Education
Virtual IRA Workshop
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LSCU has partnered with Ascensus® and two credit union leagues in the U.S. to provide a Virtual IRA Essentials & Advanced Workshop on April 13 and 14.
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. Attendees should bring a hand-held calculator.
Course Topics
Introduction and Establishing IRAs
IRA Funding
IRA Distributions
IRA Portability
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.
Agenda
All times are based on EST
*There will be 5-minute breaks throughout the workshop
| Time | Event |
|---|---|
| 9:00 a.m. - 10:30 a.m. | Introduction and Establishing IRAs • Identify the tax advantages of Traditional and Roth IRAs • Summarize the IRA opening document requirements • Explain the difference between primary and contingent beneficiaries |
| 10:30 a.m. - 12:00 p.m. | IRA Funding • Compare and contrast Traditional and Roth IRA eligibility requirements • Explain the regular contribution limit • Distinguish the regular contribution deadline • State the rules for prior-year contributions • Communicate the regular contribution reporting deadlines |
| 12:00 p.m. - 1:00 p.m. | Lunch Break |
| 1:00 p.m. - 2:30 p.m. | IRA Distributions • Identify federal income tax withholding requirements • Recognize the exceptions to the early distribution penalty tax • Summarize the tax consequences of Traditional and Roth IRA distributions • Define a required minimum distribution and the required beginning date • Communicate the distribution reporting deadlines |
| 2:30 p.m. - 4:00 p.m. | IRA Portability • Differentiate between a transfer and a rollover • Distinguish between direct and indirect rollovers between IRAs and employer-sponsored retirement plans |
| 4:00 p.m. - 4:30 p.m. | Q & A |
Advanced IRAs builds on the attendees’ basic IRA knowledge to address some of the more complex IRA issues that 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.
Course Topics
IRA Update
IRA Excess Contribution
Required Minimum Distributions
Beneficiary Options
Advanced Portability
Who Should Attend?
You should attend this seminar if you are an IRA administrator, personal banker, or member services personnel who has a working knowledge of basic IRA operations and wishes to expand your expertise and provide enhanced customer service; a financial professional who recognizes that IRAs play an integral role in retirement planning; a compliance specialist with procedural oversight of IRA policies and practices; or support personnel responsible for promotional materials that describe the services provided by your financial organization.
Agenda
All times are based on EST
*There will be 5-minute breaks throughout the workshop
| Time | Event |
|---|---|
| 9:00 a.m. - 10:00 a.m. | IRA Update • Explain recent changes affecting IRA owners • Recognize how recent changes may affect your financial organization |
| 10:00 a.m. - 11:00 a.m. | IRA Excess Contributions • Define an excess contribution • Identify excess contribution correction methods • Describe a recharacterization • List the possible taxes and penalty taxes for excess contributions |
| 11:00 a.m. - 12:00 p.m. | Required Minimum Distributions • Calculate a required minimum distribution (RMD) • Discuss the RMD rules and reporting requirements |
| 12:00 p.m. - 1:00 p.m. | Lunch Break |
| 1:00 p.m. - 3:00 p.m. | Beneficiary Options • Describe beneficiary distribution options when an IRA owner died before January 1, 2020, or dies on or after January 1, 2020 • Recognize the differences for the various beneficiary types • Explain beneficiary payment deadlines |
| 3:00 p.m. - 4:00 p.m. | Advanced Portabilitys • Summarize the restrictions on the movement between IRAs • Describe a conversion • Explain the effect of withholding on a conversion • Recognize the options available when moving from an employer-sponsored retirement plan to an IRA • Describe a recharacterization • Explain the result of violating the portability and conversion restrictions |
| 4:00 p.m. - 4:30 p.m. | Q & A |
IRA Essentials - $219 per person
IRA Advanced - $219 per person
Both Courses - $425 per person
All cancellations must be submitted in writing and received by 5:00pm on Tuesday, April 6. No refunds will be issued after this time. Substitutions are always welcome. Please submit cancellations and substitutions to education@lscu.coop.
SAS credit unions ($50 million in assets or less) may apply a portion of their $500 SAS CU Initiative Account to the registration fee for this event or any LSCU or League Service Corporation product and/or service. As LSCU bills your credit union for the events/services used, your credit union can simply write on the invoice that it is to be paid out of your LSCU Small Credit Union Initiative Account. The League’s accounting staff will keep track of the expenditures from your account.
The League of Southeastern Credit Unions (LSCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website.
In accordance with the standards of the National Registry of CPE Sponsors, CPE credits will be granted based on a 50-minute hour.
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