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EIN 45-3635388

Guaranty Association Benefits Company (GABC)

IRS 501(c) type
501(c)(6)
Num. employees
0
City
Washington
State
District of Columbia
Year formed
2011
Most recent tax filings
2023-12-01
NTEE code, primary
Y40: Fraternal Beneficiary Societies and Voluntary Employees Associations
Description
The GABC is the company formed by state life and health insurance guaranty associations to pay benefits to former payees and certificate holders of Executive Life Insurance Company of New York (ELNY), in liquidation.
Total revenues
$59,125,067
2023
Total expenses
$51,896,875
2023
Total assets
$1,367,048,132
2023
Num. employees
0
2023

Program areas at GABC

The organization operates to protect, in accordance with a court-approved liquidation plan, individuals relying upon annuities issued by insolvent executive life insurance Company of new york ("elny"), in furtherance of the common interests of the state Guaranty associations and their members. The organization's obligations commenced on august 8, 2013, when the order of liquidation against elny became effective. The organization met its obligations in 2023 by providing annuity benefit payments in the amounts set forth above.

Personnel at GABC

NameTitleCompensation
Lynda LoomisVice President Operations$348,563
Peter G GallanisDirector , President$96,304
G Thomas SullivanSecretary$0
John C ColpeanDirector , Chairman$0
Pamela E OlsenTreasurer$0
...and 3 more key personnel

Financials for GABC

RevenuesFYE 12/2023
Total grants, contributions, etc.$0
Program services$0
Investment income and dividends$58,696,102
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$428,965
Total revenues$59,125,067

Form 990s for GABC

Fiscal year endingDate received by IRSFormPDF link
2023-122024-07-25990View PDF
2022-122023-07-13990View PDF
2021-122022-07-19990View PDF
2020-122021-06-11990View PDF
2019-122020-10-09990View PDF
...and 6 more Form 990s
Data update history
August 25, 2023
Posted financials
Added Form 990 for fiscal year 2022
August 20, 2023
Used new vendors
Identified 1 new vendor, including
August 10, 2023
Posted financials
Added Form 990 for fiscal year 2021
May 26, 2023
Used new vendors
Identified 2 new vendors, including , and
May 11, 2023
Used new vendors
Identified 4 new vendors, including , , , and
Nonprofit Types
Fraternal societiesMutual assistance organizationsInsurance companies
Issues
Community improvementBusiness and industry
Characteristics
No full-time employees
General information
Address
Faegre Drinker 1500 K St NW 1100
Washington, DC 20005
Metro area
Washington-Arlington-Alexandria, DC-VA-MD-WV
County
District of Columbia, DC
Website URL
gabenefitsco.com/ 
Phone
(800) 421-8850
IRS details
EIN
45-3635388
Fiscal year end
December
Taxreturn type
Form 990
Year formed
2011
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
Y40: Fraternal Beneficiary Societies and Voluntary Employees Associations
NAICS code, primary
52411: Direct Life, Health, and Medical Insurance Carriers
Parent/child status
Independent
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