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life insurance purchased by annuity contributions

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Hello,

Please explain the first bullet of slide 13 of the USPS CYE Review PPT.  If an annuity company purchases a life insurance policy on behalf of the employee, what is the process to include it in the payroll?  Does it follow the same rules as the Group Term Life limits?  Can you tell me where this is defined in IRS regulations?  

Thanks for the additional information.  
Deb
 
asked November 30, 2015 02:45 PM

 

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Deb,

I have not heard of this before. The district will need to contact their tax adviser to see how something such as this should be handled.

Lori
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answered November 30, 2015 03:07 PM

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