(SPA and SPGA products are currently unavailable)
A Single Premium Group Annuity (SPGA) requires a one-time, up-front premium payment that is used to fund a guaranteed income stream for individuals. Payout begins at a specified time, usually when a plan participant retires. The guaranteed structure is appropriate for defined benefit and defined contribution plans. Comprehensive service, which includes underwriting, installation, and ongoing administration, are some of the competitive advantages offered by John Hancock.
Our Single Premium Group Annuity (SPGA) allows plan sponsors to transfer the pension liability, including future administration, to John Hancock Life Insurance Company(U.S.A.). We can underwrite qualified and nonqualified defined benefit plans that cover active, terminated, and retired participants.
Through the purchase of a Single Premium Group Annuity (SPGA), plan sponsors can fund all of their pension liability, called a plan termination, or a portion of their pension liability, called a carve-out.
John Hancock's Group Annuities products can be used for:
- Plan Terminations
- Plant Shutdowns
- Reducing Plan Administration Costs
- To fund pension liability when the employer is involved in a bankruptcy proceeding
- FAS (Financial Accounting Standards) 88 Settlements
John Hancock Group Annuity products accommodate annuity purchases including, but not limited to:
- 401(k) Defined Contribution Plans
- Money Purchase Plans
- Profit Sharing Plans
- Cash Balance Plans
Nonqualified Deferred Compensation Plans
- Excess Benefit Plans
- Supplemental Executive Retirement Plans (SERP)
- 457 Plans
- Top Hat Plans
Hours of Operation:
Monday through Friday,
9:00 AM - 4:00 PM EST