The acquisition of UNUM's tax-sheltered annuities underscores Lincoln Life's commitment to remain as one of the nation's leaders in the annuity business," said Jon Boscia, president of Lincoln Life.
Approximately 215 former UNUM employees -- all of whom supported the group tax-sheltered annuity business in UNUM's Portland, Maine, headquarters or in field locations -- have been hired by Lincoln Life or Lincoln Life & Annuity to administer the block of business from the Portland offices.
Orr III, chairman and chief executive officer of UNUM Corporation, said, "As an asset accumulation vehicle, tax-sheltered annuities are not a strategic fit with UNUM's core disability and special risk businesses.
Included in the agreement is the sale of the tax-sheltered annuity business written by UNUM America and First UNUM in New York state.
Other exempt organizations that permit employees to purchase tax-sheltered
annuities without any direct employer involvement mistakenly believe they do not maintain employer-sponsored Sec.
Under the Unemployment Compensation Amendments Act of 1992, the rollover rules for distributions from qualified retirement plans and tax-sheltered
annuities have been expanded and simplified.