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The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service.FERS [1] became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector.
Annuity regulation is a patchwork of state and federal oversight, from state insurance departments monitoring agents and brokers to federal agencies regulating variable annuities.
In the United States, an annuity is a financial product which offers tax-deferred growth and which usually offers benefits such as an income for life. Typically these are offered as structured products that each state approves and regulates in which case they are designed using a mortality table and mainly guaranteed by a life insurer.
Federal Employees Retirement System - covers approximately 2.44 million full-time civilian employees (as of Dec 2005). [2]Retired pay for U.S. Armed Forces retirees is, strictly speaking, not a pension but instead is a form of retainer pay. U.S. military retirees do not vest into a retirement system while they are on active duty; eligibility for non-disability retired pay is solely based upon ...
Variable annuities are regulated by the SEC. Some indexed annuities might be regulated by the SEC, but no fixed annuities are. Regardless of the type, annuities are not protected by the Federal ...
Annuities are a tool that can create reliable retirement income that can last as long as you do. Each annuity is a contract between you and an insurance company: You provide the company money now ...
The basic retirement annuity under FERS is equal to the (Average High-3 Salary x .017 x Years of Service through 20 years)+(High-3 Salary x .01 x Years of Service over 20)= Annual Pension Members who began congressional service before 1984 and who elected to join FERS will receive credit under FERS from January 1, 1984, forward.
You may purchase an annuity by depositing a lump sum or by funding the contract over time with a series of premium payments. The annuity will pay out over whatever period is specified in the contract.
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