Understanding Annuities
What is a retirement annuity?
An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement.
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Annuity Benefits and Features
Steady income stream in retirement
Backed by a financially strong company
Supported by excellent customer service
Explaining Common Forms of Annuity
Life Annuity
Periodic payments are made for the Annuitant's lifetime. Upon the Annuitant's death, all payments cease.
Life Annuity with Cash Refund or Installment Refund
Periodic payments are made for the Annuitant's lifetime and there is a guaranteed minimum total payment amount. Upon the Annuitant's death, the total amount of all benefit payments made over their lifetime is subtracted from the guaranteed minimum total payment amount. Any remaining guaranteed benefit is paid in either a lump sum or in installment payments to the beneficiary(ies).
Annuity With Period Certain
Periodic payments are made until the latter of Annuitant's death and the end of an elected guaranteed payment period (for example, 10 years). If the Annuitant passes away prior to the end of the elected guaranteed payment period, the remaining guaranteed
payments are paid to the beneficiary(ies).
Temporary Life Annuity
Periodic payments are made until the earlier of the Annuitant's death and the end of the elected temporary period (for example, 10 years).
Period Certain Annuity
Periodic payments are made to the Annuitant until the end of an elected certain period (for example, 10 years). If the Annuitant passes away before the end of the certain period the remaining periodic payments are made to the beneficiary(ies).
Joint & Survivor Annuity
The Annuitant names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment
is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount).
Joint & Survivor Annuity With Cash Installment Refund
The Annuitant names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment
is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount). There is also a guaranteed minimum total payment amount. Upon the death of both the Annuitant and the
Contingent Annuitant, the total amount of all benefit payments made over their combined lifetimes is subtracted from the guaranteed minimum total payment amount. Any remaining guaranteed benefit is paid in either a lump sum or in installment payments
to the beneficiary(ies).
Joint & Survivor Annuity With Period Certain
The Annuitant elects a guaranteed payment period and names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount). If both the Annuitant and Contingent Annuitant pass away prior to the end of the elected guaranteed payment period, the remaining guaranteed payments are paid to the beneficiary(ies).
FAQs
How do I change my federal tax withholding?
Please download the W4-P form.
How do I start my benefit payments?
You will be contacted 5 months before normal retirement date with instructions/options. Please contact us about optional retirement dates.
Can I change the frequency of my payment?
No. This was established by your plan sponsor.
Can I take a lump sum payment?
This will be specified within your certificate. You may also contact us for further information.
For any of the following questions, please contact us for further assistance:
How do I report a death?
Can I get a duplicate certificate?
How do I get a duplicate tax form?
Please call us at 1-800-664-6129 for Banner Retirement Services, 1-855-914-9123 for William Penn Retirement Services, or write to us at [email protected].