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FL creating Mega Money ’annuity trap’

Topic closed. 1 reply. Last post 13 years ago by CASH Only.

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United States
Member #379
June 5, 2002
11296 Posts
Offline
Posted: January 26, 2004, 8:30 am - IP Logged

Whether or not the new version (starting 1/28) of FL Mega Money offers a cash option, by changing the jackpot from all-cash to annuitized, WITHOUT changing the name of the game, FL has created an                  "annuity trap." Some players (especially those who don't live in FL          year-round) won't be aware of the new jackpot rule. This would not be a potential problem, except FL interprets the 60-day rule as the 60 days from the drawing, rather than the period immediately after claiming.

FL has a 180-day period for claiming prizes. Under the old rules, Mega Money winners always collected in lump sum. (Assuming there will be a cash OPTION)  after the change, winners who wait more than 60 days from the DRAWING will be forced to receive annuity payments.


    United States
    Member #379
    June 5, 2002
    11296 Posts
    Offline
    Posted: January 29, 2004, 11:14 am - IP Logged

    Cash option available...if you claim within 60 days of the DRAWING;

    otherwise 20 annual payments.