Who is a beneficiary?
This is the person or other party designated to receive death benefit proceeds upon the death of the annuitant prior to the annuitant commencement date. The beneficiary is named when a policy is taken out and can be changed at the request of the policyowner. A contingent beneficiary is the party designated to receive death benefit proceeds if the primary beneficiary should die before the annuitant. In order to change the beneficiary of a policy, the current policyowner must fill out a form with the necessary information and return it to the Service Center. • What is Income Tax Withholding? Since the enactment of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), New York Life has been required to withhold Federal and sometimes State (depending on the state of record of the policyowner) income taxes from certain taxable distributions. Generally, payees are permitted to elect not to have income taxes withheld from designated distributions. • Why do I receive a “page cannot be
