Guaranteed Annuity Contracts

[Guest lerieleech]

This may seem simple, but this is not my area of expertise:

Say that in a one-person DB plan, all the assets are in a GIC. For simplicity's sake, let's say it is worth $400,000 including a surrender charge of $20,000. The plan terminates, and the owner's 415 limit is higher than $400,000. Say also that his PVAB before any amendments is $350,000, so we don't have any issues about cutbacks, waivers, etc.

Scenario 1: The owner elects a rollover to his IRA, and the GIC is retitled in the name of his IRA.

Scenario 2: The owner cashes out the GIC while it is still in the DB plan, and then rolls the proceeds into his own IRA.

Scenario 3: While the GIC is in the DB plan, the owner makes a partial withdrawal, say of $100,000, and then rolls everything, cash and remaining part of the GIC, into his IRA. The remaining part of the GIC is retitled in the name of the IRA.

Putting aside for a moment whether any of these scenarios makes more sense that the others, all I want to know is what is the resulting value of the IRA (assume it is new) in each case. (I believe I know the answeres to the first two; not sure about 3.) Or does it depend on the insurance co and the contract?