RMD
When is the deadline a retired client has to take his initial RMD?
What is April 1 of the year following the calendar year he/she turns 70 1/2.
What is the IRS requirement when a beneficiary must claim benefit?
What is December 31st of the calendar year following the year of death.
What is the name of the TIAA Donor Advised fund and what does it do?
What is TIAA Charitable.
It allows clients give to a charity of their choosing through an account which grows tax free. Most importantly it allows a client to gift appreciated securities and take the deduction in year one or spread it out. Also to minimize tax liability in a peak income year.
Who has a similar role to a CRC within the Trust Company?
What is a Trust Administrator.
This is the minimum dollar amount to open a managed brokerage account?
What is $50,000.
What type of contract cannot accept rollovers?
What is MDO.
When are accumulated RMD's paid out and satisfied?
When the benefit is accepted or claimed. It has to be paid by the end of the calendar year following DOD.
Who is our contact within TIAA Charitable for any questions?
Who is Elliott Otelsberg
What is the document that the portfolio manager in conjunction with the WMA and the client, that provides the roadmap for investment management?
What is an Investment Policy Statement.
For Portfolio Advisor, what is the limit that a client can transfer in kind current holdings that we will manage around or that we will hold as personalized positions?
What is the Risk Tolerance and preference questionnaire.
What is the email used when addressing questions to the 457B team?
What is "Executive Compensation Team"
How are TIAA Vintages in a 403B handled if they accept the plan as a beneficiary?
If the spouse or nonspouse settles as a beneficiary in the plan, the vintages are retained. Payout restrictions apply.
If the spouse takes ownership in an IRA, vintages are lost.
A non-spouse has to take ownership as an IRA.
What is the account minimums for TIAA Charitable?
$5000 for clients
$1000 for employees
Within IAS, who has primary responsibility for the relationship with the Trust Company?
Who is the WMA team.
Because the client can have life insurance, ATRA, brokerage accounts that PAM doesn't service or address.
What is the only monthly payment date option for recurring RMD payments?
What is the 28th.
Which of the following plans do not require an RMD at 70 1/2?
403B
457B
401A
After Tax Annuity
What is After Tax Annuity - by age 90
Intelligent Variable Annuity - by age 95
Teacher Personal Annuity - by age 90
When do we need a notary on acceptance paperwork?
When the benefit is over $200k.
When is the deadline to make a contribution to your TIAA Charitable account?
What is by December 31st.
Beyond asset management, what is another service that the Trust Company provides?
What is Trustee Services.
What is Bill Pay.
What is Tax Return Services.
*you have to get preapproval for all of these services.
What is a strategy that IAS teams can employ to reduce taxes through Portfolio Advisor at the end of the year?
What is "Tax Loss Harvesting".
They will take gains throughout the year but they will not necessarily offset gains against losses. This has to be initiated through the advisory team through ISG. (Investment Strategy Group)
What is a type of qualified plan that allows 4 distribution elections options that once chosen cannot be changed?
What are 457B and 457F plans.
If a spouse settles as a beneficiary versus as an IRA owner, what are the 2 main considerations?
1. As a spouse beneficiary, the RMD will possibly be significantly higher, as much as 40%-50% since the RMD is based on the single life expectancy rather than the joint life.
2. If they settle as a beneficiary, when they die, their beneficiaries have to settle as a second generation beneficiary and the payout is accelerated based on the decedent's age.
Why would a client choose TIAA Charitable?
What is:
Tax deductibility
Simplification of record keeping
tax deferred grow of their investments
Successor donor
flexibility in the timing of their gifting
flexibility to gift in the form of cash or securities
What is the minimum requirement to open an account with the Trust Company?
$1 Million dollars or $9,000 annually in fees.
*if its soley a fixed income portfolio its .50 basis points or $5000
For Portfolio Advisor, what is the limit that a client can transfer in kind current holdings that we will manage around or that we will hold as personalized positions?
What is 5% of the overall portfolio value.