A qualified longevity annuity contract (QLAC) is a type of deferred annuity funded with an investment from a qualified retirement plan or IRA. QLACs provide guaranteed monthly payments until death and are shielded from the downturns of the stock market. As long as the annuity complies with Internal Revenue Service (IRS) requirements, it is exempt from the required minimum distribution (RMD) rules until payouts begin after the specified annuity starting date.
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