Auburn Lincoln

Auburn Enrollment For Group Annuity

Lincoln Financial Group
Group Variable Annuity Contract L194475+07

Auburn University
Tax Deferred 403(b) and 403(b)(7) Program

How do I Enroll?

 

Step 1: Complete a Salary Reduction Agreement

An SRA allows automatic pre-tax or Roth contributions from your paycheck directly to your account with Lincoln. You can obtain a copy of the SRA at the Human Resources Office or you may complete the SRA on Self Service Banner. Please follow this link for instructions on completing the form: How to Complete a Salary Reduction Agreement. The completed forms should be mailed to the following address:

Human Resources
Auburn University
1550 East Glenn Avenue
Auburn, AL 36849

Step 2: Complete an Enrollment Form 

Enrollment Forms can be obtained by contacting Carey Beaven, Lincoln’s vendor representative, at 404-625-8402 or [email protected]. You can also contact Lincoln’s Customer Contact Center at 800-341-0441 (Monday to Friday 7:00AM to 7:00PM).  If a completed enrollment form is not received by Lincoln, pay check contributions will be returned to Auburn University.

Important Information

Interest Earned Daily 
Interest is credited and compounded daily to yield the effective annual rate declared. All interest earned is tax-deferred.

Guarantee Of Principal 
Lincoln guarantees the return of principal. The guarantee is based on Lincoln’s ability to meet its financial obligations.

Administrative Charge 
No annual administration charge.

Information Access

  • Web access at www.Lincolnfinancial.com
  • Interactive Voice Response System – Access to important account information such as balances, investments, and interest rate information.
  • Participant statements – You’ll receive quarterly participant statements showing your current transactions and account value.
  • Maximum Amount Contributable (MAC) information – At your request, we’ll estimate how much you can contribute tax-deferred each year.

 

Transfers to Lincoln
Employed by the University

  • If you have an account with a balance, you can transfer money to your account.
  • If you have never had an account at Lincoln, you may open an account and transfer money to the account.
  • If you had an account at Lincoln that was previously closed ($0 current balance). You will need to open a new account and make contributions to the account, before you can transfer money to the account.

 

Terminated Employees

  • If you have an account with a balance, you can transfer money to your account.
  • If you have never had an account at Lincoln, you are not able to open an account and transfer money to the account.
  • If you had an account at Lincoln that was previously closed ($0 current balance), you are not able to open an account and transfer money to the account.

Withdrawl Information

Systematic Withdrawal Option 
This service lets you systematically withdraw predetermined amounts from your contract. You must have a pre-tax vested contract balance of $10,000 at the time of your request and be age 59 ½, terminated from service, or disabled.

Flexible payout options

  • A lump sum cash distribution.
  • You can choose an annuity option for your lifetime (and your spouse’s, if chosen) or for other periods you select.
  • We offer the following annuity payout options:
  •  Single life annuity payout;
  •  Life annuity payout with payments guaranteed for 10, 15, or 20 years;
  •  Joint and survivor annuity payout;
  •  Certain annuity payout with payments guaranteed for 10, 15, or 20 years.
  • The Required Minimum Distribution, available at age 70 ½, lets you preserve most of your money for your heirs while you receive a minimum benefit.

 

Withdrawal privilege 1 
100% withdrawals are available: 

  •   In the event of Social Security disability of participant.
  •   In case of financial hardship
  •   At separation from service.
  •   After age 59 ½
  •   In the event of the death of a participant 

 

You may transfer up to 20% of your account balance once every calendar year or by notifying Lincoln that you wish to liquidate your account. You may transfer your money at no charge in five annual payments equal to 20%, 25%, 33 1/3%, 50%, and 100% of your account balance. IRS restrictions may apply.

Policy loans 
Loans may be available under tax-deferred annuity plans. The minimum loan amount is $1,000 with a one-time loan setup charge of $50. A competitive interest rate will apply. Outstanding loans will reduce the withdrawal amount. 

1- If your earnings were credited after December 31, 1988, to salary deferral contributions, they may not be withdrawn for financial hardship reasons. Some other withdrawals may be restricted or subject to a 10% federal excise tax.

The information is provided for educational purposes only and was not designed as advice regarding your personal financial circumstances. You should consult with an investment advisor, tax attorney, or qualified accountant before making investment or distribution decisions.