MONTHLY OVERVIEW: January Updates, Recaps and Department News

New Rate Buy-Up Index Annuities for Greater Growth Potential!

Complete Your Required Product Training Right Away – Click Here 

Offer your accumulation-focused clients the higher growth potential of Rate Buy-Up Accounts. Eye-popping cap and participation rates are available in exchange for an annual fee on the allocations to Rate Buy-Up Accounts. 

"Fee" is NOT a four-letter word! The potential growth advantage may FAR exceed the fee!

Department of Labor — Fiduciary and Impartial Conduct Standards Rules — Effective 2/1/22

New 84-24 Disclosure Form Available for Retirement Plan Sales — Available Now

Revised Financial Needs Analysis Form — Available Now, Required 2/1/22

DOL Fiduciary Rule Compliance Checklist

• For sales to qualified plans, include the PTE 84-24 Disclosure form, available now.
• After agent and client signatures, leave the Disclosure form with the client and retain a copy for your files – DO NOT SUBMIT TO EQUITRUST.
• Use the revised Financial Needs Analysis – ET-2506(01-22) available now on the Gateway Agent Website. (California: ET-2506CA; Florida: ET-2506FL; Massachusetts: ET-2506MA)
• The 01-22 version of the FNA includes an attestation to confirm that the Disclosure form was provided to the client.

For more details click here.

Special Webinar

Achieving the Right Fit —

What You Should Know About Annuity Suitability

February 10th at 10:00 AM Central

The suitability process takes place on two levels: agent meetings with customers, and application review by EquiTrust.

Join us for an informative webinar to learn more about

• Your suitability responsibilities as an agent
• EquiTrust suitability process
• Resources available

Your Presenters

Sales-Idea Recap

Sales Ideas! Sent to You in January Issues of
SALES WEEK:

Start 2022 With a Bang – New Rate Buy-Up Index Annuities

 Rate Buy-Up Index Annuities Offer a Winning Strategy!

Six E-Tools to Simplify Your Business 

Case Studies and Resources to Tap the Inherited/Stretch IRA Market 

Administration

Tax-Form Mailings Update

All 2021 tax forms have been mailed for both clients and agents.  If any questions, to call 866-598-3692; clients may call 866-598-3694. 

Administration

Contract E-Delivery

By electing E-Delivery for new annuity purchases, your clients can now choose the secure and automated electronic delivery process.  Elect E-Delivery simply by including the Electronic Transactions and Disclosure form (ET-ELEDISC), available both on AppBuilder and E-App. Currently not available in AL, CA, CO, FL, IA, ME, MO, NH, OH, RI, UT, WV.

E-Delivery Agent User Guide

E-Delivery FAQ

Compliance

Annual Requirement to Review Business Guidelines

Each year, contracted EquiTrust agents are required to review the Business Guidelines document – as stated in the Agent Contract. Agents are not required to certify completion of the requirement to EquiTrust. The 2022 version of the Business Guidelines document is available on the Agent Gateway Website at the Compliance and Suitability tab. Or, click here.

Administration

New RMD Table in 2022

The IRS has provided new tables for Required Minimum Distributions (RMDs) taken in years 2022 and later. The new tables will impact how much an IRA or Stretch IRA owner must distribute during the year to satisfy the requirement. Use of the new tables will result in a slightly smaller RMD than previously required. Note that owners turning 72 in 2021 must use the 2021 table for their 2021 distribution, even though they have until April 1, 2022 to take their first distribution. EquiTrust does not give tax advice; please consult your tax advisor for questions or more information.

Training

Revised NAIC Model Regulation Adopted in 19 States –
Training Required

The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. Currently, nineteen states have adopted the Regulation:

The revisions require completion of EITHER a 1-hour General Annuity Training CE course available to producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the state in which they are selling. 

Before doing business in these states, agents must fulfill the General Annuity Training requirement and provide a certificate of completion to EquiTrust prior to soliciting or selling. Send by FAX to 515-226-5102, or email: [email protected]. For information about General Annuity Training vendors, visit Agents.EquiTrust.com. In the upper right corner, click Agent Training. Or, click here.

Carrier Product Training – No additional or new requirement 

EquiTrust agents must also complete EquiTrust annuity product training. The product training requirement is not impacted by the revised Model Regulation. To complete EquiTrust Annuity Product Training visit Agents.EquiTrust.com, then click Agent Training in the upper right hand corner. Or, click here. You may view your personal training history upon login to the Agent Gateway website.