Annuity Plans*
Catholic Order of Foresters (COF) offers outstanding protection and security through quality term, whole life, and annuity products.
Purchasing one of the following products provides eligibility for COF's added-value fraternal benefits.
Forester Flex™
Flexible Premium Deferred Annuity^^
You choose the amount and frequency contributions.
| Features | Initial $25 minimum contribution* Guaranteed safety of principal Tax-deferred savings** Flexible contribution and withdrawal options Nursing home waiver Fraternal benefit eligibility |
Forester Optimizer™
Flexible Premium Deferred Annuity^^
You choose the amount and frequency contributions.
| Features | Initial $5,000 minimum contribution First-year bonus interest rate^ Tax-deferred savings** Flexible withdrawal options Nursing home waiver Fraternal benefit eligibility |
* As long as account balance reaches $100 by first policy year end.
** Under current tax law.
^ Percentage amount based on your daily account balance.
^^ Contact your financial representative or the home office for costs and complete coverage details. This contract is subject to terms and conditions. The description of benefits in this section is brief and does not constitute, in itself, a contract. Review contract terms and conditions.
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You may use either Forester Flex™ or Forester Optimizer™ to fund the following retirement accounts:
Traditional IRA
Available to income-earning individuals wanting to defer or eliminate income tax payments on set aside retirement funds. You may contribute pre-tax dollars to a Traditional IRA until age 70½. Withdrawals taken before age 59½ generally are subject to a 10% penalty. Distributions are subject to regular income tax rates.~
ROTH IRA
Established by the 1997 Taxpayer Relief Act, Roth IRAs allow taxpayers, subject to income limits, to save for retirement with after tax dollars. Since you pay the taxes on the funds you put into a Roth, you pay no tax when taking retirement distributions. In addition, you may fund a Roth IRA for as long as you wish, and have no limit on how long you keep them before beginning withdrawals.~
Nonqualified Annuity
Purchased by individually by you, outside of either a qualified retirement plan offered through an employer or an IRA. You pay nonqualified annuity premiums with after-tax dollars; however, earnings accumulate tax deferred. You may invest more money than the annual limits imposed on qualified plans, and you have the flexibility to contribute unearned income. That means you can fund the annuity by contributing money you inherit, receive as a lump sum, or realize from investments. The government does no restrict distributions, so you may begin receiving income once you reach age 59½. You may also delay distributions, subject to contract terms.~
Simplified Employee Pension (SEP) IRA
Established by employers, including self-employed individuals (sole proprietorships or partnerships). The SEP is an IRA-based plan to which employers make tax-deductible contributions for eligible employees. The employer is allowed a tax deduction for plan contributions, which are made to each eligible employee's SEP IRA on a discretionary basis. Employees do not pay taxes on SEP contributions, but will pay taxes when receiving a SEP IRA distribution. Distribution rules do apply. Purchase includes fraternal benefit eligibility.~
Savings Incentive Match Plan for Employees (SIMPLE)
Sponsored by an employer who makes plan contributions to participating employees and their own retirement. IRAs. Employees may choose to make salary reduction contributions with the employer making matching or non-elective contributions. SIMPLE IRAs usually exist in companies, with less than 100 employees, Employers may make contributions to SIMPLE IRAs for employees more than age of 70½. Contribution limits do apply.~
~ Contact your financial representative or
the home office for costs and complete coverage details. This contract
is subject to terms and conditions. The description of benefits in this
section is brief and does not constitute, in itself, a contract. Review
contract terms and conditions.
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Updated: 5/2009
CATHOLIC ORDER OF FORESTERS
355 Shuman Boulevard, PO Box 3012, Naperville, IL 60566-7012 USA
Toll-free 800-552-0145 | TTY 800-617-4176 | NAIC #57487
© Copyright 2009 Catholic Order of Foresters. All rights reserved
* Not all products are available in all states and the District of Columbia.
All benefits subject to terms and conditions.
