Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Defined Contribution Administrator

(Telecommute / Clovis CA / Las Vegas NV)


Trust Funds Accountant

RFK Medical Plan/JDLC Pension Plan
(Keene CA)

Client Service Manager

July Business Services
(Telecommute / Waco TX)

July Business Services logo

5500 Specialist

401K Generation
(Altamonte Springs FL)

401K Generation logo

Manager, Defined Contributions Administration

(Telecommute / The Woodlands TX / University Place WA / Dallas TX / Erie PA / Canonsburg PA / West Palm Beach FL)

Director, Retirement Benefits

Wespath Benefits and Investments
(Telecommute / Glenview IL)

Wespath Benefits and Investments logo

Defined Benefits Combo Cash Balance Consultant

Loren D. Stark Company (LDSCO)

Loren D. Stark Company (LDSCO) logo

Defined Contribution Plan Administrator

401k America
(Telecommute / Chino CA)

Senior Retirement Plan Administrator

Goldberg, Swedelson & Associates
(Telecommute / Encino CA)

Goldberg, Swedelson & Associates logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

By Date   |   By Company Name

View More Press Releases by Allianz

Press release:

New Fixed Index Annuity Solution from Allianz Life Helps Clients Address Challenges with RMDs, Leave Financial Legacy

Issued by: Allianz

Date: Apr. 2, 2019

Legacy by Design Offers Systematic and Efficient Way to Manage Unneeded Required Minimum Distributions While Helping Protect and Enhance Financial Legacies

MINNEAPOLIS - April 2, 2019 - To help clients navigate the sometimes-confusing required minimum distribution (RMD) process while also enhancing their financial legacy, Allianz Life Insurance Company of North America (Allianz LifeĀ®) today announced the launch of its Legacy by Designsm fixed index annuity (FIA) solution.

Legacy by Design is a combination of two FIAs that work together to systematically and efficiently address unneeded RMD income from qualified accounts and the associated taxes, while also potentially enhancing a client's financial legacy.

The first FIA in the solution is Allianz Legacy Plannersm Annuity, which is funded with qualified money from either an individual IRA or SEP IRA. This annuity is where RMDs are automatically withdrawn from on an annual basis, offering an efficient way to help ensure clients are compliant with the minimum distribution rules of the Internal Revenue Code. Since the RMDs are taxable, clients may choose to specify a portion be withheld to cover taxes.

Any remaining amount left over can be taken in cash, or moved to the second FIA of the product: Allianz Legacy Plussm Annuity. Here, the unneeded RMDs that move from Legacy Planner will remain as a nonqualified annuity. The death benefit of this annuity includes a 25 percent death benefit bonus that is available to beneficiaries /1/.

"In a recent study /*/, we found that many clients don't necessarily need their RMDs for day-to day use, and are more interested in using the funds to leave a financial legacy," said Eric Thomes, chief distribution officer, Allianz Life. "This first-of-its-kind product is designed to not only help clients comply with rules around RMDs and help address the impacts of taxes, but to also help them use the RMD to their advantage to leave a financial legacy to their beneficiaries."

Both Legacy Planner and Legacy Plus offer a variety of indexes and crediting methods (index allocations), as well as a fixed interest allocation, offering clients the potential to continue to grow their financial legacy, while helping to address the impacts of taxes.

In addition to offering tax-deferred growth opportunities, the Legacy Planner and Legacy Plus annuities protect principal and credited interest, which helps ensure a client's legacy is protected from market downturns.

/1/ The Death Benefit Bonus is not available to the contract owner as a full or partial withdrawal. If the Legacy Plus contract is annuitized, the Death Benefit Bonus will not be included in the annuitization value, unless the contract owner reaches age 100. The Death Benefit Bonus will be decreased by any partial surrenders.

About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work ForĀ® in 2019, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2018, Allianz Life provided $2.8 billion in benefit payments that helped policyholders' achieve their financial goals. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 142,000 employees in more than 80 countries. Allianz Life is a proud sponsor of Allianz Field in St. Paul, Minnesota, home of Major League Soccer's Minnesota United.

/*/ Allianz Life Insurance Company of North America conducted an online survey. The RMD Options Study was conducted in February/March 2018, and included a nationally representative sample of 805 respondents ages 65-75 with retirement savings of $500,000 if single or $750,000 if married and who are the primary decision maker or share equally in decision making.

Legacy by Design (C64281-Q, C64281-NQ) is issued by Allianz Life Insurance Company of North America

Guarantees are backed by the financial strength and claims-paying ability of the issuing company


View More Press Releases by Allianz

This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2020, Inc.