SDBA 2020 SPRING IRA UPDATE

March 2, 2021

Virtual Via Zoom

DESCRIPTION

This seminar is designed to review the two major pieces of legislation that occurred in December 2019, SECURE and March 2020, CARES. There have been a number of IRS notices that came out throughout 2020 further explaining these two pieces of legislation. Topics that are timely for this time of year will also be discussed. Covered topics include: Changes in contribution eligibility; making the transition from 70.5 to 72 for RMDs; how to calculate RMDs in 2021; beneficiary options; and an update on COVID-19 distributions that were allowed in 2020.

COURSE HIGHLIGHTS

1. The SECURE Act – One Year Later
1. IRA Contributions
1. Traditional and Roth IRA Eligibility Requirements
2. Cost of Living Adjustments
2. Rollovers and Transfers
1. New Self-Certification Reason
2. Handling COVID Rollovers
3. Distributions
1. Early Distribution Exceptions
1. Administrative Update
2. Coronavirus-related Distributions – continuation and update
2. Excess Contributions and Recharacterizations
3. Required Minimum Distributions
1. Reinstatement Concerns
2. Implementation of New Life Expectancy Tables
3. 2021 Administrative Concerns
4. Beneficiary Options
1. Death Before January 1, 2020 – Administering Beneficiary Distributions
2. Death After December 31, 2019 – Administering Beneficiary Distributions
5. Reporting
1. 2021 IRS Form 1099-R Changes
2. 2020 IRS Form 5498 Reporting Concerns
2. The CARES Act: Carry-over and Concerns
3. Legislative Update
1. Securing a Strong Retirement Act
2. Stimulus Impact on Retirement Accounts

WHO SHOULD ATTEND?

• IRA administrator, personal banker, or member services personnel who has a working knowledge of basic IRA operations and wishes to expand their expertise and provide enhanced customer service;
• A financial professional who recognizes that IRAs play an integral role in retirement planning;
• A compliance specialist with procedural oversight of IRA policies and practices; or
• Support personnel responsible for promotional materials that describe the services provided by your financial organization.

SEMINAR PRESENTER

Michael O’Brien has been a key player in the retirement services industry for more than 30 years. He has served as senior vice president of Integrated Retirement, vice president of retirement products and solutions at Ascensus, and senior consultant with Universal Pensions, Inc. O’Brien has provided consulting and educational services to all facets of the retirement industry.

REGISTRATION FEE

Registration $245
Non-Member fee $345

Cancellation Policy: 100% refund if canceled before 2/23/21; 75% refund if canceled 2/23-2/26; no refund if canceled 2/27 or later. Substitutions allowed at any time.

CREDITS

We have applied for 6 hours of continuing education credits from the SD Division of Insurance. 

SCHEDULE

9:00 - 3:45 pm Program

Zoom Link to be sent on 3/1