CUNA Mutual Group and Transamerica Life Insurance Company (Transamerica) will work together to offer four variable annuities to credit union members under CUNA Mutual’s MEMBERS product brand.

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

There will be no impact to existing MEMBERS annuity contract holders.

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

“Annuities are increasingly being recognized as an important income generation tool for those in retirement,” said Bob Buckingham, vice president and annuity product manager for CUNA Mutual, in a press release. “These annuities will enhance our product suite that will benefit members of credit unions nationwide as they save for and live in retirement.”

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