The MassMutual Stable Voyage is a single premium deferred annuity. Stable Voyage provides a guaranteed interest rate on the money that stays in your contract. The accumulation phase begins as soon as your purchase payment is applied to the annuity contract. Stable Voyage is a single premium annuity, so you cannot make multiple purchase payments into the contract.
Issue Age (Owner only; no minimum for annuitant)
Minimum: Age 18 or age of majority (19 in AL, DE, & NE)
Maximum: Age 85
Funding the annuity contract You can fund a Stable Voyage annuity contract by using a portion of your savings, or by rolling over assets from an individual retirement account (IRA) and/or an employer-sponsored plan, such as a 401(k). The minimum purchase payment is $10,000.
Window Period (Last 30 calendar days of an existing guarantee period) As each guarantee period approaches its end, there is a 30-calendar-day window period. During this time you must decide whether to:
Renew into a new guarantee period. Surrender charge period restarts, unless a one-year renewal is selected.
Take a partial or full withdrawal (no surrender charge).
Fully or partially annuitize the contract value (no surrender charge).
Free Withdrawal Provisions The free withdrawal amount is calculated as follows:
First contract year: Up to 10% of the contract value as determined at the time we process the first withdrawal request.
Contract years two and later: Up to 10% of the contract value, calculated as of the last business day of the previous contract year.
Required minimum distributions (RMD): For an IRA or a qualified plan, qualifying RMD amounts that exceed the free withdrawal amount are not subject to surrender charges.
Unused free withdrawal amounts cannot be accumulated from year to year
Partial Withdrawals Minimum: $250; a minimum contract value of $7,500 is required after partial withdrawals.
Systematic Withdrawal Program Available elections include the maximum surrender charge-free withdrawal, a specific dollar amount, a specific percentage of contract value or the current year’s interest earned.
Annuity payment options range from income for life to payments for a specific period.
Annuity payouts may begin at any time after the start of the sixth contract year (available beginning in the 13th month in FL and NY).
Accumulation phase: Death benefit is equal to the contract value as of the date we receive both proof of death and the beneficiary’s election of a payment method.
Income phase: Death benefit is determined by the annuity option chosen.