While “rollover” vs. “transfer” may seem like a no-brainer, it is actually the main reason customers/clients receive unnecessary letters and bills from the IRS. It’s all about the reporting!
In the last four years, the IRS has changed the age to begin Required Minimum Distributions from IRAs twice – confusing bankers and customers alike. The SECURE Act 2020, the Proposed Regulations of 2022, and the SECURE Act 2.0 are the sources of this misunderstanding of the latest rules.
We will answer the biggest question: Do beneficiaries have to take annual distributions or not?
All IRA personnel, including CSRs, Tellers and Branch Managers who answer IRA questions for their customers, Call Center Employees, as well and trust and investment officers will greatly benefit from these intensive topics. Also, anyone responsible for training employees on IRAs are encouraged to attend both days. All attendees are encouraged to print out the full IRA Training and Reference Manual (aka the “Red Book”) for use during the training sessions. The same book will be used for both days.
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