Nassau Bonus Annuity (Group B)
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Highlights
Nassau Bonus Annuity is a Single Premium Accumulation-Focused Fixed Indexed Annuity with a Premium Bonus and Guaranteed Lifetime Withdrawal Benefit Options.
Available in states:
AK, CT, DE, FL, GA, HI, ID, IN, KY, LA, MA, MN, MO, MT, NJ, OH, OR, PA, RI, SC, TX, UT, VA, WA, and WI
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Premium Bonus
|
10% |
|
Term
|
10 Years |
|
Surrender schedule
|
9.6%8.7%7.8%6.8%5.9%4.9%3.9%3%2%1% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
02/09/2023 |
|
Minimum contribution
|
$15,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, Profit Sharing, IRA, Spousal IRA, Pension, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, KEOGH, IRA-Roth, SIMPLE IRA, 457 plan, 1035 Exchange, and TSP |
Brochure
|
Open brochure |
Find out if the Nassau Bonus Annuity (Group B) is the right product for you.
Withdrawal Provisions
Withdrawals
- Withdrawals up to the contract’s free withdrawal amount are free of fees and charges.
- Withdrawals for Required Minimum Distributions (RMDs) associated with this contract will not incur surrender charges, Market Value Adjustment (MVA), or recovery of non-vested premium bonus.
- Withdrawals prior to rider exercise (if elected) reduce the income benefit base, but do not stop growth of the reduced income benefit base
- Any withdrawals may be subject to federal and state income tax.
- Withdrawals exceeding the free withdrawal amount during the surrender charge period (also known as “excess withdrawals”) will be subject to surrender charges, recovery of non-vested premium bonus amounts and MVA. Withdrawals exceeding the free withdrawal amount in any year will be subject to pro-rated rider and strategy fees (if applicable).
- Withdrawals are always taken from the fixed account value first. Afterwards, withdrawals are taken proportionately from indexed accounts. Withdrawals taken from indexed accounts will be excluded when calculating index credits.
Free Withdrawals
Each year during your annuity’s surrender charge period you may withdraw up to 10% (the free withdrawal amount) of your contract value, free of surrender charges, a Market Value Adjustment (MVA), recovery of non-vested premium bonus and prorated rider and strategy fees. Any withdrawals taken during an index segment will not qualify for partial index credit at the end of the segment.
Each year during your annuity’s surrender charge period you may withdraw up to 10% (the free withdrawal amount) of your contract value, free of surrender charges, a Market Value Adjustment (MVA), recovery of non-vested premium bonus and prorated rider and strategy fees. Any withdrawals taken during an index segment will not qualify for partial index credit at the end of the segment.
Market Value Adjustment (MVA)
- Applies during the surrender charge period
- Adjustment may be positive or negative depending on the change in the interest rates since contract issue
- The maximum positive adjustment to the cash surrender value cannot exceed the maximum negative adjustment
- Applies when surrender charges are waived under the nursing home waiver or terminal illness waiver (see “Surrender Charges” below for details)
- MVA is waived on withdrawals under the contract’s free withdrawal amount, on death benefit and on annuitization
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Sunrise Smart Passage SG Participation Rate |
Nassau Sunrise
Annual
|
65%
Participation
|
| 2-Year Sunrise Smart Passage SG Participation Rate |
Nassau Sunrise
Biennial
|
117%
Participation
|
| 1-Year Sunrise Smart Passage SG Enhanced Participation Rate |
Nassau Sunrise
Annual
|
89%
Participation
|
| 2-Year Sunrise Smart Passage SG Enhanced Participation Rate |
Nassau Sunrise
Biennial
|
156%
Participation
|
| 1-Year Fixed Account |
Fixed
|
3.65%
Fixed
|
| 2-Year Nasdaq-100 PTP Enhanced Participation Rate |
Point to Point
Biennial
|
48%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
47%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
47%
Participation
|
| 1-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Annual
|
58%
Participation
|
| 2-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Biennial
|
63%
Participation
|
| 1-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Annual
|
25%
Participation
|
| 2-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Biennial
|
35%
Participation
|
| 1-Year Nasdaq-100 PTP Enhanced Participation Rate |
Point to Point
Annual
|
35%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
No Riders for Nassau Bonus Annuity (Group B) annuity.
Waivers
Nursing Home
Surrender charges are waived (though an MVA and recovery of non-vested premium bonus will still apply) if the contract owner becomes ill and is confined to a hospital or nursing home for at least 90 consecutive days, on or after the first contract anniversary.
Terminal Illness
Surrender charges are waived (though an MVA and recovery of non-vested premium bonus will still apply) if the contract owner becomes ill and is diagnosed with a terminal illness (a life expectancy of 6 months or less), on or after the first contract anniversary.
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