Annuities are designed as principal preserving, long term investments, which
can provide funds for retirement. We offer both a non-qualified annuity and
qualified Traditional and ROTH IRA annuities. Our no-load annuities are tax-deferred
(funds are taxable only at the time of withdrawal), and they carry a five year
penalty period, amongst the lowest in the industry.
|Annual Yield on FCSLA Annuities/IRAs
From October 1 through December 31, 2012, older FCSLA annuities (issued
prior to 2005) with a guaranteed minimum rate of 4.50% will earn a yield of
Newer FCSLA annuities (issued 2005 and after) with a guaranteed minimum rate of 3.50% will earn a yield of 3.5618% (5 year), while those with a guaranteed minimum rate of 3.00% will earn a yield of 3.0453% (10 year).
Flexible Premium Deferred Annuity
- Annuitant accumulates funds with interest which is compounded daily. Ongoing deposits are permitted, and may be made via Electronic Funds Transfer (EFT).
- Minimum deposit is $25.00.
- Our competitive interest rates are reviewed by the Board of Directors on a quarterly basis. Rates may be adjusted, but will never go below the guaranteed minimum rate established by the annuity contract.
- Prior to settlement, annuitant may withdraw all or part of the accumulated funds, subject to the Association's Early Withdrawal Penalty.*
- FCSLA allows a one-time 10% penalty free withdrawal in each of the first five or 10 years.* After year 5 or 10, there is no FCSLA penalty on annuity withdrawals, even on additional deposits.
- Flexible Premium Deferred Annuities Early Withdrawal Penalty:
- 5 year: 5% the 1st year, and decreases by 1% each subsequent year.*
- 10 year: 9% the 1st and 2nd year and decrease by 1% each subsequent year.*
- At any age, the annuitant may receive interest only payments, or select a type of periodic payment offered by the Association.*
- If annuitant dies prior to settlement, funds on deposit are payable directly to the named beneficiary(ies).
* Since annuities are considered retirement accounts, withdrawals taken prior to age 59-1/2 may be subject to 10% Early Withdrawal Penalty by the IRS.
Single Premium Immediate Annuity
- Uses annuitant's initial large
premium deposit as the basis for immediate contracted settlement payments.
is "locked in" to the settlement option, payment
amount, payment scheduled selected, and rate in effect for settlements at
time of commencement.
- Scheduled payments may be sent directly to
account via Electronic Funds Transfer (EFT).
- Minimum deposit is $2,000.00.
- Generally, if annuitant dies prior
to receiving all guaranteed payments, the remaining present value of such
guaranteed payments is payable to the named beneficiary(ies).
For more information about these financial
products, please use our interactive contact form.