2016 IRA Training 

Day One:  IRA Essentials

IRA Essentials gives attendees a solid foundation of IRA knowledge.  Exercises are included throughout the day to help participants apply information to job-related situations.  Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence.  This is a beginner’s session; no previous IRA knowledge is assumed.

Introduction to IRAs

• Explain the benefits of an IRA.
• Identify the tax differences of a Traditional and Roth IRA.

Establishing an IRA

• Examine the process of establishing an IRA and the required documents
• Differentiate between the types of beneficiaries.

IRA Funding

• Learn about the Traditional and Roth IRA eligibility requirements.
• Identify the contribution limit and deadline.
• Ensure accurate contribution reporting.

IRA Distributions

• Distinguish the possible taxes on IRA distributions.
• Identify federal and state tax withholding requirements.
• Examine IRS penalties and their exceptions.
• Ensure accurate distribution reporting.

IRA Portability

• Identify  the differences between a rollover and a transfer.
• Recognize rollovers between IRAs and employer-sponsored retirement plans.
• Ensure accurate rollover reporting.

Who Should Attend?

You should attend this seminar if you:

• need to learn the basics of Traditional and Roth IRAs or
• want an updated, general refresher on IRA rules.

 

Day Two:  Advanced IRAs

Advanced IRAs builds on the attendees’ basic knowledge to address more complex IRA issues their financial organizations may handle.  This is an advanced session; previous IRA knowledge is assumed.  The instructor uses real-world exercises to help participants apply information to job-related situations.

Resolving Contribution Issues

• Identify the difference between a true excess and a deemed excess.
• Explain the deadline to correct and excess contribution.
• Calculate net income attributable and describe the methods for correcting an excess contribution.

Advanced Portability

• Explain the restrictions on the movement between IRAs and the result of violating the portability restrictions.
• Recognize the options available when moving from an employer-sponsored retirement plan to an IRA.
• Describe a conversion, a reconversion, and the consequences of an ineligible conversion.

Required Minimum Distributions

• Calculate a required minimum distribution (RMD).
• Discuss the RMD rules and reporting requirements.

Beneficiary Distributions

• Describe beneficiary distribution options
• Recognize beneficiary payment and election deadlines.

Correcting Tax Forms

• Identify how to manually correct IRS form 1099-R and form 5498.
• Determine how to correctly complete IRS form 1096.

Who Should Attend?

You should attend this seminar if you:

• are an IRA administrator or member service representative who has working knowledge of basic IRA operations and wish to expand your expertise;
• are a compliance specialist with procedural oversight of IRA policies and practices; or
• are support personnel responsible for promotional materials that describe the services provided by your credit union.

Your Trainer:  Ben Maas

Ben Maas is a Training Consultant with the Resource Development department at Ascensus. Mr. Maas conducts IRA training programs nationwide. His expertise includes Traditional and Roth IRAs, Coverdell education savings accounts, health savings accounts, and SEP and SIMPLE IRA plans. He also leads the development, design, implementation, assessment, and maintenance of the IRA University curriculum.

Mr. Maas joined Ascensus in 2005 as a member of the IRA Call Center prior to becoming a training consultant. He received a Bachelor of Business Administration degree in Finance from the University of Wisconsin–Whitewater. He has earned the Certified IRA Specialist (CIS) designation through Ascensus, the Certified IRA Professional (CIP) through the National Association of Federal Credit Unions (NAFCU), and the Certified IRA Services Professional (CISP) designation through the American Bankers Association (ABA). He is a member of the Association for Talent Development (ATD).

Additional Information:

• Cost includes program materials, continental breakfast, breaks and lunch.
• Participants should bring a hand-held calculator to both classes.
• Dress code is business casual.  Please bring a sweater or jacket as personal comfort levels vary.
• Overnight accommodations are available.  To make a room reservation, please contact the Holiday Inn Louisville Airport at (800) HOLIDAY and mention group code Kentucky Credit Union League or IEKCU.  
• Scholarships are available.  Please contact Laura Parrish for additional information.
• Cancellation policy.  Refunds will be issued until 14 days prior to the conference less a $50 administration fee per person.  Substitutions are accepted at any time.

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