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Wyoming Annuity News
Carnahan Cracks Down On Agent In Variable Annuity Case
Jefferson city, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities, Matt Kitzi, recently issued a consent order involving a former supervising agent at Thrivent Investment Management, Inc.
The order involves Edward Matthes, a registered broker-dealer agent in Missouri who worked for Thrivent from 2002 until February of this year. In 2004, Matthes, then a Regional Management Associate with Thrivent, and Mark Johnson, an agent who Matthes supervised, sold a variable annuity contract worth approximately $200,000 to a St. Louis-area resident who was widowed less than one month before the date of the contract.
According to the order, the widow's husband had purchased a business the day before his death, liquidating all of the couple's assets and leaving the unemployed widow with little more than the $200,000 in proceeds from his life insurance policy. The order states that Johnson, who Matthes supervised at the time, advised her to use her insurance proceeds to buy a variable annuity. The investment concentrated approximately 85-90% of her liquid net worth into an investment that carried with it taxes, IRS penalties, and surrender fees upon early withdrawal. Some of those penalties were triggered six months after the purchase when the widow had to withdraw money from the annuity to pay her property taxes.
Neither Thrivent nor Johnson was named as a Respondent in this matter, though the Securities Division has ongoing investigations into the conduct of both parties. Read more at sos.mo.gov
Variable annuities are not suitable for meeting short-term goals
Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.
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Definition:
An annuity that begins no later than one month after the date the insurance would otherwise stop
An annuity under 5 CFR 842.204(a)(1) for which the starting date has been postponed under 5 CFR 842.204.
Annuity, Deferred
Definition:
An annuity that begins more than 1 month after separation from employment at some future point when retirement age is reached. (Also called deferred benefits.)
OFEGLI
Definition:
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.
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