OneAmerica Transfer

[navigator]

Are you sure this isnt a Qualified Plan you are dealing with transferring out of? They have their own forms the client must fill out and do not accept outside Direct Transfer forms or 1035s.

It is, it is his IRA account however she didnt tell me anything about their paperwork when I had asked specifically if they will accept our paperwork or if they had their own...

 

[scagnt83]

You mean I made a post that made sense? Woohoo

That doesn't happen often.

That all depends on your definition of often...

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It is, it is his IRA account however she didnt tell me anything about their paperwork when I had asked specifically if they will accept our paperwork or if they had their own...

If it is an IRA then you should use a Direct Transfer Form and not a 1035 form.

But I was talking about an employer based qualified plan such as a 401k/403b/Pension/etc. They require their own forms.
However, some IRAs do have their own forms that you could use instead of the new companies transfer form.

 

[navigator]

This statement says The State Life Insurance company a OneAmerica company.. This was in a qualified annuity

 

[scagnt83]

This statement says The State Life Insurance company a OneAmerica company.. This was in a qualified annuity

Most likely a 403b/TSA (tax sheltered annuity). Most likely from working at a school, gov, or non-profit.

403Bs can be a PIA to move. If you are lucky OneAmerica will be the Admin on the plan as well (vs. using a TPA). That will shorten the time frame.

 

[navigator]

Most likely a 403b/TSA (tax sheltered annuity). Most likely from working at a school, gov, or non-profit.

403Bs can be a PIA to move. If you are lucky OneAmerica will be the Admin on the plan as well (vs. using a TPA). That will shorten the time frame.

This was not a tax sheltered, just an IRA annuity from when he was working as a lineman.

 

[scagnt83]

This was not a tax sheltered, just an IRA annuity from when he was working as a lineman.

You mentioned 1035 in a previous post. Did you originally try to 1035 it?

 

[navigator]

You mentioned 1035 in a previous post. Did you originally try to 1035 it?

I did, oops... But no, I did not submit as a 1035 (not sure why i put that there) submitting transfer paperwork as a direct transfer

 

[Larry Tew]

It is, it is his IRA account however she didnt tell me anything about their paperwork when I had asked specifically if they will accept our paperwork or if they had their own...

An IRA transfer isn't a 1035. 1035's are for non-qualified accounts but the process is similar except that IRA transfers usually process pretty quickly - especially id the existing funds are in securities.

 

[Newby]

He is talking about a 1035 transfer of funds. Not a producer contract. And dont all IMOs have to release after a certain time period of non production?

The answer is NO. You are thinking of companies releasing not IMOs.

More and more companies will not release the agent no matter how log he has not produced if if failed to cancel his contract.

The steps to those companies it to CANCEL the contract. Then wait six months. Then re contract.

But the better way is to only work with IMOs that release to start with.

 

[navigator]

An IRA transfer isn't a 1035. 1035's are for non-qualified accounts but the process is similar except that IRA transfers usually process pretty quickly - especially id the existing funds are in securities.

Im not sure why I put 1035 in my post earlier, I did not do an 1035 exchange seeing as how these are qualified funds.. Just was curious if there was additional paperwork on their end that they required.