DEFERRED ANNUITY. The Board agrees that during the term of this Contract, and in addition to any other compensation provided for in this Contract, the Board shall pay for a $3,000 annuity each year on behalf of the Assistant Superintendent. In addition, the Board agrees to pay the TRS “member contribution” applicable to such additional annuity directly to TRS on behalf of the Assistant Superintendent. Such contributions are subject to all requirements and limits contained in the Internal Revenue Code. The Assistant Superintendent does not have a right to receive these contributions in cash.
DEFERRED ANNUITY. The College may offer a 403B and a 457B Deferred Annuity Plan to the Faculty. The College shall have the right to select the provider(s) of the Plan(s) and Plan design. The College will not contribute financially to any deferred annuity.
DEFERRED ANNUITY. An annuity contract under which the start of annuity payments is deferred to a future date.
DEFERRED ANNUITY. Under a Deferred Annuity, you typically begin to receive payments at some future date, usually upon retirement. Deferred annuities usually allow you to make periodic withdrawals, and to invest a lump sum all at once or make periodic payments, which can be either fixed or variable. You do not make any tax payments until you make a withdrawal. Annuity Investment Types There are two annuity investment types: Fixed and Variable. Fixed Annuities: Fixed Annuities offer a guaranteed rate of return, typically over a period of one to 15 years. They are usually invested in government securities and corporate bonds. There are two basic types of Fixed Annuity: Guaranteed Return Annuity (GRA) is a fixed annuity that offers a guarantee that you can never receive less than 100% of your investment — no penalties or fluctuations in the interest rate market can impact your principal should you surrender. Market Value Adjustment Annuity (MVA) works much as the GRA, but there is no guarantee of your principal if rates rise and you surrender your contract. Each company we represent has different types on annuities, please contact us for explanation. Variable Annuities: Variable Annuities enable you to invest in a selection of portfolios, called sub-accounts. These sub-accounts are tied to market performance. There are two special types of Variable Annuity: Living Benefit Annuity is also known as a GRIB (Guaranteed Retirement Income Benefit). The most competitive GRIB guarantees at least a 5% return over seven years or the highest attained value on each anniversary during the surrender period, whichever is greater. In exchange for this living guarantee, the living benefit annuity has a surrender charge, or penalty for early withdrawal, no up- front bonus, and a slightly higher annual fee. Guaranteed Lifetime Withdrawal Benefit Annuities are also very popular. The concept behind a Lifetime Withdrawal Benefit is simple. If you purchase a Lifetime Withdrawal Benefit Rider with your Variable Annuity, the insurance company guarantees a regular monthly, quarterly, or annual payment for your lifetime, even if your account balance goes to zero.
DEFERRED ANNUITY. The Board, in accordance with applicable state and federal laws, and in accordance with the request of the Superintendent, shall withhold such amount of salary as annuity program as selected by the Superintendent.
