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January 16th, 2024
Information & Insights for the 403(b) Community
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Ask the Experts
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What Is a Fully Paid Individual Insurance Annuity Contract?
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Q: In an Ask the Experts column on 403(b) plan termination, the Experts mentioned that “delivery of a fully paid individual insurance annuity contract is treated as a distribution” for plan termination purposes. Can you clarify what is meant by this language, including what exactly is a “fully paid individual insurance annuity contract”?
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