IRA Refresher-Quiz 1

Member already has an IRA account established and requests to put $5,000.00 into a new 12-month CD under the same main share.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

Branch Specialists will establish brand new IRA accounts/tax plans for members.

Once opened, IRA trained SRs can absolutely help our members on the spot with new or maturing CD requests under their open IRA.

Member mentions that they currently have an IRA or other retirement plan at an outside financial that they would like to move to Centris.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

All Rollover/Transfer requests that involve movement of funds coming directly from one retirement plan into another must be completed by a Branch Specialist.

Remember to clarify with member that the funds being moved are coming out of a current retirement plan and not a personal type of account.

Our member can't seem to locate their IRA tax-forms. They come into your branch to request a new copies be provided.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

These can be easily found and printed for our member through the IRAdirect website.

Please verify the date member was last mailed copies and that address on file is current and correct.

Our member has sadly passed away. Their spouse stops by your branch to notify Centris and requests payout of funds from the decedents IRA.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

All death distribution claims and payouts must be completed by Branch Specialists due to additional steps and documentation being needed.

Please remember to send over any copies of relevant documentation they may have on them to provide (Ex. death certificate, will/ other supporting documents).

Member would like to update their beneficiary designations on their IRA account.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

This can be completed in branch by completing an updated Beneficiary Designation Form on the IRAdirect website.

Member receives their end of year IRA tax forms and notices that they contributed more than the allowed amount. They are requesting this be corrected to prevent being penalized by the IRS.

Who can help?

• IRA Trained Srs

• Branch Specialists

• Tax Advisor

Answer explanation

All IRA tax corrections/ adjustments must be sent over to Branch Specialists to complete.

Member stops into the branch to ask how much they are required to take for their annual RMD payment.

Who can help?

• IRA Trained Srs

• Branch Specialists

• Tax Advisor

Answer explanation

The RMD calculated amount can be found in Keystone and withdrawn in branch by an IRA trained-SR.

Branch Specialists are only needed to assist if the member is requesting a reoccurring/automatic distribution be set up on their behalf to fulfill this requirement each year.

You notice a member has an inherited IRA account established and they are requesting to have funds taken out as the beneficiary.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

Due to differing documentation and steps being required for inherited IRA based transactions, these must be completed by a Branch Specialist.

*This applies to SEP IRAs as well.

Member requests to have $1,000.00 from their Centris checking account transferred to their established IRA savings.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

Please make sure to clarify when the word 'transfer' is used by the member where the funds are being moved from.

If it is a personal type of internal/external account this is completed as a contribution and can be done as normal by a IRA trained SR in branch.

Member is wanting to verify who they currently have listed as a beneficiary on their IRA account.

Who can help?

• IRA Trained SRs

• Branch Specialists

• Tax Advisor

Answer explanation

Remember to check for the most currently signed IRA document (Simplifier or Beneficiary Designation Form) on Onbase. If no documentation is found but names are listed on IRAdirect.. have member sign an updated form accordingly for proper; updated records.