ANNUITY BENEFIT PROCESSING Clause Samples
The Annuity Benefit Processing clause outlines the procedures and requirements for administering and disbursing annuity payments to beneficiaries. It typically details the steps involved in verifying eligibility, calculating payment amounts, and establishing the schedule for regular disbursements. For example, it may specify documentation needed from beneficiaries or set timelines for when payments must be made after a claim is filed. The core function of this clause is to ensure that annuity benefits are processed efficiently and accurately, minimizing delays and providing clarity to all parties involved.
ANNUITY BENEFIT PROCESSING. 1. Receives information with respect to annuities going into the annuity (payout) phase.
2. Calculates the amount of the initial annuity payment for variable payout.
ANNUITY BENEFIT PROCESSING. FOR FIXED PAYOUTS AND VARIABLE PAYOUTS Fixed -----
1. Receive information with respect to annuitants going into the annuity (payout) phase. Fixed annuity election reports are forwarded to the Company. Funds are wired from Vanguard, 10 business days before first payment is due. (V/C) Vanguard is to provide the following information in order for the Company to process a fixed annuitization. The information is needed for a fixed annuitization on the 10th business day prior to the due date of the first payment on the annuitized contract.
a) Contract amount b) Annuitization form (including W4P and W9 tax information) c) Tax Cost Basis of Original Premium d) Birth Date Verification (copy of birth certificate or driver's license)
ANNUITY BENEFIT PROCESSING. 1. Notifies owner of approaching annuitization approximately 90 days before annuitization date.
2. Receive information regarding annuitants going into the annuity
ANNUITY BENEFIT PROCESSING. 1. Notify owner of approaching annuitization approximately ninety (90) days before annuitization date.
2. Receive information regarding annuitants going into the annuity (payout) phase.
3. Calculate the amount of the initial annuity payment for variable payout based on tables supplied by SLIC. Calculate fixed payout based on information supplied by SLIC.
4. Deduct applicable premium taxes. Premium tax reporting and payment will be done by SLIC.
5. Establish and maintain annuitant records.
6. Withhold appropriate federal and state income tax.
7. GALIC will record all required accounting entries related to annuitization and annuity benefits including any manual adjustments not supported by the system.
8. Maintain inventory of variable and fixed annuity units on annuitant master files.
9. Produce check production or electronic fund transfer extract file for payment of amount due to annuitant in accordance with applicable law. Check production will be through a GALIC checkwriting system.
10. Issue supplemental contracts as defined in the variable annuity contract. Actual form of contract to be supplied by SLIC. Contract filing to be done by SLIC.
11. GALIC will generate contract owner tax reporting. SLIC will make all payments to the appropriate regulatory agencies for any taxes withheld and will effect all necessary associated reports.
ANNUITY BENEFIT PROCESSING. Receives information for Annuitants going into the annuity phase from the fields. Establishes guidelines for annuity payout. Calculates the amount of the initial annuity payment for fixed and variable Establishes minimum annuity payments. payout. Deducts applicable premium taxes, and calculates annuity reserves. Maintains annuity reserves for Fixed Account. Establishes and maintains Annuitant records. Schedules all annuity payments. Prepares annuity payment checks and mails to Annuitant. Prepares Annuity Check Register. Provides information for General Account and Variable Account Ledger maintenance. Post all General Account Ledger entries. Posts all Variable Account Ledger entries. Maintains inventory of Variable Annuity units on Annuitant Master files. Evaluates Variable Annuity reserves and determines if adjustments are necessary. Processes all variable Annuity reserve adjustments.