IRA Beneficiary Designations and Distributions

Patrice Konarik

Patrice M. Konarik, CFP is president and founder of Sunwest Training Corp. located near San Antonio, TX. She has over 25 years experience in the banking industry specializing in Deposit Accounts and IRAs, and is currently providing training in these areas for many organizations on a nationwide basis. Patrice earned her BS in Management from Binghamton University in New York and has been a Certified Financial Planner for over 20 years.

Wednesday, October 15th, 2008
10:00 am - 12:00 pm CT

The Institute of Certified Bankers^TM(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.

The following topics will be thoroughly discussed:

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 59½ and the correct 1099-R reporting
Basic calculations of the Required Minimum Distributions for accountholders age 70½ 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. 70½ Election of Payment form and Beneficiary Election of Payment form handy to reference during the webinar.

Who Should Attend?

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.

Sign Up!

On-Demand Recording Only - $255: Unlimited playback & materials only. If you are unable to attend the regularly scheduled event, but are interested in the topic, you can purchase the recorded version. You will receive a web address for online viewing and an audio CD and handouts for offline viewing.