Financial Services Industry
Industry: Email Alert RSS FeedIRS OKs switch of qualified annuity. (Section 1035 exchange of one annuity contract for another)
National Underwriter Life & Health-Financial Services Edition, November, 1992 by Chandler, Darlene K.
The Internal Revenue Service allows a Section 1035 exchange of one annuity contract for another when the original annuity is part of a qualified retirement plan. The exchange is allowable if it satisfies the applicable minimum distribution regulations, follows joint and survivor annuity regulations, meets the incidental death benefit regulations and other Internal Revenue Service Code Section 401 requirements.
In yet another of the questions arising out of the turmoil of the troubled insurers saga, the Service has permitted a Section 1035 exchange of one annuity contract for another where the taxpayer received the original annuity contract as part of a distribution from a qualified retirement plan.
The reason the taxpayer gave for making the exchange was his...
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