Institutionally-priced group annuity solutions are designed for employers who have decided to exit their pension plan by transferring accrued benefit liabilities and administrative responsibilities to an insurer. Annuity contracts provide a guaranteed, fixed immediate or deferred annuity for each plan member and include participant administration services.
We offer clear, well-crafted and expertly underwritten group annuity contracts from $1 million to the billions including buy-in, buy-out, guaranteed separate account and assets in kind transation. Each plan is different and, consequently, each group annuity contract is unique and is based on detailed contract specifications, plan information and annuitant data.
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We pioneered the industry’s first SPGA Contract Installation and Benefit Administration Guide for pension plan terminations and settlements, containing details on financial quality (criteria defined by Department of Labor concerning rules for insurer selection), annuity contract experience and service capabilities, contract installation procedures and data requirements, sample participant correspondence and notifications, and a sample group annuity contract.
We are recognized as a premier SPGA underwriter and administrator of customized contracts. Plan advisors and their clients appreciate our expertise, flexibility and collaborative approach in developing accurate, cost-effective contracts for all sizes and types of defined benefit pension plans, along with unique benefit provisions and special administrative services.
All companies mentioned, and their distributors and representatives, are not authorized to give legal, tax or accounting advice. For advice concerning your specific circumstances, consult an attorney, tax advisor or accountant. Annuities issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Guarantees are backed by the claims-paying ability of the issuing insurance company. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG).