- Guaranteed Income Start Date — Clients pick a fund based on their year of birth and available calendar year start dates. Income start dates range from 2016 to 2028 with four-year intervals.
- Pre-Income Stream Flexibility — There is broad flexibility for clients to change the income start date; select or change multiple income stream start dates; increase or decrease income stream(s); or opt in or opt out of income stream(s).
- Pre-Income Stream Death Benefit — Through an optional Wealth Transfer Benefit Rider, beneficiaries can receive 100 percent of the contract value, plus an additional 50 percent of the contract’s investment gains to help offset taxes.
- Income Stream Payments — Clients receive the greater of the guaranteed amount or amount based on Symetra’s then–current single life annuity rates.
Advisers in search of reliable retirement income solutions for their clients have an innovative new tool with Symetra True Variable Annuity℠. Through True VA, clients have the ability to reserve guaranteed annual lifetime income while retaining flexibility by investing in specific Symetra Pension Reserve Funds℠ sub-advised by Russell Investments. 1 “As defined benefit plans have become less prevalent, they have been replaced by defined contribution or cash balance plans. The Symetra Pension Reserve Fund Sub-Accounts were created to offer some of the attributes of these plans — offering both the certainty of defined benefit plans with the flexibility of defined contribution and cash balance plans,” said Dan Guilbert, executive vice president of Symetra Life Insurance Company’s Retirement Division. “We believe this is the future of lifetime income.” Symetra Pension Reserve Funds (PRF) offer: Control — Whether clients want to guarantee a minimum amount of income to meet basic needs or secure a higher amount to maintain a current standard of living, they can choose how much income they want and when they want payments to begin. And unlike other income solutions on the market, clients can manage their income streams by the calendar year in which payments are to begin — allowing them to build a ladder of increasing income. Transparency — Clients purchase units in any of the Symetra Pension Reserve Funds Sub-Accounts that correspond to their year of birth. Each unit provides $1 of guaranteed annual lifetime income starting at a specific date. No complicated illustration or software is needed; for $10,000 of annual lifetime income, the client simply purchases 10,000 units. 2 Flexibility — Clients have the flexibility to change their mind without penalty prior to a PRF’s termination date, 3 giving them control over the liquidity of their assets. They may transfer contract value in or out of the PRF sub-accounts at any time without charge. Prior to the PRF termination date, clients determine whether they want to receive the guaranteed annual income or take the PRF’s current value and explore other opportunities. They also may consider other payout options available at then-current rates. If clients elect to receive the annual income, the units will be annuitized for lifetime income. 4 Key features include: