Funding Your SILAC Fixed Indexed Annuity
Congratulations on your suitability approval. The next step is to transfer the funds from where the money is at now, to your New SILAC Account.
There are three methods for doing this, this webpage will walk you through them:
Choose Transfer Type
Direct is typically used when you are transferring directly from a company that is holding your money in a 401K, 403B, 457, or 401a (old pension or active pension if you are over 59 1/2).
Indirect is used when your money is being moved from a traditional banking or brokerage institution from a Checking / Savings / Money Market / or Brokerage Account.
Sometimes brokerage firms that also manage retirement accounts for private and government institutions can be reluctant to "part ways" with your money. This is because part of the way they make money is through "maintenance fees" they charge. When this occurs, you can use the indirect method by "liquidating" your funds and having them send you a check.
Most of the time companies will try to use scare tactics by telling you that doing this will cause a taxable event. As long as the money is deposited to SILAC within 60 days from the time that you receive it from your old company, there is no taxable event. You are allowed to do Indirect Transfers like this once per year.
When using the Direct Transfer method, the following form will be filled out by Long Group Financial and sent to you for a signature. Once your signature has been applied, we will submit to SILAC on your behalf to start the funding process.
ABA or Routing Number
124 302 150
153 195 408 783
Swift Code (Typically only used for International Transactions)
SILAC Insurance Company
Use the information below to execute a wire transfer from your bank / brokerage directly to SILAC. Any wire transfer fees will be reimbursed by Long Group Financial.