003.05(A)(vi)(1)(e) ANNUITIES EXCLUDED FROM RESOURCES.

An annuity which has been annuitized will be excluded from countable resources if it meets the following conditions: (i) The annuity is considered either an individual retirement annuity according to the Internal Revenue Code or a deemed Individual Retirement Account under a qualified employer plan by the Internal Revenue Code; or (ii) The annuity is purchased with the proceeds from a simplified employee pension; and (iii) The annuity is irrevocable and non-assignable, the individual who owned the retirement account or plan is receiving equal monthly payments with no deferral or balloon payments, and the scheduled payout period is actuarially sound. The applicant or recipient must verify the annuity meets these requirements.