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Rollover Tax Considerations

If you choose to rollover your assets into a qualified option, such as an IRA or tax-qualified Individual Retirement Annuity, you are able to avoid paying potentially high taxes. However, after consulting with your tax or legal advisor, if you decide to receive a cash payment of all or a portion of your accumulated savings and not roll over the money to another qualified investment, 20% of the payment amount will be withheld for federal taxes. If you are under age 59½, you could also be responsible for an additional 10% early-withdrawal penalty.1

Upon retirement, distributions of any remaining savings will be taxed as ordinary income.

1 Under current federal tax laws. Persons who have reached age 55 and are retiring may not be subject to the 10% penalty on distributions from a 401(k) or other qualified plan. Please consult with your tax or legal advisor prior to requesting a plan distribution.

 

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For informational purposes only. Should not be construed as legal or investment advice, a promise of benefit or guarantee of investment performance.

Investment options are offered through a group variable annuity contract (Forms 901-GAQC-07 and 901-GAQC-07(OR)) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha is not licensed in New York. In New York, Companion Life Insurance Company, Lynbrook, NY underwrites the group variable annuity (Form 900-GAQC-07(NY)). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as provided in the annuity for the Guaranteed Account. Neither United of Omaha, Companion Life Insurance, nor their representatives or affiliates offers investment advice in connection with the contract.

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