Variable Annuity
Product ID: 19
Vendor:
Type:
Variable Annuity
$196
0.67%
9 Years / 8.00%
Yes
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
800447981
E-mail:
Address:
Modern Woodmen of America
1701 1st Avenue
Rock Island, IL 61201
1701 1st Avenue
Rock Island, IL 61201
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
- Investment Options
Flexible Premium Deferred Variable Annuity with 50 different investment options (subaccounts) and one guaranteed interest account (Declared Interest Option). The plan contains flexible distribution options to accomodate retirement income needs.
Select the topics below to expand and view additional product details
The Automatic Rebalancing program automatically reallocates the accumulated value in the subaccounts and the DIO at the end of each certificate year to match the certificate's then-effective premium allocation instructions. The Automatic Rebalancing program will transfer accumulated value from those subaccounts that have increased in value (or not decreased as much) to those subaccounts that have declined in value (or not increased as much).
The maximum number of investment options that the member may select to utilize for Automatic Rebalancing is ten, including the DIO.
Rebalancing will occur on the fifth Business Day of the month following the member's certificate anniversary.
This feature is free and is not considered in the twelve free transfers during a certificate year.
Each month, a fixed amount can be automatically transferred from the source account to the designated "target accounts." The source account may be either the Money Market Subaccount or the Declared Interest Option (DIO). The minimum amount of each transfer is $100. The maximum number of investment options that the member may select to utilize for DCA is ten. DCA will occur on the same date each month, or on the next business day. This option will terminate when monies in the source account are inadequate. Transfers due to this feature are counted towards the twelve free transfers during a certificate Year. All transfers made on the same date count as one transfer. There is no extra charge for this feature. DCA cannot be utilized in combination with Automatic Rebalancing.
Hardship withdrawals are available for 403(b) TSA contracts.
We will calculate the required minimum distribution amount and distribute the required minimum distribution amount to the individual.
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:
Incremental Death Benefit Rider:
This rider is issued automatically on new certificates with issue ages of 0-70. This rider is designed to help beneificiaries pay the tax on any tax deferred growth in the certificate by providing an additional death benefit equal to 40% of the certificate's accumulated value minus the sum of all premiums paid, less the sum of any partial withdrawal reductions as of the date proof of death is received. The maximum rider death benefit payable cannot exceed 50% of all premiums paid and will never be less than zero.
This rider is issued automatically on new certificates with issue ages of 0-70. This rider is designed to help beneificiaries pay the tax on any tax deferred growth in the certificate by providing an additional death benefit equal to 40% of the certificate's accumulated value minus the sum of all premiums paid, less the sum of any partial withdrawal reductions as of the date proof of death is received. The maximum rider death benefit payable cannot exceed 50% of all premiums paid and will never be less than zero.
Guaranteed equal monthly income payments will be made for the lifetimes of two payees.
A Joint and Full option or a Joint and 2/3 option is available. A Joint and Full Survivor life income option will provide a guaranteed income payment that will not decrease after the death of one of the payees. A Joint and 2/3 Survivor life income option will eventually reduce the guaranteed income payment to 2/3 of the original amount after the death of one of the payees.
A no period certain option and a 10 year certain option is available.
Joint and Survivor Life Income is also available as a variable settlement option where the monthly payments are not guaranteed and will fluctuate based upon the performance of the subaccounts that are chosen.
Guaranteed equal monthly income payments will be made for the lifetime of the payee. No death benefit is provided at the death of the payee. A payee should understand that the monthly income payments will stop at their death and there is never a benefit for a beneficiary.
Guaranteed equal monthly income payments will be made for a minimum guaranteed period, and will continue thereafter during the lifetime of the payee. The guaranteed period may be 10 or 20 years.
A Life Income with Guaranteed Period is also available as a variable settlement option where the monthly payments are not guaranteed and will fluctuate based upon the performance of the subaccounts that are chosen.
(Installment Refund) Guaranteed equal monthly income payments will be made for the lifetime of the payee. If the payee dies before receiving guaranteed income payments equal to the premium used to fund this settlement option, the remaining guaranteed income payments will continue to the beneficiary until the total amount of guaranteed payments made to the payee and the beneficiary equals the premium used to fund this settlement option.
An individual may take the surrender value as a lump sum payment.
Guaranteed equal monthly income payments will be made for a period specified by the payee. The specified time period may be for a fixed period of from one to thirty years. Note: the length of the fixed period cannot exceed the life expectancy of the payee.
Deposit at Interest:
Interest income will be paid on proceeds. The rate of interest will not be less than 1.25% per year.
Interest income will be paid on proceeds. The rate of interest will not be less than 1.25% per year.
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
|
|
$30.00 | Annually | Flat Dollar Amount | Yes | No | Yes |
|
|
0.99% | Annually | Percentage of Annual Assets | No | No | Yes |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 8.00% |
| 2 | 7.00% |
| 3 | 6.00% |
| 4 | 5.00% |
| 5 | 4.00% |
| 6 | 3.00% |
| 7 | 2.00% |
| 8 | 1.00% |
| 9 | 0.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Percent of contract value:
10.00%
Death:
Yes
Nursing Home or Other Medical Expenses:
Yes
* nursing home exception applies if the stay in the nursing home is for at least 90 days and begins after the first certificate year; * terminal illness after the first certificate year; * required minimum distributions; * life contingent settlement
