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| Terminal Funding Group Annuity Contracts |
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New York Life’s Terminal Funding Group Annuity Contract is a non-participating group annuity contract designed to provide guaranteed fixed annuity benefits payable under either Qualified Defined Benefit or Defined Contribution plans.
Under a Terminal Funding contract, annuity purchases can be made for participants retiring under the contract on an as needed or on going basis as they retire. In effect, it can be a series of single premium purchases under one Group Annuity Contract. The Terminal Funding Contract is suitable for an active plan.
The need for these group annuity contracts can result from a plan sponsor’s desire to alleviate administrative costs or as an added benefit option for departing employees who desire a reliable immediate fixed annuity option upon retirement.
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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| Terminal Funding Overview |
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