Cash Balance Plan is terminating - need to purchase 5 deferred annuities

A small CB Plan is terminating.  2 participants have elected deferred annuity.  3 participants with a balance of 5K did not return the forms.  Cumulative value for those 5 is about 60K.  Need a recommendation/reference/contact info who would underwrite this if anyone?  What are the options if no insurance carrier is interested?

While I have no experience with using an annuity contract to resolve a defined-benefit plan’s obligation, I have heard that Annua sources placements of that kind. https://annua.com/

Further, one might check businesses that advertise on BenefitsLink.

We have had luck using Midland for small cash balance accounts.  You can contact them directly (on behalf of the plan administrator) or use a broker. 

If you prefer a broker, PM me and I will supply contact information.

This can often be a HUGE headache (and very expensive) for small terminating DBPs and especially if they have a general lump sum option like CBPs. Those in the small plan space know that having ANY annuity insurer option is a godsend.

Effen - is this Midland National Life Insurance Company in Iowa that you reference? I'd ask if they could satisfy the DOL's safest available annuity option requirement, but if they're the only option then they are also the safest option. I see they are well rated anyway. Do you know in which states they are licensed to write contracts? I briefly checked their website but couldn't find.

I know New York is a problem state.

Thanks

2 hours ago, CuseFan said:

I know New York is a problem state.

Roger that!

13 hours ago, Effen said:

Roger that!

but is that the company - Midland National in Iowa?