CARES Act Mailing

April 30, 2020

The Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, waives the annual Required Minimum Distributions on certain tax-qualified annuities and retirement accounts for calendar year 2020. The waiver benefits tax-qualified account owners because they will not be forced to deplete their retirement accounts under adverse market conditions.

We recently sent out letters to clients that are RMD eligible about the legislative changes. They were customized for each client’s situation, describing these distribution options:

Receive their 2020 RMD.
Waive the payment for calendar year 2020. If your client has a scheduled RMD payment for 2020 and wish to discontinue, they simply need to sign the letter we sent to them and return it to us.
Return the 2020 distribution payment within 60 days from the date the funds were withdrawn. Funds will be reapplied to their annuity contract.*

If clients have not yet taken their 2019 RMD or if they took their 2019 RMD in calendar year 2020, the options above are also available.

In 2021, we will restart their automatic RMD payment in the month previously designated. If they do not want us to set up an automatic RMD, or wish to change the date for the 2021 RMD, your client will need to contact our Annuity Services team at 800.247.6888.

*Applies to annuity contract owners only. Anticipated IRS guidance may relax the 60-day limitation.

Category:

Updates From Admin

«Moving Forward With Confidence and Compassion
We Make Things Easy»

Confidence and Compassion

A Note from Greg Ness, Chairman, President and CEO

At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.

This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.

The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.

Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.

To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.

We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.

In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.

And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.

Be safe and well, and stay connected.

Greg Ness

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