IRAs: New RMD Rules – ON-DEMAND WEBINARS

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SKU: SWIRUP-1 Category:
Overview

Recorded: July 27, 2022
Presented By: Anetria Cohen, Vice President, ProBank Austin

A two-hour webinar that provides a review of the IRS’s proposed interpretation of the Required Minimum Distribution requirements after the SECURE Act.

The Setting Every Community Up for Retirement (SECURE) Act of 2019 significantly revised certain aspects of Individual Retirement Accounts, including when Required Minimum Distributions are required and how to calculate RMDs for beneficiaries. Recently, the Internal Revenue Service published a proposed rule to implement these revisions into the regulations and provide additional guidance.

The proposal implements the new RMD age of 72, and the new distribution options available to beneficiaries, including the new concept of “eligible designated beneficiary.” The rules provide for detailed information regarding these new provisions. The rule also expands guidance regarding: the determination of “disabled” for beneficiaries; documentation for those that are disabled or have chronic illness; how to deal with RMD with multiple beneficiaries; trust clarifications.

One surprising provision regarding distributions to beneficiaries included this: for beneficiaries that are subject to the 10-year distribution requirement (i.e., the funds must be fully distributed by the end of the tenth calendar year following the year of the owner’s death) are also subject to RMD requirements, based on the normal single life expectancy. This new rule is causing concern throughout the IRA industry as many trustees/custodians and account owners are unaware of it. We are hoping for IRS relief.

Although the proposal is… well, a proposal, given the time sensitive nature of our requirements, until the IRS finalizes these rules, we treat the proposal as generally effective (as of January 1, 2022).

HERE IS WHAT YOU WILL LEARN:

  • Required and optional plan revisions
  • Applicability upon death of designated beneficiary
  • Distributions during owner’s lifetime
  • Distributions to beneficiaries, before and after owner’s death
  • Determination of designated beneficiary and eligible designated beneficiary
    • Issues with multiple designated beneficiaries
  • Special rules for trust beneficiaries
  • Eligible rollover distributions
  • Separate accounting principles
Who Should Listen

This informative webinar is designed for those that are involved with IRAs at the institution, including compliance officers, compliance staff, and auditors who must understand this important issue.

Level: Basic

Prerequisite: Basic Knowledge of IRAS

Advanced Preparation: None

Field of Study: Specialized Knowledge

Copyright Disclaimer

Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.