IFT Withdrawals: PPfA Modeling Determines Screen Behavior and Product Features
Contract Values Utility Screen
Withdrawal Option Type
Definition
AFFIRM Requires a 2.37 PPfA for IFT Withdrawals to enable the options, please model your PPfA with the following:
Maximum Occurrence Systematic Withdrawals
Definition
Prevents user from exceeding the maximum number of systematic withdrawals on a contract.
Withdrawal Details Screen
Withdrawal Option SubType
Definition
Maximum Transaction Amount
Minimum Transaction Amount
Definition
Applies to Specified Dollar Amount or RMD Specified Amount
Minimum Remaining Balance Amount
Minimum Percent
Definition
- Applies to Specified Percent only.
- Percentage entered by user must be greater than or = to MinPct
Maximum Percent
RMD Calculation Method – RMDCalcMeth
Definition
Specifies the calculation method when the sub type is RMD Calculated
Net or Gross Amount Qualifier
Tax Withholding – Federal Tax Drop Down
TaxWithholdingPlace
TransferAmtType
TaxWithholdingCollect
MinPct and MaxPct
MinAmt and MaxAmt
Use Cases
- If TaxWithholdingPlace = 1 (Fed) AND TaxWithholdingCollect = 1 (Opt) OR 2 (Req), allow options per PPfA federal tax values
- Withhold Standard – dropdown option
- Send – Holding.Arrangement.Taxwithholding.TaxWithholdingType = 1
- Do not withhold – dropdown option
- Allowed for TaxWithholdingCollect = 1 (Optional)
- If Required (TaxWithholdingCollect = 2) then HIDE “Do not withhold” option
- Withhold a Percent – dropdown option
- Allowed when TransferAmtType = 3
- Must be greater than 0
- Must be less than 100
- Must be greater than MinPct
- Must be less than MaxPct
- Allow User to enter percentage in textarea
- Withhold Amount – dropdown option
- Allowed when TransferAmtType = 2
- Greater than $0
- Less than SurrAmount (Rider Free, Surr Free, etc…)
- If both State and Federal taxes are collected, and both are a dollar amount, then the sum of State and Federal amount must be less than withdrawal amount
- Greater than MinAmt if Modeled
- Less than MaxAmt if Modeled
- Allow User to enter amount in textarea
“Withhold Standard” is always included as an option if a tax dropdown is displayed.
Tax Withholding – State Tax Drop Down
TaxWithholdingPlace
WithholdStateIfFederalInd
TransferAmtType
TaxWithholdingCollect
MinPct and MaxPct
MinAmt and MaxAmt
Use Cases
- If TaxWithholdingPlace = 2 (State) and JurisdictionApproval = “Owner if Person” Resident State and TaxWithholdingCollect = 1 OR 2 (and NOT 3 – do not collect)
- Need to add Resident State to the product service call, and review tax withholding product filtering based on resident state
- Or if TaxWithholdingPlace = 2 (State) an JurisdictionApproval = “Owner if Person” Resident State and WithholdStateIfFederalInd = 1 and Federal Tax was Withheld
- NOTE: It is possible that State tax collection is optional, but becomes required if Federal tax is collected!
- …allow options per PPfA federal tax values:
- Withhold Standard – dropdown option
- Send – Holding.Arrangement.Taxwithholding.TaxWithholdingType = 1
- Do not withhold – dropdown option
- TaxWithholdingCollect = 1 (Optional)
- If Required (TaxWithholdingCollect = 2) OR WithholdStateIfFederalInd = 1 then HIDE “Do not withhold” option.
- Withhold a percent – dropdown option
- Greater than 0
- Less than 100
- Greater than Min if Modeled
- Less than MAX if Modeled
- Withhold amount- dropdown option
- Greater than $0
- Less than SurrAmount (Rider Free, Surr Free, etc…)
- If both State and Federal taxes are collected, and both are a dollar amount, then the sum of State and Federal amount must be less than withdrawal amount
- Greater than Min if Modeled
- Less than MAX if Modeled
- Withhold Standard – dropdown option
SourceTransferAmtType – Pro rata vs. percentage
Definition
The information for pro-rata and/or percentage support per withdrawal type
Payment Screen
Future Date Range – MaxDuration and MaxDurationQualifier
Allowed Days – PaymentModeMethProduct
Definition
- Allowed Days (specified day of month permitted for start of a systematic withdrawal, ex. 5, 10, 20)
- Used to validate the allowed Start Dates for a withdrawal in Payment screen
Withdrawal Frequency
End Date
Payment Delivery Method – RqstPaymentDeliveryMethod
Definition
These values specify the ability to request express delivery of a payment check.
Use Cases
- If PPfA has both 1 and 2 modeled, ask if the check will be normal delivery or express delivery.
- If no option is modeled, assume normal (TC = 1)
- If one option is modeled, show the one option selected
Payment Form – Brokerage Account
Definition
If PPfA allows for a brokerage account for payment, then look to VI response for a brokerage account payment option.
Payment Form – Owner Check
Definition
If PPfA allows check for payment, look to VI response for owner (Relation.RelationRoleCode = 8)
Payment Form – Payee Check
Payment Form – Electronic Funds Transfer
Definition
- If PPFA Allows EFT, look for accounts in VI response:
- Holding.Banking.AcctType=1
- Holding.Banking.AcctType=2
- There may be more than one account available to EFT to. But payment cannot be split up between multiple EFT accounts.
Payment Form – Electronic Funds Transfer – New Account
Definition
If PPfA allows EFT, show EFT and user populates data except for account name, which is dropdown of VI parties with Owner or Payee role.
Sub Account Screen
See Details Screen section for description of PPfA setting to display Details Screen question that toggles display of the Sub Account Screen.
