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COO REPORT

Jeremy Stephenson
GCU COO

Preparing for Tax Season:

Important Reminders From GCU

s the year draws to a close, we at GCU want 3. Annual Statements for Fixed Annuities
to wish you and your loved ones a very Mer- Lastly, we’ll send out annual statements to all members
ry Christmas and a joyous holiday season. who own one of our fixed annuities. These statements
It’s also time to start preparing for the up- provide a detailed summary of your account activity over
A coming tax season. We’re dedicated to sup- the past year, including contributions, interest earned, and
porting our members by ensuring you re- your current balance. Reviewing this information can help
ceive all necessary information and documents in a timely you make informed decisions about your financial future.
manner. Here’s what you can expect from us, in the order Access Your Documents Online
we’ll be sending them: We’re excited to announce that all three of these docu-
1. Required Minimum Distribution (RMD) Reminder Letters ments will also be available on our newly updated mem-
Our first priority in January is to mail RMD reminder let- ber portal at Members.GCUusa.com. You can convenient-
ters to all members aged 72 and older who own a tradi- ly access your RMD letters, tax documents and annual
tional Individual Retirement Account (IRA) with us. These statements online anytime, anywhere. If you haven’t reg-
letters will provide important information about the IRS re- istered yet, please visit our website to create your account
quirement to take a minimum distribution annually. and take advantage of this new feature.
If you haven’t already, we encourage you to consider es- We’re Here to Support You
tablishing a systematic withdrawal for your RMD. Setting Thank you for trusting GCU with your annuity and life in-
up automatic withdrawals ensures that your required surance needs. We value your membership and are here
minimum distribution is processed each year without any to assist you throughout this tax season and beyond.
additional effort on your part —helping you avoid potential Wishing you a peaceful end to the year and a prosperous
penalties for missed distributions. new one ahead!
2. Tax Documents
Following the RMD letters, we’ll focus on preparing and
mailing out tax documents. One of the great benefits of
our products is their tax-deferred growth—you don’t pay
taxes on earnings until you take a distribution. Therefore,
only members who took a distribution in 2024 should ex-
pect to receive a Form 1099-R from us. Our goal is to place
these important documents in the mail no later than Jan-
uary 31, 2025.

GCU MAGAZINE DECEMBER 2024 3