Pacific Income Provider^®

A Single-Premium, Immediate Fixed Annuity

Pacific Income Provider provides predictable income that starts within one year of contract issue, and pays out over one life, two lives, or for a specified time period.

Consider Pacific Income Provider for conservative pre-retirees and retirees who:

• Want predictable income beginning within a year.
• May want the option of income that adjusts for inflation or changes at a specified future date.

All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company. 

¹For qualified contracts, the maximum length of time for the Period Certain options may not exceed 10 years (9 years for inherited IRA), if necessary, to comply with required minimum distribution (RMD) regulations for annuities stipulated in the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

²Not available on qualified contracts.

³For IRA, Roth IRA, and SEP-IRA contracts, joint annuitants are limited to either a spouse, or individual older than or no more than 10 years younger than the primary annuitant.

⁴An increasing future adjustment is not available for qualified contracts.

Broker/dealer and state variations may apply. Contact your broker/dealer for availability.

Qualified contracts, including traditional IRAs, SEP-IRAs, Roth IRAs, inherited IRAs, and inherited Roth IRAs, are eligible for favorable tax treatment under the Internal Revenue Code (IRC). Certain payout options and certain product features may not comply with various requirements for qualified contracts, which include required minimum distributions and substantially equal periodic payments under IRC Section 72(t). Therefore, certain product features, including the ability to exercise withdrawal features, may not be available or may have additional restrictions. The payment acceleration feature is available, but will be considered a modification to the 72(t) program and may subject the series of 72(t) withdrawals to an additional 10% federal tax. In addition, certain payout options may not be available for qualified contracts.

For Roth IRAs, upon the Roth IRA owner’s death, distributions to the designated beneficiaries may be subject to IRS required minimum distribution rules. If the designated beneficiary is not the spouse, the beneficiary may be required to take a lump-sum payment of the present value of the guaranteed payments if a death benefit becomes available. For the purpose of qualified distributions from a Roth IRA, since the five-year waiting period is tracked by the Roth IRA holder, the designated beneficiary and/or spouse who elects to treat the Roth IRA as his or her own will also need to take on this responsibility going forward when claiming qualified distributions.

Income from annuity payments received from Pacific Income Provider cannot be aggregated or combined with income from other IRA contracts/assets for purposes of satisfying the required minimum distributions.

Nonqualified contracts may not be subject to the various requirements for qualified contracts, but are still subject to an additional 10% federal tax for annuity payments, withdrawals, and other distributions prior to age 59½. While there are exceptions to this additional federal tax under IRC Section 72(q), certain payment options may not comply. The payment acceleration feature may be considered a modification to the 72(q) program and may subject the series of 72(q) withdrawals, including any prior withdrawals, to an additional 10% federal tax. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income.