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Your friends at the Minot Service Center
Important UpdatesThere are no Important Updates at this time. Stay tuned for updates as they become available.
Hints to Hassle-Free ProcessingUnderstanding What Form To Use For a QDRO Case
Qualified Domestic Relations Order Certification Request – Non-ERISA/ERISA form #150032
· Form #150032 is used for qualified ERISA and Non-ERISA plans which require the authorization/sign-off of the Employer/Plan Sponsor or Third Party Administrator (TPA). The form is completed with the Participant and Alternate Payee information and signed by the Employer/Plan Sponsor (not grandfathered) or TPA.
· Supplemental QDRO Certification form #150033: This supplemental form is required if the contract has any unpaid loans (active or defaulted). A separate form #150033 must be submitted for each unpaid loan on the contract to indicate if the responsibility for loan repayment remains with the Participant or is assumed by the Alternate Payee.
Qualified Domestic Relations Order (QDRO) Certification Request – 403(b) Tax Sheltered Annuity form #152193
· Form #152193 is used for qualified plans where Third Party Administrator (TPA) requires self-certification from the Participant and Alternate Payee. To meet the self-certification requirement, the form must include the signature of the Participant, Alternate Payee, and either the Attorneys of both parties or a Notary. This form is also used for contracts without a TPA or Employer/Plan Sponsor (grandfathered).
· Supplemental QDRO Certification for use with Non-ERISA and ERISA Contracts with Loans form #151466: This supplemental form is required if the contract has any unpaid loans (active or defaulted). A separate form #151466 must be submitted for each unpaid loan on the contract to indicate if the responsibility for loan repayment remains with the Participant or is assumed by the Alternate Payee.
Domestic Relations Order (DRO) Certification DRO Issued in Conjunction with IRA and Non-Qualified Annuities form #151465
· Form #151465 is used for all other plan types and requires self-certification from the Participant and Alternate Payee. To meet the self-certification requirement, the form must include the signature of the Participant, Alternate Payee, and either the Attorneys of both parties or a Notary.
· There are no supplemental forms for these plans as these contracts cannot have loans.
Form 5498 Mailing Reminder
The IRS requires IRA contributions to be reported on Form 5498 and that the Form 5498 is mailed by June 1st.
Clients who are to receive a Form 5498 for the 2016 Tax Year can expect to receive their Form 5498 following the June 1st mailing.
New Business Not In Good Order for April 2017 was 45.29%
Repeated NIGO items when submitting new business include the following:
· New business application missing client/owner information
· Transfer/Rollover/Exchange Request Form #141983, missing sign city and state or missing form all together.
· Transfer, exchange or rollover form missing type of transfer
· New business application replacement Suitability form is either missing or incorrect information is on the form.
Form Updates and ChangesImportant Form Changes
Updated Money Out Forms
New Money Out forms were made available April 28, 2017. Current forms will be accepted through 4:00 p.m. Eastern Time (3:00 p.m. Central Time), June 26, 2017. Changes were made to the forms to improve the flow, update tax verbiage, and bring consistency in format to increase good order submissions.
Please visit the Voya for Professionals website to download the updated forms.
Key changes for each form are provided below.
· The SSN___ field was revised to include TIN, i.e., SSN/TIN____
· A Resident State for Tax Purposes____ field was added to the Contract Owner Information, Participant Information, Alternate Payee Information, and Beneficiary Information sections.
Form Description/Section / Order No. / VersionAgreement for Required Minimum Distribution Option (RMD)
· RMD Options – Select which tax year RMD you want distributed. Select both boxes if applicable. □ Previous year □ Current year
· WAIVER OF WITHDRAWAL CHARGE – New section for 403(b) products.
· Electronic Fund Transfer – Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 119398 / 04/28/2017
Outgoing Rollover/Transfer/Exchange/Request Fixed/Variable Annuities
· INSTRUCTIONS PAGE 1 – Updated the Required Minimum Distribution (RMD) instructions. Complete only if electing a Direct Rollover and if distribution is subject to an RMD. This is only applicable on full withdrawals. An RMD will not be disbursed when a partial withdrawal is requested.
· Withdrawal Charge/Market Value Adjustment Acknowledgement section has been added. (Prior to processing your request, we require written acknowledgement of any withdrawal charges and/or market value adjustment of $500 or more. If not provided, your request will be returned for completion and resubmission.)
· Disbursement Type – Updated to clarify and/or add missing IRS portability options, i.e., Qualified Plans (403(b), 401(a), or 401(k)) Transfer to Purchase Years of Service, Direct Rollovers, and IRA Transfer, e.g. Inherited IRA, Inherited Roth IRA.
· REQUIRED MINIMUM DISTRIBUTION (RMD) – Added tax withholding options for the RMD. / 144774 / 04/28/2017
Full or Partial Withdrawal Request Fixed/Variable Annuities
· Partial Withdrawal to Repay Outstanding Loan(s) section has been added. Complete this section only if you are requesting a Partial Withdrawal and want repay an active or defaulted outstanding loan balance(s) with amounts deducted from your contract value.
· Withdrawal Charge/Market Value Adjustment Acknowledgement section has been added. (Prior to processing your request, we require written acknowledgement of any withdrawal charges and/or market value adjustment of $500 or more. If not provided, your request will be returned for completion and resubmission.) / 119324 / 04/28/2017
Non-Financial Service Request
· Name Change – Added driver’s license as an as acceptable documentation for name change. Please provide a legal document (such as marriage certificate, divorce decree or driver’s license) to support this change.
· Address/Phone Change – Added Resident state for tax purposes ___ field.
· Date of Birth Correction section has been added. – Complete this section when a correction is required to the Date of Birth on the contract.
· Signatures and Authorization – (Section 457(b) contracts: The employer’s signature is required for beneficiary changes.) / 138975 / 04/28/2017
Settlement Options/Annuitization Request Non-Government 457(b) Contracts
· Annuitization and Settlement Options – Added Co-Annuitant Name ___ and SSN/TIN___ fields under the Joint Lifetime Options. Updated option E. Joint and Survivor with 10 year period certain. It was listed previously as ‘period certain 10 to 30 years’.
· Required Minimum Distribution (RMD) section has been added.
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 153624 / 04/28/2017
Settlement Options/Annuitizations Request
· Annuitization and Settlement Options – Added Co-Annuitant Name ___ and SSN/TIN___ fields under the Joint Lifetime Options. Updated option E. Joint and Survivor with 10 year period certain. It was listed previously as ‘period certain 10 to 30 years’.
· Moved the Account You Are Moving Assets To section to page 5.
· Required Minimum Distribution (RMD) – Added Options for distributing the RMD. Added Tax Withholding options for the RMD.
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 121533 / 04/28/2017
Systematic Withdrawal Request
· Withdrawal Amount – Added the following:
• Specify the date you want the first systematic withdrawal check to be mailed (allow 3-5 business days for processing).
• If electing EFT, specify the date you want the first systematic withdrawal payment to be electronically deposited into your bank (allow 3-5 business days for processing).
• All subsequent systematic withdrawal payments will be processed on the same business day. However, if the date falls on a weekend or holiday, the payment will be processed the next business day.
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 122002 / 04/28/2017
Annuity Commencement Date Option Selection
· Annuity Commencement Date Options – Added Co-Annuitant Name ___ and SSN/TIN ___ field under the Joint Lifetime Options.
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account.
· Required Minimum Distribution (RMD) – Added Options for distributing the RMD. Added Tax Withholding options for the RMD. / 148506 / 04/28/2017
Annuity Option Selection – Maximum Deferment
· Annuity Commencement Date Options – Added Co-Annuitant Name ___ and SSN/TIN ___ fields under the Joint Lifetime Options and Spouse or Non-Spouse check boxes.
· Required Minimum Distribution (RMD) – Added Options for distributing the RMD. Added Tax Withholding options for the RMD. / 148507 / 04/28/2017
Redirection of Annuity Payments
· Contract Owner Information – Added Resident state for tax purposes _____ field. / 148300 / 04/28/2017
Request for Withdrawal- Supplemental Interest Bearing Accounts
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 153916 / 04/28/2017
Election for A Series of Substantially Equal Payments
· Contract Owner Information – Added Resident state for tax purposes ___ field. / 119689 / 04/28/2017
Electronic Funds (EFT) Authorization
· The ABA Routing #, Checking/Savings Account # and Account Holder are now required fields.
· Added the following:
Allow 3-5 business days for the distribution to be electronically deposited into your bank account.
EFT will not deposit to a third party account.
EFT cannot be made outside of the U.S. / 135326 / 04/28/2017
Qualified Domestic Relations Order Non-ERISA/ERISA
· Updated the verbiage on the form for consistency. / 150032 / 04/28/2017
Qualified Domestic Relations Order (QDRO) Certification Request-403(b) Tax Sheltered Annuity
· Updated the verbiage on the form for consistency. / 152193 / 04/28/2017
Domestic Relations Order (DRO) Issued in Conjunction with IRA and Non-Qualified Annuities
· Updated the verbiage on the form for consistency. / 151465 / 04/28/2017
457(b) Deferred Compensation Plan Withdrawal Request
· Withdrawal Charge/Market Value Adjustment Acknowledgement section has been added. (Prior to processing your request, we require written acknowledgement of any withdrawal charges and/or market value adjustment of $500 or more. If not provided, your request will be returned for completion and resubmission.)
· WITHDRAWAL TYPE – Updated to clarify and/or add missing IRS portability options,
· Required Minimum Distribution (RMD) section has been added.
· Electronic Fund Transfer – Added Allow 3-5 business days for the distribution to be electronically deposited into your bank account. / 115024 / 04/28/2017
Coming Attractions
There are no Coming Attractions at this time. Stay tuned for updates as they become available.
For agent/registered representative use only. Not for public distribution.
Annuities are issued by ReliaStar Life Insurance Company (Minneapolis, MN). Variable annuities are distributed by Voya Financial Partners LLC, (Member SIPC). Both are members of the Voya® family of companies.
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