A single premium, tax deferred fixed annuity issued by Reliance Standard. Available for non-qualified, Traditional IRA, Roth IRA, SEP-IRA and Pension Trusts.
Issue ages: Age 0 to 85 Minimum premium: $20,000 Maximum premium: Age 0-75 - $1,000,000 Age 76-85 - $500,000 (Premium over thresholds above require prior approval)
Interest rate and interest rate guarantee periods The interest rate credited to your annuity is guaranteed for 5, 7, and 10 years from the date of issue. Interest rates for new deposits are subject to change so ask your agent to confirm the current interest rates for the Reliance Guarantee annuity. Reliance Guarantee annuity contracts are issued each business day and begin earning interest on the Date of Issue which is the date the premium is received by Reliance Standard. If more than one premium payment is involved and in situations where multiple transfers and/or exchanges and cash are combined into one contract, the Date of Issue will be the date that the funds from the last source are received.
Penalty-free access You can withdraw up to 10% of the premium paid in the first contract year, and after the first year, up to 10% of the annuity value each year with no early withdrawal charges. Withdrawals may be taken either as a lump sum or spread/ scheduled throughout the contract year. The minimum withdrawal amounts are: Unscheduled Check - $500, Scheduled Check - $250, and Scheduled EFT - $100.
Market Value Adjustment Market value adjustment (MVA) A market value adjustment occurs when you make early withdrawals from your annuity exceeding the penalty-free amount or request a full surrender of your annuity within the first 5 years of your contract (the MVA period). A market value adjustment increases or decreases your annuity value based on the difference between current base interest rates for the same interest guarantee period and the current base interest rate in effect when your annuity contract was issued. If current interest rates for the same guarantee period are more than 0.5% lower than the base interest rate of your contract, your annuity value will receive a positive adjustment. If current base interest rates are less than 0.50% lower or are higher than the current base interest rate, your annuity value will receive a negative adjustment. However, your annuity value will never be less than the premium you paid, less any withdrawals, accumulated at the minimum guaranteed interest rate, less surrender charges.
Death Benefit Your annuity contract’s death benefit is payable to your beneficiary upon your death. If you are also the annuitant, then your policy’s death benefit will be equal to the annuity’s value. If the annuitant is someone other than you, the policy’s death benefit is equal to the annuity value less any applicable surrender charges.
Life annuity—A monthly income payable over the annuitant’s lifetime.
Life annuity with payments certain—A monthly income payable over the annuitant’s lifetime with the additional guarantee that in the event of death prior to the end of the specified period (such as 5, 10 or as long as 20 years), payments will continue to your designated beneficiary for the remainder of the specified period.
Designated period annuity—A monthly income payable in equal installments for a specified period (such as 5, 10 or as long as 20 years).
Joint and last survivor annuity—A monthly income payable over the lifetime of an annuitant and thereafter during the lifetime of a designated surviving annuitant.
Funding Your Annuity
IRA rollovers & transfers -- All of our fixed annuities can be purchased as Traditional Individual Retirement Annuities with rollover funds from qualified employer plans or rollovers or transfers from existing IRA accounts with other financial institutions
Roth IRA conversions--All of our fixed annuities can be purchased as Roth Individual Retirement Annuities and can be used to convert Traditional IRAs to Roth IRAs
TSP funds have to be rolled into an IRA.
Reliance Standard only issues Inherited IRA annuity contracts under the following qualifications:
The Beneficiary (new owner) must be the original (1st Generation) beneficiary of the deceased Traditional/SEP IRA Owner.
The Beneficiary (new owner) must be age 65 or younger.
The original Traditional/SEP IRA Owner’s Date of Death may be no more than five years from the application date.
The original Traditional/SEP IRA Owner’s Date of Death must have occurred prior to January 1, 2020.