Annuity For Church

[NSRH]

My church has about $300,000 in a fund that only allows for them to withdraw intrest.

Are their any recommendations for a 10 to 20 year, fixed annuity that pays the highest interest?

I would personally like to get contracted, and write the annuity so I can donate my commissions to the church, so let me know whos the best to get contracted with too, please.

No need to DM me, I much prefer the open dialogue.

Thank you.

 

[Tahoe Ray]

My church has about $300,000 in a fund that only allows for them to withdraw intrest.

Are their any recommendations for a 10 to 20 year, fixed annuity that pays the highest interest?

I would personally like to get contracted, and write the annuity so I can donate my commissions to the church, so let me know whos the best to get contracted with too, please.

No need to DM me, I much prefer the open dialogue.

Thank you.

There is no reason to go out that far in today's interest rate environment. You'll get rates that are just as good with 5 or 7 year products.

What state and is your church open to variable interest (no possibility of loss but potential upside greater than a multi-year guarantee annuity)

 

[NSRH]

There is no reason to go out that far in today's interest rate environment. You'll get rates that are just as good with 5 or 7 year products.

What state and is your church open to variable interest (no possibility of loss but potential upside greater than a multi-year guarantee annuity)

We are in MO.

They have to put it in a fixed product, believe it or not, because of the stipulations put on the money through the fund.

 

[Mike Siegal]

What kinda 'Fund' allows them to draw 'interest only?'

 

[Tahoe Ray]

What kinda 'Fund' allows them to draw 'interest only?'

It's normally an IPS or something that dictates how funds can be invested. It's pretty common with churchs, unions, and other groups that retain cash/investments.

 

[Mike Siegal]

It's normally an IPS or something that dictates how funds can be invested. It's pretty common with churchs, unions, and other groups that retain cash/investments.

Interesting...i wonder what other rules the IPS states and 'who drew' that document up?

 

[NSRH]

It’s an endowment fund, left behind by a member who has since passed. Lawyers wrote up a document and financials are sent to the courts yearly to prove compliance.

Must be placed in a guaranteed interest bearing account with FDIC or state reinsurance protection.

Is there anyone paying 3.5%+ guaranteed?

 

[Allen Trent]

Check your state law on donating commissions. Some states prohibit stating you will be doing that. Not sure why, but not all state insurance rebating laws make sense.

Also, entities & non-profits need to be very careful buying annuities. Many annuities are "annuitant" driven as they need a living person with a date of birth to be listed as the annuitant. So, you might have the church as the owner, church as the beneficiary & pastor as the annuitant. However, some annuities say that the money becomes the annuitants when the policy matures. So, in extremely rare circumstances, the church could lose the money & some long ago deacon or pastor receives it. Also, if the person chosen to be the annuitant dies, a death claim needs to be processed for the claim to be paid out. I have seen where some entities love the old interest rate they have & dont file a claim at time of death thinking they can continue to collect the high interest. But the contract many times & the laws require the policy to be paid out to the beneficiary.

So, just a couple of items to figure out & make sure the carrier & the contract can work well for a nonperson entity.

 

[NSRH]

Any recommendations?

 

[Todd King]

Atlantic Coast Life usually pays a pretty good % for MYGAs.

Here are their rates starting 3/11/20 ...