Rates Effective July 1, 2008 to January 31, 2009

Approved by the American Council on Gift Annuities on April 2, 2008

Deferred Payment Gift Annuity Factors for New York and New Jersey **

Through August of 2009, the following compound interest factors during the deferral period noted will satisfy the requirements of New York and New Jersey:

For deferral periods of zero to no more than five years:

Single-life and two-life annuities, whatever the gender of the annuitants, a compound interest factor of 4.75%.

For deferral periods of more than five years to no more than 10 years:

Single-life and two-life annuities, whatever the gender of the annuitants, a compound interest factor of 4.75%.

For deferral periods of more than 10 years to no more than 20 years:

Single-life and two-life annuities, whatever the gender of the annuitants, a compound interest factor of 4.75%.

For deferral periods of more than 20 years:

Single-life annuity (male annuitant), compound interest factor of 4.75%.

Single-life annuity (female annuitant), compound interest factor of 4.75%.. (Exception: single-life annuity for a female whose age will be 46 through 54 on the annuity starting date. Compound interest factor then is 4.66%.)

Two-life annuity (both males), compound interest factor of 4.75%

Two-life annuity (both females), compound interest factor of 4.75%. (Exception: two-life annuity for two females where the age of the younger of the two will be 56 through 64 on the annuity starting date. Compound interest factor then is 4.59%.)

Two-life annuity (one male and one female), compound interest factor of 4.75%. (Exception: two-life annuity to one male and one female where the age of the younger of the two will be 56 through 64 on the annuity starting date. Compound interest factor then is 4.69%.)

Current annual interest rates during the deferral period for deferred gift annuities
which would meet NY/NJ requirements (regardless of age) until NY/NJ
next update their maximum allowable interest rates
Single Life
Two Lives
Years in Deferral Period
Male
Female
M/M
M/F or
F/M
F/F
5 or less
4.75%
4.75%
4.75%
4.75%
4.75%
More than 5, up to 10
4.75%
4.75%
4.75%
4.75%
4.75%
More than 10, up to 20
4.75%
4.75%
4.75%
4.75%
4.75%
More than 20
4.75% *
4.75% *
4.75% *
4.75% *
4.75% *

* Exceptions to using 4.75% in all cases of deferrals longer than 20 years are listed above.

** New York and New Jersey are the two states known at this time that may require different interest factors for deferred gift annuities with longer deferral periods.


Annuity Starting Date

One year before the first payment, if payments are made annually.

Six months before the first payment, if payments are made semi-annually.

Three months before the first payment, if payments are made quarterly.

One month before the first payment, if payments are made monthly.