Fixed annuity review and rates

Secure Savings

SILAC Secure Savings Series 
  • No Long-Term Commitment: After the initial 2-year or 5-year guarantee period, a policy owner will have the opportunity to access the full value of their annuity. If pleased with the growth of the annuity, a policy owner can choose to continue the contract.
  • Principal Protection: Funds in the Secure Savings annuity series are 100% principal protected. As long as the annuity is held for the guarantee period, the principal and interest earned are fully guaranteed.
  • Tax Deferred Growth: All interest earned is tax deferred. Until funds in the annuity are accessed, no taxes are due on the interest earned.
  • Access To Funds For Life's Curve-balls: The Secure Savings annuity series was designed for maximum flexibility depending on the customer's needs. With the Secure Savings annuity series, liquidity options may be available depending on the product and guarantee period chosen. After the guarantee period, the full account value of the annuity can be accessed.
  • Income Options: Upon maturity and at the end of each guarantee period, a policy owner can convert the annuity into a guaranteed income benefit.
  • Wealth Transfer: The annuity series includes a death benefit upon the death of the owner. The Secure Savings death benefit is equal to the account value. The Secure Savings Elite death benefit is equal to the cash surrender value. It will be paid as long as an income option has not been elected.
  • Liquidity 5% free withdrawal of account value after the 1st year.  RMD availabe 1st year.  Accumulated interest the first year.
Free withdrawal
In the first policy year, the greater of credited interest only or Required Minimum Distribution (RMD) may be withdrawn. In the second policy year and after, the greater of 5% of the Account Value, credited interest or RMD may be withdrawn. RMDs are mandatory withdrawals from qualified contracts. They are required for anyone over age 70½.

Market Value Adjustment (MVA)
A Market Value Adjustment (MVA) applies to a full or partial surrender to which a withdrawal charge applies. It can either increase or decrease the amount you’ll receive from a surrender or excess withdrawal.
It does not apply during the 30-day window or after the withdrawal charge period.

Tax Treatment
You may be subject to a 10% federal tax penalty if you make withdrawals, including Penalty-Free Withdrawals, or surrender this annuity before age 59 ½. If this annuity is within a qualified plan all distributions may be taxable. Under current tax laws annuities grow tax deferred. An annuity is not required for tax deferral in a qualified plan. Any distribution may cause a taxable event. When you take payouts or make a withdrawal, you pay ordinary income taxes on the earned interest. Neither Equitable nor our agents offer tax advice. Death Benefit is equal to the Account Value upon death of the Owner.

Interest Crediting
When a Guarantee Period ends, the annuity will enter a renewal period. We will mail a notice to you 45 days before the end of the current Guarantee Period outlining all available options, which include: Renewing for another Guarantee Period that is the same as the current; Electing a new Guarantee Period available at the time of renewal; Surrendering the contract without penalty. Taking a partial withdrawal without penalty; or Applying the Account Value to an Income Option. If you do not elect one of the available options by the end of the first 30 days of the renewal period ("30-Day Window"), the contract will automatically renew.  If the current Guarantee Period is: 2-years - the first automatic renewal option will be 3-years. The second automatic renewal option will be for 2-years. 5-years - the automatic renewal option will be 5-years.

Beyond the 30-Day Window, surrender charges and MVA will reset & continue until the renewal Guarantee Period has expired. This renewal process will continue until full surrender, annuitization or death.

Death Benefit
Account Value

Note: we take TSP as a rollover to IRA.

Interest Rates

Guaranteed Years Surrender Years Guaranteed Yield Current Yield
5 5 3.45% 3.45%
2 2 2.6% 2.6%
SILAC Insurance Company
Founded: 1935
A.M. Best: B+
S&P: B+
Carrier details
Free withdrawal
1st year: 0%
2nd+ year: 5%
Types of funds
Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, Stretch IRA, Inherited IRA, and TSP