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| A federal tax penalty that generally applies to premature distributions from qualified retirement plans such as an IRA or 401(k) unless specifically excepted. The penalty tax is in addition to the ordinary income taxes applicable to such distributions.
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| An employer "sponsored" defined contribution plan providing for elective contributions (deferrals) which are excluded from employee's income. Taxes are deferred until distributions are made from the plan, usually upon retirement or termination of employment. For 2005, the amount of elective deferral is limited to $14,000 for those employees under the age of 50. Those age 50 and older may be able to make an additional catch-up contribution of $4,000. Elective deferrals are subject to employer limits. Depending on the terms of the plan, after-tax contributions may be made. Some employer sponsored retirement plans that have a 401(k) plan feature may contain a matching contribution under which the employer will match up to the specified limit. Premature distributions may be subject to an additional 10% federal tax penalty. |
| A defined contribution plan for the employees of 501(c) tax exempt organizations and public schools. A 403(b) plan is similar to a 401(k) in the structure and funding levels, but it traditionally uses annuities as the funding vehicle. Contributions and the related earnings are tax deferred until payments are received. Distributions prior to age 59½ may be subject to an additional 10% federal tax penalty. Some plans may permit loans.
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| Supplemental insurance that pays benefits in addition to other insurance plans which may be used to help cover indirect costs that can arise from a serious, or even not-so-serious, injury.
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| The period when the owner of a deferred annuity makes purchase payments into the annuity contract with the potential for growth.
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| The sum of purchase payments and earnings, minus applicable charges and fees under the annuity contract and any withdrawals.
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| Everyday activities which are used to measure an individual's ability to function independently. These activities may consist of bathing, continence, dressing, eating, toileting and transferring.
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| Care for illness or injury that develops rapidly, has pronounced symptoms and is finite in length. Traditional medical insurance, Medicare and Medicare supplements are designed to provide coverage for acute illnesses.
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| Social, recreational and/or rehabilitative services provided for persons who benefit from daytime supervision. An alternative between care in the home and in an institution. Refers to health support and rehabilitation services provided in the community to people who are unable to care for themselves independently during the day, but are able to live at home at night. |
| Money after taxes have been paid on it.
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| Ages below and above which an insurance company will not accept applications or renew policies.
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| The Aggregation Rule states that all contracts issued by the same company and its affiliates, to the same owner, in the same calendar year will be treated as one contract for the purposes of computing taxable income when one of the contracts is surrendered or when the owner takes withdrawals from one of the contracts. |
| A licensed residence, other than a skilled nursing facility, where care services are delivered (i.e., hospice, assisted living, Alzheimer's or Christian Science setting).
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| Feature which allows for substantial flexibility in designing a recovery and/or maintenance program specifically designed to allow the person to reside in a setting other than a nursing facility (i.e., services to provide assistance and capital improvements such as ramps, grab bars and/or durable medical equipment).
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| The anniversary of your annuity's starting date.
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