NU Online News Service, April 13, 2004, 5:56 p.m. EDT – ING U.S. Financial Services, Atlanta, has introduced a fixed annuity designed for teachers and other members of 403(b) plans.[@@]
The new ING Premier 5 fixed annuity can handle rollovers of assets from deferred retirement option plans and partial lump sum option plans.
The minimum guaranteed interest rate is only 1.5%, but the annuity offers a $25,000 premium bonus level and a $50,000 premium bonus level.
Annuity holders will get the regular interest rate on the first $25,000 in premiums paid during the first contract year, a 2.5% bonus on the next $25,000 in premium payments and a 5% bonus on any additional premium payments.
After the sixth contract anniversary, the rate will go up at least 0.25%, ING U.S. says.
ReliaStar Life Insurance Company, an ING U.S. sister company, is issuing the annuity and backing the product guarantees. ING U.S. and ReliaStar are units of ING Groep N.V., Amsterdam.
The ING Premier 5 annuity is available in Alabama, Arizona, Arkansas, Colorado, Florida, Kansas, Louisiana, Mississippi, Missouri, North Dakota, Ohio, Tennessee and Wisconsin.