Washington Annuity as Consideration for Transfer of Securities
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FAQ
Accordingly, variable annuities are not exempt from regulations under the Investment Company Act of 1940. Because most state laws still classify variable securities as insurance products, state securities regulators have traditionally been precluded from investigating complaints involving variable annuities.
Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
An annuity is a series of payments made at equal intervals. Examples of annuities are regular deposits to a savings account, monthly home mortgage payments, monthly insurance payments and pension payments.
Annuities outside of an IRA structure can be transferred as a nontaxable event by using the IRS approved 1035 transfer rule. Annuities within an IRA can transfer directly to another IRA with an annuity carrier, and not create any tax consequences as well.
There are four basic types of annuities to meet your needs: immediate fixed, immediate variable, deferred fixed, and deferred variable annuities. These four types are based on two primary factors: when you want to start receiving payments and how you would like your annuity to grow.
The value of your investment as a variable annuity owner will vary depending on the performance of the investment options you choose. The investment options for a variable annuity are typi- cally mutual funds that invest in stocks, bonds, money market instruments, or some combination of the three.
After an annuitant dies, insurance companies distribute any remaining payments to beneficiaries in a lump sum or stream of payments. It's important to include a beneficiary in the annuity contract terms so that the accumulated assets are not surrendered to a financial institution if the owner dies.
Fixed annuities work by providing periodic payments of steady income in the amount specified in the contract. If your contract says the payout rate is 5% on a $100,000 annuity, for example, then you will receive $5,000 worth of payments every year covered by the contract.
An annuity consideration is a payment or premium made to fund an annuity. Annuities can be structured in many ways, such as immediate or deferred, fixed or variable, and qualified or non-qualified. Immediate annuities generate payments upon issue after consideration is received.
Variable annuities and their underlying fund investments are sold by prospectus only. The prospectuses contain the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing.
