RMD Notices Going Out Soon

December 31, 2019

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 72 in 2020 or are already of RMD age. Current policy holders who are 70½ and already receiving their RMD will be grandfathered in and can continue to receive their RMD payouts.

We’ll send a packet of information and forms to:

  • Contract owners for whom 2020 is the first year minimum distributions are required
  • Individuals who have attained age 72 but have not elected to receive automatic distributions
  • Current policy holders who are 70½ and already receiving their RMD
  • Owners subject to these requirements who are receiving payouts via an option other than RMD, such as scheduled interest paid as earned

Individuals who are already set up to receive automatic RMDs will receive only a letter disclosing their 2020 RMD amount as of December 31, 2019.

IRA owners, meanwhile, will get information about the Form 5498 mailing in May. They’ll be invited to call for a quote.

Have Questions?

If you have any questions about a client's required minimum distribution or need an RMD quote, please contact our service specialists at 800.247.6888 or send us a message. 

 

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