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View as a web page.
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June 2020
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ANNUITY NEWSLETTER
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Broker Annuity Product Training Now Available Online
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New York Regulation 187 imposes a best interest standard on any transaction related to life insurance and annuities. When brokers make a recommendation to a client to annuitize or to renew a fixed product, Talcott Resolution may pay a commission and we therefore consider those transactions to be subject to New York Regulation 187.
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In response to the regulation, Talcott Resolution has posted product training materials for brokers on our Annuity Service Resource Center. Once brokers login, it is located under the “Training” tab.
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Additionally, we have updated relevant forms to include an attestation signature section where New York brokers can indicate that client recommendations have been made in accordance with the regulation. If Talcott Resolution receives a form without the signed attestation from a broker, the paperwork will still be considered in good order and processed accordingly. However, Talcott Resolution is implementing tools to audit transactions and verify attestations for transactions related to New York contracts and residents.
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If you have questions for Talcott Resolution, please call our Annuity Contact Center at 1-800-862-7155 Monday through Thursday, 8:00 a.m. to 7:00 p.m., or Friday, 9:15 a.m. to 6:00 p.m., Eastern Time.
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Reminder: Contribution Deadline for Qualified Contracts is July 15, 2020
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The Coronavirus Aid Relief and Economic Security (CARES) Act changed the rules around Required Minimum Distributions in 2020. As a result of the Act, clients who own a qualified contract can make 2019 contributions until July 15, 2020.
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Additionally, the CARES Act suspends RMDs in 2020. If you have a client who is a qualified plan owner or beneficiary, and they are enrolled in our automatic RMD program, they may contact our Annuity Contact Center at 1-800-862-6668, Monday through Thursday, 8:00 a.m. to 7:00 p.m., or Friday, 9:15 a.m. to 6:00 p.m., Eastern Time,
to suspend their automatic RMD program for 2020 and change the next scheduled payment to 2021. If they take no action, they will continue to receive automated payment(s) of their 2020 RMD. If you or your client has already contacted us to suspend their automatic RMD program, no further action is required.
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