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| Single Premium Group Annuity Contracts |
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New York Life’s Single Premium Group Annuity Contract is a non-participating group annuity contract designed to provide guaranteed fixed annuity benefits payable under a qualified plan. A single premium group annuity is a group of immediate and/or deferred annuities purchased with a single premium contribution.
These group annuity contracts can alleviate a plan sponsor of the liability and related burdens, such as costly administration fees and Pension Benefit Guaranty Corporation (PBGC) premiums, associated with maintaining a terminated or frozen defined benefit pension plan. Some other instances when these contracts could be used are: plan termination due to a new acquisition or merger, plant shutdown, bankruptcy, court ordered liquidation or even a shift away from a defined benefit plan.
Our dedicated team of service representatives is there to assist plan participants from the date of installation through the life of the participant’s annuities. We provide a toll-free number so plan participants may contact us for ongoing support.
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| Single Premium Overview |
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