Annuity Chart
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Annuity Chart


Revised March 25, 2011



Annuity Type

Resource

Payment

Revocable

Cash Surrender Value is an available resource

Conversion of resource – not income

Irrevocable

Is it?

 

 

If Yes to all –

 

 

Unavailable Resource

If Yes to all –

 

 

Unearned income of the annuitant

 

If both spouses are the annuitants, divide the payment equally between them

  • Immediate

Yes

No

  • Nonassignable

Yes

No

  • Paying out in equal monthly payments

or changed to pay out in equal monthly payments

or requested that we calculate and budget in equal monthly payments

Yes

No

  • Meeting the actuarial life expectancy rules1

Yes

No

If No to any –

 

Available Resource

 

If right to payment or beneficiary cannot be sold, asset transfer rules apply

If No to any –

 

Not Income.

 

If annuity is retained, payments are a conversion of one type of resource to another

  • Issued by entity licensed to do business in the purchaser jurisdiction

Yes

No

  • Meeting beneficiary designation rules2

Yes

No

Retirement annuities –

Section 408 and 408A  of the Internal Revenue Code

 

  • Individual Retirement Annuities
  • Deemed IRAs under qualified employer plans
  • Purchased with proceeds from
    • IRA
    • Employer/employee association trust
    • Simple retirement account
    • Simplified employee pension account or trust
    • Roth IRA
  • Meeting beneficiary designation rules2

Yes

No

If Yes –

 

Unavailable Resource

 

If Yes –

 

Unearned income of the annuitant

If No –

 

Available Resource

 

 

 

If No –

 

Not income

 

If annuity is retained payments are a conversion of one type of resource to another

Modification Date: March 25, 2011