Effective January 13, 2016
Transition Rules:
- To receive current rate, all applications must be signed on or before Tuesday, January 12, 2016 and received by Tuesday, January 19, 2016.
- The rate lock/funding period, which provides clients the prior rate when a decrease in rates is declared, is 30 days for all fixed/index annuities (SPIA rate lock is 14 days). The rate lock process applies to all new issues of currently marketed annuity products.
- If the application is received on or before January 12, 2016 the rate lock period begins on the application received date. If the application is received between January 12, 2016 and close of business January 19, 2016 the rate lock period begins on Wednesday, January 13, 2016 (the new rate effective date), not the date the application was received.
- If the contract is not fully funded prior to the 30 day rate hold, the current new money rates will be applied.