2017 IRA School - Exploring the Universe of IRA
So you have finally received that “promotion” you never wished for – IRA Guru!! On the first day of training, you feel like someone put you in a rocket ship and launched you into outer space. In other words, you have NO IDEA what they are talking about. Everything just sounds alien to you. It’s true. IRAs are a different world from the other accounts at your bank. Oh, they may look similar, but the rules, regulations and IRS reporting build the complications to the point where you feel like you are on another planet!! And, just when you finally grasp it, they change the rules again!
While it may take years to build a confidence level where you can answer almost any question thrown your way, the goal of these two days is to raise your comfort level if you are a rookie and to reinforce your knowledge if you have a higher level of
experience. You will also receive your favorite “tool” – the 250-page 2017-2018 Sunwest Training Corp’s IRA Training and Reference Manual - which is not only full of easy-to-follow IRA information, but also lots of “Cheat Sheets” and “Quick Reference Tools” to get you through your day-to-day tasks of dealing with your IRA customers.
Each day can be attended independently but for the most comprehensive learning, attending both days is recommended. The same book will be used for both days.
You are encouraged to bring a sample of the IRA forms your financial institution is currently using including application, contribution and distribution form and rollover review or certification form.
Day 1: IRA Basic Issues
- 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, Contribution Limits and other new regulations for a:
- Traditional IRA
- Roth and Conversion Roth
- SEP IRAs contributions and IRS reporting
Day 2: IRA Intermediate/Advanced Issues
- Health Savings Accounts
- Qualified Plan Rollovers to a Traditional or Roth IRA
- Direct vs. Indirect
- IRA to IRA Indirect Rollovers and Direct Transfers – Once-per-12-month rule clarifications
- Before age 59 ½
- At age 70½ including mandatory notices
- 9 Biggest Mistakes of IRA Beneficiary Payouts
- Overview and Explanation of IRS Reporting Requirements
- Plus any updated changes to IRAs proposed and enacted for 2017/2018
There will be a review at the end of each day’s class.
Patrice M. Konarik is president of Sunwest Training Corp. founded over 20 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing live training and Webinars on these subjects on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics. Patrice is very approachable and encourages attendees to ask questions during the classes.
October 24 & 25
8:30 a.m. Registration & Continental Breakfast
9:00 a.m. Program Begins
12:00 Noon Lunch (included)
1:00 p.m. Program Resumes
4:00 p.m. Program Adjourns
This two-day school will be held at the IBA Center for Professional Development, 8425 Woodfield Crossing Blvd. Suite 155 E, Indianapolis, IN 46240. For a list of hotels near the IBA please call the IBA Office at 317-387-9380.
The following fees include the program, materials, lunch and refreshments:
$450 for two day school (same person both days)
$250 each attendee, Tuesday, October 24 - Basic Issues Only
$250 each attendee, Wednesday, October 25 - Intermediate/Advanced Issues Only
$900 for two day school (same person both days)
$500 each attendee, Tuesday, October 24 - Basic Issues Only
$500 each attendee, Wednesday, October 25 - Intermediate/Advanced Issues Only
Participation in IBA programs is limited to members, associate members, and nonmembers from an eligible membership category at applicable member or non-member rates.
This intensive 2-day format will help you pull it all together by helping you learn the following:
1. Understanding the Top 20 Basic Terms of IRAs.
2. 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
3. As the day goes on, you will pick up knowledge of the IRA plan types, Traditional, Roth and SEP.
4. As we go into the second day, we will nail down the use of the proper terminology of “Rollover” vs. “Transfer” when moving money from an
employer plan to an IRA and from an IRA to an IRA. IRA to IRA Rollover rules had big changes effective 2015!!
5. NEW How to report “late” or “tardy” rollovers on the 2017 5498.
6. Finally, as the trip is completed, you will master the complicated areas of IRA Distributions to owners and beneficiaries and IRS reporting, resulting in a better picture of this complicated topic.
Who Should Attend
New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are newly 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.
If you have any questions regarding the 2017 IRA School or any of the educational offerings of the Indiana Bankers Association please contact: Laurie Rees, Vice President - Education & Training at 317-387-9380 or Lrees@indianabankers.org.
Within three or more business days prior to the day of an educational program, no cancellation charge will be assessed. Within two days prior, 50% of the fee is assessed. Refunds are not provided for cancellations 1 day prior or absences on the day of the program. Substitutions are welcome at any time.