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IRS decision allows financial professionals to streamline the use of annuities in their practices
Security Benefit today announced that it has received a favorable private letter ruling (PLR) from the Internal Revenue Service (IRS) that payment of certain investment advisory fees from an annuity contract are not treated as a taxable event by the contract owner. This provides financial professionals and their clients with greater flexibility to incorporate non-qualified fee-based annuities in their portfolios. We are pleased to receive this favorable treatment from the IRS for our already fast-growing annuity business, said Mike Reidy, Director of RIA Distribution for Security Benefit. It represents the removal of a barrier to greater annuity adoption by registered investment advisors and their clients.