Systematic Withdrawal

Systematic Withdrawal is a method of withdrawing funds from the annuity in specified amounts for a specified payment frequency. The annuitant is not guaranteed life-long payments as he is with the standard annuitization method. With the systematic withdrawal schedule, the annuitant chooses instead to withdraw funds from his account until it is emptied, bearing the risk that the funds become depleted before he dies.   

 

Allocations are set-up from the Allocation link in the Left Navigation menu. Once configured, use the Activity Detail window and the Allocation link to make changes. 

 

Note: The Deferred Annuity segment must have the Systematic Withdrawal radio button set to Yes to use systematic withdrawal for the policy.   

 

Steps to Set-up Systematic Withdrawal Allocations

  1. Open a policy.
  2. Click the Allocation link on the Left Navigation menu.
  3. Scroll to the Systematic Withdrawal section.
  4. Select the number of funds to use for withdrawals.
  5. Select an Allocation Method from the Allocation Method drop down box.
  6. Select the fund(s) that will be designated for withdrawals from the Fund drop down box.
  7. Enter an amount or percent in the Amount field then scroll to the bottom of the screen and click Save. 

 

Systematic Withdrawal Allocations

Systematic Withdrawal Program Allocations

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