All > Business > Finance > Personal Finance > Retirement

• A "promise to pay" issued by an insurance company, usually in a large amount. The insurance company guarantees the interest rate paid on the amount promised but does not guarantee the principal. GICs are not guaranteed by a government agency. Many defined contribution plans, such as 401(k) plans, offer GICs as investment options.

  South Carolina Retirement Systems - Cite This Source - This Definition
  ×

  Cite Definition for Guaranteed investment contract (GIC)

  American Psychological Association (APA)

  Guaranteed investment contract (GIC). (n.d.). SCRS Glossary. Retrieved March 21, 2023, from website: http://www.expertglossary.com/definition/guaranteed-investment-contract-gic.

  Chicago Manual of Style (CMS)

  Guaranteed investment contract (GIC). www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/guaranteed-investment-contract-gic (accessed: March 21, 2023).

  Modern Language Association (MLA)

  "Guaranteed investment contract (GIC)." SCRS Glossary. South Carolina Retirement Systems. 21 March. 2023 http://www.expertglossary.com/definition/guaranteed-investment-contract-gic.

• Browse Related Terms: Annuity, Cost-of-Living Adjustment, Earnable Compensation, FICA, Fixed Income, Guaranteed investment contract (GIC), Interest, Pre-Tax, Prospectus, South Carolina Retirement Systems, volatility

Also listed in:

• All > Business > Finance > Personal Finance