CALL HANDLIG
NAVIGATION AN PROCEDURES
FINANCIALS AND
NON FINANCIALS
RANDOM Qs 1
RANDOM Qs 2
100

What are the acceptable titles we can take instead of "Agent's Assistant" to be able to clear security?

Reps asst, agents asst, assistant and BOA...which is also the Business Office Administrator....when they call, they usually say BOA. Instead of the full title....

100

FOR WEB SUPPORT WHERE TO DIRECT THE CALLER?

NYLannuities.com//client login// new user registration // walk them through the steps to get the OTP and mention to create a 10 characters username and password.

100

CAN YOU PROCESS BENE CHANGE IF ADDRESS IS MISSING THE ZIP CODE

YES, ONLY NAME AND % REQUIRED.

100

**** DOUBLE JEOPARDY *****

FULL PROCESS TO CHANGE E-DELIVERY:


In  case someone wants to have a hard copy of their contract and copy and their statements go to

  1. rPay:

POLICY MAINTENANCE>> JURISDICTION /// POLICY MAINTENANCE>> POLICY SETTINGS

  • e-DELIVERY - CLEAR the BOX and delete the email(s)
  • Then go to REPORTS >> Policy Print Request / Deferred Letter Request
  1. Website:

Client Login >> SSN >>  e-delivery

  • Toggle off the 3 marks to opt out the e-delivery for the client.
  • To be sur, the changes has been done, go to another tab and go back to e-delivery to see the marks still on gray.


100

***DOUBLE JEOPARDY***

STEP BY STEP FOR PPW

PPW can be processed over the phone:

Verify the following:

Ensure proper telephone security verification.

Verify caller has telephone authorization.

All request on joint owner policies must be submitted in writing and all owner's signatures are required.

Review notes for any warning and/ or security messages before processing.

Ask for the mode of payment (monthly, annual, semi-annual or quarterly)

Check payment option (ask if they want it to be net or gross)

Day of the month (if in mail it will take like 5-7 business days to process the ppw/ if EFT 2-3 business days)

First payment date.

Ask the client if they want to withhold federal tax and state tax.

Lastly ask how they want to receive the money, thru bank or check - NOTE: if they want it to send thru bank the processing time is 3-5 business days and for mail 5-7 business days.

Once saved check on the election of option if the PPW is scheduled.

200

HOW TO PROCESS XFER/1035 WITH AGENT OR AA ON THE LINE?

Clear Sec!!!

Cannot be done over the line. Must have submit the xfer/1035 ppwk including letter of acceptance. 

Provide them actual balance, penalties and interests, contact info. and processing times.

200

WHERE TO FIND CHASE STANDARD ID?

MIDDLEWARE // REPORTS // CHASE ACTIVE

200

STEPS TO COMPLETE A PW IN A FIXED ANN.

P TRANSACTION // P MAINT. // D. TRANSACTIONS // PARTIAL W // W TYPE // W. AMOUNT // PREVIEW // DETAILS // TAX WH // DISBURSMENT METHOD // CONTINUE AND SAVE

200

***DOUBLE JEOPARDY ***

CALCULATE NEW COST BASIS AT DEATH CLAIMS:

Policy Transaction >> Immediate Transactions >> Change due to death >> Calculate

  • Commuted value $
  • Add / Subtract Adjustments $

Policy review tab

  • Subtract Original Cost Basis $
  • Add Recovered Cost Basis $
  • = TAXABLE AMOUNT FROM DEATH CLAIM: $
200

**** DOUBLE JEOPARDY ***

STEP BY STEP FOR SETTING UP AND SCHEDULED RMD

  • Opening
  • Thank you for calling NYL Annuities Service Center, my name is xxxxxx. How can I help you?

  • Clearing Security

    1. For verification purposes, may I have your full name please?
    2. Thank you, can you confirm your date of birth please?
    3. Thank you, may I have your full address please?
    4. Thank you very much,

I do see you entered the last four digits of your social security number in the system for verification, I appreciate that.

Can you confirm the last 4 digits of your social security number please?


    1. Can you tell me the name of one of your beneficiaries please?


  • Gather the information:
  • Go to Quote Tab >> RMD and review the RMD comparison reading:
  • RMD Amount
  • RMD Amount Taken
  • RMD Amount Remaining
  • Go to Quote Tab >> Surrender and review:
  • Make sure the client will not incur in penalties due to surrender charges
  • Go to Election of Options Tab >> Scheduled Distributions >> All Schedules
  • ****There cannot be 2 PPW settled at the same time*****

  • Ask how would like the payments to be received: Direct Deposit or Mail Check:
  • Direct deposit: Update EFT Info under Owners tab
  • Mail check: Confirm mailing address.

  • Ask if would like to set an RMD scheduled or a one-time event:
  • Scheduled RMD:

Election of Options >> ADD RMD

  • RMD Details:
  • Commencement year: (current or next)
  • Tax Year: (current or next)
  • Annual Amount: 
  • Payment Mode: (Annually, Semi annually, Quarterly, Monthly)
  • Day of Month:
  • First Payment Date: (day must be the same as  chosen day of the month)
  • Final Tax Year Payment Date: (BLANK)
  • Withholding / Charges:
  • Federal – W4R script if 0% or 10% isn’t requested
  • State – Check State W/H chart (if needed)
  • Disbursement Method – How would you like the check to be sent, mailed or direct deposit?
  • EFT (update info under owner’s tab)
  • · Mailed Check

  • After you enter all the information, review all the withdrawal information with the client, including any surrender charges or MVA’s.  Once confirmed then you can process the request.

Remember:

  • Update your notes on rPay and Salesforce
  • Run CSLN if necessary and record the results.
300

Process for ownership change to a Trust?

SF> CREATE POC AND CLEAR SEC

KNOWLEDGE - Changing Ownership to Non-Living Entities:

Details

Changing Ownership to a TRUST

  • Tax classification must be non-qualified
  • Required trust documents:
    • Title page, signature page, trustee designation page, and any amendments to the trust
    • Or
    • Completed NYL Statement of Trust form and any amendments
  • Completed 72U Disclosure Statement
  • Completed W9
  • Ownership Change service form signed by current owner(s) and trustee(s) as new owners
300

*** DOUBLE JEOPARDY ****

HOW TO SEND DC KIT TO MAIL ADDRESS

CLEAR SEC!!

FORMS IN BLANC CAN BE SHARED 

J-Drive >> CC NEW HIRE DOCS >> _USE FOR MAILINGS - Forms with Mailing Coversheet

EDIT AND LOCAL SAVE THE WORD DOC. AND SEND THE E/MAIL REQ TO LISA, CHRISTOPHER, HOLLY, AARON AND ATTACH THE WORD DOC.


300

NAME CHANGES STEP BY STEP

NOT ALLOWED

300

What are the issue ages for a Roth IRA Guaranteed Period Income Annuity?

59 1/2 to 89

300

****DOUBLE JEOPARDY ****

STEP BY STEP FOR CURRENT BALANCE

  • Introduction

Hello, thank you for calling New York Life Annuity Service Center,
my name is ..., How may I help you today? / Can I have the policy number?

  • Start with verification:

In this case it depends on the type of caller, but we can say the next script:

“For security purposes we need to do some questions here to access to your policy information, would that be fine with you?”

  • After clear security, if they ask for their current balance you need to go to rPay

Once we have entered the policy number, we are going to be in the Policy Review, so we must move to:

Policy maintenance > Quote > Accumulation Value

In accumulation Value is going to be the information who refers to the Owner’s balance.

  • The next step is identifying the main information about the balance for example:
  • Accumulation value
  • Interest rate
  • Guaranteed date
  • Effective date
  • Finally, we can give the information to the client. Here is a quick example:
  •  
  • “Mr. …, in this case your current value to this day is $1,000,000.00, it works with an interest rate of 3.5%. The effective date was 01/04/2024 and this is guaranteed until 01/05/2025”.

  • Always ask if you can help with anything else. 
400

PARTIAL WD STEP BY STEP IN SF AND RPAY

SF> CREATE POC // RPAY> CLEAR SEC // P TRANSACTION // P MAINT. // D. TRANSACTIONS // PARTIAL W // W TYPE // W. AMOUNT // PREVIEW // DETAILS // TAX WH // DISBURSMENT METHOD // CONTINUE AND PROVIDE SUMMARY BEFORE CLICKING SAVE // NOTES //SF> COMMENTS // CLOSE 

*INFORCE CASES> CLOSE ACTIONS AND GROSS AMOUNT

400

HOW MANY TIMES DO WE NEED TO CHANGE THE FONT AND SIZE ON THE TEMPLATES IN J DRIVE?

NONE

400

***DOUBLE JEOPARDY ****

HOW TO SEND A HARD COPY OF THE CONTRACT DOCUMENTATION STEP BY STEP

CLEAR SECCURITY 

RPAY> REPORTS // POLICY PRINT REQUEST //  REQ. TYPE >>

RPAY> REPORTS // BENE CONF. LETTER OR DUPLICATE ANNUAL STATEMENT

RPAY> P. TRANSACTION // P MAINTENANCE // QUOTE // ACC VALUE >> LETTER

400

Process for Annuitization a Settlement Accounts Quotes?

Annuitization quotes

1. Ask Caller when they would like to start the payments (Date)

2. Ask caller if they want to received payments for a period or for lifetime.

3. Depending on answer resolve: Elected Period or Lifetime options

Make sure Caller is aware that once we start with annuitization & periodic distributions there's no way to withdrawal any other amount & or surrender contract.

Ask for the best e-mail to get this info, they will receive in btw 3-7 business days.

On Sales force:

4. On your POC you must elect annuitization quote as request Reason & the number of quotes (max 4):


5. SF will create a side case for annuitization (if you go to my cases the side case should be there) on that specific case you should upload the excel document you create & then change Case Owner to Inforce Processing.

400

STEP BY STEP FOR ONE TIME RMD

  • Opening
  • Thank you for calling NYL Annuities Service Center, my name is xxxxxx. How can I help you?

  • Clearing Security

    1. For verification purposes, may I have your full name please?
    2. Thank you, can you confirm your date of birth please?
    3. Thank you, may I have your full address please?
    4. Thank you very much,

I do see you entered the last four digits of your social security number in the system for verification, I appreciate that.

Can you confirm the last 4 digits of your social security number please?


    1. Can you tell me the name of one of your beneficiaries please?


  • Gather the information:
  • Go to Quote Tab >> RMD and review the RMD comparison reading:
  • RMD Amount
  • RMD Amount Taken
  • RMD Amount Remaining
  • Go to Quote Tab >> Surrender and review:
  • Make sure the client will not incur in penalties due to surrender charges
  • Go to Election of Options Tab >> Scheduled Distributions >> All Schedules
  • ****There cannot be 2 PPW settled at the same time*****

  • Ask how would like the payments to be received: Direct Deposit or Mail Check:
  • Direct deposit: Update EFT Info under Owners tab
  • Mail check: Confirm mailing address.

  • Ask if would like to set an RMD scheduled or a one-time event:

  • One-time RMD:
  • Follow the procedure as PW:

Transaction>>Deferred Transactions>>Partial Withdrawal>>

  • · Gross/Net
  • · Free Amount
  • · Full Surrender
  • Withdrawal Amount - What dollar amount would you like to have sent to you?
  • · Dollar Amount
  • Tax Withholding – Would you like Taxes Withheld?
  • · Federal – W4R script if 0% or 10% isn’t requested
  • · State – Check State W/H chart (if needed)
  • Disbursement Method – How would you like the check to be sent, mailed or direct deposit?
  • · EFT (update info under owner’s tab)
  • · Mailed Check

After you enter all the information, review all the withdrawal information with the client, including any surrender charges or MVA’s.  Once confirmed then you can process the request.

Remember:

  • Update your notes on rPay and Salesforce
  • Run CSLN if necessary and record the results.
500

*** DOUBLE JEOPARDY ****

FULL NOD PROCEDURE STEP BY STEP

SF> CREATE POC ***CONDOLENSES

RPAY> CLEAR SEC - NOD CAN BE TAKEN FROM ANYONE

P TRANSACTION // NOD // ELECC THE PARTY // NOD DATE // DOD // COD ISSUING STATE // NOTIFICATION METHOD // CONTACT INFO

FIXED ANNS = CASH VALUE OF DATE OF DEATH

INCOME ANNS = P TRANSACTIONS // IMMEDIATE TRANSACTIONS // CHANGE DUE TO DEATH - CONMUTED VALUE PLUS OR MINUS OTHER AMOUNTS

SEND DC KIT AND OFFER ASSSITANCE

PROVIDE FAX AND MAILING ADDRESS 

EXPLAIN PROCESSING TIMES

500

Type of annuity and requirements for Spousal continuance?

Clear Income.

-Spouse

-Should be listed as primary bene

500

TODAY IS 03/30 AND A PO CI TO CHECK IF HIS PPW PPWK HAS BEEN PROCESSED. IT WAS INDEXED ON SF 03/28 AND IS RERQUESTING A QUARTERLY PAYOUT. HOW WOULD YOU MANAGE IT?

SF> OPEN POC CLEAR SEC / SEARCH FOR P# TO SEE IF THERE IS THE PPWK, CUSTOME CLONE IT AS PW

RPAY> PROCESS PW FOR 1ST PAYMENT / SET PPW FOR 2ND PAYMENT AND ONWARDS

500

*** DOUBLE JEOPARDY****

STEPS TO PROCESS IN RPAY XFER/1035

WOULD CLIENTS GET 1099 FORM?

. Same as Partial W/D or a Full Surrender

b. Disbursement Type: 1035 Exchange

c. Replacement: External 

d. Client will receive 1099-R

e. Add Special Payee

  • #1 Name: Company Name
  •  
  • #2: FBO-Owner Name
  •  
  • #3: Check FBO WILL be added

f. Then add address.

g. Add Acct# and Check Work and SAVE!

h. Check Policy History!

 

**NOT A TAXABLE EVENT, BUT WILL RECEIVE A 1099-R WITH THE ALREADY TAXED PORTION**

500

STEP BY STEP FOR SURRENDER

You mentioned you want to surrender your policy correct?

YES=Go to Surrender Value tab on rPay, provide Surrender Details like:

policy type

Total Accumulation Value

Surrender Charge Amount – Is it out of surrender?

NO – Advise that there will be a surrender charge (IN surrender details) on rPAY

YES – No charges at all.

go to Terminations on rPay, provide information, ask how they want the payment to be received:

EFT? – ckeck if there is bank info on rPay, (NEVER provide this directly to caller) if not, get it.

It will be sent next day & for the payment to reach the bank is up to (24-48 business hours) 3 business days

Mail check? – Confirm address first, processing time is 7-10 business days or around 7 business days.

TAX Withholding? – They can decide NO withholding.

On details, we can confirm the information provided on Withholding/Charges section as of Federal & State as well as EFT info & mail checking address. Also if client decides to transfer the funds to an external IRA.

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