We are pleased to announce two new enhancements to the Empire Life Early Redemption Charge (ERC) Recovery Credit Program.
1. Empire Life expands External ERC Recovery Credit Program offering, greater flexibility to customers
Effective November 1, 2022, the Early Redemption Charge (ERC) Recovery Credit Program 1 will be expanded to include transfers from external institutions into the No Load (NL) purchase fee option, to allow your clients greater flexibility should they need to access their investment.
2. NEW: Internal ERC Recovery Credit Program for existing Empire Life customers
The Internal ERC Recovery Credit Program2 will compensate clients in the same way as the external program. This will allow existing customers to access the benefits of Empire Life GIF and Class Plus 3.0 segregated funds without incurring loss of capital to pay early withdrawal fees from legacy or discontinued Empire Life products.
IMPORTANT NOTE: Use of the NL option for External or Internal ERC Recovery Credits requires prior authorization from your MGA; please speak to your MGA back-office to confirm if your organization has provided approval.