Updates From Admin

Secure Act and Non-Spousal Inherited IRAs

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.

2019 Tax Forms Are in the Mail

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.

RMD Notices Going Out Soon

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

Important Dates to Remember

The holiday season and end of 2019 are quickly approaching. To meet your clients’ service expectations during this busy time, put some important dates in your calendar.

Avoid Application Delays and Extra Paperwork

Nobody likes to add time or paperwork to the application process. But that’s what happens when we receive incomplete applications. To avoid delays, pay close attention to three boxes on the form and fill them out correctly in the first place.

Check in With Clients Now About RMDs

We’re heading toward the end of the year — and the deadline for annual required minimum distributions from qualified policies for annuitants who are 70½ and older. Here are some facts about RMDs and why an autumn distribution is a great idea.

Don’t Hit a Snag Over Product Training

When you’re ready to deliver an annuity to a client, the last thing you want to hear is that you’re holding up the process. That could happen if you haven’t completed the required product training.

Rollovers vs. Transfers – Why Checking the Right Box Matters

When you’re helping a client apply for an IRA, understanding the difference between a rollover and a transfer is important. Checking the wrong box about the source of the funds can result in a letter from the IRS. Let’s look at how to help clients avoid IRS questions about income reporting.

Copies or Originals? See What’s OK

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.

Reminder About Form 5498

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.