Frequently Asked Questions

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General Questions

Question: Are mutual funds insured?

 

Investments in mutual funds are not FDIC insured, not guaranteed and may lose value.

Question: How often do SunAmerica's mutual funds pay dividends?

 

Dividends can be paid monthly, quarterly or annually depending on the fund you own. For additional information, contact your financial representative or refer to the fund prospectus.

Question: Who can transact on my account?

 

For the protection of our shareowners, only the registered owner(s) or the financial representative (or representative's office) can access a mutual fund account held at SunAmerica.  Security information will always be verified prior to speaking to any party.

Question: To what mailing address should correspondence be sent?

 

Regular mail:

SunAmerica Mutual Funds c/o BFDS
PO Box 219186
Kansas City, MO 64121-9186

 

Overnight, certified or registered mail:

SunAmerica Mutual Funds c/o BFDS
330 W. 9th Street
Kansas City, MO 64105-1514

Questions Regarding Purchases and Redemptions

Question: Can I have my dividend or redemption checks mailed to a third party?

 

Yes, dividend or redemption checks may be made payable to a third party. SunAmerica Mutual Funds requires a letter of instruction, affixed with a Medallion Guarantee, signed by the shareowner(s), indicating payment instructions.

Question: Does SunAmerica Mutual Funds offer direct purchase or deposit?

 

Yes, SunAmerica Mutual Funds can establish a systematic purchase or redemption plan, which will draft funds from your checking or savings account via Automatic Clearing House (ACH). Please contact Shareholder/Dealer Services at 800-858-8850 ext. 6010 or your Financial Advisor for additional information.

Question: If one person dies on a joint account, and the surviving tenant wishes to redeem the account, will the CDSC be waived?

 

The CDSC will be waived if the redemption is requested within one year of the death of the shareholder and if the surviving tenant is the spouse of the deceased.

Transaction Requirements and Procedures

Question: Can I transfer existing shares from one account to an account registered in a different name?

 

Yes, shares can be transferred between accounts with differing registrations. To do so, a letter of instruction, affixed with a Medallion Guarantee, is required.  It should be signed by the owner(s) of the account from which the money is transferring.

Question: Can I exchange funds between different classes of shares?

 

No, share exchanges are only allowed within the same class.

Question: If I have an existing account, but wish to invest in a new fund, would I need to complete a new application?

 

No, you would not need to complete a new application.  You can simply send in a check and include a letter of instruction indicating the new fund.  Before selecting a new fund, you should review the prospectus.

Question: If an account holder dies, what is required to close or transfer the account?

 

For an individual account and joint accounts:

  1. A Change of Ownership Form, affixed with a Medallion Guarantee.
  2. A Tax Waiver, if required by the state.
  3. An Affidavit of Domicile, if a Tax Waiver is required.

* Additional documentation may be required by Medallion Guarantor.

Question: If the trustee of a trust account passes away, how can the shares held in that account be re-registered or liquidated?

 

To re-register or liquidate a trust account, the following documents are required:

  1. A Change of Ownership Form, affixed with a Medallion Guarantee.

* Additional documentation may be required by Medallion Guarantor.

Because the trust may continue with a successor trustee named, the existing mutual fund account can be re-registered with the successor trustee named as trustee.

Checklists
Checklist for Re-Registration/Redemption of Custodial Accounts

Checklist for Re-Registration/Redemption of Individual Accounts 

Checklist for Re-Registration/Redemption of Joint Accounts 

Checklist for Re-Registration/Redemption of Retirement Accounts

Checklist for Re-Registration/Redemption of Trust Accounts 

Checklist for Adding Power of Attorney

Questions Regarding Retirement Plans

Question: Can I re-register my retirement account as a trust?

 

No, a retirement account can not be re-registered as a trust, but you can name the trust as a beneficiary.

Question: How do I process a transfer in kind?

 

To process a transfer in kind, we require a letter of instruction, affixed with a Medallion Guarantee, including complete re-registration instructions, broker/dealer information, and Tax ID number.

Question: If the shareholder passes away and there is no beneficiary designated, what is required to liquidate an account?

 

If there is no beneficiary on file, we require:

  1. A Change of Ownership Form, signed by the estate executor/representative, affixed with a Medallion Guarantee.

* Additional documentation may be required by Medallion Guarantor.

Question: Is the shareowner signature required to change a beneficiary?

 

Yes, a signature is required.

Question: Must I contribute to my retirement account every year?

 

No, however, continuing to add to your account will help to build your retirement savings.

Question: What is necessary in order to process a transfer of assets to another fund company?

 

To process a transfer of assets request, we require a letter of acceptance signed by the new custodian, along with transfer instructions signed by the account owner.

Question: What is the penalty for withdrawing money early from my IRA/Roth/403b/401(k) account?

 

Excluding special exempt distributions, you will incur a 10% penalty by the IRS upon tax filing if money is redeemed before age 59 ½ . A redemption from a 403b or 401(k) account will often incur a mandatory 20% withholding. Please consult your Tax Advisor prior to withdrawing assets from your retirement plan.

Questions Regarding Statements, Confirmations and Tax Forms

Question: I did an exchange between funds last year, and received a 1099-B. Why would I receive this tax form? Why didn't I receive this form for shares sold out of my Money Market account?

 

A 1099-B will reflect all redemptions in your account. This would include exchange redemptions, since they are considered a taxable event. If shares are sold from a Money Market account, a 1099-B would not be issued since it's not considered a taxable event.

Question: When should I expect to receive a statement?

 

Confirmation statements for financial transactions such as redemptions, purchases, and exchanges are mailed as these trades are executed in your account.  Systematic purchase/redemption and dividend/capital gain activity will be included in the consolidated statement mailed quarterly to all shareholders and representatives.

Questions Regarding Legal Documents

Question: What is needed for a name change due to marriage or divorce?

 

- A Name Change Form, signed by the shareowner and affixed with a Medallion Guarantee.

OR

- A letter of instruction, affixed with a Medallion Guarantee, indicating the reason for the name change and stating in the body of the letter "I hereby certify that ________ and ________ are one and the same person".

OR

- A letter of instruction, accompanied by a certified copy of the marriage certificate or divorce decree.

* Additional documentation may be required by Medallion Guarantor.

Question: How do I add or remove a name from an account (Joint or Individual) excluding death of a shareowner?

 

  1. A letter of instruction, affixed with a Medallion Guarantee, signed by all shareowners.
  2. A SunAmerica Anti-Money Laundering Supplemental Application completed by individual(s) being added to account.
  3. If taxable parties are changing a new SunAmerica account application is required.

* Additional documentation may be required by Medallion Guarantor.

Question: What happens when a minor reaches the age of majority?

 

Once a minor reaches the age of majority (age varies depending on state of residence of minor), the following is required:

  1. A letter of instruction, affixed with a Medallion Guarantee, signed by either the custodian or minor.
  2. A copy of the minor's driver’s license or birth certificate, clearly showing age.

* Additional documentation may be required by Medallion Guarantor.

Question: How do I change a beneficiary on a Transfer on Death (TOD) account?

 

A SunAmerica Transfer on Death (TOD) Beneficiary Designation Request signed by the shareowner(s) must be completed to change a beneficiary.

Question: What happens to an account in the name of a child (UGMA or UTMA) if the custodian passes away?

 

If minor is of legal age (age varies depending on state of residence of minor) we would require:

  1. A letter of instruction, affixed with a Medallion Guarantee, signed by the minor.

 

If minor is 14 years old or older, but under legal age, he or she can appoint their own custodian. To do so, we would require:

  1. A letter of instruction, affixed with a Medallion Guarantee, signed by the new custodian indicating capacity and accepting the responsibility.
  2. A SunAmerica Anti-Money Laundering Supplemental Application completed by the new custodian.
  3. Copy of minor's birth certificate.

 

If minor is under 14 years old, we would require:

  1. A letter of instruction, affixed with a Medallion Guarantee, signed by the new custodian indicating capacity and accepting the responsibility.
  2. A SunAmerica Anti-Money Laundering Supplemental Application completed by the new custodian.
  3. Copy of minor's birth certificate.

* Additional documentation may be required by Medallion Guarantor.

*Note: We will not police redemption requests from the custodian. It is their responsibility to use monies for the benefit of the minor.