Frank Minton, Chair of the Gift Annuity Rates Committee of the American Council on Gift Annuities has announced that at its regular spring meeting on May 12, 2003, the Board of the American Council on Gift Annuities approved a reduction in the recommended maximum gift annuity rates, effective July 1, 2003.

Frank Minton, Chair of the Gift Annuity Rates Committee of the American Council on Gift Annuities has announced that at its regular spring meeting on May 12, 2003, the Board of the American Council on Gift Annuities approved a reduction in the recommended maximum gift annuity rates, effective July 1, 2003.

The reduction resulted from the application of the ACGA's established methodology for rate determination. Rates will decrease by .2% or .3%, depending on the age of the annuitant.

The new schedule of rates, an explanation of the assumptions underlying those rates, and the reasons for the rate reduction will appear on the ACGA website (www.acga-web.org) within the next few days.

The PGDC will announce and post this information when it becomes available.