Group Unallocated Annuity
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A Group Unallocated Annuity is an annuity contract or group annuity certificate that is not issued to the employee but is held by the employer, an entity, or a trust for the employee’s benefit. Life Insurance Company of the Southwest offers an unallocated group annuity in 3121 plans (a type of retirement plan) and other retirement group plans.
These plans, according to the 1990 Omnibus Budget Reconciliation Act, can exercise their Social Security Section 218 exclusion allowance. They have the option of giving their part-time, temporary and seasonal employees a meaningful, defined contribution retirement plan as an alternative to Social Security.
Fixed and fixed indexed annuities offered through National Life Group companies allow your employees to build retirement savings without downside risk!
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