“Life Agents Want Death Benefits in 403(b)s”
Investment News, February 28, 2005
Joseph Adams was quoted in regard to life insurance agents asking the IRS to make it clear that separate life insurance contracts used in 403(b) tax-sheltered annuities are allowed to provide incidental death benefits. "The insurance companies are saying these are just individual contracts," said Mr. Adams. He continued by commenting that requiring the plans to have formal documents with employers switches the balance of power.