DISCONTINUED PRODUCT - Product not available to new enrollees.
RiverSource Retirement Advisor 5 Advantage
Product ID: 145
Vendor:
Type:
Variable Annuity
Discontinued 
$243
1.03%
10 Years / 8.00%
Yes
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Address: - Product Details
- Fees and Charges
- Investment Options
Flexible Premium Deferred Annuity with a seven or ten year surrender schedule. Annual free withdrawals of 10% of the annuity value as of the previous contract anniversary date are allowed.
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Amerirprise Financial offers personal assistance through our local financial advisors so that participants may learn about retirement planning, investment strategy and risk management and reallocate account balances at any time.
These requests are processed the same day if received prior to 3:00 p.m. central time. Investors should consult their contract for details.
Participants may set up a series of periodic transfers from the fixed account to the variable accounts on a monthly, quarterly or annual basis. These requests can be initiated at any time. Our 403(b) Client Service Team and local financial advisors are also available to provide personal assistance. These requests are processed the same day if received prior to 3:00 p.m. central time. Automatic account rebalancing is available. Investors should consult their contract.
Participants can request a loan using the Loan Application form available from their financial advisor or via the website www.Ameriprise.com The loan is issued within seven business days of the completed request. Loan repayments may be made by bank authorization or, in certain limited situations, by payroll deduction. The loan interest rate charged will be 6%. The outstanding loan balance will earn 3%. Investors should consult their contract for details.
Participants can request a hardship withdrawal, if the plan allows, an using the Distribution form available from their financial advisor or via the website www.Ameriprise.com The hardship is issued within seven business days of the completed request.
Ameriprise Financial notifies each participant of the distribution requirements under IRC Section 401(a)(9). The notification explains the distribution requirements (i.e. beginning date requirements, tax implications, minimum payment calculation, etc.). The participant is given an option for Ameriprise Financial to calculate the minimum distribution within the guidelines required by the IRS. Investors should consult their contract or prospectus for details.
Benefit payments are made during the lifetime of the participant and his or her beneficiary. Upon the death of one, payments continue during the lifetime of the other (survivor). We offer several options where the participant and his or her beneficiary can arrange to receive the same benefit over both lifetimes or could opt for a higher payout while both are living and a lower payout after one dies. Investors should consult their contract or product prospectus for details.
This plan provides payments during the lifetime of the annuitant. Payments cease upon the death of the annuitant. No beneficiaries are allowed with this option.
The owner can not request a commuted lump sum on this mode of settlement.
This plan has four variations. It provides payments during the lifetime of the annuitant. Each variation also guarantees that payments will be made for at least a specified period (5, 10, 15 or 20 years).
The owner can not request a commuted lump sum on this mode of settlement.
Participants can withdraw the entire vested value of their account. Withdrawals may be limited by your plan and federal tax law. Before the participant turns age 59 1/2, withdrawals may be subject to a 10% tax penalty. A surrender charge may apply. Investors should consult their contract/certificate or prospectus for details.
Benefit payments are made to the participant for a selected number of years, between three and thirty. Upon his or her death, payments will continue to the beneficiary until the designated period is completed. Withdrawals may be limited by your plan and federal tax law. Before the participant turns age 59 1/2, withdrawals may be subject to a 10% tax penalty. Investors should consult their contract or prospectus for details.
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 | No |
|
|
1.10% | Annually | Percentage of Annual Assets | No | Yes | No |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 8.00% |
| 2 | 8.00% |
| 3 | 8.00% |
| 4 | 7.00% |
| 5 | 6.00% |
| 6 | 5.00% |
| 7 | 4.00% |
| 8 | 3.00% |
| 9 | 2.00% |
| 10 | 1.00% |
*Expressed in contract years
Surrender Penalty Charge assessed on a "rolling" basis:
Clients can choose a seven-year or a ten-year surrender charge schedule.
A new surrender charge schedule starts with each new premium. The charge is based on the year and actual date of the payment. The surrender charge percentage is updated on the
Exceptions to the Surrender Charge:
Other Restrictions:
Exceptions to the Surrender Charge:
Percent of contract value:
0.00%
Percent of purchase payments:
0.00%
Death:
Yes
Attainment of Age:
0
Nursing Home or Other Medical Expenses:
Yes
Surrender charges will be waived for the following:
· Contract earnings
· Free of charge amount
· Nursing home confinement of owner or annuitant.
. Death benefits
· Annuitization (10 years or more)
· Required Minimum Dist
