Jose is looking for a savings vehicle that will provide him with a lifetime income stream once he retires. Jose has a lump sum to invest and he is considering a Guaranteed Minimum Withdrawal Benefit (GMWB). Which of the following statements about GMWBs is CORRECT?

a)The GMWB will not allow Jose to make additional contributions once the original lump sum is purchased.
b)Jose will not be allowed to withdraw any funds during the savings phase of the GMWB contract.
c)Jose will earn a credit every year in which he does not withdraw from the GMWB.
d)Once Jose begins the payout phase of the GMWB contract, he will be able to make extra income withdrawals without penalties.