Labels:book | reckoner | sky OCR: Under Separate Account contracts, funds held by the insurer are invest separately the results ot invest stments are passed through the policyholder directly (frequently in the form of variable annuity benefits). and the insurance company does not provide guarantee the benefits payable to plar participants. 497 McGill & Grubbs, supra, at 495; Biack Skipper, supra 537, 557 Under state law variable annuities, which provide participants with benefits that var amount with Accounts, investment nat performance, can be iscued only from Separate the out ot insurer's General Account Furthermore vestments made by 1 insurance pany with Separate Account The distinction between fixed in and variablt annuity benefits is wel] recog- 359 nizsd. this Court explained SECt Vartable Annuitu Life Fs C. U.S. 65 ...
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