[lmi-commits] [lmi] master 4e2e158 11/17: Relocate MecFootnote

[Greg Chicares]

branch: master
commit 4e2e158af792ec7202bd654580b162a7ca498f4c
Author: Gregory W. Chicares <gchicares@sbcglobal.net>
Commit: Gregory W. Chicares <gchicares@sbcglobal.net>

    Relocate MecFootnote
    
    This means that 'MecYearIs0' can be liquidated.
---
 finra_notes1.mst             | 19 +------------------
 ill_reg_narr_summary2.mst    | 20 +-------------------
 reg_d_group_narr_summary.mst | 36 +-----------------------------------
 reg_d_indiv_notes2.mst       | 27 +--------------------------
 4 files changed, 4 insertions(+), 98 deletions(-)

diff --git a/finra_notes1.mst b/finra_notes1.mst
index 94fbc85..f4c26cf 100644
--- a/finra_notes1.mst
+++ b/finra_notes1.mst
@@ -25,26 +25,9 @@
 
 <font size="-1">
 
-<!-- PDF !! MecFootnote -->
 <p align="center"><b>IMPORTANT TAX DISCLOSURE</b></p>
 <p>
-As illustrated, this {{ContractName}}
-{{#IsMec}}
-    becomes
-{{/IsMec}}
-{{^IsMec}}
-    would not become
-{{/IsMec}}
-a Modified Endowment Contract (MEC)
-{{#IsMec}}
-    under the Internal Revenue Code in year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
-    under the Internal Revenue Code.
-{{/IsMec}}
-To the extent of gain in the {{ContractName}}, loans, distributions
-and withdrawals from a MEC are subject to income tax
-and may also trigger a penalty tax.
+    {{MecFootnote}}
 </p>
 
 {{^IsInforce}}
diff --git a/ill_reg_narr_summary2.mst b/ill_reg_narr_summary2.mst
index 56cc86c..850a2fb 100644
--- a/ill_reg_narr_summary2.mst
+++ b/ill_reg_narr_summary2.mst
@@ -118,26 +118,8 @@ The state of issue is {{StateOfJurisdiction}}.
 
 <font size="-1">
 
-<!-- PDF !! MecFootnote -->
-<!-- This is not appropriate for composites. -->
 <p>
-As illustrated, this {{ContractName}}
-{{#IsMec}}
-    becomes
-{{/IsMec}}
-{{^IsMec}}
-    would not become
-{{/IsMec}}
-a Modified Endowment Contract (MEC)
-{{#IsMec}}
-    under the Internal Revenue Code in year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
-    under the Internal Revenue Code.
-{{/IsMec}}
-To the extent of gain in the {{ContractName}}, loans, distributions
-and withdrawals from a MEC are subject to income tax
-and may also trigger a penalty tax.
+    {{MecFootnote}}
 </p>
 
 {{^SinglePremium}}
diff --git a/reg_d_group_narr_summary.mst b/reg_d_group_narr_summary.mst
index 2e83a23..1ca27a1 100644
--- a/reg_d_group_narr_summary.mst
+++ b/reg_d_group_narr_summary.mst
@@ -59,44 +59,10 @@ Account values, cash surrender values, and death benefits
 are illustrated as of the end of the year.
 </p>
 
-<!-- PDF !! MecFootnote -->
-{{!
-PDF !! The 'MecYearIs0' logic below is poor and should be reworked--see:
-    https://lists.nongnu.org/archive/html/lmi/2019-02/msg00000.html
-}}
 <p>
 PLEASE READ THE FOLLOWING IMPORTANT TAX DISCLOSURE
 <br>
-The initial 7-pay premium limit is ${{InitSevenPayPrem}}.
-As illustrated, this contract
-{{#IsMec}}
-    fails
-{{/IsMec}}
-{{^IsMec}}
-    passes
-{{/IsMec}}
-the seven-pay test defined in Section 7702A
-of the Internal Revenue Code and therefore
-{{#IsMec}}
-    {{^MecYearIs0}}
-        becomes a Modified Endowment Contract (MEC) in policy year
-        {{MecYearPlus1}}.
-    {{/MecYearIs0}}
-    {{#MecYearIs0}}
-        is a Modified Endowment Contract (MEC).
-    {{/MecYearIs0}}
-    As a MEC, any loans or withdrawals are taxed to the extent
-    of any gain in the contract, and an additional 10% penalty
-    tax will apply to the taxable portion of the loan
-    or withdrawal.
-{{/IsMec}}
-{{^IsMec}}
-    is not a Modified Endowment Contract (MEC).
-    Subsequent changes in the contract, including but not limited
-    to increases and decreases in premiums or benefits, may cause
-    the contract to be retested and may result in the contract
-    becoming a MEC.
-{{/IsMec}}
+    {{MecFootnote}}
 </p>
 
 <p>
diff --git a/reg_d_indiv_notes2.mst b/reg_d_indiv_notes2.mst
index b19f33f..8d181c5 100644
--- a/reg_d_indiv_notes2.mst
+++ b/reg_d_indiv_notes2.mst
@@ -36,33 +36,8 @@
     {{FnDefnLifeIns}}
 </p>
 
-<!-- PDF !! MecFootnote -->
 <p>
-The initial 7-pay premium limit is ${{InitSevenPayPrem}}.
-As illustrated, this policy
-{{#IsMec}}
-    fails
-{{/IsMec}}
-{{^IsMec}}
-    passes
-{{/IsMec}}
-the seven-pay test defined in Section 7702A
-of the Internal Revenue Code and therefore
-{{#IsMec}}
-    becomes a Modified Endowment Contract (MEC)
-    in policy year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
-    is not a Modified Endowment Contract (MEC). Subsequent changes
-    to the policy, including but not limited to increases
-    and decreases in premiums or benefits, may cause the policy
-    to be retested and may result in the policy becoming a MEC.
-{{/IsMec}}
-</p>
-<p>
-If a policy is a MEC, withdrawals and policy loans are taxed to
-the extent of any gain in the policy, and an additional penalty
-tax may apply to the taxable portion of the distribution.
+    {{MecFootnote}}
 </p>
 
 <p>