Union of Poles in America - Flexible Premium Deferred Annuity Contract

The Flexible Premium Deferred Annuity Contract (ANN-2001) offers UPA membership an opportunity to invest and to convert savings into a retirement income. Here is how it works:

BUILD-UP

An UPA Member can sign up for the ANN-2001 at any time he or she wishes. The Member has four choices in the form the annuity will be purchased:

The Member can commit himself or herself to make periodic payments during the "Building-up" period.
The Member can make a single payment of at least $5,000 during the "Build-up" period.
The Member can make an initial payment of at least $500 during the "Build-up" period, with the intention of making further payments at a later date.
The Member can pay at least $5,000 and have UPA begin immediately to pay back a monthly retirement check for life.

These options make the ANN-2001 truly flexible.

The rate of interest accrual during the "Build-up" period is currently set at 5% per annum, with a 1% bonus for the year June 1, 2002 to June 1 2003.

The UPA Board will periodically announce the effective savings rate at least twice per year. This savings rate will be determined by the expected return on the investment portfolio of UPA annuities. The portfolio is invested in "investment quality" bonds, not "junk bonds," as lesser quality bonds have been referred to.