NU Online News Service, Nov. 7, 2003, 12:19 p.m. EST – New York Life Insurance Company, New York, has introduced fixed annuities and fixed life insurance policies designed to fund 412(i) defined benefit pension plans.
New York Life is issuing the life insurance policies and its New York Life Insurance and Annuity Corp. subsidiary is issuing the annuities.
Section 412(i) of the Internal Revenue Code sets out the rules for funding a small defined benefit pension plan with fixed life insurance policies or annuity contracts. Employers can deduct contributions to 412(i) plans from their taxable income, and the benefits are safe from investment risk.
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