Program Description:
With all of the new IRA plan types, regulation changes and clarifications of existing rules and regulations, an annual update and review of the more complicated aspects of IRAs is a must. This course serves as an excellent refresher for the experienced IRA banker as well as a confidence builder on the more technical and complex areas of IRAs for the less experienced IRA representative.
After successfully completing this course, the student will be able to:
- Explain basic pension plan concepts and terminology
- Identify and describe the importance of the major legislation authorizing IRAs
- Determine customer eligibility and allowable contributions for IRAs
- Recognize and classify the types of contributions to and distributions from IRAs
- Explain the deductibility of an IRA
- Describe restrictions and taxation on distributions from IRAs
- Explain the penalties for violating IRA regulations
- Describe an institution’s fiduciary responsibilities in offering and maintaining retirement accounts
- Outline the procedures and basic forms needed to open IRAs
- Analyze the advantages and disadvantages of various retirement plans
Who Should Attend:
Anyone who answers customer services inquiries about IRAs, or handles IRA transactions, including personal bankers, customer service representatives and managers.
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