Like most people, you may have some questions about annuities. If after reviewing these frequently asked questions you still need more info, please contact us and we will follow up with you shortly. We also recommend that you consult a tax professional regarding your specific situation.
How do I purchase a Gleaner annuity?
How do I make a withdrawal from my annuity?
How do I set up a monthly income from my annuity?
How do I start mandatory IRA distributions at age 70½?
What settlement options are available for my Gleaner annuity?
What happens to my annuity upon my death?
What is a surrender charge?
How do I purchase a Gleaner annuity?
You may request an appointment with a local Gleaner representative. Your representative will present you with options and help you decide which financial product best meets your needs. You may become a member and purchase a Gleaner annuity by completing an Application for Membership and Annuity Certificate with the help of your representative. This will entitle you to a wide array of benefits.
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How do I make a withdrawal from my annuity?
You may withdraw up to 10% of the accumulated value once each certificate year without a surrender charge. If you need to take more than your 10% annual withdrawal, you may do so but a surrender charge will apply to the total amount withdrawn (if you are still in your surrender charge period). Withdrawals are subject to taxation and, if you are under age 59½, an additional 10% penalty tax may apply. You may request a partial or full withdrawal on a Gleaner Request for Service form.
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How do I set up a monthly income from my annuity?
Monthly withdrawals are allowed on the “Harvest 6” and “Harvest 8” annuities. You may withdraw your interest each month (Check-a-Month) as long as you maintain a minimum annuity value of $20,000. You may also withdraw your annual 10% and spread it out over twelve equal monthly payments. You may request these automatic withdrawals on a Gleaner Request for Service form.
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How do I start mandatory IRA distributions at age 70½?
Once you reach the age of 70½, the IRS requires you to withdraw a minimum amount of money from your retirement accounts each year. This is called a required minimum distribution (RMD). You are required to take an RMD from any IRA, TSA/403(b), or 401(k) plan. Roth IRAs are the exception and do not require an RMD. Gleaner is able to set up automatic distributions so that you don’t have to remember to request your RMD every year. You may request automatic RMD on a Gleaner Request for Service form.
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What settlement options are available for my Gleaner annuity?
After your Gleaner annuity has been in force for one year, you may request a monthly payout from your annuity. Settlement options include fixed period, fixed amount, life only, life and period certain, and joint income. When the time comes to convert your savings into a reliable income stream, your Gleaner representative can help you decide which option would be best suited for your situation.
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What happens to my annuity upon my death?
Your beneficiary should contact us immediately to notify us of your death. We will assist your beneficiary in completing the necessary death claim forms. Upon satisfactory receipt of proof of death, we will pay your beneficiary the full value of your annuity. Because annuity money is paid directly to your beneficiary, the costs, delays, and publicity of probate are avoided.
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What is a surrender charge?
A surrender charge is a fee levied on a certificate holder (policyholder) upon cancellation of his/her annuity certificate prior to the completion of the surrender charge period. The length of the surrender charge period is described within the annuity certificate.
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