An annuity is a contract between an insurance company and you. In exchange for the balance in your NADART account, the insurance company guarantees income in regular payments for your life or for a set period of time. Different types of annuities include:

• Qualified Joint and Survivor Annuity - provides both a guaranteed payment amount distributed at regular intervals (monthly, quarterly, etc.) throughout your life and a similar benefit continuing for the life of your spouse.
• Life Annuity with 10 Years Certain - provides a guaranteed payment amount for your life, but will make payments to your beneficiary to the end of the certain period if you die before this period expires.
• Life Annuity - provides a guaranteed payment amount for your life.

NADART is not structured to directly offer annuities, but we have made arrangements with several insurance companies for competitive bids and will purchase the annuity with greatest return for a terminating or retiring participant. If you have questions about annuities, please contact our Plan Information Center at nadart@nada.org or by telephone at (800) 462-3278.

If you are a married participant whose vested account balance exceeds $5000, you must receive plan benefits in the form of a Qualified Joint and Survivor Annuity unless your spouse signs a waiver of his/her right to this form of payment. A Qualified Joint and Survivor Annuity provides both a guaranteed payment amount distributed at regular intervals (monthly, quarterly, etc.) throughout your life and a similar benefit continuing for the life of your spouse. If you select another form of benefit (including another type of annuity), your spouse must sign the waiver section of the NADART Benefit Requst Form (N-10).