Asset Care annuity withholding process update due to IRS guidelines

New withholding process for Asset Care annuities effective 12/10/2022

OneAmerica | Withholding requirement & Asset Care annuities

Jan. 1, 2023 in all states, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to our application process affecting our Asset Care Annuity Funding Whole Life option, as well as Asset-Care II/III (California).

Starting 12/10/2022, this guideline change will necessitate collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue.

Please view the video above to learn about this process change.
 
If you have any additional questions, please contact your Regional Sales Director or the OneAmerica Care Solutions Sales Desk at 844-833-5520.
 

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