The GEBA MAX Fixed Annuity is a flexible premium deferred fixed annuity, a long-term, tax-deferred retirement vehicle suitable as an investment option within a qualified retirement plan (such as an IRA) or as a stand-alone non-qualified retirement investment.
The GEBA MAX was designed specifically for GEBA to provide a competitive interest rate for its members.
GEBA MAX Advantages
In addition to competitive rates, the GEBA MAX also offers:
- Safety of Principal
- Choice of Interest Rate Guarantee Periods
- No Maximum Contribution Limits
- Tax-Deferred Interest Accumulation
- Options for Guaranteed Retirement Income
- Death Benefit Options
Each premium payment is credited with the current interest rate as declared by Jackson National Life® (JNL) at the time of receipt. The initial interest rate is declared in advance and guaranteed for the one-, three- or five- year contract periods, depending on which guaranteed period you select. After the rate guarantee expires, you continue to receive a competitive interest rate as declared by JNL every 12 months. Your GEBA MAX interest rate is guaranteed not to drop below 1%. A 0.30% higher first-year interest rate may be credited to new and additional premium of $100,000 or greater, subject to certain limitations and restrictions.
Attractive Access and Liquidity Features
- 15% Free Withdrawals. Each contract year, you may withdraw up to 15% of your accumulated value without incurring a withdrawal charge or excess interest adjustment.
- Required Minimum Distributions. Qualified plan required minimum distributions may be taken each contract year, free of withdrawal charges, even if the required amount exceeds the free withdrawal amount. An excess interest adjustment will be made if applicable.
- Terminal Illness Benefit. If you or your Joint Owner is diagnosed with a medical condition expected to be terminal within 12 months, you may withdraw up to 100% (one time only) of your contract’s accumulated value without incurring a withdrawal charge. This is limited to an aggregate of $250,000 for all Company contracts. Diagnosis must be made by a U.S.-licensed physician. The Company reserves the right to order a second exam, at its own cost, by a physician of its own choice. An excess interest adjustment will be made if applicable, which may result in an increase or decrease in the amount of your terminal illness benefit.
- Waiver of Withdrawal Charge of Extended Care. If, at least 30 days after the issue date of your GEBA Max fixed annuity, you or the Joint Owner is by medical necessity confined to a nursing home or hospital for 90 consecutive days, the Company will waive withdrawal charges for amounts withdrawn (one time only), up to 100% of the accumulated value. This is limited to an aggregate of $250,000 for all Company contracts. An excess interest adjustment will be made if applicable.
Interest in the GEBA MAX grows tax-deferred until you withdraw the funds. When distributions are taken, earnings are taxed as ordinary income. Distributions taken before age 59½ may be subject to a 10% federal tax penalty.
Developed for GEBA by Jackson National Life Insurance Company
Jackson National Life, founded in 1961, has helped customers reach their financial goals for over 50 years. It is an industry leader in variable, fixed and fixed index annuities.
Count on GEBA’s Licensed Consultants for Reliable Advice
Because GEBA is a member-owned non-profit association, you can rely on our licensed and experienced Insurance and Financial Consultants to keep your best interests in mind.
Group annuities and individual retirement accounts are offered through Government Employees’ Mutual Benefit Association, Inc. (GEMBA).
Full details on the GEBA Max Flexible Premium Deferred Fixed Annuity can be found in the GEBA Max Fixed Annuity Plan Brochure on our website.