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Manhattan Life Insurance
Western United Life Assurance
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Annuity Operations Updates | Wednesday, February 7, 2024 | |
Important IRS Regulation Changes | |
IRA Disclosure Statements | |
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IRS regulations governing Individual Retirement Annuities (IRA) have changed and require updates to our IRA (Traditional, Roth, SEP, and SIM) Disclosure Statements that are attached with new annuity contracts when applicable. Clients receiving new contracts will begin receiving the new disclosure statements immediately. We will begin mailing IRA Disclosure Statement Amendments to your existing IRA clients as soon as possible for them to review and keep with their annuity contracts.
We have amended the Traditional IRA documents to reflect recent changes resulting from the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, signed into law in December 2022. This law creates new penalty tax exceptions and repayment options for qualified disaster recovery distributions, terminal illness, unforeseen emergency expenses, and victims of domestic abuse. Changes modify required minimum distribution start dates for certain IRA owners, reduces the excess accumulation penalty tax, clarifies the repayment period for qualified birth and adoption distributions, provides for catch-up contributions to be subject to possible annual cost-of-living adjustments. Changes also allow qualified charitable distributions (QCDs) to provide for a one-time payment of up to $50,000 to certain split-interest entities and provides for QCDs to be subject to possible annual cost-of-living adjustments.
NO ACTION IS REQUIRED. Your clients just need to review and keep the disclosure statement amendment(s) in a safe place with their annuity contract(s).
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IRA Disclosure Statements Amendments
for Existing Contract Holders
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IRA Disclosure Statements for New Contracts with Highlighted Changes from 2020 Disclosures | |
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Thank you
Annuity Contract Administration
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If you have any questions, you may contact your Annuity Regional Vice President or the Annuity Marketing team in the Spokane, Washington, Annuity Operations Office. | |
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Jason Goehring
713.202.7891
AL, AR, FL, GA, LA, MS,
NC, OK, PR, SC, TN, TX
Jennifer Gray
800.247.2045
CO, ID, MT, NE, OR, WY
Jon Boyd
855.517.7477
IA, IL, IN, KS, MI, MN,
MO, ND, SD, WI
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Marc Puzzo
800.247.2045
AK, AZ, CA, HI,
NM, NV, UT, WA
Matt Loparco
860.352.2220
CT, DE, KY, MA, MD,
ME, NH, NJ, NY,
OH, PA, RI, VA, VT, WV
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Keep checking the APC and these Constant Contact email blasts for what's going on at ManhattanLife Annuity Operations. | |
Annuity Operations Phone Hours | |
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Monday - Thursday 8:00 AM till 4:00 PM (PT)
Friday - 8:00 AM till 1:00 PM (PT)
Phone: 800.247.2045 | Email: AnnuityServices@wula.com
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For Agent, Broker or Producer Use Only
- Not for Use With the Public or Consumers.
- Product availability, rates and commission may vary by state, issue age and/or premium amount.
- Other limitations and exclusions may apply.
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