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 not tax deductible.
Here 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?
- Lynda G Loomis (Vice President Operations)
- Peter G Gallanis (Director, President)
- James F Donnellan (Director-Member Elected)
- John E Deitelbaum (Director-Member Elected)
- G Thomas Sullivan (Secretary)
- Germaine L Marks (Director-Member Elected)
- John C Colpean (Director, Chairman)
- Erik A Anderson (Director - Member Elected)
- Pamela E Olsen (Treasurer)
- Magaret Sperry (Director - Member Elected)
Official website here: www.gabenefitsco.com
Where can I find the form 990 for Guaranty Association Benefits Company?
The 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.
Impact
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.
Thursday, August 15, 2024
Guaranty Association Benefits Company has had a significant impact in protecting individuals relying upon annuities issued by the insolvent Executive Life Insurance Company of New York. Through its operations in accordance with a court-approved liquidation plan, the organization has played a crucial role in safeguarding the interests of state guaranty associations and their members. This work has helped ensure that individuals affected by the insolvency of the Executive Life Insurance Company of New York have received the necessary annuity benefit payments as outlined.
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.
- Assets and Liabilities:
Organization Details
Founding Year
2011
Phone
(202) 802-1917
Principal Officer
Lynda Loomis
Main Address
FAEGRE DRINKER 1500 K ST NW 1100, WASHINGTON, DC, 20005
Website
www.gabenefitsco.com
NTEE Category
Code: Y40 - Mutual benefit
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