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Group Annuity, Group Funding Agreement and Synthetic GIC

Group Annuity, Group Funding Agreement and Synthetic GIC 2025

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The document is a summary sheet from the New York State Department of Financial Services, specifically for the Life Bureau. It outlines various forms related to group annuities, group funding agreements, and synthetic Guaranteed Interest Contracts (GIC). The form requires information about the insurance company, policy form number, tax status, usage, type of plan, contributions, withdrawals/transfers, benefit options, and interest guarantees. It serves as a comprehensive guide for insurance companies to submit new or revised policy forms for approval.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is a GIC the same as a funding agreement?

GICs are sometimes referred to as funding agreements, although this term is often reserved for contracts sold to non-qualified institutions. Example: Funds obtained through a municipal bond issuance will generally take time to be drawn down.

What is an example of a synthetic asset?

By utilizing smart contracts and certain collateral mechanisms, these synthetic assets can track the value of real-world assets, bridging the gap between decentralized blockchain systems and the broader financial world. A common example is the creation of a synthetic US dollar on a blockchain platform.

What is a GIC and how does it work?

Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. The key difference between a GIC and a term deposit is the length of the term. Term deposits generally have shorter terms than GICs.

How does a group annuity contract work?

Employers pay premiums into the policy, which the insurance company then invests in. When employees retire, they receive benefits based on the performance of these investments. The steady stream of income provided by the annuity can significantly ease financial concerns during retirement.

What is a synthetic GIC?

Definition of a Synthetic GIC. A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments.

What is the difference between an annuity and a GIC?

An annuity provides a guaranteed income for life, or a set time period, and it can be purchased from insurance companies, agents and brokers. And a GIC is primarily a savings vehicle, which can be bought from banks, trust companies, credit unions and investment firms.

What is synthetic GIC?

A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments. A key difference between a synthetic GIC and a traditional GIC is that the policyholder (such as a benefit plan) owns the assets underlying the synthetic GIC.

What is the downside of a GIC?

Low return GICs are low-risk investments, which means they offer lower returns as opposed to stocks or mutual funds. Limited liquidity Other than cashable GICs, your money is locked in for a set timeframe, which means youre unable to access your funds should you need them.

Group Annuity, Group Funding Agreement and Synthetic GIC 2025

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