Overview
What is Guaranty Association Benefits Company?
The Guaranty Association Benefits Company is a nonprofit organization established to safeguard individuals relying on annuities issued by the insolvent Executive Life Insurance Company of New York. Based in Washington, D.C., the organization's mission, in accordance with a court-approved liquidation plan, is to promote the mutual interests of state guaranty associations and their members. Since August 8, 2013, the organization has been fulfilling its obligations by providing annuity benefit payments to those in need.
Official website here: www.gabenefitsco.com
Is Guaranty Association Benefits Company legitimate?
Guaranty Association Benefits Company is a legitimate nonprofit organization registered as a 501(c)(6) entity. Guaranty Association Benefits Company submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $451,170
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.gabenefitsco.com
What is the mission statement of Guaranty Association Benefits Company?
The Guaranty Association Benefits Company operates with a court-approved liquidation plan to safeguard individuals relying on annuities issued by the insolvent Executive Life Insurance Company of New York. This endeavor serves the mutual interests of state guaranty associations and their members. Since August 8, 2013, when the liquidation order against Executive Life Insurance Company of New York took effect, the organization has fulfilled its responsibilities by providing annuity benefit payments to those entitled. By 2022, the organization successfully discharged its obligations.
Official website here: www.gabenefitsco.com
Who is the CEO of Guaranty Association Benefits Company?
Lynda Loomis is the Vice President Operations of Guaranty Association Benefits Company.
Official website here: www.gabenefitsco.com
What is the revenue of Guaranty Association Benefits Company?
Guaranty Association Benefits Company's revenue in 2022 was $54,760,541.
Official website here: www.gabenefitsco.com
Who are the executives of Guaranty Association Benefits Company and what are their salaries?
Here are 10 key members and their salaries:
- Compensation: $348,563
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- Compensation: $96,304
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- Other: $6,304
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Official website here: www.gabenefitsco.com
Where can I find the form 990 for Guaranty Association Benefits Company?
Guaranty Association Benefits Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gabenefitsco.com
Learn more at the official website: www.gabenefitsco.com
Mission Statement of Guaranty Association Benefits Company
The Guaranty Association Benefits Company, or GABC, is a mission-driven organization established to safeguard the interests of individuals relying on annuities issued by the insolvent Executive Life Insurance Company of New York (ELNY), acting in accordance with a court-approved liquidation plan. GABC's primary objective is to uphold the common interests of the state guaranty associations and their members. This organization assumed its responsibilities on August 8, 2013, following the liquidation order against ELNY.
In the pursuit of its mission, the Guaranty Association Benefits Company has dedicated itself to providing annuity benefit payments to those who depend on the insolvent company. The organization's unwavering commitment to fulfilling its obligations culminated in the successful accomplishment of this mission in the year 2022. GABC's unyielding determination to protect and serve the needs of those affected by ELNY's insolvency has resulted in a sense of security and relief for countless individuals.
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Impact
October, 2024
Guaranty Association Benefits Company plays a crucial role in safeguarding the interests of individuals who depend on annuities issued by the now-insolvent Executive Life Insurance Company of New York (ELNY). Established in response to the challenges posed by ELNY's liquidation, the organization provides financial support to those affected, ensuring that they receive their due annuity benefits. This assistance came into effect on August 8, 2013, and has continued to be vital for policyholders as the company met its obligations in 2022.
By operating in conjunction with state guaranty associations, Guaranty Association Benefits Company acts to protect the financial well-being of thousands of individuals, thereby enhancing community stability and trust in the insurance system. Their efforts directly impact policyholders by lessening the financial strain caused by ELNY's insolvency, ensuring that individuals can rely on their expected annuity income during uncertain times. Through its dedicated actions, the organization reinforces the safety net for policyholders, improving community well-being and resilience in the face of financial adversity.
This information is meant to be a general summary of Guaranty Association Benefits Company. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $54,707,371
- Gross Receipts: $2,703,185,352
Assets and Liabilities:
- Total Assets: $1,517,979,734
- Total Liabilities: $1,378,249,315
- Net Assets: $139,730,419
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Organization Details
Founding Year
2011
Phone
(202) 802-1917Principal Officer
Lynda Loomis
Main Address
FAEGRE DRINKER 1500 K ST NW 1100, WASHINGTON, DC, 20005
Website
www.gabenefitsco.comNTEE Category
Code: S41 - Community improvement
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