Group Fixed Annuity
Product ID: 127
Type:
Fixed Annuity
2.85%
AM Best:
Moody's:
S&P:
6 Years / 5.00%
Yes
Roth Eligible
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
(217) 788-5799
E-mail:
Address:
1 Horace Mann Plaza
Springfield, IL 62715
Springfield, IL 62715
In-person:
Questions about enrollment?
View the Contact Information tab on the Vendor Details page for a list of office locations.
View the Contact Information tab on the Vendor Details page for a list of office locations.
- Product Details
- Fees and Charges
This group fixed annuity is offered by Horace Mann Life Insurance Company and provides a general fixed account, as well as multi-year guarantee period fixed accounts with Market Value Adjustments (MVA). The company allows free access each year to 10% of the premiums paid. Otherwise, a surrender charge would apply in the first 5 certificate years. This product may not be available in all school districts.
Select the topics below to expand and view additional product details
Loans against the account value are available starting at issue of the certificate. The minimum loan amount required is $500. The maximum loan amount is limited to (1) Internal Revenue Code limits, or (2) $50,000, or (3) 50% of the surrender value. You must repay the loan within five years unless the loan is to be used to acquire or build a dwelling unit that will be used as principal residence, in which case the repayment period can be as long as 25 years, subject to a minimum quarterly repayment of $250. The term of the loan cannot extend beyond age 70.
Upon a financial hardship, we will waive any applicable surrender charge and Market Value Adjustment on withdrawals taken in accordance with the terms set forth in the school plan document. This is a standard provision of the certificate and there is no extra charge for this feature.
The company provides for the payment of Internal Revenue Code Required Minimum Distributions based on the value of the certificate. Surrender charges and market value adjustments would not apply.
Yes
Riders are amendments to the annuity contract that typically add to your costs. make sure you inquire about any additional costs. The following riders exist for this product:
Upon a participant's continuing total disability, we will waive any applicable surrender charge and Market Value Adjustment. Disability must begin at least three months immediately prior to receipt of the withdrawal request. Proof of disability is required. This is a standard provision of the certificate and there is no extra charge for this feature.
No Riders:
This group annuity does not have any riders.
This group annuity does not have any riders.
The company provides (1) Joint with 50% to the Survivor, (2) Joint with 67% to the Survivor, and (3) Joint with 100% to the Survivor. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of both annuitants.
The company provides a lifetime income on the life of one individual. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option cannot be changed. Annuity payments cease upon the death of the annuitant.
The company provides a lifetime income on the life of one individual. A Period Certain of 10, 15 or 20 years can be selected. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option cannot be changed. Upon the death of the annuitant, annuity payments would continue to be made to the beneficiary until the end of the selected Certain Period.
The company provides a lifetime income on the life of one or two individuals whereby a refund of the original consideration less payments made to-date is guaranteed. This option can be elected anytime after issue of the contract. Surrender charges would not apply when this option is selected. Once annuity payments have begun, this option cannot be changed. Upon the death of the annuitant(s), payments will continue to the beneficiary until the refund amount is exhausted.
The company provides a lump sum option. This is in essence a surrender of the certificate. This option can be elected anytime after issue of the certificate. Surrender charges would apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period.
The company provides a Period Certain option whereby the annuitant can select payments for a specified period of time. The specified period can be as short as five years if the payments extend beyond the 10th certificate anniversary, and as long as 30 years. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments had begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
Fixed Amount:
The company provides a Fixed Amount settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that the payments extend beyond the 10th certificate anniversary. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments had begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
The company provides a Fixed Amount settlement option whereby the annuitant can select payments to be made for a specified amount. The specified amount must be such that the payments extend beyond the 10th certificate anniversary. This option can be elected anytime after issue of the certificate. Surrender charges would not apply when this option is selected. A market value adjustment would apply to any amounts put on this option from guarantee period accounts before the end of the guarantee period. Once annuity payments have begun, this option can be changed. If a lump sum is requested after annuity payments had begun, any applicable surrender charges would apply. Upon the death of the annuitant, any remaining annuity payments would be made to the beneficiary.
Additional Bonus Credit
This group fixed annuity offers guarantee period accounts which guarantee an interest rate for the specified period of time. The company offers 5, 7 and 10-year periods of time for this guarantee. A market value adjustment pertains to these accounts and would apply upon premature withdrawals. At the end of a guarantee period, the value is transferred to the general fixed account.
These rates may change without notice. Contact your provider for the most current rates.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
$100.00 | At the time of loan origination | Flat Dollar Amount | No | No | Yes |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 5.00% |
| 2 | 5.00% |
| 3 | 5.00% |
| 4 | 5.00% |
| 5 | 5.00% |
| 6 | 0.00% |
*Expressed in contract years
Surrender Penalty Charge assessed on a "rolling" basis:
The surrender charges are expressed as a percentage of the premiums that are withdrawn. The charges are based on the premium year of each premium withdrawn. It will be assumed that withdrawals will be deducted from premium first, on a first in first
Exceptions to the Surrender Charge:
Other Restrictions:
Exceptions to the Surrender Charge:
Percent of purchase payments:
10.00%
Death:
Yes
Disability:
Yes
Financial Hardship:
Yes
Surrender charges are waived on withdrawals taken to satisfy minimum distributions required by the Internal Revenue Service.
