Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”We disputed the method of calculation and replied with the following;“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”We have not had an official response from them. Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”We disputed the method of calculation and replied with the following;“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”We have not had an official response from them. Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”We disputed the method of calculation and replied with the following;“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”We have not had an official response from them. If they did this to my wife, they are doing it to everybody.
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Since 1935, SILAC Insurance Company® has been a trusted leader for your savings and retirement needs. Saving for retirement is increasing in importance as we are all living longer. Annuities can help you achieve your goals for retirement savings.
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Offerings include: Fixed Indexed Annuities, and Multi-Year Guaranteed Annuities.See more