December 13th, 2022
Effective 12/10/22 : New Withholding Process For Asset Care Annuities
Jan. 1, 2023 in all states, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to the application process affecting Asset Care Annuity Funding Whole Life option, as well as Asset-Care II/III (California). Starting 12/10/2022, this guideline change will necessitate collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue.
