuity Payment would be or become less than $100, the Company will reduce the frequency of payments to an interval which will result in each payment being at least $100.
Basis of Payments
The Annuity Tables are based on 50% of the 2000 Individual Annuity Mortality Table with an annual effective interest rate of 2%, weighted 25% male and 75% female.
Annuity Options
Life Annuity – Annuity payable to the Annuitant for as long as he/she lives.
Certain and Life Annuity – annuity payable for 5, 10, 15, or 20 years certain as long thereafter as the Annuitant is living. Upon the death of the Annuitant prior to the end of the certain period, any payments for the balance of such period will be paid to his/her beneficiary.
Survivorship Annuity – Annuity payable to the Annuitant for as long as he/she lives. Upon his/her death, payment will continue at 100%, 75%, or 50% to the contingent (second) Annuitant for the life of the contingent (second) Annuitant.
Certain Annuity – Annuity payable for 5 through 20 years certain. Upon death of the Annuitant prior to the end of the certain period, any payments for the balance of such period will be paid to his/her beneficiary.
Installment Refund Annuity – Annuity payable to the Annuitant for as long as he/she lives with the guarantee that, if he/she shall die before refund of his/her Accumulation Value, payment will continue to his/her beneficiary in the same manner and amount until such Accumulation Value is refunded.
Election of Annuity Option
The Annuity Option is elected by the Owner. If no Annuity Option is elected, Option 2 with 10 years guaranteed will automatically be applied. Prior to the Annuity Date, the Owner may, upon 30 days prior written notice to the Company, change the Annuity Option.
Payee
The Annuitant will be the payee of the Annuity Payments. The Contract Value will be applied to the applicable Annuity Tables. The Annuity Table used will depend upon the Annuity Option elected.
When issued as a Roth IRA, the following provision is included
Exclusive Benefit. This Contract is established for the exclusive benefit of the Annuitant and his or her Beneficiaries. It may not be assigned, pledged as collateral for a loan or as security for the performance of an obligation, or otherwise transferred by the Annuitant. Only the Annuitant may be the Owner of this Contract. There will be no contingent owner.
Bailout Provision
None
MVA (Market Value Adjustment) Feature
None
Loans
None
Bonus Interest Rate
None
Free Partial Withdrawals
None
Policy Fee
None
Front-End Loads
None
Administrative Fees
None