So I'm continuing to get a handle on my parents' finances, and I came across a contract with a smallish balance that my father (who is in his 80s) had entered into years ago (evidently via Raymond James) and had made withdrawals over the years. I got online access with the annuity company, Genworth, for him, and the information I see is as follows:
- Product Type: Variable Annuity
- Effective Date: October 1, 1999
- Tax Qualified Type: IRA - Traditional (408(b))
Contract Values (rounded)
- Systematic Withdrawal: No
- Total Purchase Payments $80,000
I can see investment subaccounts consisting of five funds from Fidelity (Contrafund), Janus and State Street. I would like consolidate this small Genworth account by rolling it over to an existing TD Ameritrade rollover IRA that my father has.
I'll call Genworth on my dad's behalf this week, but I was curious if anyone had experience with this sort of transaction? I have no background in variable annuities.
Is there anything special I need to look our for when doing this kind of rollover?