Charter Annuity Advantage
Product ID: 28
Type:
Fixed Annuity
1%
AM Best:
11 Years / 10.00%
Yes
Roth Eligible
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
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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 is a fixed interest flexible premium deferred annuity policy.
Select the topics below to expand and view additional product details
We will lend up to 95% of the net surrender value, after the contract has been in force for at least 30 days, subject to IRS limits. All loans are administered under TEFRA rules and must be repaid on a systematic basis.
Minimum loan is $500.00. There are 4 free loans per year, a $55 fee applies to each additional loan. Loan interest charged is 5.5%. The amount of the annuity equivalent to the loan is guaranteed to be credited 3.0%. Therefore, net interest charged is 2.5%.
We allow hardship withdrawals as described in the 403(b) regulations.
Provides for an increasing income to the annuitant based on IRS life expectancy tables. Sometimes referred to as the Life Expectancy Income Option (LEIO).
Yes
This provides an income to the annuitant and spouse as long as one of the individuals is alive.
Provides a life income to the annuitant.
Provides a life annuity to the annuitant with a minimum payment of 10, 15 or 20 years.
Provides a single payment of the net surrender value.
Provides an income to the annuitant for a period of years.
| Investment Year | Bonus Rate |
|---|---|
| 1 | 2% |
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.
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 10.00% |
| 2 | 9.00% |
| 3 | 8.00% |
| 4 | 7.00% |
| 5 | 6.00% |
| 6 | 5.00% |
| 7 | 4.00% |
| 8 | 3.00% |
| 9 | 2.00% |
| 10 | 1.00% |
| 11 | 0.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Death:
Yes
Financial Hardship:
Yes
Special Retirement Benefit: If you should retire after 5 years, we will waive the remaining surrender charges so the full value of your account can be paid to you.
