Employer Products
Benefit Payment Services
The ultimate purpose of a defined benefit plan is to provide benefit payments to plan retirees. The accuracy and timeliness of the payments is critical to the success of the plan. We have extensive experience in benefit payment administration with a variety of annuity options.
Lump-Sum and Periodic Payments
Mutual of Omaha pays benefits to participants in accordance with the terms of the contract. A variety of payment frequencies are available including:
- Lump-sum payment
- Annual payment
- Semi-annual payment
- Quarterly payment
- Monthly payment
Friendly, Knowledgeable Customer Service
Trained, experienced customer service representatives can answer benefit questions and assist with other payee matters regarding changes in address, beneficiary and martial status.
Income Tax Withholding and Annual Tax Reporting
Federal and State income tax is calculated and withheld from each payment as required by federal and state income tax regulations. Required year-end tax statements are completed and mailed to each annuitant.
Beneficiary Changes
Mutual of Omaha provides a Beneficiary Designation Form and maintains all beneficiary information.
Annuitant Social Security Verification
Each quarter, the list of annuitants is cross-matched to Social Security Administration Death Records to reduce the likelihood of overpayments from plan assets.
Withdrawals
Plan sponsors have a variety of payment options available to offer retirees, including:
- Cash withdrawals
- Annuity purchase withdrawals
- Annuity reserve withdrawals