Human Resources
Retirement Investors' Club (RIC)
Variable Annuity
A variable annuity is an insurance contract designed to be both an investment vehicle and a source of retirement income. A variable annuity allows you to contribute to a variety of investments including variable rate funds (subaccounts) or fixed rate accounts. Fixed rate accounts are guaranteed by the provider. There are no surrender fees or annual contract fees on RIC's variable annuity products
The variable rate funds will fluctuate in value over time, reflecting the value of the underlying portfolio selected. The funds do not provide a guarantee of principal or earnings. Hartford's annuity does provide a death benefit (unused principal guarantee) to beneficiaries. Although the names, investment objectives, and management style of the funds may be similar to those of mutual funds available to the general public, they are not the same fund. These funds are available in a variety of investment categories including, but not limited to:
- bond funds
- balanced funds
- large cap stock funds
- mid cap stock funds
- small cap stock funds
- international funds
- lifestage funds
Currently 2 of RIC's active investment providers offer variable annuity options. Variable annuity returns are not guaranteed by the State of Iowa or the US Government and are not FDIC insured. To view fund selections and historical performance information, visit the links shown below.
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Annuitization is a distribution option in an annuity contract that entitles you to payments that are an even distribution of your account’s principal and interest for your lifetime or the lifetimes of you and your survivor. Your payment amount will depend on the annuity option selected, your age, and the value of your account and frequency of payments.