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North Carolina Annuity News
Carnahan Cracks Down On Agent In Variable Annuity Case
Jefferson city, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities, Matt Kitzi, recently issued a consent order involving a former supervising agent at Thrivent Investment Management, Inc.
The order involves Edward Matthes, a registered broker-dealer agent in Missouri who worked for Thrivent from 2002 until February of this year. In 2004, Matthes, then a Regional Management Associate with Thrivent, and Mark Johnson, an agent who Matthes supervised, sold a variable annuity contract worth approximately $200,000 to a St. Louis-area resident who was widowed less than one month before the date of the contract.
According to the order, the widow's husband had purchased a business the day before his death, liquidating all of the couple's assets and leaving the unemployed widow with little more than the $200,000 in proceeds from his life insurance policy. The order states that Johnson, who Matthes supervised at the time, advised her to use her insurance proceeds to buy a variable annuity. The investment concentrated approximately 85-90% of her liquid net worth into an investment that carried with it taxes, IRS penalties, and surrender fees upon early withdrawal. Some of those penalties were triggered six months after the purchase when the widow had to withdraw money from the annuity to pay her property taxes.
Neither Thrivent nor Johnson was named as a Respondent in this matter, though the Securities Division has ongoing investigations into the conduct of both parties. Read more at sos.mo.gov
Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.
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Definition:
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
Accidental Dismemberment
Definition:
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your limb or eyesight.
Assign and Assignment
Definition:
Your irrevocable transfer of all ownership of FEGLI coverage (except Dismemberment coverage and Option C) to another individual, corporation, or trustee.
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