FL creating Mega Money ’annuity trap’Prev TopicNext Topic

• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Jan 26, 2004, 8:30 am

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  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.
• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Jan 29, 2004, 11:14 am

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

  otherwise 20 annual payments.