Annuity Buzz

The deadline to file Form 5498 has been delayed by the CARES Act. We plan to send the form to policyowners in August.

We recently sent out letters about the CARES Act legislative changes affecting Required Minimum Distributions to clients that are RMD eligible. They were customized for each clients’ situation, describing the distribution options that are now available.

We’re implementing some changes to our processes to make it easier for you to do business with us through the challenges of COVID-19 social distancing. Starting now through June 1, 2020, we are implementing numerous business accommodations.

We’ve updated our suitability form with a question that asks why a client wants to exchange or replace an annuity.

Help clients get their recurring annuity payments on time, every time. Electronic Funds Transfer makes that happen.

The last thing you want to hear when you’re helping a client is a request for more paperwork. But for any disbursement of funds, we require one additional form.

The IRS requires The Standard to file Form 1099-R by January 31 of the year after a taxable distribution. Your clients should receive their 1099-R forms, which report distributions from annuities, no later than the second week in February.

We’ve stopped issuing non-spousal inherited IRAs temporarily while we review the Secure Act and its impact on administering and servicing these contracts. This includes transfers from other carriers.

Wondering which Annuity Buzz articles were the most-read in 2019? Read them again for the inside scoop on product features, process news and sales ideas.

Certain annuity owners can expect to see Required Minimum Distribution notifications by the end of January. See which owners will get this news.