23 Miss. Code. R. 103-6.3 - Calculating the Uncompensated Value of Annuities Purchased prior to 02/08/2006

The transfer penalty period for the purchase of an annuity prior to 02/08/2006 is calculated based on the value of the payments that would be beyond the actuarial life expectancy of the annuitant.

A. Divide the purchase price of the annuity by the number of payout years. This equals the annual rate.

B. Use the life expectancy tables published by the Office of the Actuary of the Social Security Administration to determine the number of years the individual is expected to live.

C. Subtract the number of years from the number of payout years.

D. Multiply the difference by the annual rate. This is the uncompensated value.

Notes

23 Miss. Code. R. 103-6.3

Social Security Act §1917(c); Omnibus Reconciliation Act of 1993 (OBRA-93) § 13611 (Rev. 1993).

Revised eff. 11/01/2014