MONTHLY OVERVIEW: March Updates, Recaps and Department News

Qualification Period Ends June 30
Jackson Hole Agent Travel Incentive

September 11-15, 2022 

Enjoy the majestic beauty of Jackson Hole, exhilarating outdoor adventures, and the luxurious 5-star Four Seasons Resort – as a qualifier of an exciting travel incentive from EquiTrust.

Minimum Production Requirement: $1.5 million in 5-or-more cases. Invitations will be extended to the top-30 producers for the six-month qualification period of January 1, 2022 to June 30, 2022; we're halfway there! Qualifying business must issue by July 15, 2022.

For more details, click here

Reminder:

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

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.

Sales-Idea Recap

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

Higher Growth Potential with Rate Buy-Up Index Annuities

Seven E-Tools to Simplify Your Business

Why Purchase a Rate Buy-Up Index Annuity?

Administration

Federal Tax Filing and IRA Contributions Deadline: April 18 to May 17; 5498 Forms Extended to June 30

The federal income tax filing due date for individuals for the 2021 tax year is April 18, 2022.  EquiTrust mailing of required IRS 5498 Forms will take place by May 31st. 

For more information on the 2022 tax season, visit the IRS website, click here

Sales

New Inherited and Stretch IRA Business Accepted

• Inherited/Stretch IRA Rules – (ET-INHRSTRCHIRARULES), available in print – Click here.
• Inherited/Stretch IRA Brochure – (ET-INHERSTRCHIRA) lets your clients know that you can assist. Also available in print – Click here.
• Webinar Replay – Detailed information about the rule changes impacting IRA beneficiaries. Click Here

Agency

Easy IMO Access to Commission Schedules

Now, your Commission Schedule is easier to find – and Commission Schedules for your downline are available. First, login to Agents.EquiTrust.com with your IMO number. Click Agent Administration to see a dropdown of options.

Click Commission Schedules

A new tab appears: Downline Commission Schedules, which generates links to all Commission Schedule PDFs pertinent to your contract level. 

Click Pending/Active Agent

Two tabs appear: Pending Agents and Active Agents. On both Pending and Active listings, a Commission Level column shows each Agent’s contract level. Click the blue Commission Level to see the appropriate Commission Schedule PDF for any given agent.

Training

Revised NAIC Model Regulation Adopted in 21 States –
Training Required

The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. Currently, 21 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.