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DISCONTINUED PRODUCT - Product not available to new enrollees.

SecureFoundation (offered through a contingent deferred annuity)
Product ID: 215

Vendor:
Putnam Investments
Type:
Variable Annuity 
Discontinued Discontinued


$0
0%
None
No
Roth Eligible





SecureFoundation is a guaranteed lifetime withdrawal benefit (GLWB) offered through a contingent deferred annuity (CDA) issued by Great-West Life & Annuity Insurance Company (GWL&A) to your plan sponsor and is GWL&A’s promise to provide a payment of guaranteed minimum income subject to the terms and conditions of the annuity contract and the claims-paying ability of GWL&A. To take advantage of SecureFoundation, you’ll need to invest in one of the Great-West SecureFoundation funds. The CDA contract also features an annuitization option that allows a participant to purchase a Single Premium Immediate Annuity with their Account Value. Any funds used to purchase this Immediate Annuity will no longer be covered by the GLWB guarantee.

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Funds underlying the Great-West SecureFoundation CDA contract are designed for investors seeking a professionally designed asset allocation program to simplify the accumulation of assets prior to retirement together with the potential benefit of the guarantee that may be provided by the Certificate

A loan taken during the Accumulation Phase of the contract is treated as an Excess Withdrawal and, therefore, reduces the Benefit Base proportionally to the amount by which the loan reduces the Covered Fund Value. Loans are not permitted during the Withdrawal Phase and outstanding loans must be repaid before withdrawals begin.

There are no restrictions on amounts that can be withdrawn from the contract. Participants can therefore make withdrawals to meet their RMDs. Impact of RMDS on GLWB guarantee- Prior to starting the Guaranteed Annual Withdrawal Phase for Great-West SecureFoundation, RMD withdrawals will be treated as Excess Withdrawals and will reduce the Benefit Base in the same proportion as the withdrawals reduce the Covered Fund Value.In the Guaranteed Annual Withdrawal Phase, the Benefit Base will not be reduced for an RMD withdrawal to the extent that the RMD amount is attributable to the Great-West SecureFoundation Fund as long as the RMD is processed pro rata across the funds in the account

Yes
This is a form of payment offered under the annuitization option. Income is guaranteed for the lifetime of both the participant and the elected joint annuitant. Upon the death of the first Annuitant, a portion of the original payment (eg. 50%, 75%, 100% as applicable under option selected) will be paid to the surviving Annuitant for the remainder of his or her lifetime
This is a form of payment offered under the annuitization option. Income is guaranteed for the lifetime of the participant.
This is a form of payment offered under the annuitization option. Income is guaranteed for the lifetime of the participant or for a set period of time whichever is longer.
There are no restrictions on amounts that can be withdrawn/ transferred out of the contract. Participant’s can therefore withdraw the full amount without penalty.
This is a form of payment offered under the annuitization option. Income is guaranteed for a set period of time.


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.


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Fixed Investment Options

Variable Investment Options


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