DISCONTINUED PRODUCT - Product not available to new enrollees.
NAC RetireChoice 10
Product ID: 222
Type:
Equity Indexed Annuity
Discontinued 
0%
AM Best:
S&P:
10 Years / 8.00%
Yes
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Address: - Product Details
- Fees and Charges
A fixed index annuity that offers you the ability to apply all or a portion of your premium among an Indexed Account or a Fixed Account
Select the topics below to expand and view additional product details
Loans on TSA contract only providing plan sponsor allows. Maximum loan amount cannot exceed $50,000 or 1/2 of the surrender value.
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:
Nursing Home Rider:
After the first contract anniversary, should the annuitant become confined to a qualified nursing home facility for at least 90 consecutive days, we will increase the penalty-free withdrawal amount by 10% of the Accumulation Value each year while the annuitant is confined. This rider is only available for issue ages 75 and younger and is automatically included with your annuity at no additional charge.
After the first contract anniversary, should the annuitant become confined to a qualified nursing home facility for at least 90 consecutive days, we will increase the penalty-free withdrawal amount by 10% of the Accumulation Value each year while the annuitant is confined. This rider is only available for issue ages 75 and younger and is automatically included with your annuity at no additional charge.
Income payable for your lifetime and the lifetime of your spouse. After your death or the death of your spouse, payment continues to the surviving spouse for his/her life.
Payments will be made only during your lifetime. After your death, no further payments will be made. No payments will be made to an estate or any other person.
Income payable for your lifetime with a guaranteed payment period ranging from 5 - 20 years. If you die before the end of the period, payments continue to a named beneficiary until the end of the period. The period certain option cannot be set-up past age 100 for the owner or the annuitant.
If the annuitant or the owner dies prior to the maturity date we will pay the death benefit to the appropriate beneficiary.
Additional Bonus Credit
If the optional Additional Benefits Rider is elected at contract issue and an annuity payout option is elected after the surrender period has elapsed, a 4% bonus will be added to the accumulation value.
A 2.0% premium bonus will be credited to the accumulation value on the premium received during the first five contract years. If the optional Additional Benfits Rider is elected at contract issue the premium bonus amount will be 2.5%. During the surrender charge period, withdrawals in excess of the penalty-free amount or a full surrender will incur a premium bonus recapture. This recapture applies to all premium bonus credits and is set at issue. The recapture percentage declines each year as outlined. Year 1 -100%, Year 2 - 90%, Year 3 - 80%, Year 4 - 70%, Year 5 - 60%, Year 6 - 50%, Year 7 - 40%, Year 8 - 30%, Year 9 - 20%, Year 10 - 10%,
| Investment Year | Bonus Rate |
|---|---|
| 1 | 2% |
| 2 | 2% |
| 3 | 2% |
| 4 | 2% |
| 5 | 2% |
Point-to-Point
Annual Reset
Averaging
Inverse Performance Trigger
Annual Reset
Averaging
Inverse Performance Trigger
S & P 500
Nasdaq 100
S & P 400
Afternoon London Gold Market Fixing Price
Nasdaq 100
S & P 400
Afternoon London Gold Market Fixing Price
The APTP method is determined by the changes in the index values on the 1st and last days of the contract year, subject to an Index Cap Rates. MPTP is determined by the change in the index over a one month period, subject to a monthly cap. The index growth, if any, is credited annually and is based on the sum of all the monthly percentage changes in the index which could be positive or negative. The Inverse Performance Trigger offers a declared rate and a guaranteed minimum. The Inverse Performance Trigger is based on the S&P 500 Index value. If the index value is equal to or lower then the value at previous anniversary, the money credited to this option will be credited interest at the declared performance rate.
The MA is calculated by subtracting the Beginning Index Value from the MA Index Value. The MA Index Value equals the sum of the monthly index values over the contract year, excluding the Beginning Index Value.
If the APP or MPTP crediting option is elected the Cap rate is applied to each of the Indexed Accounts. This rate, which is based upon current economic conditions, is delared each contract anniversary. Upon issue, the minimum Index Cap Rate will be guaranteed for the entire term of your contract.
See current
No penalty will be applied if the following requirements are met. By current company practice, proceeds may be converted to a settlement option after the 1st year. Income payments will be based on accumulation value if a life, life and certain or joint life option is selected, or if the annuity has been in force for at least five years and payments are received over at least a five year period.
If the optional Additional Benefits Rider is elected and an annuity payout option is elected after the surrender period has elapsed, a 4% bonus will be applied to the accumulation value.
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.
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 8.00% |
| 2 | 7.45% |
| 3 | 6.50% |
| 4 | 5.50% |
| 5 | 4.55% |
| 6 | 3.55% |
| 7 | 2.55% |
| 8 | 1.50% |
| 9 | 0.50% |
| 10 | 0.44% |
*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
After the first contract anniversary, should the annuitant become confined to a qualified nursing home facility for at least 90 consecutive days, we will increase the penalty-free withdrawal amount up to 20% of the accumulation value each year while
