SPIA On Steroids (Part 1)

On June 8, 2009, Rep. Earl Pomeroy (D-ND) along with Rep. Virginia Brown-Waite (R- FL) introduced H.R. 2748, The Retirement Security Needs Lifetime Pay Act of 2009. This bill is a new version of a previous bill called the Secure Annuity Income for Life Act (SAIL) introduced in 2005. The new bill proposes to exclude a portion of such lifetime annuity payments from current income tax. The Security Needs Lifetime Pay Act of 2009 contains significant changes to the income tax code and allows for substantial benefits in a lifetime based SPIA.

SPIA On Steroids (Part 1)
Source: Producers Web