Phoenix Indexed Account Changes for July

Phoenix Announces Indexed Account Cap Rate and Income Benefit Amount Changes
 
What is changing? 
Effective July 1st

• Indexed Account cap rates will decrease for most indexed accounts (see below for July rate flyers)
  
  

Effective July 8th

• Some Annual Benefit Amounts (ABAs) will decrease impacting the Income Tomorrow benefit amounts for Personal Income Annuity and Personal Protection Choice at certain ages/waits
  
  

• Some ABAs will decrease impacting the Income Benefit amounts for Personal Retirement Choice (PRC) at certain ages/waits  
  
  
• The Income Benefit rider fee on Personal Retirement Choice is changing from 0.85% to 0.95%
  
  

Transition Rules for Cap Rates:

1. Applications must be signed and dated prior to July 1, 2014 and received by Phoenix in good order by July 8, 2014 to be eligible for old cap rates. All 1035/Transfer/Rollover applications have 60 days from the application signed date to get money to Phoenix.
   
   
2. Applications signed on July 1, 2014 or later will receive the new cap rates.
   
   

 
Transition Rules for ABA Changes:

1. An application with a check
   
   
   1. Must be signed and dated prior to July 8, 2014 and received by Phoenix in good order by July 15, 2014 to be eligible for the old ABAs and old PRC rider fee.
      
      
   2. If signed and dated prior to July 8, 2014, but received on or after July 16, 2014 the new ABAs and new PRC rider fee will apply and a *Signed Acknowledgement is required.
      
      

1. An application with 1035/Transfer/Rollover paperwork
   
   
   1. Must be signed and dated prior to July 8, 2014 and received in good order by July 15, 2014, and must have all money to Phoenix by September 5, 2014 to be eligible for the old ABAs and old PRC rider fee. 
      
      
   2. Money received on or after September 6, 2014 will result in the new ABAs and new PRC rider fee and a *Signed Acknowledgement is required.
      
      
   3. If signed and dated prior to July 8, 2014, but received on or after July 16, 2014, new ABAs and new PRC rider fee will apply and a *Signed Acknowledgement is required.
      
      

 
* Signed acknowledgement refers to the Product Change Acknowledgement form which requires the signature of both client and agent
 
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CLICK HERE FOR PERSONAL PROTECTION CHOICE ANNUITY JULY RATES
CLICK HERE FOR PERSONAL RETIREMENT CHOICE ANNUITY JULY RATES
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