NAC Control. X
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Highlights
NAC Control. X is an individual single premium deferred fixed index annuity. Designed to give you certainty in an uncertain future and allows you to control your own unique retirement plan.
Protection from downside market risk and growth potential with multiple index strategies from leading financial brands including exclusive Barclays Transitions Indices.
First-to-market income flexibility with the optional Total Control Rider (for an additional charge). Activate the amount of income you need, when you need it, without giving up future potential income flexibility and growth.
Protection from downside market risk and growth potential with multiple index strategies from leading financial brands including exclusive Barclays Transitions Indices.
First-to-market income flexibility with the optional Total Control Rider (for an additional charge). Activate the amount of income you need, when you need it, without giving up future potential income flexibility and growth.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
10 Years |
|
Surrender schedule
|
10%10%9%9%8%8%7%6%4%2% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
05/02/2023 |
|
Minimum contribution
|
$20,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
79 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, TSA 403b, SEP IRA, and IRA-Roth |
Brochure
|
Open brochure |
Find out if the NAC Control. X is the right product for you.
Premium Notes
Issue ages
- 0-79 without optional Total Control rider
- 40-79 with Total Control rider elected
Minimum premium
Single premium, $20,000 qualified and non-qualified
Single premium, $20,000 qualified and non-qualified
Withdrawal Provisions
Penalty-free withdrawals
Beginning in the second contract year, once each contract year you may take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning of the year accumulation value annually. Penalty-free withdrawals will cause your total income base to be reduced by the same percentage withdrawn from your contract.
Market value adjustment (MVA)
The market value adjustment (MVA) is an adjustment applied during the surrender charge period that helps protect the insurance company from losses that may occur upon early withdrawals and surrenders. This protection allows the insurance company to offer more favorable interest crediting rates and limits. The MVA only applies to withdrawals above the available penalty-free withdrawal amount. The MVA depends on changes in the market value adjustment of an external index rate (Barclay’s US Credit Index) since the issue date. The MVA generally decreases the surrender amount when rates rise and increases the surrender amount when rates fall by more than the adjustment. With certain rate movements, it may not be possible to receive a positive MVA. An MVA will not reduce the amount surrendered below the minimum guaranteed surrender value.
Surrender charges
During the surrender charge period, a surrender charge applies to any amount withdrawn out of the Annuity Contract above the available penalty-free withdrawal amount. Surrender charges decrease the amount available to you and may result in a loss of premium. Among other things, surrender charges help defray expenses associated with issuing your Annuity Contract and allow us to invest long-term and in turn, generally offer more favorable interest crediting rates and limits.
In California: The surrender charge percentage in the 10th contract year will decrease 0.04% monthly until the surrender charge equals 0.00%. The decrease will occur on the same day in each month as the date of the Contract anniversary; if the date does not exist for a given month, the date for that month will be the last calendar day of the month.
Beginning in the second contract year, once each contract year you may take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning of the year accumulation value annually. Penalty-free withdrawals will cause your total income base to be reduced by the same percentage withdrawn from your contract.
Market value adjustment (MVA)
The market value adjustment (MVA) is an adjustment applied during the surrender charge period that helps protect the insurance company from losses that may occur upon early withdrawals and surrenders. This protection allows the insurance company to offer more favorable interest crediting rates and limits. The MVA only applies to withdrawals above the available penalty-free withdrawal amount. The MVA depends on changes in the market value adjustment of an external index rate (Barclay’s US Credit Index) since the issue date. The MVA generally decreases the surrender amount when rates rise and increases the surrender amount when rates fall by more than the adjustment. With certain rate movements, it may not be possible to receive a positive MVA. An MVA will not reduce the amount surrendered below the minimum guaranteed surrender value.
Surrender charges
During the surrender charge period, a surrender charge applies to any amount withdrawn out of the Annuity Contract above the available penalty-free withdrawal amount. Surrender charges decrease the amount available to you and may result in a loss of premium. Among other things, surrender charges help defray expenses associated with issuing your Annuity Contract and allow us to invest long-term and in turn, generally offer more favorable interest crediting rates and limits.
In California: The surrender charge percentage in the 10th contract year will decrease 0.04% monthly until the surrender charge equals 0.00%. The decrease will occur on the same day in each month as the date of the Contract anniversary; if the date does not exist for a given month, the date for that month will be the last calendar day of the month.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.55%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.5%
Cap
|
| 2-Year S&P 500 PTP Cap |
Point to Point
Biennial
|
13%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
40%
Participation
|
| 1-Year Barclays Transitions 6 VC PTP Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year Barclays Transitions 12 VC PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 2-Year Barclays Transitions 6 VC PTP Participation Rate |
Point to Point
Biennial
|
185%
Participation
|
| 2-Year Barclays Transitions 12 VC PTP Participation Rate with Spread |
Point to Point
Biennial
|
115%
Participation
2%
Spread
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 10% | 9% | 9% | 8% | 8% | 7% | 6% | 4% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Total Control Rider Level | No | 1.25% annually |
| Total Control Rider Increasing | No | 1.25% annually |
Waivers
Nursing Home
After the first contract anniversary, if you are confined to a qualified nursing care center (skilled nursing facility or residential care facility for the elderly in CA) as defined in the rider, you may withdraw up to 100% of your accumulation value without a surrender charge or MVA as long as you meet the eligibility requirements for this rider. If you withdraw 100% of your accumulation value, your contract will terminate. This waiver is automatically included with your annuity at no additional charge. Potential interest credits for any partial crediting term are not available with this benefit and are only available as part of the annuity contract death benefit. Refer to the waiver rider for additional details, including benefit terms and conditions and limitations.
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