Annuity Buzz
Not surprisingly, annuity administrators have to pay attention to requirements when they’re submitting documents. Most of the time, The Standard can accept copies of important documents by fax, email or mail. A few situations require an original signature.
Focused Growth Annuity and Index Select Annuity illustration software has launched! You can now run your own illustrations from our Annuities home page.
Here’s a reminder for policyholders of IRAs held by The Standard. For each IRA held by The Standard with reportable contributions for tax year 2018, the Internal Revenue Service requires that Form 5498, IRA Contribution Information, be filed by May 31, 2019.
Many clients count on receiving funds on specific dates so they can pay bills and meet day-to-day living costs. If they're not already using Electronic Funds Transfer, talk to them about setting this up. EFT is the best way to ensure that they receive funds on time, every time.
Have you been caught here? You work with a client to complete a distribution form to withdraw funds. You submit the form and request a rush in processing. Soon after, you receive a phone call from The Standard requesting a Substitute IRS Form W-4P & W-9 (Form 5031) prior to disbursement.
The IRS requires The Standard file Form 1099R by Jan. 31 of the year after a taxable distribution. Your clients should receive their 1099R no later than the second week in February.
Marketing materials for the enhanced Index Select Annuity 5, 7 and 10 are now available to use with consumers in Nevada and Oregon.
It’s January, and that means we’ll be mailing Required Minimum Distribution Notifications by the end of the month. We’ll be notifying all owners of qualified deferred annuity contracts who will attain age 70½ in 2019 or are already of RMD age.
One of the benefits of many individual annuity contracts is the accessibility to a regularly occurring payment stream. Many of your clients rely on receipt of these funds on specific, recurring dates in order to pay bills and meet general day-to-day living costs. Electronic Funds Transfer, or EFT, is the best way to ensure that they receive the funds due them on time, every time.