Planning for retirement peace of mind.

What is a retirement annuity?

An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement.

Annuity Benefits and Features

Steady income stream in retirement

Backed by a financially strong company
Supported by excellent customer service

Explaining Common Forms of Annuity

Life Annuity
Periodic payments are made for the Annuitant's lifetime. Upon the Annuitant's death, all payments cease.
Life Annuity with Cash Refund or Installment Refund
Periodic payments are made for the Annuitant's lifetime and there is a guaranteed minimum total payment amount. Upon the Annuitant's death, the total amount of all benefit payments made over their lifetime is subtracted from the guaranteed minimum total payment amount. Any remaining guaranteed benefit is paid in either a lump sum or in installment payments to the beneficiary(ies).
Life Annuity With Period Certain
Periodic payments are made until the later of Annuitant's death and the end of an elected guaranteed payment period (for example, 10 years). If the Annuitant passes away prior to the end of the elected guaranteed payment period, the remaining guaranteed payments are paid to the beneficiary(ies).
Temporary Life Annuity
Periodic payments are made until the earlier of the Annuitant's death and the end of the elected temporary period (for example, 10 years).
Period Certain Annuity
Periodic payments are made to the Annuitant until the end of an elected certain period (for example, 10 years). If the Annuitant passes away before the end of the certain period the remaining periodic payments are made to the beneficiary(ies).
Joint & Survivor Annuity
The Annuitant names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount).
Joint & Survivor Annuity With Cash Installment Refund
The Annuitant names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount). There is also a guaranteed minimum total payment amount. Upon the death of both the Annuitant and the Contingent Annuitant, the total amount of all benefit payments made over their combined lifetimes is subtracted from the guaranteed minimum total payment amount. Any remaining guaranteed benefit is paid in either a lump sum or in installment payments to the beneficiary(ies).
Joint & Survivor Annuity With Period Certain
The Annuitant elects a guaranteed payment period and names a Contingent Annuitant at the time of retirement. Periodic payments are made for the Annuitant's lifetime and then for the lifetime of the Contingent Annuitant. The amount the Contingent Annuitant will receive in each periodic payment is based on an election made by the Annuitant at the time of retirement (for example, 50%, 75% or 100% of the Annuitant's periodic benefit amount). If both the Annuitant and Contingent Annuitant pass away prior to the end of the elected guaranteed payment period, the remaining guaranteed payments are paid to the beneficiary(ies).

FAQs

How do I change my address?
Please download the Address Change form.
How do I change my beneficiary?
Please download the Beneficiary Designation form.
How do I change my federal tax withholding?
Please download the W4-P form.
How do I sign up for EFT?
Please download the Change EFT form.
How do I change my name?
Please download the Name Change form.
How do I start my benefit payments?
You will be contacted 5 months before normal retirement date with instructions/options. Please contact us about optional retirement dates.
Can I change the frequency of my payment?
No. This was established by your plan sponsor.
Can I take a lump sum payment?
This will be specified within your certificate. You may also contact us for further information.

For any of the following questions, please contact us for further assistance:

  • How do I report a death?
  • Can I get a duplicate certificate?
  • How do I get a duplicate tax form?

Please call us on Call: 1-800-664-6129 or write to us at retirementservices@lgamerica.com

Get informed with our glossary of terms.

Annuitant
The person on whose life the annuity income payments are based under the Plan.
Annuity Certificate
The individual policy contract between the Annuitant and the Insurer.
Beneficiary
The beneficiary will be the person(s) who will receive money upon the death of the Annuitant. The Annuitant decides who the beneficiary will be.
Benefit Leveling
An option that may be available when plan participants elect to retire prior to the date they expect to begin receiving their Social Security retirement benefit payments. The periodic benefit payment amount under the annuity is temporarily increased until the date they indicate that they expect to begin receiving their Social Security Retirement benefit payments and then it is reduced thereafter such that their total combined income from the two sources will be approximately level over their lifetime.
Contingent Annuitant
A person who is entitled to receive periodic benefit payments under a Joint & Survivor Annuity after the death of the Annuitant if he/she survives the Annuitant. Unlike a Beneficiary, once a Contingent Annuitant is named the person cannot be changed. This is because the amount of the periodic benefit payments is based on the ages of both the Annuitant and Contingent Annuitant.
Cost of Living Allowance (COLA)
A COLA is a change in an Annuitant’s retirement income to account for increasing prices, based on either an index (I.E. CPI), a flat dollar amount or a defined percentage.
Consumer Price Index (CPI)
A statistical estimate constructed using the prices of a sample of representative items, for example consumer goods and services such as transportation, food and medical care, whose prices are collected periodically.
Deferred Vested Annuity
Prior to commencing benefit payments, you have a deferred vested annuity. When you are ready to receive retirement income payments, the deferred vested annuity provides you with choices to receive these income payments.
Defined Benefit Pension Plan
Pays a retirement income based on your salary and how long you have worked for your employer.
Group Annuity Contract (GAC)
A contract where the Sponsors of a pension plan buy annuities for one or more members of the plan via an Insurance Company.
Pop-Up
An optional feature that may be offered under a Joint & Survivor Annuity. If the Contingent Annuitant predeceases the Annuitant, the Annuitant's periodic benefit amount is increased to reflect the fact that there is no longer a Contingent Annuitant who will become entitled to periodic benefit payments when the Annuitant passes away.
Qualified Domestic Relations Order (QDRO)
A type of court order, typically found in a divorce agreement, that recognizes that an alternate payee is entitled to receive a predefined portion of the individual’s retirement plan. In most cases, the QDRO allots a percentage or share of the value of the retirement benefit gained during the marital period to an alternate payee.