IRAs for New Account Representatives

Overview/Description
 In the financial services industry, it is important to know what products are available when determining what financial solution best meets your customer's needs. This course will define the attributes of individual retirement accounts (IRAs). This information is used when servicing existing accounts as well as when identifying appropriate solutions for prospective account holders.

Target Audience
 New and experienced account representatives, personal bankers, and other banking professionals who work with new accounts

Expected Duration
1.0 hours

Lesson Objectives:

Types of IRAs

  • select the benefits of opening an IRA as a savings plan for retirement.
  • identify the elements of a Traditional Contributory IRA.
  • identify the special features of a Rollover IRA.
  • differentiate between the advantages and disadvantages of the Simplified Employee Pension IRA, from an employer's perspective.
  • calculate the amount of money employers must contribute to an employee's SIMPLE IRA, in a given scenario.
  • identify the elements of a Roth IRA.

    • Taxation

  • identify the benefits of the Taxpayer Relief Act of 1997.
  • identify the general tax rules for withdrawing money from an IRA.
  • in a given scenario, identify the type of penalty assessed.

    • Distributions

  • identify the benefits of IRA distributions.
  • identify the important tasks that must be completed by the required beginning date (RBD) for IRA distributions.
  • calculate the RBD for IRA distributions, in a given scenario.
  • identify the attributes of required lifetime distributions.
  • identify the types of beneficiary, in a given scenario.

    • Course Number: FS0206