IRAs Part 1: Understanding the Basics

Part 1 of the IRA Series

Have you ever noticed sometimes when the IRA Guru leaves the credit union it is without notice or training for a replacement??!! On the first day of training, you feel like someone dropped you in the middle of the ocean and told you to swim to shore. In other words, you have NO IDEA where the nearest island is or how you will make it there. IRAs are a different product than most offered by the credit union. They may look similar, but the rules, regulations and IRS reporting build the complications to the point where you feel like you are drowning in information. And, just when you finally find your footing, they change the rules again!

While it may take years to build a confidence level where you can answer almost any question thrown your way, the goal is to raise your comfort level if you are a rookie and to reinforce your knowledge if you have a higher level of experience.

Covered Topics

  • Review of top terminology of IRAs
  • Basic Forms Required To Open, Close, Move and Maintain IRAs (have your own IRA forms - including application, contribution and distribution forms - available during the webinar)
  • Qualifications, 2021 Contribution Limits and Deadlines for:
    • Traditional IRAs
    • Regular Roth and Conversion Roth (IRS codes and reporting)

This is part one of a four-part series. You can attend all the sessions to obtain the most comprehensive information or any part in the series independently.

You are encouraged to have a sample of the IRA forms your credit union is currently using for your review during the session including: IRA Application, IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms.

Who Should Attend?

New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Member Service Representatives or anyone who is newly involved in the opening, selling, marketing, or administration of IRAs. Any supervisor/manager who "oversees" the IRA department and may be responsible for answering IRA member’s questions or concerns but does not actually open IRA accounts. Experienced IRA trainers or personnel who like a review of the basics and forms.