Company Will Offer Funds, Variable Annuities to NEA Members
Named after Internal Revenue codes, 403(b) and 403(b)(7) plans offer tax-deferred retirement options exclusively to teachers and employees of educational institutions, certain non-profit and government organizations.
Security Benefit's new program, named the NEA Value Builder Program, offers 37 different investment options from various fund companies including;
The program has two tax sheltered account plans: The NEA Valuebuilder Mutual Fund TSA and the Variable Annuity TSA. The Mutual Fund TSA is a 403(b)(7) custodial account that offers benefits like loan provisions, a aggregated fund statements and automatic asset reallocation.
The Variable Annuity TSA provides the same investment options as the Mutual Fund TSA but also includes a fixed-income option. It also allows participants to customize their individual plans and choose specific features they want included in their plan. The features include various enhanced death benefit riders, retirement income protection, credit enhancement and alternate withdrawal charges, according to the firm.
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