Products June 30, 2003

DailyAccess Adds GIC To Its Lineup

June 30, 2003 (PLANSPONSOR.com) - DailyAccess has added the first Guaranteed Investment Contract (GIC) to its platform, to offer participants a guaranteed return on investments.
Reported by

The Met Managed GIC – Stable Value Fund is the newest addition to their fund offerings for products accessK, dailyaccess, and all private label partner products. The fund – available to DailyAccess clients – is composed primarily of bond funds, wrapped with a book value guarantee provided by MetLife, according to a news release.

The fund, which has an objective to offer a fixed rate of return that compares favorably with yields of intermediate investment grade corporate bond funds, is supposed to achieve its objectives through:

  • combining a guaranteed credited rate with market participation
  • quarterly reset of its underlying interest rate to reflect the performance of the investment portfolio
  • participants’ asset transfer in or out of the investment, as allowed by the plan
  • invested principal and accumulated daily interest for participant-directed withdrawals guaranteed by MetLife
  • a co-mingled separate account available through group annuity contracts of MetLife.

Investments in the GIC require no minimum deposit.   More information is available at  www.dailyaccess.com .

«