Wednesday, November 30, 2011

Annuities may be processed through one agent


Annuities may be processed through one agent
Op St Comp 80-121

A school district which purchases annuities for its employees from a number of insurance companies may make arrangements to have all payments made to one company and have that company make the distribution to the other insurance companies involved.

Such an arrangement is expected to reduce an employer’s accounting costs that may be significant when it must process a large number of accounts on behalf of its employees. The most common situation is the transmittal of funds in connection with tax-deferred annuities purchased on behalf of employees.

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