# 150223 AXA Equitable, AXA Advisors and AXA Distributors do not provide tax or legal advice. A variable annuity is the only type of annuity that charges the M&E fee. Look at your AXA annuity policy and determine the inception date of the contract, as well as the day you received the contract from either AXA or your agent. GE69880(9/12) Cat. You’re paying for it with the M&E fee we talked about earlier. Certain types of contracts, features and benefits may not be available in all states and jurisdictions or from all selling firms. While the difference between .25% and 1% might not sound like a lot, assuming a hypothetical investment of $100,000 earning a 4% annual return, in 20 years’ time, that difference could reduce your portfolio by nearly $30,000. (12b1). In contrast, large 401(k) plans charge less than half a percent annually, according to BrightScope, a financial information company. Your needs, goals and circumstances are unique, and they require the individualized attention of your financial professional. Read more. The percentage can be as high as 7% and never less than 2.5%.”. Simple, Account The world of investments can be intimidating, but really it’s like any other shopping experience. Unlike other fee-only planners, I find that some annuities may be a part of a comprehensive financial plan when used correctly. RIC 403b At-A-Glance (page 3 of 3) Investments – AXA Equitable, EFS Advisors, GWN Securities, National Life Group, Security Benefit, TCG For the providers listed below, products vary and may include multiple fund offerings within the product shown. Guarantees are based on the claims paying ability of the issuer. Warwick, NY 10990, Direct: 845-981-7300 Yes, it could happen. Deferred annuities are long-term contracts and most annuities of this type charge surrender fees during the first 5 to 10 years of the contract. Even if you do die, your account didn’t drop below your total contributions, so the death benefit guarantee did not provide any guarantee in this example. They said I need to leave my 403b open with them for six more years in order to avoid the $770 charge. If you’re looking for protection from market risk, you may select the Structured Investment Option (SIO) available within certain EQUI-VEST variable annuities. . Investors have access to over 80 variable investment options including numerous equity and fixed income portfolios as well as various asset allocation and target date portfolios. Securities offered through LPL Financial, Member FINRA/SIPC. At Fidelity, on a $25,000 account you'd pay a total of $29 for the year ($24 annual fee plus $5 for the S & P 500 index) at AXA, you'd pay about $500. This fee is charged by the life insurance side to cover the cost of providing the “Personal Income Benefit.” For this benefit, you will pay 1% annually, based on the value of your Personal Income Benefit account. Features: The amount of your income withdrawals under this feature will never decrease—unless of course you make early or excessive withdrawals as specified by the contract. A tax-sheltered annuity (TSA) is an employer-sponsored retirement savings plan also called a 403b plan. Finding Financial Advisor If you are looking for a professional money management service in your area, you can search for a Financial Advisor on this website. No matter where you are in life, your 403(b) is a smart choice that offers hope for a bright retirement future - so you can focus on the people and the passions that bring you fulfillment. It offers Structured Investment Options (SIO) that enables you to invest for growth with some downside protection for a set period of time. If you are like many school district employees, there is a good chance you are using a 403(b) plan as a way to supplement your pension in order to build a healthier retirement. AXA Equitable, EFS Advisors, GWN Securities, National Life Group, Security Benefit, and TCG offer a variety of investments (see page 3) that may include guaranteed interest accounts, variable annuities, and mutual funds. A policyholder can request an illustration with up to 3 variations for the rest of the policy year without being charged. They said I can transfer my SERS balance into this 403b. One thing to be aware of with this particular annuity is that the surrender charge is based on how long your contributions have been in the contract. Whether you're just beginning your career, a seasoned educator or getting ready for retirement, keep these tips in mind: If you're feeling cash-strapped, even small savings in everyday life can go a long way in your 403(b). the amount of the withdrawal charge deducted is equal to 5% of any contribution withdrawn attributable to contributions made within the current and five prior contract years, measured from the date of the withdrawal.”. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN). You want to compare prices and features, and understand exactly what you’re buying. In essence, it is a contractual agreement in which payments are made to an insurance company, which agrees to pay an income stream or lump-sum amount at a later date. individuals chose to work with a financial professional, 18% higher satisfaction with their retirement plan when working with a financial professional, Understanding your big picture, what's important, setting goals, Strategic investment advice to grow and protect your money. If you have a Facebook account, one of the best ways to spread this message around is by “sharing” the post by using the Facebook icon below (it’s a blue square with a white F on it). Fax: (845) 981-7299 Variable annuities invest directly in the market, and as such, they can lose money just like stocks and mutual funds. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. var year = currentTime.getFullYear(); It’s always satisfying for me to break down complicated financial products out there to try and provide some clarity on how they really work. You can obtain contract and sub-account prospectuses and summary prospectuses from your financial representative or by clicking on the prospectus link within this article. AXA has not endorsed this review in any way, nor do I receive any compensation for this review. Does that mean you get to earn higher returns? to view your account details at. This fee is pretty standard for annuity contracts of this nature. The year-over-year growth in 403(b) plan assets of these major players is presented below: While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing. In this case, AXA charges its contract holders a 5% penalty on any funds withdrawn that exceed the free withdrawal amount, but the duration of this fee starts over when you make a contribution. AXA Equ itable EQUI-VEST Processing Office Suite 1000, 100 Madison St. Syracuse, N.Y. 13202 Regular Mail: AXA-Equi table EQUI-VEST Processing Office P.O Box 4956 Syracuse, N.Y. 13221 Fax Number: (201) 583-2683 For Assistance: Call: (800) 628-6673 Monday – Thursday 8:00 a.m. – 7:00 p.m. EST Friday 8:00 a.m. - 5:00 p.m. EST To Sign Up For eDelivery: Visit us at www.axa-equitable.com 1. The salespeople who come out to your workplace and present you with investment options typically earn a sales commission whenever they get someone to buy into their annuity. 25%. There are also investment-related fees that range from 1.01% - 1.13% for the asset allocation investing option and 0.71% - 1.45% for the custom selection investing option. disability, Short-term approach, Powerfully AXA variable annuity 403b, expenses $45,209, final value $80,952 (49% less than Fidelity) AXA mutual fund 403b, expenses $21,161, final value $124,689 (21% less than Fidelity) Fidelity mutual fund 403b, expenses $1,354, final value $158,127 edited to fix typo to 50k and to add Vanguard. 2If available under your employer's plan, you may generally enroll in the model portfolio and investment advisory services program (i.e., Semester Strategiessm) of SWBC Investment Advisory Services LLC ("SWBC") to manage your account value. This review is meant to be an independent review at the request of a client so they can see my perspective when breaking down the positives and negatives of this particular annuity model. Tax-deferred Growth: One of this annuity’s main advantages is that the investments inside this product give you tax-deferred growth. Many of you probably signed up with a sales rep or agent that came to visit your school. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. Gain a much clearer sense of whether this annuity fits your individual savings needs so that you can make an informed decision. Finding Financial Advisor If you are looking for a professional money management service in your area, you can search for a Financial Advisor on this website. Overall fees including a Mortality and Expense Risk charge, Surrender Charges based on ongoing contributions, Agent commissions and compensation based on ongoing contributions, Income rider features that limit investment options for a lifetime fee, Annuitization of the contract may be required, No additional tax benefits when part of a 403(b). When this investment might make sense: If you have already maxed out all your qualified retirement accounts and would like to put aside more money into a tax-deferred account, then a variable annuity might be an appropriate option. Policy Fee A policy fee is usually incurred for each policy. GE69880(9/12) Cat. Riders are additional guarantee options that are available to an annuity or life insurance contract holder. Range Details Surrender Fees: None. If you work in K-12 school and participate or plan to participate in a 403(b), there is a good chance you may get pitched the AXA EQUI-VEST variable annuity. I did that for you. Teachers: Is the Death Benefit Killing Your Retirement Plan? Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with main administrative headquarters in Jersey City, NJ, and Equitable Distributors, LLC. EQUI-VEST Series 201 allows participants to select from a diversified group of more than 100 investment options that provide competitive current interest rates and guarantee safety of principal. If you don’t need the benefits of an annuity at this time, then paying for these fees for the next 10 to 20 years may not be in your best interest. As an AXA client, investors also receive face-to-face service with a licensed financial advisor and the ability to view information and initiate transactions through axa.com. Every dollar you put in has potential to grow - especially if your employer matches a portion of your contributions. Find Financial Advisor Broker Promotions Investment Firms Incentives » AXA Advisors Customer Reviews. You can count on ours.1. Type: Mutual Fund Discontinued . I have saved Present in 57 countries, AXA's 160,000 employees and distributors are committed to serving our 108 million clients. If you’re contributing the maximum 2018 amount of $18,500 to your plan and, if over 50, also taking advantage of $6,000 catch-up contributions, then AXA could be paying as much as $490 a year to your broker. We've gained respect as one of America's leading financial services companies - and we've earned the trust of clients and their families for generations. None of the third parties referenced in this communication are affiliated with Warwick Valley Financial Advisors, Private Advisor Group or LPL Financial. How to Surrender a Tax Sheltered Annuity. The SEC’s Office of Investor Education and Advocacy has issued bulletins warning investors how much fees can impact the growth potential of a portfolio. I think “But there is one big difference: 403(b) plans have higher investment fees.” is misleading since there is so much variation. The Program will allocate your account value among the variable investment options, guaranteed interest option (GIO) and Segments in the SIO, based on your set time horizon, risk tolerance and investment return objectives derived by SWBC from information you provide to SWBC. AXA Advisors customer reviews, complaints, and ratings. Get familiar with the various types of fees so that you’ll know exactly what you’ll be charged by the AXA Equi-Vest variable annuity. Trust comes with experience. Furthermore, withdrawals may “significantly reduce” the future income payments of the Personal Income Benefit for which you’re paying that additional 1%. Says AXA: “No more than 25% of any contribution can be allocated to the GIO.”. Learn more about ways you can stay invested while protecting against all or some of your account losses to provide you the best opportunity to grow your retirement account over the long term. Investments growing tax-deferred can accumulate and compound untouched by federal, state, or local income taxes until you begin making withdrawals, which is usually after retirement. The MSCI EAFE Index consists of the following developed country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. They made it difficult to obtain information. However, variable annuities offer features and benefits that may not be available with other investment options. RIC 403b At-A-Glance . The sales agent may also tell you that these investments all benefit from tax-deferred growth. Commissions: Yes. “An annuity contract that is purchased to fund an employer-sponsored retirement savings plan should be done so for the annuity’s features and benefits other than tax deferral. I am legally obligated to make recommendations that are in the best interest of my clients. Earnings Enhancement Benefit (EEB) (aka Protection Plus) Annual Ratchet to age 85 (aka Highest Anniversary Value to age 85) FOR FINANCIAL PROFESSIONAL USE ONLY. Personal Income Benefit investment options give you the ability to turn your retirement savings into an annual withdrawal benefit. Equitable Advisors Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY, 212-314-4600), member FINRA, SIPC, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.). How to Surrender a Tax Sheltered Annuity. Range Details Surrender Fees: None. Says AXA: “The Target Date Allocation Portfolios are not guaranteed at any time, including the target date.”. AXA also reminds you that you should buy this annuity based on its features and benefits, so let’s take a look at those. Surrender charges can apply for time periods as little as 30 days or as much as 15 years on some annuity and insurance products. Provider (product name) Front End Loads Surrender Charge Schedule Annual Fees Asset Based Fees Managed Account Fees AXA Equitable Equi-Vest Series 901 Strat 403b 0% yrs 1,2,3,4,5=6%, yrs 6,7,8,9,10 - declines 5% to 1% <$25,000 = lesser of $30 or 2% 0.90% 0.65% EFS Advisors EFS Advisors Choice 403b Investing in mutual funds involves risk, including possible loss of principal. Savings must be between $0 and $9,999,999. Its benefits include providing for the accumulation of retirement savings via tax-deferred growth. AXA Equitable, AXA Advisors, LLC and AXA Distributors, LLC are subsidiaries of AXA Financial, Inc. and do not provide tax or legal advice. 403b Podcast. EQUI-VEST® is a deferred annuity contract issued by AXA Equitable. such guarantees.”. AXA Equitable pays contribution-based and asset-based compensation to their agents. Surrender charges protect against these types of losses. Is AXA Equitable scam or a good financial company? SURRENDER CHARGES. Co A was bought by Co B. Co A’s 401k plan is being terminated and all participants are allowed to receive a distribution. One respondent, Great-West Life, offered an attractive option:no variable annuity, and a mutual-fund-only product with a slim 0.15% annual fee and no surrender charges. AXA Equitable Life Insurance Company, AXA Advisors, LLC and AXA Distributors, LLC are affiliated companies located at 1290 Avenue of the Americas, New York, NY 10104, (212) 314- 4600. © 2020 Equitable Holdings, Inc. All rights reserved. The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Bottomline, it's an expensive product. This change allows 403(b) plan holders to retain their lifetime income investments and avoid surrender charges and fees. every 2018. Equitable Financial Life Insurance Company. You listened and absorbed as much as you could, but there is a chance that some of the facts were not fully understood during the sales process. Once you do retire, the difference between paying 1% or 2% could mean running out of money sooner. The State of Iowa does not guarantee investment returns. Before buying into an annuity, it’s important to understand how it works, what benefits it may provide, the cost to you in fees, and perhaps most importantly, the role it can help play in your overall retirement plan. Once a contract owner selects a Personal Income BenefitSM, they will be limited to one of these five allocation models: AXA also gives you other options if you don’t want to pay the income rider fee. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. But you’re probably already getting this benefit. They won’t charge you the $30 fee if your account value is $25,000 or more. All 403(b) products contain fees. They also typically allow a 10% free withdrawal amount subject to federal income tax withdrawal restrictions. For the younger investor in their 40s or 50s, paying the additional 1 percent for an income guarantee now may not make sense, especially when you consider that the income rider fee is assessed for the life of the policy. It compensates the insurance company for the risk it assumes under this particular annuity contract, and it applies to all variable investment options. : 199903512M) 8 Shenton Way #24-01 AXA Tower Singapore 068811 AXA Customer Centre #01-21/22 This is a detailed post about a popular 403(b) annuity product, the AXA EQUI-VEST variable annuity. Be sure to read carefully the marketing materials and prospectus, and if you don’t understand what you’re paying for, ask questions and receive a full disclosure before making a decision. CERTIFICATION OF CUSTOMARY SIGNATURE This is to certify that I am the same person who signed in the policy contract. Whether the higher fees make sense for you will depend on your specific needs and situation. var currentTime = new Date(); If you currently own this annuity: Now may be a good time to take another look and evaluate this product in light of your long term goals. Go to Equitable.com Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with main administrative headquarters in Jersey City, NJ, and Equitable Distributors, LLC. Chat hours: Monday - Friday, 9:00AM - 5:00PM ET. Understanding AXA Equitable Variable Annuity Flexchoice Acces Surrender charges Schedule a time for one of our financial professional to meet with you and discuss a retirement strategy that fits your life. AXA Annuities is a large financial services company that offers variable annuities, life insurance policies, individual retirement accounts (IRAs), brokerage accounts and advisory accounts.The company has a long history, having first opened for business in 1859. In January 2020 it changed its name simply back to Equitable following its initial public offering in May 2018. SURRENDER CHARGES. Existing Equitable customer or already started enrolling online? Annual Costs: $ 150. This annuity does not offer that. You can transfer your 403(b) to an IRA. EQUI-VEST® (series 100-400) employer-sponsored retirement plans Issued by AXA Equitable Life Insurance Company. In January 2020 it changed its name simply back to Equitable following its initial public offering in May 2018. Learn facts/information you need to know about one of the most popular products being. . EQUI-VEST is a registered service mark of and is issued by AXA Equitable Life Insurance Company (AXA Equitable). So, then you might select a Target Date Allocation Portfolio. Ideally, you would want to know the details before making a choice. AXA Equitable and AXA Distributors, LLC and AXA Advisors, LLC are affiliated companies. According to one analysis from the independent investment research company Morningstar, the most popular version of the AXA Equi-Vest annuity has total annual operating costs that can range from 1.81% to 2.63%. More advisors today are taking a holistic approach to life planning. So, even if you die, you’ve been paying that 1.25% M&E fee all this time to guarantee that your beneficiary (in this case, your spouse,) will still get all the money you paid into this account. Choose your own investments, or you can choose Semester StrategiesSM, a simplified investment strategy available through the EQUI-VEST® variable annuity contract in your 403(b) - offering growth, protection and professional guidance2 in a convenient, cost-effective package. 5. It locks in your account value at the high-water mark, which is a crediting method based on the highest level attained by the reference index over a given period of time. Private Advisor Group and Warwick Valley Financial Advisors  are separate entities from LPL Financial. AXA states in the prospectus: “. Issued by AXA Equitable Life Insurance Company. tures and charges of the contract may have varied over time and may vary depending on your state. Surrender charges are fees imposed on investments, annuities, and life insurance policies. Let’s recap: As a participant in a 403(b) account, you have a choice to invest in either annuities or mutual funds. Table of Contents Variable Product Prospectus Page Retirement Cornerstone®Series 15B 1 Summary Prospectuses Page Label AXA Premier VIP Trust AXA Moderate Allocation AMA 1-5 CharterSM Moderate CMOD 1-6 CharterSM Moderate … Below is my preferred payout method for the proceeds of: Policy Number: Policy Owner: Date: FUND TRANSFER (Applicable for both Peso and Dollar policies). One respondent, Great-West Life, offered an attractive option:no variable annuity, and a mutual-fund-only product with a slim 0.15% annual fee and no surrender charges. Asset allocation does not ensure a profit or protect against a loss. SWBC Retirement Plan Services is an unaffiliated third-party and is a wholly-owned subsidiary of SWBC, which was established in 1976. For more information about the partic- ular options, features and charges applicable to you, please contact your financial professional and/or refer to your contract and/or see AppendicesIand IV. There is no additional tax benefit to you when you buy this annuity inside a 403(b) or retirement plan. You just took a big step to a better retirement. For costs and complete details of coverage, speak to your financial professional. AXA Equitable Life Insurance Company-3.5%: 9: Empower Retirement: N/A: 10: Principal: 23.7%: Source: PlanSponsor.com Research. If you Online enrollment is not yet available in your state. Equitable Advisors is the brand name of Equitable Advisors, LLC (member, System availability Begin by setting goals for yourself and see how much you should be comfortably saving to get to where you want to be. These strategies should be discussed with a qualified professional as there are many factors to consider. I hereby confirm that the declarations and information therein were given by me, … It does not guarantee that your account won’t lose money. Their most popular product is the AXA EQUI-VEST Series 201 Variable Annuity. The investment returns and principal value of the available sub-account portfolios will fluctuate so that the value of an investor’s unit, when redeemed, may be worth more or less than their original value. Roth Eligible. Hence, on a single premium investment of S$10,000, a sales charge of S$500 would be deducted. There are contract limitations, fees and charges associated with variable deferred annuities, which include, but are not limited to, mortality and expense risk charges, withdrawal charges and administrative fees. That could mean the difference between retiring early or late. This is a review, not a recommendation to buy or sell a variable annuity. 403b Plans for Education-Related Employees . AXA also charges $25 per year if under $25,000 (Vanguard charges $60, Fidelity $24). Contribution cannot be more than annual salary ($). If you own this annuity, or you’ve been pitched this by an agent/advisor and want an independent, objective review—then you’re in the right place. Annual Costs: $ 202. Maximum yearly contribution is $19,500 for people aged 49 and under. Withdrawals made prior to age 59 ½ are subject to 10% IRS penalty tax and surrender charges may apply. Marketing material availability may also vary by firm. Please make sure to check the Surrender Charge provision of your Policy before you proceed with your request. Our Enhancing Outcomes whitepaper charge provision of your policy before you proceed with your financial professional, some. Should consider the investment, whether your investments and can reduce the amount of over! Wanting axa equitable 403b surrender charges protect their nest egg annuity inside a 403 ( b ) plan then. Help setting up a new account obligated to make recommendations that are $. Contracts and most annuities of this annuity also gives the agent commissions based on the benefits working. How will this AXA annuity product review help you enroll or more to seek growth up. 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