TEXAS BANKING NEWS, PEOPLE AND IDEAS
TEXAS BANKING NEWS, PEOPLE AND IDEAS
By JODIE NORQUIST, CIP, CHSP ASCENSUS For decades, the phrase “as long as it’s postmarked by the deadline” has been a comforting refrain in the retirement and health-savings world. When a prior-year IRA contribution is mailed on April 15, or other time-sensitive tax forms are headed to the IRS, the U.S. Postal Service postmark has … Read more
By Kristiana Rodriguez, CIP Ascensus When an IRA owner dies, the assets are distributed to beneficiaries, whether named by the IRA owner or determined by IRA document defaults. This can sometimes be a complicated process for financial organizations. And further complications may arise when the original beneficiary dies, leaving the inherited IRA to a successor … Read more
By ASCENSUS The SECURE Act—officially known as the Setting Every Community Up for Retirement Enhancement Act of 2019—made significant changes to IRA and retirement plan rules, including to the beneficiary payout options. One of the most noteworthy changes involves the 10-year rule, which requires a total distribution of inherited assets by December 31 of the … Read more