News

Starting Monday, April 1st, companies can now file with the Insurance Compact additional types of group annuities besides those associated with pension risk transfers because of recent amendments made to the Single Premium Group Fixed Annuity Contract Uniform Standards for Employer Groups.  Generally, the amendments expand the Scope of the standard to capture additional group annuity arrangements.  Specifically, the amendments include:

• Changing the title of the standard to Group Fixed Annuity Contract Uniform Standards for Employer Groups by removing the term “Single Premium.” 
• Amending the scope to apply to either a defined benefit or a defined contribution plan.
• Amending the scope to delete the reference to single premium fixed annuity contracts.
• Amending the scope to clarify the standard is not limited to pension risk transfer arrangements.
• Including a definition of Pension Risk Transfers.

If you have the hyperlink to the Single Premium Group Fixed Annuity Contract Uniform Standards for Employer Groups saved to your browser, please note the URL will change with the upcoming updates. The best way to access any of our Uniform Standards is by searching the Record Adopted Standards page of our website.

If you have any questions regarding the Uniform Standards, please be sure to submit a pre-filing communication request, which can be found on the Creating a Compact Filing page of the Compact’s website.