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Click for Webinar Calendar
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California Professional Development
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Recorded Wednesday, October 15th, 2008
The Institute of Certified BankersTM(ICB) is dedicated to promoting the highest standards of performance and ethics within the financial services industry. This webinar has been approved for 2.5 CISP, CTFA, & FP credits.
There is no other area in IRAs that generates more questions than the difference between primary and contingent/secondary beneficiary payouts – or just IRA distributions in general. The consequences of not understanding your beneficiary designation form can result in paying out to the wrong beneficiary and leading up to possible litigation. This two hour webinar will explore the difference between the types of IRA beneficiaries and then delve further into the distribution side of the IRA funds.
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- Primary vs. Contingent/Secondary beneficiary and how does the financial institution pay out correctly
- Paying out when a beneficiary pre-deceases the owner
- IRS penalty exceptions on distributions prior to age 59˝ and the correct 1099-R reporting
- Basic calculations of the Required Minimum Distributions for accountholders age 70˝ or older
- Required annual reporting by the financial institution
- How to set up Inherited IRAs for beneficiaries
- Beneficiary options and correct IRS 1099-R reporting
You are encouraged to have a copy of your IRA beneficiary designation form, IRA distribution form. 70˝ Election of Payment form and Beneficiary Election of Payment form handy to reference during the webinar.
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New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are newly involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who "oversees" the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts - including call center personnel. Experienced IRA representatives who would like a review of the less and more complicated issues of IRAs.
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 Patrice M. Konarik, CFP®, is president and founder of Sunwest Training Corp. located near Galveston, Texas. With over 25 years experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing training in 22 states. She has a BS from New York’s Binghamton University and earned her Certified Financial Planner™ designation in 1990. Patrice brings the information to life with her humorous approach, in-depth knowledge and an unlimited supply of "true life" examples.
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