SDBA 2020 IRA School
September 29 - October 2, 2020
Holiday Inn Express Airport
2040 W Russell St
Sioux Falls, SD
*Sessions will also be live-streamed and recorded to be watched at a later date.
IRA CHANGES ARE HERE:
WHAT DOES IT MEAN?
December 20, 2019 | SECURE Act “Retirement Tax Bill”
signed into law—most sweeping changes since 2006
March 27, 2020 | CARES Act passed
The SECURE Act impacts two main topics: RMDs and death distributions. The SDBA’s 2020 IRA School on Sept. 29 to Oct. 2, which will be offered live in Sioux Falls and virtually, will address these relevant changes. In addition, IRAs are one of the most complicated areas of bank personnel responsibility, and it is not possible to learn and understand everything. Continual education is necessary to ensure confidence. Working with IRAs is a process and must start with a strong foundation. This school can provide this foundation through a comprehensive curriculum.
Who Should Attend: Days 1 - 3
For new IRA and experienced staff, this program is the quickest, easiest and most comprehensive coverage of IRAs and HSAs. Days one to three of the school will cover new and current IRA material, and previous topics covered at the school will be expanded.
Septemeber 29 - October 1 Agenda
Overviews of IRAs
- Procedures to establish IRAs
- Bankruptcy & IRAs
- Saver’s tax credit
- IRA transfers vs rollovers
- QRP direct rollovers vs indirect
- Conversions
- Taxation vs penalty tax
- Trusts as a beneficiary
- HSAs
Topics SECURE Act Affects
- Plan agreement changes
- Amendments
- Contribution rules
- Pre-59.5 exceptions
- RMD rules
- Death distributions
- Beneficiary options
- SEP-IRAs and SIMPLE-IRAs
SECURE Act Covered in Complete Detail
- Changes to contributions eligibility
- RMDs
- Death distributions
- Additions to pre-59.5 exceptions
- Possible tax credits
- Amendments plan agreements, plus more
Who Should Attend: Day 4 (optional)
This program is for anyone who is involved indirectly or directly in IRA operations, reporting, auditing or compliance and covers how the SECURE Act will affect bank operations. Attendees will work on actual case problems.
October 2 Agenda
Excess Contributions
- Causes
- How to correct
- Reporting
Recharacterizations
- What are they
- Procedure
- Reporting
Withholding Reminder Notices
Reporting: Year of Death & Year After Death
SECURE Act Requirements
- Changes in forms
- Explanation of amendment process
- Change RMD letters
- Beneficiary options
CARES Act
- Reporting procedures for rolling RMDs back into an IRA
- Reporting of 2019 IRA contributions
- Explanation/handling of COVID-19 distribution rules
5498 & 1099 Correction Procedures
Trust Issues
Case Problems
* Life expectancy tables will be changing Jan. 1, 2021. How will that affect existing accounts?
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Please Bring To Class |
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IRA Vendor Forms Plan Agreement Contribution Form Distribution Form Transfer Request Direct Rollover Request Rollover Certification 70.5 Election Form |
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Waiver Form Beneficiary Plan Agreement Beneficiary Elections Beneficiary Distribution Form RMD Letter Withholding Reminder Notice |
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Registration Fees
Fee for Attending Live In-Person
(Includes school program, instruction materials, lunches and breaks.)
Full School (days 1 - 4): Member $1,000 per person / Nonmember $1,050 per person
Days 1 - 3 Only: Member $725 per person / Nonmember $775 per person
Day 4 Only: Member $275 per person / Nonmember $325 per person
Fee for Attending Virtually
(Includes school program and instruction materials.)
Full School (days 1 - 4): Member $900 per person / Nonmember $950 per person
Days 1 - 3 Only: Member $650 per person / Nonmember $700 per person
Day 4 Only: Member $250 per person / Nonmember $300 per person
Daily School Schedule
7:00—8:00 a.m. Registration/Continental Breakfast
8:15—8:30 a.m. Welcome
8:30 a.m.—noon Session
Noon—1:00 p.m. Lunch Provided
1:00—4:45 p.m. Session
About the Instructor
After teaching sales and marketing for 14 years at a community college, Mike Nelson started his own training company where he conducted insurance, real estate and securities training seminars. He currently develops financial training services for financial institutions nationwide.
Location
The school will be held September 29—October 2, at:
Holiday Inn & Suites Sioux Falls Airport
2040 W. Russell St., Sioux Falls
Phone: 605.331.2040
If you require overnight lodging, contact the hotel to make your reservation by Aug. 29, at which time the block will be released. Ask for the SDBA rate of $124.
The health and well-being of our members is of utmost importance to the SDBA. Social distancing will be implemented at this event, and the use of masks is strongly recommended. We will continue to work closely with the South Dakota Department of Health and the Sioux Falls Health Department to monitor COVID numbers and will adjust accordingly should the need arise.
Virtual Option
In addition to the school being held live in Sioux Falls, sessions will also be live-streamed and recorded to be watched at a later date. If you are not comfortable attending in person, simply choose to participate virtually, and you can attend from the comfort of your home or office. When registering for this event, select either attending live in-person or attending virtually.
Credits
This school has applied for continuing education credit from the South Dakota Division of Insurance. In order to comply with South Dakota Division of Insurance’s requirements for continuing education credits, we will be verifying attendance throughout the course of this training through visualization, polling and other methods.
This school has not been pre-approved for ICB CE credits. For ICB credits, visit https://aba.csod.com/client/aba/default.aspx.
Attire
Business casual is recommended for all sessions. Layered clothing is recommended for your comfort.
Special Requests
If you have any special requests, please contact Halley Lee at 605.224.1653 or [email protected] by Sept. 22.
Questions
For questions, contact Halley Lee with the SDBA at 605.224.1653 or [email protected] or school instructor, Mike Nelson, at 218.831.1858 or [email protected].