The Principal Financial Group, responding to new Treasury Department regulations, has jumped into the business of selling qualified longevity annuity contracts.
While individuals who participate in traditional IRAs and qualified retirement plans are generally required to start taking required minimum distributions by age 70½, QLACs change all that. With the addition of a QLAC, an individual can hold off on the distribution of a portion of their qualified assets, pushing RMDs to a later date (up to age 85).
Federal regulations allow QLACs to be offered with defined contribution plans such as 401(k)as well as to individuals.
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