Issue Ages: No age restrictions! Minimum Guaranteed Rate: 1.0%
Minimum Initial Deposit: $300 Maximum Initial Deposit: *
Initial Rate Guarantee Period: One Year Additional Deposits are permitted.1
Eligible for Qualified Plans: Yes
Withdrawal provisions: This contract does not allow for any surrender charge free withdrawals during the first year. Surrender charges in the first year are 9%, and are reduced by 2% in each subsequent year of the five year contract. (9% - 7% - 5% - 3% - 1%). Should you continue into the remaining 4 years of the contract, surrender charge free withdrawals of 10% are permitted in each remaining year based on the contract’s value at the preceding anniversary date.
Please note: Any interest or gain in the withdrawal will be subject to taxes and, if withdrawn prior to age 59 ½, may also be subject to a 10% early distribution penalty imposed by the IRS. By IRS mandate, interest is always distributed first.
Your initial interest rate is guaranteed for the first year. Upon the first contract anniversary, and for 30 days thereafter, you have the option of:
1. Continuing the contract for the remaining four years. The rate for each subsequent year will be based on the Five Year Advantage New Issue Crediting Rate at EACH anniversary of your contract, and guaranteed at that level for the contract year. During the 30 day window, you may withdraw any portion of your proceeds without a surrender charge.
2. Surrendering the contract during the 30 day “window”, and converting to a new One Plus Four. The initial crediting rate for the new contract will be the current crediting rate in the month of the conversion. The entire proceeds of the existing contract may be converted into the new contract without creating a taxable event.
3. Surrendering the contract and converting to any other GCU Annuity, subject to age limitations.
4. Surrendering the contract completely without incurring a surrender charge. (Again, this will create a taxable event and potential penalties.)
Additional Deposits: Currently, the GCU Home Offices determines annual contribution limits on per annuitant, per calendar year basis. This maximum applies per annuitant regardless of the number of contracts in force. Maximums may also depend on other GCU contracts in force.
• One Plus Four contracts that have continued into the remaining four years are currently permitted to add additional deposits up to the maximum limits established for that calendar year.
• Conversions of an existing One Plus Four to a new One Plus Four (during the 30 day window beginning on the first contract anniversary) will be able to convert the entire amount of the old contract into the new one. Additional deposits are subject to current maximums.
Maturity Date: Upon the maturity date of the contract, you may:
1. Convert to any GCU Annuity being offered at that time, subject to age availability. Initial rate for the new contract will be based on the current crediting rate for that new contract in the month of the conversion.
2. Withdraw any or all of the available funds without a surrender charge. Any interest or gain in the withdrawal will be subject to taxes and, if withdrawn prior to age 59 ½, may also be subject to a 10% early distribution penalty imposed by the IRS.
3. Continue the contract indefinitely, with complete liquidity of the available funds (no surrender charges). The credited interest rate, beginning the first day of the 6th contract year will be the credited liquid money rate as declared by GCU, and can change on a month to month basis. Subsequent contract years will follow the same crediting rate process. Crediting rates for all years following the maturity of the contract will be no less than the guaranteed minimum in the contract.
Death Benefit Waiver: As with all GCU Deferred Annuity Contracts, no surrender charges will be imposed on the death benefits paid under this contract.
Annuitization Waiver: The GCU will waive surrender charges if this annuity is converted to a settled annuity for a period of 5 years or longer.
(Terms of Service and sale are subject to change)