Anti- money Laundering . Please review the information below to learn more about Lincoln's anti- money laundering (AML) program for insurance producers. The regulations require insurance companies to develop an anti- money laundering program, which includes training. There are certain exemptions for certain types of insurance products, for example, term, reinsurance and group life and annuity products. Producers should recognize, however, that AML compliance programs can and should be tailored to fit a particular business, considering factors such as size, location, business activities, the types of accounts maintained, and the types of transactions handled. I only sell products that are exempted under the regulations (term and/or group annuity or life insurance products). Do I need to take this training? Producers appointed with Lincoln, who have not taken the AML training through another carrier, may take the AML training course offered through LIMRA and sponsored by Lincoln. The LIMRA training is an online course offered at no cost to the producer. LIMRA may be accessed via the LIMRA anti. Do I have to take it again with Lincoln Financial? We will receive confirmation directly from LIMRA regarding producers who have completed the training. Midland National wants you to make an informed decision when you consider the purchase of an annuity. Annuities are an excellent tool to help you plan for your. Graphics Dept./ AMLCIPForm Anti Money Laundering FAQ. Great American's Annuity Group offers a broad range of annuities in the education. I. Do I have to take it again with Lincoln Financial? We require a certificate of completion for our records. You can fax your certificate of completion to 6. The certificate must state the representative’s name, the date of course completion and provider of the training. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Prudential Annuities, Prudential. Complying With New Patriot Act Rules. Annuity contracts, other. These include a customer's purchase of a product appearing to be inconsistent with that customer. Furthermore, it must show that the course was specific to anti. If you were not provided a certificate, a letter from your compliance department stating the same information can be faxed. The person writing the letter will need to identify him/herself so that we can verify that it is from an appropriate person within your organization. I am having problems logging into the LIMRA site. In most cases, your username is the first four characters of your last name (in lower case) combined with the last six digits of your social security number. Usually, your password is your full last name in lower case letters, until you access the site for the first time and change your password. LIMRA does not provide a certificate, what should I do? This page will show 1. I recently took the LIMRA training course. Why did I receive a reminder letter? In this case a different username and password would have been used to access and take the training; Lincoln’s file would not show that you completed the course. To inquire and request your accounts be consolidated, contact AMLINQ@lfg. Will I receive continuing education (CE) credit? However, LIMRA does offer the opportunity to purchase a program for CE credits. To receive additional information on that option, go to. For most producers, usernames are created by using the first four characters of your last name combined with the last six digits of your social security number. Occasionally, LIMRA needs to create a username using different guidelines. In this instance Lincoln will notify you of your unique username. Your password is your entire last name in lowercase letters the first time you log in. When you first log in you will be asked to change your password. Please take note of this information for future reference. After typing in my username and password, I received the message, . You may have received this message because. Your username and/or password were typed incorrectly. Make sure the caps lock is off and each letter typed is lowercase. Enter your username with your changed password to log in. If you are still unable to successfully log in, contact the LIMRA helpdesk at 8. When I attempt to log into the system I receive an error message that says . This may caused by. Your pop. If this is the case, disable your pop. The LIMRA site is secure, and your browser security settings may be set to alert you when you are going to a secure site. This can be resolved by answering the security alert. This often occurs when using a dial. Minimize the current window to see if another window launched behind it. To begin the course, select the course title. The course title link will take you to the lessons page, which lists the lessons for the course and a brief description of each lesson. It also includes the percentage of completion for each lesson. You may also return to a completed lesson or to one that is already in progress by choosing the course title link. If you are returning to a lesson you started previously, you will be brought to the last screen you were on when you exited the course. If you have already completed the base course you will be required to complete a renewal course. The 2. 01. 1 renewal course is titled, “Know Your Customer – Anti? In order to satisfy the AML requirement, the company page must be completed in addition to the course. Access the company page and review the information on Lincoln’s AML program. When I finish the course, will I receive a certificate? If you would like documentation for your records, please log back into the system and print the home page, which will show the course as completed, along with the date the course was finished. How will Lincoln Financial Group be notified that I have completed the LIMRA training? You do not need to provide Lincoln documentation upon completion of the course. Welcome to American Patriot Bank*Securities and Investment Advisory Services are offered through Raymond James Financial Services, Inc. Member NASD/SIPC, an independent broker/dealer, and are not insured by the FDIC or any other bank insurance, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss or principal. An eligible employer is defined as an employer who has no more than 1. An employer maintaining a SIMPLE plan may not maintain any other qualified retirement plan in which employees currently receive benefits. What makes the SIMPLE IRA so attractive to business owners is their ability to defer the maximum ($7. There is no ADP test, which limits how much an employer may defer based on average deferrals of non- highly compensated employees. Also, there is no top heavy testing which in other plans requires contributions to all eligible employees when the plan is deemed top heavy. Employees are eligible to make deferrals if they receive at least $5,0. With the passage of the Economic Growth And Tax Relief Reconciliation Act or . The deferral limit increases $1,0. In addition, EGTRRA established a SIMPLE- IRA catch- up provision. For tax year 2. 00. Catch- up contributions will be increased $5. There is a trade off for allowing flexible deferrals. The employer is required to make a fully vested contribution by either: Matching elective deferrals dollar- for- dollar up to three percent or. Contributing two- percent of compensation to all eligible employees, regardless of elective salary deferral (limited to the current compensation cap for the year, 2. Employees are allowed to terminate deferrals at any time during the year and depending on the plan provisions, may or may not be able to re- initiate deferrals again that same year. Be mindful that participants who take withdrawals from a SIMPLE IRA prior to age 5. IRAs. However, participants who withdraw SIMPLE IRA contributions during the two- year period beginning with their initial participation date will be assessed a 2. A SIMPLE IRA plan distribution may be rolled over to a regular IRA account, but only after the employee has participated in the SIMPLE IRA for at least two years. Keep in mind neither IRA assets nor any other retirement plan assets may ever be rolled into a SIMPLE IRA. This article is meant to provide an overview of the basic provisions of the SIMPLE IRA plan. For a more complete understanding of this plan and opportunities for your business, speak with your Financial Advisor. Please call Julia A. Ball at 4. 23- 6. The sentence is fairly short and simple. Just a few words, but those words strike fear in the hearts of many. The sentence goes something like this: . Maybe you will hear it. Recent studies suggest that about 4. One in four will spend more than a year in a nursing home. One in 1. 1 will require nursing home care for five years or more. Those same studies put the national average cost for a year of nursing home care at about $3. However, many locations have average nursing home costs of $4. Can you afford nursing home care? Take this test and see. First, add up all your annual sources of income from pensions, social security and the like. If you are married, add both spouses' income. To that figure add all investment income from interest, dividends, rents, etc. From your total income, subtract the annual cost of a year in a nursing home in your area. If the difference between your income and the cost of a nursing home is a negative number, you've got a real problem. You will have to start spending your principal immediately. Principal will be required to pay both the nursing home and to pay the living expenses for the spouse still at home. If the number is positive, ask yourself this question: ? Remember if you consume principal this year to pay the nursing home, there will be less to invest to produce income next year. If there is less to invest, your investment income will probably go down. If your investment income goes down, you will probably need to consume more principal next year to meet nursing home costs. This is the start of an accelerating downward spiral. Nursing home costs have to be paid. Either you or someone else must pay them. There are only three possible sources of funds other than you; your family, the government and an insurance company. Could your family afford to shoulder the burden of your nursing home costs? Even if they are able and willing, would you ask them for help? Contrary to popular belief, there is a national government program to provide funding for nursing home expenses. Medicaid is a welfare program for poor people. It is unfortunate that our national policy for long term cares requires that you either must be poor or become poor in order to qualify for help. But, that's the law. The best way to manage the risk of an extended nursing home confinement is through insurance. Purchasing a cost effective policy requires careful planning and investigation. The quality of the policies has gone up, however, it is still possible to buy inadequate coverage. Of course, this brief article is no substitute for a careful consideration of all of the advantages and disadvantages of this matter in light of your unique personal circumstances. Before implementing any significant tax or financial planning strategy, contact your financial planner, attorney, insurance expert or tax advisor as appropriate. Please call Julia A. Ball at 4. 23- 6. When most people are asked what their most valuable asset is, they respond that their house, car, retirement plan or business is most valuable. I believe that your most valuable asset is your ability to earn a living. I believe this is true for just about anyone who is not already retired. The extent of the risk of a serious injury or illness affecting your ability to earn a living is startling. The probability of a 3. People in their 4. Yet a great majority of the population has no disability coverage beyond social security and worker's compensation. To evaluate your disability income needs, begin with an estimate of the income that will be needed during disability. Once the income need has been established, the resources available should be deducted. The first deduction should be from any employer paid short- term disability or group insurance benefits. Next, you may wish to consider social security disability benefits. However, the social security system rejects most of the claims made for disability benefits. Finally, reduce the monthly income need by earnings from other sources such as interest and dividends on investments. The remaining balance is the disability insurance need. You should note that insurance companies limit the amount of income they will replace through a disability benefit, so you may not be able to insure the entire need. As you might expect, the key to any disability insurance policy is its definition of the term . It is the most restrictive definition. The . Under this definition you are disabled if your condition prevents you from performing the major duties of your occupation. For example, under an . The precise language of . Under these policies, you are disabled as long as your condition forces you to earn less than you were earning before you were sick or injured. How much less you have to earn depends on the policy. This definition is an enhancement of an . Frequently, a person's disability may permit them to return to their own occupation, but only at . Before implementing any significant tax or financial planning strategy, contact your financial planner, attorney or tax advisor as appropriate. Most people protect their car, house, and other possessions, but neglect to protect the most valuable asset they own: their power to generate income. Please call Julia A. Ball at 4. 23- 6. Education costs have been rising so dramatically that Congress used tax incentives in 1. Section 5. 29 of the Internal Revenue Code. All states have been given the ability to sponsor qualified state tuition savings programs (QSTPs), offering federal tax deferral on program assets. Many states have quickly paired with one or more 5. While these programs are state- sponsored, all programs are open to both residents and non- residents. However residents of a state may want to consider their home state's 5. One of the greatest advantages of a 5. Upon disbursement for qualified educational expenses, the income on program contributions is tax- free at the federal and tax- free at the state level in most. The accounts are also an excellent estate- planning tool for those with estate tax concerns. With payroll deduction offered as a feature within most programs, there is a tremendous opportunity to approach businesses and offer an employer- sponsored, payroll deduction 5. As fund companies continue to roll out these plans and Raymond James establishes selling agreements with them we will be listing the fund families as well as any available materials. If you would like further information regarding Section 5. Plans please contact your local representative. All initial purchases must be established by direct application with the provider and a shell account must be created at Raymond James for compliance purposes. Please call Julia A. Ball at 4. 23- 6. By law, 4. 03(b)(7) Custodial Accounts only permit investments in mutual funds (no annuities). The RJA Self- Directed 4. Custodial Account enables participants in 4. Networked Mutual Funds, while receiving only one fee bill and one account statement. These accounts can only be established from existing 4. All 4. 03(b) annuities must be liquidated prior to transfer. It is important to understand that the RJA 4. Custodial Account was designed specifically to accommodate the incoming transfer or rollover of large 4. Therefore, no deferrals can be accepted directly into these accounts. Also, you can only purchase mutual funds in this account, no stocks, bonds or annuities are allowed. History. The 4. 03(b) market has been dominated historically by insurance companies.
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January 2017
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