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facts and accompanying exhibits.
At the time that the petition was filed, petitioner resided
in Memphis, Tennessee.
Petitioner has been employed as a teacher by Memphis City
Schools continually since 1980. In 1985, petitioner became a
participant in an employer-sponsored tax-sheltered account (TSA)
group plan wherein he made biweekly pretax contributions by
payroll deduction.3 Initially, Lincoln Burnett Finance Co.
administered the plan, but the company changed to Fidelity
Finance Co., then to College Life Insurance Co. of America
(College Life), and finally to Americo Financial Life and Annuity
Insurance Co. (Americo). Under the plan, petitioner had the
following annuity policies: (1) Policy No. 7142446 (first
policy); (2) policy No. 7142859 (second policy); and (3) policy
No. 7166534 (third policy).
Because of the changes in the TSA plan’s underwriter,
petitioner became concerned about the financial stability of his
annuity policies. As a result, petitioner submitted to Americo
in 2001 Surrender Request forms concerning his policies.
With regard to the first policy, petitioner submitted to
Americo a Surrender Request form in late April or early May 2001
electing a full cash surrender of this policy because of a
3 A TSA, also known as a sec. 403(b) retirement plan, is
designed exclusively for employees of nonprofit institutions such
as public schools. Sec. 403(b).
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