Equitable, Consultant Sued Over Rollover Into an Annuity
November 30, 2023 by Allison Bell
A retired New York resident has accused a financial consultant of misrepresenting the benefits of rolling $202,624 in savings from a retirement account into a variable annuity.
Simone Russo asserts in a lawsuit filed last week in a state court in Rockland County, New York, that the consultant, David Turk, led him to believe that the AXA Equitable Accumulator Plus Variable Deferred Annuity With Guaranteed Minimum Income Benefit would provide a guaranteed minimum income benefit, or lifetime income stream, of $1,090 per month.
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Wink’s Moore on the Market: The little information that has been shared about this case is confusing.
The annuitant received monthly income payments from his annuity, for ten years, ending in 2018.
However, at that point, “he had failed to exercise his GMIB rights on time.”
His payments ended.
I’m not sure about Equitable‘s administration of their VA GMIBs, but something doesn’t sound right. -sjm
