IRA Series: IRA Plan Establishment

How your institution opens IRAs matters: start plans right and avoid compliance pitfalls from day one. This session will examine the required documents for properly establishing an IRA and outline how trustees and custodians can remain compliant when IRS-issued plan language is delayed. Participants will review key document retention requirements, learn how to keep IRA owners updated with the most current information, and identify additional data elements that strengthen compliance and operational effectiveness.

KEY WEBINAR TAKEAWAYS

• Three documents required to properly establish an IRA
• Retention requirements for IRA plan establishment documents
• The IRA revocation period
• Capturing complete IRA beneficiary information
• Default beneficiary provisions established by your financial organization’s IRA opening documents

BONUS MATERIALS

• Establishing an IRA job aid
• Links to IRS Model Forms
  • 5305-A, Traditional Individual Retirement Custodial Account
  • 5305-RA, Roth Individual Retirement Custodial Account
  • 5305, Traditional Individual Retirement Trust Account
  • 5305-R, Roth Individual Retirement Trust Account

WEBINAR DETAILS

How you open IRAs is important. Improper plan establishment can leave you vulnerable to penalties for noncompliance, as well as owner dissatisfaction. The problem is, the IRS must provide critical language for IRA plan establishment, and they don’t always do so on our timelines. So how do you, as trustees or custodians, fulfill your obligation to remain in compliance and provide vital information to IRA owners? This session will explore the documents required to properly establish an IRA and how to keep your IRA owners up to date with current information. It will review the document retention requirements to follow to remain in compliance, as well as identify additional information that is helpful to capture and maintain.