IRA Training

Lewis University, Oak Brook, IL  
Wednesday, October 11, 2023 - Thursday, October 12, 2023   iCalendar Central Standard Time

October 11 - IRA Essentials, facilitated by Ascensus, 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 have access to a hand-held calculator.

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

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

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

IRA Portability
• Differentiate between a rollover and a transfer
• Recognize rollovers between IRAs and employer- sponsored retirement plan

Continuing Education
ABA Professional Certification - 7.25 credits for CISP, CRSP, and CTFA

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.

October 12 - Advanced IRAs, facilitated by Ascensus, 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.


IRA Update
• Explain recent changes affecting IRA owners
• Recognize how recent changes may affect your financial organization

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

Required Minimum Distributions
• Calculate a required minimum distribution (RMD)
• Discuss the RMD rules and reporting requirements

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

Advanced Portability
• 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
• Explain the result of violating the portability and conversion restrictions

Continuing Education
ABA Professional Certification - 7.25 credits for CISP, CRSP, and CTFA

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.


Fee Per Person/Per Program
Clients of Ascensus qualify for the IBA member rate.
Member $265 
Nonmember $445

Lewis University  

1111 W 22nd St Ste 700
Oak Brook, IL 60523-1938
(630) 573-1740