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IRA Update - Annual Review for Credit Unions

As many of you have experienced, IRAs have had many changes over the last 3 years - including the SECURE Act of 2020, the CARES Act of 2020, the Proposed Regulations released in February 2022, and the IRS Notice 2022-53 to put the Proposed Regulations 'on hold'. This is a must-attend webinar to grasp the latest rules and regulations regarding beneficiaries and the 2023 Cost of Living Adjustments.

OnDemand
Recorded Wednesday,
January 18th, 2023
Presented by Patrice Konarik
1h 30m total length
$195.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • IRAs
  • Reporting
  • Teller
  • Trusts
  • 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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Well, it happened again!! In true form, Congress passed and signed into law a major bill right before Christmas break and made many of the provisions effective a week later. Some of these provisions will change the IRA rules and regulations for 2023 including a new IRA Distribution age. All these revisions plus much, much more will be reviewed in this fast-paced two-hour webinar including:

  • SECURE Act 1.0 Changes
  • “Proposed Regulations” released in February 2022
  • IRS Notice 2022-53 released in October 2022
  • The New W-4R Form and Federal Withholding Requirements
  • And now…The SECURE Act 2.0 provisions affecting IRAs

IRAs have always been the most difficult credit union product to learn and keep up with. One reason is because as the interest rates went down, many IRAs were transferred into the stock market and investment companies to get a better return. This left the member service employees with very little practice in opening and maintaining IRAs. Presently, since the stock market can be unpredictable and as the interest rates increase, many credit unions are seeing the more conservative investors transfer the money into a guaranteed interest rate product at the credit unions. While this may give the employees more experience in dealing with IRAs, it also increases the anxiety about making sure the proper information is given out to the members.

2023 brings some of the largest Cost of Living Adjustments we've had to IRAs in over 20 years. The IRS has also gotten very serious about IRA Distribution forms and the new W-4R being signed for every IRA distribution for the IRA owner to opt-in or out of federal income tax withholding. You will learn all the latest rules and regulations included in this vital training.

What You'll Learn

  • How will the recently passed SECURE Act 2.0 affect IRAs in 2023?
  • 2023 Cost of Living Adjustments including increased contribution limits for every IRA product
  • What are the final rules on choosing the W-4R vs. the W-4P for federal income tax withholding?
  • What did the "Proposed Regulations" released in February 2022 change about the original SECURE Act effective January 1, 2020?
  • Does the new 2022 Single Life Expectancy Table apply to beneficiaries who are in existing payout?
  • Should beneficiaries of owners who died beginning in 2020 take a 2021 or 2022 death distribution?
  • What are the January notifications that must go out to the IRA members?
  • 2023 IRA Calendar "Hot Dates"

Who Should Attend

All personnel who are responsible for opening IRAs and have direct contact with the members should attend this class, as well as experienced employees in operations, compliance, member services and the call centers who must answer questions from other credit union employees and members and check IRA paperwork.


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.