Multi-Fund Select Variable Annuity
Product ID: 56
Type:
Variable Annuity
$212
0.87%
9 Years / 6.00%
No
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
(800) 454-6265
E-mail:
Address:
1300 S. Clinton Street
Fort Wayne, IN 46802
Fort Wayne, IN 46802
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
The Multi-Fund Select Variable Annuity offers a fixed account plus a variety of investment options from several leading fund managers within a single contract. Each manager has a distinctive approach and the experience of having weathered financial markets of every type. The Multi-Fund Select Variable Annuity offers you the diversity and flexibility to help meet your specific retirement needs.
* If you already have a Lincoln Group Variable Annuity (GVA) contract in place, the terms and provisions may be different. Please contact your school district directly for their specific information.
Select the topics below to expand and view additional product details
Asset allocation is a way of diversifying investments among various asset classes. By spreading money among stocks, bonds and cash equivalents, participants can potentially reduce risk. Lincoln Financial Group has developed eight profile funds to simplify the asset allocation decision. Participants can choose from three profile funds ranging from conservative to aggressive. An easy questionnaire helps determine the investor profile which is then aligned with one of the funds. We have also added five target-maturity profile funds.
With the portfolio rebalancing option, the participant indicates the percentage to be maintained in the selected investment options and on a periodic basis Lincoln Financial Group will rebalance the account to maintain this ratio. This option can be used to rebalance the entire account balance or to rebalance specific investment options.
Dollar Cost Averaging is an investment strategy used to invest a fixed sum of money at regular intervals into one or more investment options. This option provides participants the ability to move money into the investment options over a 12-, 24- or 36-month period. The participant determines the total amount they wish to Dollar Cost Average. On a monthly basis, an equal portion is moved out of the holding account to the selected investment option(s).
Upon annuitization, we guarantee that the dollar amount of each payment, after the first, will not be affected by variations in mortality experience from mortality assumptions on which the first payment is based.
The Lincoln Fixed annuity is considered a conservative investment because it guarantees return of principal and offers a minimum interest rate guarantee. We guarantee that the interest credited to this account will never fall below 1.75% in contract years 1-10 and 3.00% in contract years 11 and later.
To initiate a loan, a participant must obtain the appropriate loan form from Lincoln Financial Group’s customer service representative, their local representative, or employer. Once the completed paperwork is received in good order, the loan is processed the same day and loan proceeds are deposited via EFT. There is a $35 loan set-up fee.
Loan repayments can be made directly by the participants via EFT. Payments are set up on monthly or quarterly installments. Loan defaults follow IRS guidelines. Loan modeling and amortization schedules are available online and through the on-site representatives. The employer can be responsible for loan approval or this activity can be totally outsourced to Lincoln Financial Group.
To initiate a hardship withdrawal, a participant must obtain the appropriate withdrawal form from Lincoln’s customer service, their local representative, or employer. Once the completed paperwork is received in good order, the withdrawal is processed on the same day and the check is mailed within two to three business days.
This product is fully benefit sensitive which means that Lincoln Financial Group will not assess any type of withdrawal or surrender charge in the event a participant initiates a hardship withdrawal. There is no additional cost for this feature.
Lincoln Financial Group will calculate the required minimum distribution upon request. Lincoln Financial offers an automatic withdrawal feature that will enable participants to take the annual IRS-required minimum distribution in periodic installments throughout the year. The participant can change or stop this service at their convenience-giving them maximum control of his/her account. Lincoln Financial will not automatically initiate a distribution to the participant, as the participant may choose to take the RMD from other like contracts.
Written notification of minimum required distributions occurs in the quarter of the participant’s 70th birthday.
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:
This product is fully benefit sensitive which means that Lincoln Financial Group will not assess any type of withdrawal or surrender charge in the event a participant becomes totally and permanently disabled. There is no additional cost for this feature.
Annuity payments will be made for the joint lives of the Annuitant and a Contingent Annuitant of the Annuitant's choice with no period certain, or with 10 years period certain, or with a 20 years period certain. Annuity payouts continue for the life of the survivor at the death of the Annuitant or Contingent Annuitant. Upon death of both Annuitants, annuity payouts will continue to a beneficiary for the remainder, if any, of the period certain.
Annuity payouts will be made for the life of the Annuitant with no period certain. There is no guarantee of a minimum number of payments or provisions for a death benefit for beneficiaries.
Annuity payouts will be made for 10 years period certain or 20 years period certain. Upon the death of the Annuitant, annuity payouts will continue to the beneficiary for the remainder, if any, of the period certain.
Annuity payouts will be made for the life of the Annuitant with the guarantee that upon death of the Annuitant a payout to the beneficiary will be made of the value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under the option divided by the annuity unit value at the annuity commencement date and (b) is the product of the number of annuity units represented by each annuity payout and the number of annuity payouts before death.
Participants may elect to receive a lump sum distribution or as permitted by the plan, the particpant may elect to convert all or part of the account balance to an annuity payout. Lump sum withdrawals are available for the following events: -Annuitization of contract, -Total and permanent disability of annuitant, -Death of annuitant, -Retirement, and -Termination of employment.
If period certain is elected by the annuitant upon annuitization, annuity payouts will be made for 10 years period certain or 20 years period certain. Upon the death of the Annuitant, annuity payouts will continue to the beneficiary for the remainder, if any, of the period certain.
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
|
|
$25.00 | Annually | Flat Dollar Amount | Yes | Yes | Yes |
|
|
1.00% | Annually | Percentage of Annual Assets | No | No | No |
|
|
$35.00 | At the time funds are withdrawn | Flat Dollar Amount | Yes | Yes | Yes |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 6.00% |
| 2 | 6.00% |
| 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
Surrender Penalty Charge assessed on a "rolling" basis:
Surrender charges are not assessed on a "rolling basis". Surrender charges are based on the number of contract years the individual contract has been in place.
Exceptions to the Surrender Charge:
Exceptions to the Surrender Charge:
Percent of contract value:
15.00%
Death:
Yes
Disability:
Yes
Financial Hardship:
Yes
