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Parent was a teacher and has a annuity with General American dating back 20 years. Parent needs to get cash value out now. I assumed we would write and request surrender for cash value and get the cash. But instead, we have to go through some other administrator called Jem Resource Partners and get signatures, etc., fax things back and forth, etc. Why all this hassle? It's my parent's money and she is well past the age of being eligible to withdraw. Also, learned that they take 20% for taxes??? I'm also disturbed by this because parent is on a fixed income and living on retirement. Am I over-reacting or maybe just don't understand how these work?
Is this some form of government or employer sponsored annuity? Usually if you are required to go through an outside party that's a good sign it's not a 'personally owned' annuity but government or employer and the outside person is the TPA (Third Party Administrator).
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