COVID-19 Frequently Asked Questions

Symetra has a solid and stable financial foundation. We believe we are well equipped to serve our customers and overcome short-term challenges during this difficult phase in the financial markets. Please review our company’s COVID-19 website for more information including product specific details.

For more information on our financial position, please visit www.symetra.com/ratings where Symetra’s financial strength ratings are posted. Ratings are impartial, third-party opinions of a company's ability and willingness to meet specific financial obligations.

We do not anticipate any delays processing benefits payments.

Symetra understands these are difficult times, we are monitoring state—issued bulletins, which may provide extended grace periods, depending on the state and policyholder circumstances. Please note extensions or alternative payment plans do not constitute a waiver of premiums. Please contact us at 1-800-796-3872 to discuss options.

There are several provisions in the CARES Act that affect annuity holders, specifically they affect how required minimum distributions (RMDs) are handled. Section 2203 of the CARES Act provides a waiver of the required minimum distribution in 2020.

• If you do not take your RMD for 2020, no IRS penalty will be imposed.

This waiver also applies if you turned age 70½ in 2019 and deferred your first distribution to 2020. There are no provisions in the CARES Act that affect your RMD in 2021.

Please review your Symetra contract provisions regarding access options specific to your product, or call us at 1-800-796-3872 and we can review your contract with you.

Distributions taken in 2020 up to $100K, may qualify for special tax treatment under the CARES Act depending on your eligibility. Please visit the IRS’s website for additional detail on these requirements and consult with your tax professional.

Perhaps:

The CARES Act does not affect your 2021 RMD.

If you have set up an RMD and would like to continue receiving payments, no action is required.

If you have not yet set up an RMD and would like to do so, please complete and return the Required Minimum Distribution Request form.

Yes, if you have previously set up RMD payments and suspend for 2020, the RMD will restart automatically in 2021. The CARES Act RMD waiver provision applies only to 2020. If payments have not previously been set up, they will not automatically start in 2021.

Your policy may contain provisions that offer access to funds without fees or charges. Please review your Symetra policy provisions, or call us at 1-800-796-3872 and we can review your policy with you.

Possibly. Plan sponsors have several options related to loan provisions within their plans, including the option to make no changes. Please check with your plan sponsor regarding their selections related to these provisions.

Options may also be available to delay payments to Symetra due between March 27, 2020 and December 31, 2020. Please call us at 1-800-796-3872 and we can review your options with you.

We are available every weekday from 6 a.m. to 4:30 p.m. Pacific Time, excluding national holidays.