Empire Life is closing Class Plus (Fund Classes G and H) to lump-sum deposits on Friday, June 28th at 4:00 pm ET. There are also changes to Pre-Authorized Deposit Plans (PADs). This change does not apply to Class Plus 2.
Class Plus was closed to new policies on December 31, 2012, and deposits to existing contracts were limited to $25,000 per policy for 2013. After Friday, June 28th at 4:00 pm ET, no further lump-sum deposits may be made to Class Plus. Existing PADs will continue, however, after June 28, the PAD amount may not be increased and no new PADs may be set up. Cumulative PAD and lump-sum deposits may not exceed $25,000 per policy in 2013.
Empire Life is committed to offering guaranteed income solutions. As a reminder, we launched Class Plus 2, our GWB solution, in January 2013. Class Plus 2 offers flexible income starting as early as age 55, a 5% income base bonus, single and joint tiered income options, and an Automatic Income Reset.
For more information, please refer to the Information Circular, a FAQ to help answer your questions, and the customer message that will be included in the June 30 statements to explain the changes.
If you have any questions, please contact your regional sales representative or call our Customer Service Team at 1 800 561-1268.