CUNA Mutual Group and Transamerica Life InsuranceCompany (Transamerica) will work together to offer fourvariable annuities to credit union members under CUNA Mutual’sMEMBERS product brand.

The variable annuities, named MEMBERS Landmark, MEMBERS Liberty,MEMBERS Extra and MEMBERS Freedom, will provide a broad suite ofretirement solutions for credit union members. Each MEMBERSvariable annuity will have its own unique features, and willreplace existing MEMBERS variable annuity product offerings.

There will be no impact to existing MEMBERS annuity contractholders.

CUNA Mutual has been manufacturing annuities since the 1980s andthe relationship with Transamerica will complementthe company's existing “all-weather” portfolio offixed, indexed, and single premium immediate annuities.

“Annuities are increasingly being recognized as an importantincome generation tool for those in retirement,” said BobBuckingham, vice president and annuityproduct manager for CUNA Mutual, in a press release. “Theseannuities will enhance our product suite that will benefit membersof credit unions nationwide as they save for and live inretirement.”

The new MEMBERS variable annuities are expected to be availablein a majority of states beginning May 2, 2011.