IGA and FPDA Discontinued August 1

July 2, 2018

Effective August 1, 2018, The Standard will no longer offer the Index Growth Annuity series (IGA 5 and IGA 7) or the Flexible Premium Deferred Annuity.

All new IGA and FPDA business must have an effective date that is no later than July 31, 2018.

Please complete these steps by July 31, 2018:

  • Submit applications, including premiums, to The Standard. The applications must not include any additional requirements.
  • Resolve all pending requirements and ensure that we receive all transferred funds (1035 exchanges, IRA rollovers).

Active FPDA policies: Companies with pension plans that have active FPDA policies can continue to purchase FPDA policies for new plan participants. After July 31, we will not issue new FPDA policies outside of existing plans.

If you have any questions, please don’t hesitate to give us a call at 800.378.4578.

 

More About Producer Advisories
Have clients in another state or looking to expand your book of business? We’re implementing a new cross-border sales policy. Check out the ins-and-outs and do’s-and-don’ts of the new policy and forms before you get down to business.
It’s time to send out the 2023 IRS Form 5498 for IRA Contributions. Be sure to notify your clients who should expect them and find out the dates we’re sending them out.
Many clients count on receiving their annuity payments on specific dates so they can pay bills and meet day-to-day living costs. Electronic Funds Transfer is the best way to ensure payments on time, every time.
Please review this recent compliance alert: New Hampshire INS 305, Suitability of Individual Annuity Sales Recommendations.
We’re always looking to improve the customer experience. Thanks to your feedback, we’re rolling out new options for annual interest payments. See how these new features work.
We mailed IRS Form 1099-R in February to clients who took a distribution last year. You can view and download 2023 and prior year tax forms on the Annuity Portal.
Required Minimum Distribution notifications were mailed out at the end of January. Here’s the rundown on who we sent them to and what to expect.