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CARES Act – How to suspend or return 2020 RMDs if elected by clients

CARES Act Response

• In response to the recently passed CARES Act legislation, EquiTrust will accept instructions to suspend 2020 RMDs by the following means:
o By phone: contract owner may contact Customer Service at 866-598-3692 to complete this request, or
o Letter of instruction – signed by the contract owner: advise the owner to also include direction on whether 2021 RMD payments should be restarted in order to avoid missing future payments.


• Contract owners may also return 2020 RMD payments they already received.
o Make certain the received distribution was for a 2020 RMD. Return the exact RMD amount via check, along with a letter of instruction signed by the client, requesting the 2020 RMD funds be re-applied to the contract. Advise the owner to also include direction on whether 2021 RMD payments should be restarted in order to avoid missing future payments.





EquiTrust does not offer investment advice to any individual or agent and this material should not be construed as investment advice.
FOR AGENT USE ONLY. NOT FOR USE WITH THE PUBLIC.
 
 

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