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IRAs From Start to Finish - Part 4: Successfully Auditing Your IRA Files

This is the job that everyone avoids - auditing the IRA files for necessary paperwork and getting rid of the “junk.” But what paperwork and documents are required to be in the file, and which can be thrown away? This two-hour webinar will answer these questions and many more.

OnDemand
Recorded Thursday,
October 17th, 2024
Presented by Patrice Konarik
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Training Manager
  • Trainer

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Whether you have boxes of old IRA files or you have imaged your IRA files, it is always vital that you have the correct and latest information in your customer files. You never know when you may have to go back and access applications, beneficiary designations, contribution and distribution information or reporting data.

Missing or out-of-date forms could result in the bank making a mistake - like paying out to an incorrect beneficiary or being fined by the IRS for missing documentation.

You will be provided with “Audit Worksheets” to make this task a little bit easier, as well as a growing list of the most common mistakes you will find in your files - and how to correct them.

What You'll Learn

  • What are the legal requirements for documentation to be maintained in your IRA files?
  • When opening a new IRA plan, what forms do we keep and which forms must be given to the customer?
  • What happens when there is no beneficiary designation in the file or the beneficiary is deceased?
  • What are the requirements for IRS reporting and disclosures to the customer?
  • How far back can the institution go to file an IRS correction - if it’s the institution’s fault or if it’s the customer’s fault?
  • What kind of partial IRA audits are the most crucial?
  • How do we file paper corrections to the IRS?

Who Should Attend

IRA Supervisors, Internal Auditors, IRA Trainers, and Conversion Specialists would greatly benefit from this intense, informational webinar.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area. After 28 years on the road providing live training nationwide, she now concentrates on providing informational IRA and HSA webinars through OnCourse Learning. She has a B.S. in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner designation for 23 years.

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