State Redemption Method Setup
Overview of IL350
Certain states (typically California) require investors to redeem investment notes at maturity by default. Thus the investor must opt to reinvest with the extension fund. The default state redemption method is established when investment notes are initially purchased and when notes are auto renewed. DDI-Connect looks up the investor’s state of residence in this table to determine the default redemption method. If no state-method combination exists, the system follows a different set of rules (typically based on the investment category) to come up with a default redemption method. Note: Although this application allows you to set up multiple state redemption methods for a single state, DDI-Connect only uses the first one listed
To set up default state redemption methods:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Investments
- Double-click Setup
- Double-click State Redemption Method Setup. You will see a screen similar to this one:
