Life insurance products

WRN#18.01.03

Topics: Annuities, Life insurance products

The Michigan Department of the Treasury recently issued Michigan Revenue Administrative Bulletin No. 2017-25 to provide guidance on the tax treatment of contributions to and distributions from a IRC §403(b) annuity plan.

President Trump Signs Resolution Eliminating Safe Harbor Exemption for “State Auto-IRAs” Run by Local Governments

Topics: IRAs, Life insurance products

So-called “state auto-IRAs” allow employees to contribute to an IRA program run by a state or local government with automatic payroll deductions that are made and submitted to the program by the employer. Recent Dept. of Labor (DOL) regulations provided safe harbor rules that could be followed to exempt state auto-IRAs from ERISA requirements.

State Auto-IRA Update- Congress Acts to Block DOL Rules Allowing State & Local Government Sponsored Retirement Programs

Topics: DOL, IRAs, Life insurance products, Regulation

Automatic IRAs allow employees to make contributions to an IRA run by a state or certain local subdivisions with automatic payroll deductions made and submitted to the state/locality by the employer (“State Auto-IRAs”). In 2016, the DOL issued regulations that provide State Auto-IRAs with a safe harbor exemption from ERISA requirements, while similar, private payroll…

Taxpayer’s Receipt of Outright Cash from Original Insurance Company Barred 1035 Treatment for Annuity Exchange

Topics: Annuities, Life insurance products

The taxpayer inherited a non-qualified annuity from his father and wished to exchange the annuity for a new annuity issued by another insurance company. He assumed the exchange would be tax-deferred under Code Section 1035, but he failed to exchange annuity contracts as required by Section 1035. Instead, he cashed in the inherited annuity contract,…

Administration’s FY 2017 Budget – Part II- Targeting Retirement Plans & Savings.

Topics: IRAs, Life insurance products, Qualified Plans, Retirement security, RMDs

The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…

Paying Compensation to IRA Holder from IRA-Owned Business = Prohibited Transaction.

Topics: IRAs, Life insurance products

Thursday, September 3, 2015WRM# 15-33 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take- aways, for AALU members, clients...