Printer Friendly

Scudder Wealthmark and Scudder Wealthmark ML3 Variable Annuities Now Available In New York.

To meet the growing need among New Yorkers for more options in retirement products, Scudder Investments announced today that Scudder Wealthmark and Scudder Wealthmark ML3 variable annuities are available in the State of New York. These products are flexible payment, deferred combination fixed and variable annuity contracts issued and administered by The Manufacturers Life Insurance Company of New York ("Manulife New York").

Variable annuities are long-term contracts designed for retirement purposes, wealth accumulation, wealth distribution and wealth transference. Both Scudder Wealthmark variable annuities offer death benefits, living income benefits, annuitization features and more than three dozen investment options. The contract value will fluctuate based on the performance of the investment options selected by the contractholder.

Both New York products offer two optional living income benefit riders for contractholders to choose from. These riders are known as the Guaranteed Retirement Income Benefit (GRIB) rider and the Guaranteed Retirement Income Benefit II (GRIB II) rider.(1) The GRIB option is available for an additional annual charge of 0.30%, while GRIB II offers added market protection and is available for an additional annual charge of 0.45%. Both living income benefit riders provide contractholders with a guaranteed minimum income stream for life regardless of how the investment options perform.

The Scudder Wealthmark product has a minimum initial purchase payment of $5,000 for non-qualified contracts (those funded by after-tax dollars) and $2,000 for qualified contracts (pre-tax dollars). The total insurance charges for Scudder Wealthmark is 1.40% (M&E 1.25%, Administrative 0.15%) plus any rider fees. The Scudder Wealthmark ML3 product offers greater flexibility with a three-year withdrawal charge. The minimum initial purchase payment for Scudder Wealthmark ML3 is $10,000 for non-qualified and qualified contracts and total insurance charges are 1.65% (M&E 1.25%, Administrative 0.15%, Distribution 0.25%) plus any rider fees.

"We are very excited about these products and are happy to provide New York customers a chance to take part in these opportunities," says Kevin Hogan, director of the insurance products group with Scudder Investments. "The living income benefit is a tremendous option for customers to remain in equity-based investments and provide retirement income guarantees."

For more information on the Scudder Wealthmark products, contact Scudder Investments or your broker. To obtain a prospectus, please call Scudder Insurance Products Sales Support at (800) 778-1482 or visit It contains more complete information including fees, charges and expenses. Contractholders are advised to read the prospectus carefully before purchasing a Scudder Wealthmark annuity or sending money.

(1) Optional riders selected will increase total insurance charges by the amount listed, must be selected at issue and cannot be canceled. Rider charges will not apply after annuitization. Restrictions apply.

Guarantees are based on the claims-paying ability of Manulife New York and do not apply to the investment performance or safety of the underlying portfolios.

Withdrawals may be subject to income tax, and if made prior to age 59-1/2, a 10% federal penalty tax.

Scudder Wealthmark (contract numbers VENTURE.002.03 and VENTURE.002.03-IRA) and Scudder Wealthmark ML3 (contract number VENTURE.100-NY) in New York are flexible payment, deferred, combination fixed and variable annuity contracts issued and administered by The Manufacturers Life Insurance Company of New York (Manulife New York) a Valhalla, NY, company with its annuity service office located at 500 Boylston Street, Suite 400, Boston, MA 02116-3739. Scudder Wealthmark annuities are distributed by Manulife Financial Securities LLC. The contracts contain limitations.

Scudder Investments provides sales and marketing support for the Scudder Wealthmark family of products.

Scudder Investments is the US retail brand for Deutsche Asset Management. With over US $750* billion in assets under management globally, Deutsche Asset Management is one of the world's leading investment management organizations not just in size, but in quality and breadth of investment products and client service. Deutsche Asset Management is geographically divided into three regions -- the Americas, Europe and Asia Pacific, providing a broad range of investment management products across the risk/return spectrum. All of our products are managed for consistency, and with a goal of competitive long-term risk-adjusted performance.
 * as of 12/31/02


Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas Inc. and Scudder Trust Company.

CONTACT: Judith Inosanto, +1-212-326-6746, or Christine Pollak, +1-212-336-1646, for Scudder Investments

Web site:
COPYRIGHT 2003 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Geographic Code:1USA
Date:May 9, 2003
Previous Article:Post Properties Sends Letter to Shareholders; Cites Six Million Dollar Sweetheart Package Promised by Williams to his CEO Designate.
Next Article:Exus Selects Sun Microsystems for Exus Education Network Internet Centers.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters