Deferred Annuities

Deferred Annuities Offer Guarantees1

  • Guaranteed Minimum Interest Rate
  • Guarantee of Principal
  • Tax-deferred growth

No matter how the stock market performs, a Church Life Deferred Annuity offers steady growth. Your rate will never fall below 1.0%. And to help you save even more, Church Life will give you an additional 1.5% bonus on all contributions made within the first year. 

Deferred annuities are funded with after-tax dollars. Contributions are not limited, and they are not tax-deductible. However, the money you have in the account grows on a tax-deferred basis.

Funding Options

Single Premium Annuity

  • You make contributions within the first 60 days of your contract date using a single lump sum contribution or multiple contributions to the annuity.
  • You can withdraw 10% of your account balance during each contract year without incurring a penalty fee from us; however, if you are under age 59 ½ you may incur a 10% IRS penalty. On any amount withdrawn above the first 10% you will incur the following penalties over the first 7 years of the contract:

Contract Year

Penalty Percentage above first 10%

1

7%

2

6%

3

5%

4

4%

5

3%

6

2%

7

1%

8 (or more)

0%

 

Flexible Premium Annuity

  • Lets you contribute at your own pace with multiple contributions over time.
  • You can withdraw 10% of your account balance during each contract year without incurring a penalty fee from us; however, if you are under age 59 ½ you may incur a 10% IRS penalty. On any amount withdrawn above the first 10% you will incur the following penalties over the first 10 years of the contract:

Contract Year

Penalty Percentage above first 10%

1

8%

2

8%

3

8%

4

7%

5

6%

6

5%

7

4%

8

3%

9

2%

10

1%

11 (or more)

0%

 

Retirement Income Options

When you are ready to start receiving income in retirement, Church Life offers ways to receive your annuity savings.

  • Lifetime Income guarantees you will be paid a sum every month for the rest of your life with the option to include your spouse and a beneficiary who can receive a payment as well. This option may be a good choice if you’re concerned with providing for yourself, your spouse, or a beneficiary.
  • Income for a Specified Period or Payment Amount allows you to specify a period of time or an amount of money for which you would like to receive income. Your payment or time period will be based on your account balance.

Have Questions?

Call us to talk about retirement products.

Consult your tax or financial advisor about annuities and if they fit your situation.

1Guarantees are based on the claims-paying ability of Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016 (“Church Life”). The Church Pension Fund does not guarantee the interest or principle.

 

Annuities are offered by Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016.

Annuities and IRAs Disclaimer

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