Qualified Contracts. If your Contract is a Qualified Contract, the Annuity Income options described above may be limited or modified, to comply with requirements under the Code. Annuity Income option (1) will be modified as follows:
Qualified Contracts. The Owner may be the Annuitant's employer, Trustee of the Plan, or the Participant. IRA Contracts: The Owner must be the Annuitant.
Qualified Contracts. Calling the Contra Firm ------------------- ----------------------- . Corresponding with the Contra Firm ---------------------------------- . Corresponding with the Client - Contra Firm has not Provided Cost Basis ----------------------------------------------------------------------- . Completing the Cost Basis Follow-up Work Item - Correspondence Attached ----------------------------------------------------------------------- . Completing the Cost Basis Follow-up Work Item - Cost Basis Already Entered -------------------------------------------------------------------------- TAX EQUITY AND FISCAL RESPONSIBILITY ACT top --- The Tax Equity and Responsibility Act of 1982 (TEFRA) is a United States federal legislation designed to increase tax revenues through a variety of means such as restrictions on the tax deductibility of certain investments, including some life insurance and pension products, and the elimination of distinctions in tax law applicable to partnerships and sole proprietorships. PRE-TEFRA RULES top --- The following rules apply to Pre-TEFRA money: . Earnings on a Pre-TEFRA premium are called Pre-TEFRA gain. -------------------------------------------------------------------------------- Page 53 . TEFRA impacted money that was in annuities. Those established prior to 1982 were grandfathered to the old laws. . Pre-TEFRA contract owners MUST take withdrawals of his or her Pre-TEFRA premium first - there is no tax reporting required. . If a contract has Pre-TEFRA monies, ARK automatically deducts the premium first and then gains. . Pre-TEFRA gain is taxable as income, however, it is not subject to the 59 1/2 rule. This means that after all the Pre-TEFRA premium is withdrawn and the contract owner begins withdrawing Pre-TEFRA gain (if any) prior to age 59 1/2, he/she is not subject to the 10% penalty. The contract owner does however have to pay the 10% penalty on any Post-TEFRA gain withdrawn prior to age 59 1/2. Sometimes FILI receives cost basis/TEFRA information with a lump sum listed as a gain. . If the gain is not identified as either pre or post TEFRA gain, it is always reported as Post-TEFRA gain. WHAT CONTRACTS HAVE PRE-TEFRA GAINS? FILI was established in 1989, after TEFRA was established. Therefore, Annuity contracts with Pre-TEFRA money must have been funded via a 1035 exchange from another company. The delivering firm sends FILI any cost basis and/or Pre-TEFRA details. The breakdown includes the following: . PRE-TEFRA PREMIUM PAID: an...
Qualified Contracts. (a) 403(b)
Qualified Contracts. 19 TSAs (ERISA and non-ERISA) -- 403(b). 22 Individual Retirement Annuities ("IRAs").............................. 24 Traditional IRA Annuities. 24 XXXXX................................................................. 27 401(k)................................................................ 27 Non-Qualified Annuities............................................... 27 Additional Puerto Rico Tax Considerations. 30 Information Incorporated by Reference. 32 Experts................................................................. 33 Independent Registered Public Accounting Firm......................... 33 Appendix A: Information Concerning Qualified Plans...................... A-1 Appendix B: Market Value Adjustment..................................... B-1 SPECIAL TERMS - In this prospectus, the following terms have the indicated meanings: ACCOUNT VALUE -- The Purchase Payment plus all interest earned, minus all surrenders, surrender charges and applicable Premium Tax previously deducted. ACCUMULATION PERIOD -- The period before the commencement of Annuity Payments. ANNUITANT -- A person on whose life the Maturity Date depends and Annuity Payments are made. ANNUITY PAYMENTS -- A series of periodic payments (a) for life; (b) for life with a minimum number of payments; (c) for the joint lifetime of the Annuitant and another person, and thereafter during the lifetime of the survivor; or (d) for a fixed period. ANNUITY PERIOD -- The period during which Annuity Payments are made. BENEFICIARY (IES) -- The person(s) or trustee designated to receive any remaining contractual benefits in the event of a Participant's, Xxxxxxxxx's or Contract Owner's death, as applicable. CASH SURRENDER VALUE -- The Cash Value less any amounts deducted upon a withdrawal or surrender, outstanding loans, if available under the Contract, any applicable Premium Taxes or other surrender charges not previously deducted. CASH VALUE -- The Account Value at the end of a Guarantee Period or the Market Adjusted Value before the end of a Guarantee Period. CODE -- The Internal Revenue Code of 1986, as amended, and all related laws and regulations, which are in effect during the term of this Contract. COMPANY (WE, US, OUR) -- MetLife Insurance Company of Connecticut. CONTINGENT ANNUITANT -- The person named prior to the Contract Date by the Owner who, upon the Annuitant's death (prior to the Annuity Commencement Date) becomes the Annuitant. All rights and benefits provided by the Contract then continue...
Qualified Contracts. GSAN VSC that are 3-7 year Powertrain and/or any 2-7 year 10K, 10K Plus, Bronze, Silver or Gold term.
Qualified Contracts. Qualified Annuity Contracts are defined under Sections 401(a), 403(b) and 408 of the Code (Qualified Contract). Non-Qualified Contracts are any contract other than those described under the sections of the Code listed above (Non-Qualified Contract). We shall administer all Contracts in accordance with all applicable federal tax laws and regulations in effect from time to time (all of which shall govern over any other provisions of the Contract to the contrary), or as otherwise required in our reasonable judgment to maintain the Contract’s status as an annuity under the Code, subject to all applicable legal and regulatory approvals.
Qualified Contracts. Except as specifically denoted as a Non-Conforming Contract on Schedule 1(a), each of the Contracts identified on Schedule 1(a) is a Qualified
Qualified Contracts. Contracts issued in connection with retirement plans that receive favorable tax treatment under Sections 401, 403, 408, 408A or 457 of the Internal Revenue Code.
Qualified Contracts top --- The tax cost basis of a qualified contract is always zero because all the contributions are pre-tax dollars. -------------------------------------------------------------------------------- Page 55 CUSTOMER AUTHENTICATION In order to maintain security, all individuals and annuity contracts are subject to verification procedures. Every caller must be verified. There is zero tolerance for not verifying a caller! Verification ensures that only authorized roles have access to annuity contract and transaction information. The policies below describe Fidelity Investments Life Insurance (FILI) guidelines for customer authentication and what is required to verify clients for both outbound and inbound calls. POLICIES . Authentication Guidelines ------------------------- . Outbound Calling ---------------- . Authorized Roles ---------------- . Unauthorized Roles ------------------ . Customer Authenticators ----------------------- . Transferred Calls ----------------- . Customer Verification --------------------- . Customer ID ----------- . PIN Set Up ---------- AUTHENTICATION GUIDELINES top --- Refer to the following guidelines for all calls: . A customer's name is not an authenticator. However, representatives must obtain the customers full name in order to begin the verification process. . When verifying a customer, representatives must ask for his or her Customer ID. Representatives cannot ask the customer for a Social Security number (SSN). . Representatives can accept the SSN as the Customer ID only when the customer initiates it. . If a customer has established a Customer ID as an alternate to his or her SSN, representatives cannot accept the SSN as an authenticator. Representatives must request the Customer ID. . Representatives are responsible for protecting the privacy of customer contracts. Representatives do not need to verify customers when access to a customer's contract information is not needed. Additionally, customers can be pre-verified through Speed ID, which limits the steps representatives need to verify the customer. . Representatives must always verify the caller before providing annuity contract information or processing any transactions. Always let a caller know that their identity needs to be verified to protect their contract from unauthorized access and identity theft. . If a customer needs to be transferred within the organization and the customer is likely to transact business that would require verification, then the initial rep...
