Safety - Annuity deposits
are protected by the total resources of the National Slovak
Society which are in excess of seventy-five million dollars
and growing. Information on NSS solvency can be readily
verified by financial statements filed with the Pennsylvania
Insurance Department. These financial statements are
accompanied by the required actuarial certification and opinion
of an independent certified public accountant. Annual
and quarterly reports are available from the Home Office.
Cost -
Every dollar you pay in premiums goes into the cash value
account of your NSS annuity and earns interest immediately.
And, unlike many other annuities, your NSS annuity has no
contract fee, transaction fee or premium charges.
Reserved
- 100% of your principal and interest earned is reserved
for payment at a future date; unlike banks that are permitted
by law to hold only 10-12% of your account value in reserve.
Tax Deferred
- As long as you make no withdrawals from your annuity, the
interest earned is tax deferred. Any withdrawals from
your account are considered by the IRS as interest first.
Penalties
- There are surrender charges if you withdraw funds in excess
of the allowable 10% per year within the first four years
of the Regular Flexible Annuity, and within the first seven
years of the Preferred Seven Annuity. The Internal Revenue
Service imposes a 10% penalty on withdrawals made prior to
age 59½ from tax deferred accounts.
Settlement
Options
Income For A
Fixed Period - You choose to have your total account value
paid for a fixed time period (10 or 15 years). Your
payments will not exceed this fixed period. Should you
die prior to the end of the fixed time period, your beneficiary
receives the balance of your account value.
Life Income-Period
Certain - You choose to have your total account value
paid for a fixed time period. Should you live longer
than the fixed time period, your payments continue until you
die. If you die prior to end of the fixed time period,
your beneficiary receives the balance of your account value.
Life Income -
You choose to take a fixed amount for the period of time calculated
as your "actuarial age". If you live beyond
that age, your payments will continue. Should you die
before that age, the balance of your account is donated to
the PVR Scholarship Program.
Interest Income - You choose
to only take the interest earned on your account value while
leaving the principal value for your beneficiary. Taxes
must be paid on this interest.
Payments for Life, Joint and Survivor - The Society
will make payments for the lifetime of the Payee and a Joint Payee.
Survivor payments will continue at the following percentage of the
joint amount (100%, 66 2/3%, 50%). Joint and survivor payment
amounts include interest at the rate guaranteed in the Agreement.
The amount may be increased by additional interest credits as declared,
from time to time, by the Society. *The interest rate at the time of purchase
is a fixed rate and is guaranteed throughout the entire term of the annuity.
