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2 Day IRA Seminar: Basic & Advanced Issues Seminar


What an IRA roller coaster ride this has been!! After a year of deliberations, the SECURE Act was signed into law under the Appropriations Act on December 20, 2019. Most of the provisions were in effect on January 1, 2020. These are the most substantial changes we’ve had to IRAs in almost 15 years. There are too many issues and too many potential pitfalls financial institutions will experience if they don’t have a working knowledge of these changes. Forms were changed and IRA software had to be updated.

On top of that, The CARES Act was passed 3 months later further making rules and regulations changes to IRAs. Because of this, you may have to do some explaining to your customers on what the permanent changes are and what the temporary changes are due to the COVID-19 virus. The contribution deadline for 2020 and IRS and customer reporting were extended

In the IRA Basic class on Day 1: You may be thinking, I don’t even know the old rules to know what the new changes are. Unfortunately, you will need to know the old and the new rules because most of the IRA rules prior to 1/1/2020 are “grandfathered”. But don’t worry, you will have the totally updated 280-page IRA Training manual with lots of “cheat sheets” to show you the “before” and “after”

In the IRA Advanced Day 2: We will summarize the changes and then actually get into the nitty gritty of new distribution regulations to owners and beneficiaries – what stays the same and what changes? How do we disclose all these changes to our customers?

This intensive 2-day live stream virtual format will help you pull it all together by helping you learn the following:

  • Understanding the Top 20 Basic Terms of IRAs.
  • Next we will review the most commonly used forms to create and complete IRA transactions. (Since this is not vendor-form-specific, please bring a copy of your bank’s IRA Application form, Contribution Form, Distribution Form and Rollover Review or Rollover Certification Form as well as any other forms you may have questions on.)
  • As the day goes on, you will pick up knowledge of the IRA plan types, Traditional, Roth, and SEP IRAs
  • And finally, on day 2 you will better-learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting, resulting in a better picture of this confusing topic incorporating the new rules as part of the SECURE and CARES Act of 2020.

Whether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two day format will cover everything! The newly revised full 280-page IRA Manual will be provided to you whether you attend the IRA Basics, IRA Advanced or both days. The same manual will be used for both days.

Seminar Overview:
The agenda for each day is as follows:

Day 1: IRA Basic Issues – Tuesday, August 24, 2021

  • IRA Terminology – Top 20 Terms
  • Explanation of IRA Forms – Not Forms Specific – (Please bring your own forms including Application, Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
  • Beneficiary Designations including Primary and Contingent, Trusts and Estates
  • Qualifications, 2021 Contribution, Income Phase-out limits, Age Limits and other new regulations for a:
    • Traditional IRA
    • Roth and Conversion Roth
    • SEP IRAs contributions and IRS reporting
  • Questions will be answered throughout the training
  • Day 1 Review

Day 2: IRA Advanced Issues – Wednesday, August 25, 2021

  • Updated legislative regulations on IRAs as the result of the SECURE and CARES Acts and the 2021 Cost of Living Adjustments
  • QP Rollovers and IRA Rollovers and Transfers
  • Distributions
    • Federal Income Tax Withholding
    • Before age 59½ – reporting the penalty exceptions.
    • At age 72 beginning in 2021 – including mandatory notices
    • 9 Biggest Mistakes of IRA Beneficiary Payouts
    • Rules on new nonspouse beneficiary payout requirements beginning in 2020
    • Overview and Explanation of IRS Reporting Requirements
  • Questions will be answered throughout the training session
  • Day 2 Review

Each day can be purchased independently but for the most comprehensive understanding of the issues from A-Z, attending both days is recommended. You will receive a separate manual for the topics of each day’s class.

Who Should Attend?
Everyone even remotely involved in IRAs at your financial institution including: New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who need this update and are involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who “oversees” the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts. Experienced IRA Personnel who like a slower pace workshop to cover all the new changes in a comprehensive manner.

“Patrice Konarik is extremely knowledgeable regarding IRAs. She took complicated scenarios and explained in a simple, straightforward way why IRA transactions were processed a certain way and the consequences of doing them incorrectly. Her combination of humor and knowledge, made this training both informative and enjoyable. I would definitely recommend to anyone who is wanting to increase their IRA knowledge.” — Leslie Diaz, Relationship Banking Manager, Crossfirst Bank

“Patrice does a fantastic job with delivering information about IRAs. She does so in a manner that is easy to understand, easy to follow, and leaves you with a wealth of knowledge. I have attended this seminar before and find it extremely beneficial each time! Thank you!” – Kevin Eskew, Limestone Bank