Archive - December 19, 2014

What is a QLAC?

What is a QLAC?

401kIn July of 2014 the IRS issued final regulations regarding the allowance of qualified longevity annuity contracts in employer sponsored plans such as 401ks, 403bs and 457b plans as well as IRAs.

What it Means and What it Means to You

QLAC stands for qualified longevity annuity contract. This means that a person is allowed to take up to 25% of their overall account balance but not more than $125,000 in their retirement plan and use that money as premium to fund a longevity annuity contract.

Additionally, the annuitant must start the annuity by no later than the first day …

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