Horace Mann Life Insurance Co Qualified Group Annuity Separate Account
05/02/2024 | Press release | Distributed by Public on 05/02/2024 06:09
Updating Summary Prospectus - Form 497VPU
Updating Summary Prospectus for Retirement Protector
Updating Summary Prospectus
for Retirement Protector
Issued by
Horace Mann Life Insurance Company
May 1, 2024
This Updating Summary Prospectus summarizes key features of the Contract ("Retirement Protector"). This Updating Summary Prospectus also provides a summary of Contract features that have changed.
The prospectus for the Retirement Protector contains more information about the Contract, including its features, benefits, and risks. You can find the prospectus and other information about the Contract online at dfinview.com/HoraceMann/TAHD/RP. You can also obtain this information at no cost by calling 1-800-999-1030 or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved this contract or passed upon the adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.
To receive prospectuses and other annuity-related documents electronically, sign-up for eDelivery. Visit https://customer.horacemann.com/MyAccount/Login/Loginto register or log in to Your account. Your eDelivery preferences can be found on the eCommunications tab in My Profile.
This prospectus and the Underlying Fund prospectuses are also available online at dfinview.com/HoraceMann/TAHD/RP.
We appreciate Your cooperation as we work to reduce the volume of paper we distribute. While we're committed to providing you with the information you need in the format you prefer, we are always looking for ways to reduce paper use.
1
Contents
|
Contents
|
2
|
|
Definitions
|
3
|
|
Updated Information about Your Contract
|
5
|
|
Important Information You Should Consider About the Certificate
|
6
|
|
Appendix A: Portfolio Companies Available Under the Contract
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9
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2
Definitions
Account Value: The sum of the Fixed Account Value and the Variable Account Value.
Accumulation Unit: A unit of measurement used to determine the value of a Participant's interest in a Subaccount before Annuity Payments begin.
Accumulation Unit Value: The value of an Accumulation Unit on any Valuation Date.
Annuitized Value: The amount applied to purchase Annuity Payments. It is equal to the Participant Account Value on the Annuity Date, adjusted for any applicable Market Value Adjustment and less any applicable premium tax.
Annuity Date: The date Annuity Payments begin. The criteria for setting an Annuity Date are set forth in Your Certificate, and the anticipated Annuity Date is shown on the Annuity Data pages of Your Certificate.
In addition, Qualified Contracts often have certain limitations upon election of an Annuity Date. Generally, distributions under Qualified Contracts must begin by April 1 following the calendar year in which the Participant reaches age 73.
Annuity Payments: A series of payments beginning on the Annuity Date.
Annuity Period: The period during which Annuity Payments are made.
Certificate: The document issued to each Participant under a Contract describing the terms of the Contract and the rights and benefits of the Participant.
Certificate Account Value: A Certificate Account's Fixed Account Value plus the Certificate Account's Variable Account Value.
Certificate Anniversary: The same day and month as a Certificate Date for each succeeding year of a Certificate.
Certificate Year: A period of twelve months beginning on the Certificate Date or any Certificate Anniversary.
Contract: The group flexible premium deferred variable annuity contract this prospectus offers. This document describes the terms of the annuity contract, the rights of the Contract Owner and the rights and benefits of the Participants.
Contract Owner: The entity identified as the Contract Owner on the Annuity Data pages of a Certificate.
Fixed Account: An account established to receive the Net Premium, any applicable premium bonus, and the transfers allocated to the General Fixed Account and any Guarantee Period Account(s). Fixed Account money is invested along with other insurance funds in Our general account.
General Fixed Account: A Participant's portion of an interest-bearing account set up to receive the Net Premium and the transfers allocated to such account under the Participant Account. The General Fixed Account is distinguished from the Guarantee Period Account option(s) of the Fixed Account.
Guarantee Period Account(s): Fixed Account option(s) that may be offered under a Certificate that provide a guaranteed interest rate for a specified period of time ("Guarantee Period") and to which a Market Value Adjustment may apply.
HMLIC, We, Us, Our: Horace Mann Life Insurance Company.
Investment Options: The Fixed Account option(s) and the Underlying Funds in which the Subaccounts invest.
Market Value Adjustment: For any Guarantee Period Account, an increase or decrease in the surrender value or withdrawal value, a transfer amount, or in the amount applied to an annuity option. A Market Value Adjustment reflects changes in the level of prevailing current interest rates since the beginning of each Guarantee Period.
Net Premium: The premium payments paid to HMLIC under the Contract Account and Certificate Account of a Certificate, less any applicable premium tax.
Participant (You, Your): A person to whom a Certificate showing participation under a Contract has been issued.
Participant Account: An account established for each Participant to receive premium payments made by or on behalf of the Participant.
Participant Account Value: The Contract Account Value plus the Certificate Account Value, before Annuity Payments begin.
Plan: The employer-sponsored retirement plan under which a Certificate is issued, evidenced by a written Plan Document.
3
Qualified Contract: The term "Qualified Contract" in this prospectus will be used to describe the following Contracts and the Certificates thereunder: IRC Section 403(b) tax sheltered annuity ("403(b) Contract"); IRC Section 457(b) eligible governmental deferred compensation plan annuity ("457(b) Contract"); and IRC Section 401 qualified annuity ("401 Contract").
Qualified Retirement Plan: Employer retirement plans established under Internal Revenue Code (IRC) Sections 401(a) or 403(b) or 457(b).
Required Minimum Distribution: The amount required to be withdrawn from Your Certificate after You reach age 73 or upon Your death. See "Tax Consequences - Required Minimum Distributions".
Separate Account: The Horace Mann Life Insurance Company Qualified Group Annuity Separate Account, a segregated variable investment account consisting of Subaccounts each of which invests in a corresponding Underlying Fund. The Separate Account was established by HMLIC under Illinois law and is registered as a Unit Investment Trust under the Investment Company Act of 1940, as amended (the "Act").
Subaccount: A division of the Separate Account that invests in shares of a corresponding Underlying Fund.
Underlying Funds, Portfolio Companies: All open-end management investment companies registered under the Act that are listed in this document and are available for investment by the Separate Account. The terms Underlying Funds and Portfolio Companies are used interchangeably in this prospectus.
Unit Investment Trust (or "UIT"): A type of investment company, regulated and separately registered and regulated by the SEC under the Investment Company Act of 1940. The Separate Account is registered as a UIT. The UIT referenced in this prospectus is open-ended, meaning there can be continuous purchases of shares of the Underlying Funds. Variable Annuity Payments are deposited in the UIT and allocated to the Subaccounts each of which invests in a specified Underlying Fund, which is separately registered under the Investment Company Act of 1940.
Valuation Date: Any day on which the NYSE is open for trading and on which the net asset value of each share of the Underlying Funds is determined. The Valuation Date ends at 3:00 p.m. Central Time or the close of the NYSE if earlier. We deem receipt of any Net Premium or transaction request to occur on a particular Valuation Date if We receive the Net Premium or request (in either case, with all required information and documentation) at Our Home Office before 3:00 p.m. Central Time or the close of the NYSE, if earlier on that day. If received at or after 3:00 p.m. Central Time or the close of the NYSE, if earlier, We deem receipt to occur on the following Valuation Date.
Variable Account: A Participant's portion of the Separate Account set up to receive Net Premium, any applicable premium bonus and transfers allocated to the Separate Account under the Participant Account.
Variable Account Value: The dollar value of the Variable Account under a Certificate before Annuity Payments begin. This dollar value will vary based on the investment performance of the corresponding Underlying Fund(s).
4
Updated Information about YourContract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since You entered into YourContract.
Benefit-Related Changes
No Benefit Related Changes have occurred since the last prospectus.
Underlying Fund-Related Changes
No Underlying Fund-Related Changes have occurred since the last prospectus.
5
Important Information You Should Consider About the Certificate
|
Fees and Expenses
|
Location in
Statutory
Prospectus
|
|
|
Charges For Early
Withdrawals
|
If You make a withdrawal from or surrender the Certificate, You may be
assessed a surrender charge up to 8.0% of the amount withdrawn or
surrendered. Surrender charges are applied to surrenders and withdrawals
based on the date the premium payment is made and not on the effective date
of the Certificate.
For example, if You make an early withdrawal, You could pay a surrender
charge of up to $8,000 on a $100,000 investment.
|
The Contract -
Deductions and
Expenses -
Surrender Charges
|
|
Transaction Charges
|
Aside from the charges for early withdrawals described above and potential
premium taxes, there are no charges for transactions.
|
The Contract -
Transactions
|
|
Ongoing Fees and
Expenses (Annual
Charges)
|
The table below describes the fees and expenses that You may pay each year,
depending on the options You choose. Please refer to YourCertificate data
pages for information about the specific fees You will pay each year based on
the options You have elected.
|
The Contract -
Deductions and
Expenses -
Mortality and
Expense Risk Fee
("M&E Fee")
The Contract -
Deductions and
Expenses - Annual
Maintenance Fee
Additional
Information About
Fees - Annual
Portfolio Company
Expenses
|
|
Annual Fee
|
Minimum
|
Maximum
|
|
Base Contract
|
0.75% of the
Participant Account
Value
|
1.29% of the Participant
Account Value
|
|
Investment Options
(Portfolio Company
Fees and Expenses)
|
0.04% as a percentage
of Portfolio Company
assets.
|
1.16% as a percentage
of Portfolio Company
assets.
|
|
Optional Benefits
Available for an
Additional Charge (For
a Single Optional
Benefit , if Elected)
|
0.05% as a percentage
of average Participant
Account Value.
|
0.50% as a percentage
of average Participant
Account Value.
|
|
Because YourCertificate is customizable, the choices You make affect how
much You will pay. To help You understand the cost of owning Your
Certificate, the following table shows the lowest and highest cost You could
pay each year, based on current charges. This estimate assumes that You do not
take withdrawals from the Certificate, which could add surrender charges
that substantially increase costs.
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||
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LOWEST ANNUAL COST:
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HIGHEST ANNUAL COST:
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|
Assumes:
|
Assumes:
|
|
|
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of
Contract classes and Portfolio
Company fees and expenses
●No optional benefits
●No sales charges
●No additional purchase payments,
transfers or withdrawals
|
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
Contract classes, Portfolio
Company fees and expenses and
optional benefits
●No sales charges
●No additional purchase payments,
transfers or withdrawals
|
|
|
Risks
|
6
|
Risk of Loss
|
You can lose money by investing in this Certificate, including loss of principal.
|
Location in
Statutory
ProspectusPrincipal
Risks of Investing
in the Contract -
Risk of Loss
|
|
Not a Short-term
Investment
|
This Certificate is not designed for short-term investing and is not appropriate
for an investor who needs ready access to cash.
Surrender charges may apply for up to 10 years. Surrender charges will reduce
the value of Your Certificate if You withdraw money during the surrender
charge period.The benefits of tax deferral also mean the Certificate is more
beneficial to investors with a long-time horizon.
|
Principal Risks of
Investing in the
Contract - Not a
Short-term
Investment
|
|
Risks Associated with
Investment Options
|
An investment in this Certificate is subject to the risk of poor investment
performance and can vary depending on the performance of the Investment
Options available under the Certificate (e.g., Portfolio Companies).
Each Investment Option (including any Fixed AccountInvestment Option)
will have its own unique risks.
You should review these Investment Options before making an investment
decision.
|
Principal Risks of
Investing in the
Contract - Risks
Associated with
Investment Options
|
|
Insurance Company
Risks
|
An investment in the Certificate is subject to the risks related to Horace Mann
Life Insurance Company (HMLIC). Any obligations (including under any
Fixed AccountInvestment Options), guarantees, or benefits are subject to the
claims-paying ability of HMLIC. More information about HMLIC, including
its financial strength ratings, is available upon request from HMLIC, and may
be obtained by calling 1-800-999-1030 or visiting http://
www.horacemann.com/why-us/a-history-of-financial-strength.
|
Principal Risks of
Investing in the
Contract -Insurance
Company Risks
|
|
Restrictions
|
||
|
Investments
|
HMLIC reserves the right to remove or substitute Underlying Funds as
Investment Options that are available under the Certificate.
At any time before YourCertificate'sAnnuity Date, You may transfer amounts
from one Subaccount to another, and to and from the Fixed Account of the
Certificate, subject to certain restrictions. Transfers from a Guarantee Period
Account to the General Fixed Account or to the Variable Account, or between
Guarantee Period Accounts, may be subject to a Market Value Adjustment.
We reserve the right to restrict or terminate the transfer privilege for any
specific Participant if, in Our judgment, the Participant is using the Certificate
for the purposes of market timing or for any other purpose that We, in Our
sole discretion determine to be potentially detrimental to other shareholders of
an Underlying Fund.
If HMLIC determines that You are engaging in a pattern of transfers that
reflects a market timing strategy or is potentially harmful to other Participants,
it will notify You in writing of any restrictions.
|
Horace Mann Life
Insurance
Company - The
Fixed Account -
The Separate
Account and the
Portfolio
Companies - The
Portfolio
Companies -
Selection of
Portfolio
Companies
[The Contract -
Transactions -
Transfers
The Contract -
Transactions -
Market Timing
|
7
|
Restrictions
|
Location in
Statutory
Prospectus
|
|
|
Optional Benefits
|
Optional benefits may not be available in all states or in all Plans.
The Premium Bonus Rider is only available at issue of the Contract and will
only be included or offered if negotiated by the employer and HMLIC as part
of the Contract. You should refer to the Contract and enrollment form for the
optional riders available to You.
Guaranteed Minimum Death Benefit Riders will not be issued on or after the
Participant's70th birthday.
The Guaranteed Minimum Death Benefit Riders cannot be terminated by the
Participant or the Contract Owner after the Certificate Date.
Under certain Guaranteed Minimum Death Benefit Riders, We reserve the
right to restrict allocations or transfers to the Fixed Account or any of the
Subaccounts.
The Guaranteed Minimum Death Benefit Riders may only be terminated by
Us as described in the Guaranteed Minimum Death Benefit Rider(s) attached
to YourCertificate.
|
The Contract -
Deductions and
Expenses Charges
for Optional Riders
- Premium Bonus
Rider
The Contract -
Death Benefit -
Guaranteed
Minimum Death
Benefit Riders
|
|
Taxes
|
||
|
Tax Implications
|
An investor should consult with a tax professional to determine the tax
implications of an investment in and purchase payments received under the
Certificate. There is no additional tax benefit to the investor when the
Certificate is purchased through a tax-qualified plan. Withdrawals will be
subject to ordinary income tax and may be subject to tax penalties.
|
Tax Consequences -
Taxation of
Qualified Contracts
|
|
Conflicts of Interest
|
||
|
Investment
Professional
Compensation
|
Some investment professionals may receive compensation for selling a contract
to investors. This compensation is typically paid in the form of commissions,
but the sale of the Certificate may also count toward the investment
professional's qualification for receipt of cash and non-cash compensation
related to sales incentives or contests. These investment professionals may have
a financial incentive to offer or recommend the Certificate over another
investment.
|
Other Information
- Distribution of
the Contract
|
|
Exchanges
|
Some investment professionals may have a financial incentive to offer an
investor a new contract in place of the one he or she already owns. That
investor should only exchange his or her existing contract if he or she
determines, after comparing the features, fees, and risks of both contracts, that
it is preferable for him or her to purchase the new contract rather than
continue to own the existing contract.
|
The Contract -
Transactions -
Conversions/
Exchanges
|
8
Appendix A: Portfolio Companies Available Under the Contract
The following is a list of Portfolio Companies available under the Contract and Certificates thereunder. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at dfinview.com/HoraceMann/TAHD/RP. You can also request this information at no cost by calling 1-800-999-1030 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that YourContract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.
|
Type of Fund
|
Portfolio Company and
Adviser/Subadviser(1)
|
Current
Expenses
|
Average Annual Total Returns
(as of 12/31/23)
|
||
|
1-year
|
5-year
|
10-year
|
|||
|
Lifecycle/Target Date
Funds
|
Vanguard® Retirement
Income Fund / The
Vanguard Group, Inc.
|
0.08%
|
10.74%
|
4.83%
|
4.09%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2025 Fund / The
Vanguard Group, Inc.
|
0.08%
|
14.55%
|
7.56%
|
6.10%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2030 Fund / The
Vanguard Group, Inc.
|
0.08%
|
16.03%
|
8.37%
|
6.58%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2035 Fund / The
Vanguard Group, Inc.
|
0.08%
|
17.14%
|
9.17%
|
7.06%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2040 Fund / The
Vanguard Group, Inc.
|
0.08%
|
18.34%
|
9.99%
|
7.52%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2045 Fund / The
Vanguard Group, Inc.
|
0.08%
|
19.48%
|
10.76%
|
7.91%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2050 Fund / The
Vanguard Group, Inc.
|
0.08%
|
20.17%
|
10.93%
|
7.99%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2055 Fund / The
Vanguard Group, Inc
|
0.08%
|
20.16%
|
10.92%
|
7.97%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2060 Fund / The
Vanguard Group, Inc.
|
0.08%
|
20.18%
|
10.92%
|
7.97%
|
|
Lifecycle/Target Date
Funds
|
Vanguard® Target
Retirement 2065 Fund / The
Vanguard Group, Inc.
|
0.08%
|
20.15%
|
10.91%
|
|
|
Large Value
|
T Rowe Price Equity
Income Fund - Investor
Class / T Rowe Price
Associates, Inc.
|
0.68%
|
9.65%
|
11.32%
|
7.98%
|
|
Large Blend
|
Vanguard® 500 Index
Admiral Shares / The
Vanguard Group, Inc.
|
0.04%
|
26.24%
|
15.65%
|
11.99%
|
|
Large Growth
|
T Rowe Price Growth Stock
Fund - Investor Class / T
Rowe Price Associates, Inc.
|
0.65%
|
45.27%
|
13.33%
|
11.71%
|
|
Mid Blend
|
Vanguard® Extended
Market Index Admiral
Shares / The Vanguard
Group, Inc.
|
0.06%
|
25.38%
|
11.91%
|
8.54%
|
9
|
Type of Fund
|
Portfolio Company and
Adviser/Subadviser(1)
|
Current
Expenses
|
Average Annual Total Returns
(as of 12/31/23)
|
||
|
1-year
|
5-year
|
10-year
|
|||
|
Mid Growth
|
T Rowe Price New
Horizons Fund - Investor
Class / T Rowe Price
Associates, Inc.
|
0.78%
|
21.35%
|
12.74%
|
11.53%
|
|
Small Value
|
T Rowe Price Small-Cap
Value Fund - Investor
Class / T Rowe Price
Associates, Inc.
|
0.80%*
|
12.22%
|
10.19%
|
7.21%
|
|
Small Blend
|
Vanguard® Small Cap Index
Admiral Shares / The
Vanguard Group, Inc.
|
0.05%
|
18.20%
|
11.70%
|
8.43%
|
|
Small Growth
|
MFS VIT New Discovery
Series Initial Class /
Massachusetts Financial
Services Company
|
0.87%*
|
14.41%
|
11.08%
|
7.67%
|
|
International Stock -
Developed Markets
|
T Rowe Price Overseas
Stock Fund - Investor
Class / T Rowe Price
Associates, Inc.
|
0.78%
|
16.31%
|
8.19%
|
4.36%
|
|
International Stock -
Developed Markets
|
Vanguard® Developed
Markets Index - Admiral
Shares / The Vanguard
Group, Inc.
|
0.08%
|
17.67%
|
8.36%
|
4.54%
|
|
International Stock -
Emerging Markets
|
T Rowe Price Emerging
Markets Stock
Fund - Investor Class / T
Rowe Price Associates, Inc.
|
1.16%
|
2.06%
|
0.83%
|
2.28%
|
|
International Stock -
Emerging Markets
|
Vanguard® Emerging
Markets Stock Index
Admiral Share / The
Vanguard Group, Inc.
|
0.14%
|
9.21%
|
4.66%
|
2.98%
|
|
Real Estate
|
T Rowe Price Global Real
Estate - Investor Class / T
Rowe Price Associates, Inc.
|
0.95%
|
11.57%
|
4.64%
|
4.10%
|
|
Real Estate
|
Vanguard® Real Estate
Index Fund Admiral Shares
/ The Vanguard Group, Inc.
|
0.12%
|
11.81%
|
7.33%
|
7.36%
|
|
Inflation Protected
Bond
|
Vanguard® Short-Term
Inflation-Protected
Securities / The Vanguard
Group, Inc.
|
0.06%
|
4.59%
|
3.32%
|
1.92%
|
|
Intermediate-Term
Bond
|
Fidelity VIP Investment
Grade Bond Initial Class /
Fidelity Management &
Research Co.
|
0.38%
|
6.20%
|
1.97%
|
2.33%
|
|
Intermediate-Term
Bond
|
T Rowe Price New Income
Fund - Investor Class(5) / T
Rowe Price Associates, Inc.
|
0.44%*
|
4.72%
|
0.60%
|
1.48%
|
|
Intermediate-Term
Bond
|
Vanguard® Total Bond
Market Index Admiral
Shares / The Vanguard
Group, Inc.
|
0.05%
|
5.70%
|
1.11%
|
1.79%
|
10
|
Type of Fund
|
Portfolio Company and
Adviser/Subadviser(1)
|
Current
Expenses
|
Average Annual Total Returns
(as of 12/31/23)
|
||
|
1-year
|
5-year
|
10-year
|
|||
|
Global Bond
|
American Funds IS Capital
World Bond Fund 1 /
Capital Research and
Management Co.
|
0.48%
|
6.39%
|
-0.07%
|
0.62%
|
|
Global Bond
|
T Rowe Price International
Bond Fund - Investor
Class(4) / T Rowe Price
Associates, Inc.
|
0.67%*
|
7.09%
|
-1.18%
|
-0.59%
|
|
Multi-Sector Bond
|
T Rowe Price Spectrum
Income Fund - Investor
Class / T Rowe Price
Associates, Inc.
|
0.62%
|
7.89%
|
3.20%
|
3.00%
|
|
High Yield Bond
|
Vanguard® High-Yield
Corporate Fund Admiral
Shares / The Vanguard
Group, Inc.
|
0.13%
|
11.74%
|
5.21%
|
4.43%
|
|
High Yield Bond
|
Vanguard® High-Yield
Corporate Fund Investor
Shares(3) / The Vanguard
Group, Inc.
|
0.23%
|
11.63%
|
5.11%
|
4.33%
|
|
Balanced Fund
|
Vanguard® STAR Fund /
The Vanguard Group, Inc.
|
0.31%
|
17.11%
|
9.34%
|
7.17%
|
|
Money Market
|
Vanguard® Cash Reserves
Federal Money Market
Fund Admiral Shares(2) /
The Vanguard Group, Inc.
|
0.10%
|
5.10%
|
1.90%
|
1.33%
|
|
Money Market
|
Vanguard® Federal Money
Market Fund (available
August 1, 2016) / The
Vanguard Group, Inc.
|
0.11%
|
5.09%
|
1.83%
|
1.21%
|
*
These expenses reflect temporary fee reductions. The details about these waivers can be found in the Portfolio Company prospectus at dfinview.com/HoraceMann/TAHD/RP
(1)
Under certain Guaranteed Minimum Death Benefit Riders, We reserve the right to restrict allocations or transfers to the Fixed Account or any of the Portfolio Companies. The Portfolio Companies available may vary by Qualified Retirement Plan. You should refer to Your Plan for a list of Portfolio Companies available to You.
(2)
On and after August 1, 2016, Participants may not begin or increase premium payment allocations or make new transfers to the Portfolio Company. However, if Participants were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Company, they may continue the program(s), but may not begin or increase allocations to the Portfolio Company.
(3)
On and after August 1, 2017, Participants may not begin or increase premium payment allocations or make new transfers to the Portfolio Company. However, if Participants were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Company, they may continue the program(s), but may not begin or increase allocations to the Portfolio Company.
(4)
On and after May 1, 2019, Participants may not begin or increase premium payment allocations or make new transfers to the Portfolio Company. However, if Participants were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Company, they may continue the program(s), but may not begin or increase allocations to the Portfolio Company.
(5)
On and after May 1, 2021, Participants may not begin or increase premium payment allocations or make new transfers to the Portfolio Company. However, if Participants were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Company, they may continue the program(s), but may not begin or increase allocations to the Portfolio Company.
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This Summary Prospectus incorporates by reference the Retirement Protector prospectus and Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus or You can find the Statement of Additional Information online.
EDGAR Filing Number C000116281