A webcast on Wednesday from the National Association of Federal Credit Unions gave credit union personnel an opportunity to learn about Individual Retirement Account rules.
Paul Kern of Ascensus, a NAFCU services preferred partner and product manager of education, led the discussion. He explained the process for account openings and outlined the rules for distribution.
Kern also provided attendees of the webcast with an overview of federal documentation and disclosures required on new IRAs, plan amendments, account rollovers and transfers and tax withholding required on account distributions. The webcast included an explanation on penalties assessed by the IRS for compliance violations as well.
Kern informed webcast participants about seven annual reporting deadlines required for IRA administrators and explained the impact of the 2012 fiscal cliff agreement on IRAs.
The webcast is available for purchase until June 12, 2014. The NAFCU said all professionals in the compliance, legal or financial industries are encouraged to purchase the webcast. The on-demand version of the webcast is $450 for NAFCU nonmembers and $350 for members.
IRAs allow people to make tax-deferred investments to provide financial security after retirement. The Department of Labor has an Investing and Diversification service that provides participants and beneficiaries with sources of information for setting up an IRA.