Flexible Premium Deferred Benefit Annuity
An AMLA annuity provides members with an effective yet uncomplicated way of saving for their future. It combines an attractive interest rate (minimum guarantee of 3%) with the advantage of having all income tax on interest earned deferred until funds are withdrawn. For as little as $300 an annuity can be acquired. Additional deposits can be made thereafter subject to maximum limitations. When an annuity is initially set up, the member selects a maturity date when funds deposited plus the accumulated interest earned are to be paid out. The member also determines the manner in which these funds will be paid at maturity. All or part of the accumulated funds may be withdrawn without any penalty after three (3) years and after the member has reached age 59 1/2. If the member should die prior to the maturity date selected, the balance on hand will be paid to his designated beneficiary without penalty.
An AMLA annuity is only available to members enrolled prior to April 15, 2003 or to those enrolled after that date with not less than $2,000 of permanent insurance in force.
Traditional and Roth IRA's
AMLA's Flexible Premium Deferred Benefit Annuity is qualified for funding both Traditional and Roth Individual Retirment Accounts (IRA's). The Traditional IRA is a tax advantaged arrangement designed to provide immediate tax benefits. Contributions are deductible within limits established by the IRS. Income tax on contributions and earnings thereon is deferred until withdrawal.
A Roth IRA allows members to accumulate earnings on contributions on a tax deferred basis and to take qualifed withdrawals tax free.
Members should contact a tax or legal advisor for advice regarding their situation before purchasing any IRA.