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IRA Update - Information and Clarification

What an IRA roller coaster ride this has been!! After a year of deliberations, the SECURE Act was signed into law under the Appropriations Act on December 20, 2019. Most of the provisions became effective on January 1, 2020.

OnDemand
Recorded Wednesday,
January 20th, 2021
Presented by Patrice Konarik
2h total length
2.5 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • IRAs
  • Bank Legal Counsel
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Private Banker
  • Teller
  • Trainer
  • Trust Officer

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What an IRA roller coaster ride this has been!! After a year of deliberations, the SECURE Act was signed into law under the Appropriations Act on December 20, 2019. Most of the provisions became effective on January 1, 2020. There are too many issues and too many potential pitfalls banks will experience if they don’t have a working knowledge of these changes. Forms will be changed, IRA software must be updated which may take a while.

On top of that, The CARES Act was passed 3 months later further making rules and regulations changes to IRAs. Because of this, you may have to do some explaining to your customers on what the permanent changes are and what the temporary changes are due to the COVID-19 virus. The contribution deadline for 2019 and IRS and customer reporting were extended. Not to mention the RMD waiver for owners and beneficiaries for 2020.

What You Will Learn

  • Updated legislative regulations on IRAs as the result of the SECURE and CARES Acts
  • Review of the 2021 Cost of Living Adjustments
  • 2020 Required Minimum Distribution Waiver and what happens in 2021?
  • Age 70.5 vs. Age 72 - Who starts RMDs at what age?
  • New Rules on nonspouse beneficiary payout requirements beginning in 2020
  • What's the difference between and "Eligible", 'Non-Eligible" and "Non-Designated" Beneficiaries?
  • Overview and Explanation of IRS Reporting Requirements for Rollover RMDs vs Repayment of RMDs.
  • How do we code COVID-Related Distributions and Repayments?
  • What are the January required notices?
  • Are IRA Amendments required by law?

Who should attend

Everyone even remotely involved in IRAs at your bank including: New Account Representatives, Certificate of Deposit Personnel, Call Centers, Customer Service Representatives and any other employee who need this update and are 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. Experienced IRA Personnel who need an annual update to keep up with the latest changes.

"Patrice is an awesome speaker and is very knowledgeable." - Karen W, Commercial Bank - St. Louis, MO


Patrice Konarik

Instructor Bio

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.


Credit Information

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.