The most legal part of the IRA paperwork is the Beneficiary Designation section and actually paying to the correct beneficiary. Understanding who gets the money at death and what options the beneficiaries has will prevent incorrect payouts and possible liability to the credit union.
In Part 3 of this 4-part series we will look at how the money flows to a primary vs. contingent beneficiary. Plus, watch out for the 9 red flags of beneficiary payouts. The new shortened payouts to nonspouse beneficiaries as part of the SECURE Act and CARES Act provisions will also be discussed.
- Basic difference between primary and contingent/secondary beneficiaries
- New IRS penalty exceptions prior to age 59½ and the proper IRS coding
- Required Annual Notifications for RMDs and Withholding
- The NINE red flags of beneficiary payouts – including reporting pitfalls
- Discussion of beneficiary payout options – including spouse, nonspouse, estate and trust
- Setting up the Inherited IRA and documentation requirements
While attending one part of the Webinar series may help, attending all 4 parts will give you the most comprehensive breakdown of the rules and regulations. Register for the entire event HERE.
You are encouraged to bring a sample of the IRA forms your bank is currently using for your review during the session including: IRA Distribution forms, Annuals Notices, Beneficiary Election form and any other forms you may have questions on.
Who Should Attend?
This is a crucial Webinar for anyone even remotely involved in IRAs including, frontline, back office, call center, investment department, and member services personnel will benefit greatly from the thorough discussions of the more complicated aspects of the IRA world. The content is at the intermediate to advanced level with a minimum of two years’ experience recommended. It is assumed that participants have a working knowledge of IRAs.
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