We will be notifying clients about a change to their periodic withholding.

Nonperiodic to periodic withholding

For your information only; no action is needed.

We will be communicating this to your affected financial professionals tomorrow.

For contracts that were annuitized before 2010, federal and state tax withholding is being calculated using the nonperiodic withholding rules (as reflected in the nonperiodic withholding grid). This can cause over/understated federal and/or state withholding.

Active contracts set up on nonperiodic federal and/or state withholding that did not elect out of withholding – where the payee is a U.S. person and payments are going to a U.S. address – will be sent a letter with a new election form and a request that it be returned within 60 days. If there is no response, we will change to the default periodic withholding rate for federal withholding and change state withholding if it is affected by the federal withholding change.

If you have any questions, please call us at 800.950.0042.

We value and appreciate your business and thank you for your understanding as we work to reinforce the trust that you and your clients have placed in Allianz Life Insurance Company of North America.

 

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.

Products are issued by Allianz Life Insurance Company of North America, PO Box 59060, Minneapolis, MN 55459-0060.

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EGEN-2444 (9/2022)