RMD Notifications

February 2, 2024

In January, we mailed Required Minimum Distribution notifications to all policy owners who have or will reach the age of 73 in 2024. Two different packets were sent.

  •  Letter only went to:
    • Individuals who are already set up to receive automatic RMDs.
  • Letter, The Standard’s IRS Minimum Distribution form 10516, and The Standard’s Substitute IRS Forms W-4P and W-9 form 5031 went to:
    • Contract owners where 2024 is the first year an RMD is required.
    • Individual who’ve reached age 73 but haven’t elected automatic distributions.
    • Owners meeting these requirements who are receiving payouts other than an RMD, like scheduled interest payments.

Have Questions?

Contact our service specialists at 800.247.6888 or send us a message.

More About Producer Advisories
As the year-end approaches, it’s time to review RMDs for clients aged 73 and older. Ensure they’re informed about their RMD options for 2024 and 2025, direct deposit setups and necessary documentation for any changes.
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There’s a lot of ground to cover with a new application. We created a handy New Business Checklist to help streamline the process, so you can keep things moving smoothly.
Please review this recent compliance alert: Indiana Rule 760 IAC 1-72-1+, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Utah Rule R590-230, Suitability of Individual Annuity Sales Recommendations.

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