In order to get the money moved directly from Atlantic Coast to Fidelity, you might want to work through Fidelity to have them "pull" the money from Atlantic Coast. See this thread for someone's experience in getting money moved into Vanguard from an annuity with Oxford Life.Thank you, @Stinky, for the guidance!
The Atlantic Coast "Annuity Surrender Form" indicates that "one-time withdrawals are paid by check only." Is that typical? I had been hoping for a direct rollover into the Fidelity IRA that was the original source of the funds used to purchase the MYGA in 2020 — but instead it looks like the onus is on me (?).
Weirdly, on the Annuity Surrender Form there are two different check-box options for something other than partial surrender and it is ambiguous: 1) "Full surrender of this contract. This represent cancellation of the contract, and payment in full for all amounts due. Terminal Illness/Nursing Home Care Rider"; and 2) "surrender of this contract." I can not tell what the distinction is, or if scenario (1) only pertains to a rider.
I told the rep that I wanted to return these funds to the (Fidelity) IRA from which they were drawn and the rep sent me an in-house "Qualified/Non-Qualified Transfer 1035 Exchange Form" — which looks like it only has options for transferring other annuities into Atlantic Coast. I guess that does not matter if they are dead set on just sending me a check anyway.
I plan to include a Letter of Instruction — in other contexts, those have helped me at times and been completely ignored at other times.
Really disappointed in the lack of transparency around the "getting out" process for Atlantic Coast. I infer that they expect me to wait until the last minute to start this process and then be baffled by the paperwork and also be unable to reach a knowledgeable rep by phone.
viewtopic.php?t=439993
As noted in this thread, another alternative that would still count as a "direct transfer" would be to have the check from Atlantic Coast issued to Fidelity, FBO (for benefit of) "your name".
And finally, I believe that you can do an indirect transfer of qualified funds once per 365 days. That is, you get a check from Atlantic Coast made out to you, and then within 60 days you send a check to your Fidelity IRA.
I believe that many insurance companies use paper checks and snail mail to disburse funds. I personally have two free partial withdrawals in process right now. One will make a direct deposit to my bank account; the other can only send a paper check using snail mail.
Please let us know how this all turns out for you.
Statistics: Posted by Stinky — Sat Jan 11, 2025 4:06 pm