Stop Annuity Request
Understanding this form
The Stop Annuity Request form is a document used to authorize the termination of an employee's annuity contributions from payroll. This form is essential for employees looking to cease their annuity contributions for various personal or financial reasons. Unlike other forms related to retirement or investment accounts, this form specifically targets the stopping of annuity contributions and ensures that employees can manage their financial commitments effectively.
Form components explained
- Employee Name - section to enter the full name of the employee.
- Employee Social Security Number - unique identification for the employee.
- Annuity contributions to stop - the specific annuity that the employee wishes to stop contributions to.
- Effective date - the date on which the request to stop contributions will take effect.
- Employee Signature - required for validation and authority.
- Department Information - includes contact details for further inquiries.
When this form is needed
This form should be used when an employee decides to stop their annuity contributions, whether due to changing personal circumstances, financial planning considerations, or retirement planning. It is most relevant when an employee needs to halt contributions effective on a specified date, ensuring proper documentation for payroll processing.
Who can use this document
- Employees who have set up an annuity through their employer.
- Workers who have experienced changes in financial situations or retirement plans.
- Individuals seeking to manage their payroll deductions more effectively.
How to prepare this document
- Enter the employee's full name at the designated section.
- Provide the employee's Social Security Number for identification.
- Specify the name of the annuity contributions to stop.
- Indicate the effective date for stopping the contributions.
- Sign the form as the employee to validate the request.
- Fill out the department details for record-keeping and processing.
Notarization requirements for this form
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to specify the correct effective date.
- Not signing the form, which renders it invalid.
- Omitting the Social Security Number, which could delay processing.
Why use this form online
- Convenience of accessing the form from anywhere, anytime.
- Editability allows for easy corrections before submission.
- Reliability of having a professionally drafted form ready for use.
What to keep in mind
- Use the Stop Annuity Request form to halt payroll contributions to an annuity.
- Ensure all required fields are completed, particularly the effective date and signature.
- Submit the form to the appropriate benefits office for processing.
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FAQ
Many insurance companies allow annuity owners to withdraw up to 10 percent of their account value without paying a surrender charge. However, if you withdraw more than your contract allows, you may still have to pay a penalty even after the surrender period has ended.
Calculate your surrender charges. Nearly every annuity contract contains provisions allowing the insurance company to keep some of your money if you close the account too early. Fill out the paperwork. Contact the insurance company and get the forms required to close your account. Prepare for the tax bill.
Key Takeaways. When borrowing from an annuity, be prepared to pay an assortment of fees and penalties. The insurance company levies a penalty, called a surrender charge, on early withdrawals from an annuity. You may be able to borrow from the annuity without paying a penalty if you've held the contract long enough.
You can take your money out of an annuity at any time, but understand that when you do, you will be taking only a portion of the full annuity contract value.
Your annuity contract takes effect on the day that you sign the contract. In most states, you can generally get a refund and cancel the contract at any point during the 10 days immediately following the purchase date.
Cosma, Yes, you can make your retirement annuity paid-up. You need to inform Old Mutual of this, and you may incur a surrender penalty by doing so. Your paid-up retirement annuity will only be repaid to you if the balance is less than R7 000, otherwise you have to wait until you are 55 for your money.
You Can Get Cash Today Without Giving Up All Future Payments Selling a portion of your annuity is generally done by either forfeiting payments for a set time period, say one to three years, or selling a specific dollar amount for a lump sum.
Most annuities offer a surrender-free withdrawal option, available in each contract year. (Your contract year begins the day you sign the annuity contract and ends 364 days later.)If you do have a surrender charge, you may send your penalty-free withdrawal to another non-annuity IRA without paying tax as well.
