Final answer:
A customer cannot take a Required Minimum Distribution in addition to Lifetime Income Withdrawals without penalties.
Step-by-step explanation:
A customer is not entitled to take a Required Minimum Distribution (RMD) in addition to Lifetime Income Withdrawals without facing excess withdrawal treatment or penalty.
The RMD is a minimum amount that must be withdrawn from certain retirement accounts, such as traditional IRAs and 401(k)s, once the account owner reaches a certain age. The purpose of the RMD is to ensure that individuals do not indefinitely defer paying taxes on their retirement savings.
Lifetime Income Withdrawals, on the other hand, are a feature offered by some retirement income products that provide a guaranteed stream of income for life. These withdrawals are separate from the RMD and are not subject to excess withdrawal treatment or penalty.