IRA Update – Annual Review for Banks

IRAs have always been the most difficult bank product to learn and keep up with. One reason is that 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 bankers with very little practice opening and maintaining IRAs. Presently, since the stock market can be unpredictable and as the interest rates increase, many retail banks are seeing the more conservative investors transfer the money into a guaranteed interest rate product at the bank. While this may give the bankers more experience in dealing with IRAs, it also increases the anxiety about making sure the proper information is given out to the customers.

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 Will Learn

• 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 customers?
• 2023 IRA Calendar “Hot Dates”

Who Should Attend?
All personnel who are responsible for opening IRAs and have direct contact with the customers should attend this class, as well as experienced employees in operations, compliance, customer service and the call centers who must answer questions from other bank employees and customers and check IRA paperwork.

Presenter
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, Konarik 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.

Registration Options
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

• Available Upgrades:
  • 12 Months OnDemand Playback + $110
  • 12 Months OnDemand Playback + Digital Download +$140
  • 12 Months OnDemand Playback + CD + $140
  • Additional Live Access + $75 per person