New Rules for Tax-Qualified Annuity & Life Transactions

Effective February 1, 2022, all agents who are assisting their clients with qualified rollovers to Individual Retirement Accounts, annuities, and defined contribution plans, defined benefit plans or who are selling qualified life insurance and annuity products to such plans must comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards. New disclosure forms will be required for any tax-qualified annuity product sold. In addition, many of the annuity product disclosures will be updated to reflect the Department of Labor changes. Please make sure you are only using the most current paperwork when submitting new business. Please contact Kevin McNulty at 800-749-9900, ext. 143, for more information.