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SDBA 2021 IRA School - Sioux Falls
Tuesday, September 28, 2021, 8:00 AM to Friday, October 01, 2021, 5:00 PM CDT
Category: SDBA Events

SDBA 2021 IRA School

September 28 - October 1, 2021
Clubhouse Hotel & Suites | Sioux Falls, SD

 IRA Photo

IRA CHANGES ARE HERE:

WHAT DOES IT MEAN?

Dec. 20, 2019 | SECURE Act “Retirement Tax Bill” Signed
March 27, 2020 | CARES Act Passed
2021 New IRS Notices

The SECURE Act impacts two main topics: RMDs and death distributions. The SDBA’s 2021 IRA School on Sept. 28 to Oct. 1 in Sioux Falls will address these relevant changes. IRAs are one of the most complicated areas of bank personnel responsibility. 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.

Please Bring To Class:
IRA Vendor Forms
Plan Agreement
Contribution Form
Distribution Form
Transfer Request
Direct Rollover Request
Rollover Certification
70.5 Election Form
Waiver Form
Beneficiary Plan Agreement
Beneficiary Elections
Beneficiary Contribution
Beneficiary Distribution Form
RMD Letter
Withholding Reminder Notice

September 28-30 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 1 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 changed Jan. 1, 2021. How did that affect existing accounts?

Daily School Schedule

7:30—8:15 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

Location

The school will be held September 28—October 1, at:

Clubhouse Hotel & Suites

2320 S. Louise Ave., Sioux Falls
Phone: 605.361.8700

If you require overnight lodging, contact the hotel to make your reservation by Aug. 28, at which time the block will be released. Ask for the SDBA rate of $115 for a standard queen room or $119 for a queen suite.

Credits

This school has applied for continuing education credits from the South Dakota Division of Insurance. The 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. 15.

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].
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