Contributions
What are the Contribution limits for 2022? (all ages)
- Under 50 years old = $6,000
- Over 50 years old = $7,000
How do you enroll "Off the Street" clients into an IRA?
CSAS Enrollment (IRA Account Creation, old way)
How often should we check our SR Queue each day!?
2x a day!
Are we able to share Withdrawal limits on our website to the clients?
No, it's a security/fraud measure
What is the process for a client to move money from Premier IRA into Brokerage IRA?
Guide in Sharepoint
- Brokerage IRA is opened
- Service Request (please follow instructions in Sharepoint guide = Transfer to Brokerage Accounts)
What is the last day to make a Contribution prior year?
Tax Filing Deadline (end of day)
What are the tiers of the Loyalty Program and where to find them?
- Gold = $100k to $250k
- Platinum = $250k+
Where to find = Sharepoint and on our IRA website click 'About Empower' (found at top of the page)
How do you re-route an SR to Operations?
- Change status to Opened
- Check who the SR Owner is and change if needed (change to individual person or Queue)
What is the difference between a Roth IRA Conversion and Recharacterization?
Roth IRA Conversion - Full or partial distribution from Traditional IRA to Roth IRA, taxable event
Recharacterization - Changing how a contribution is characterized. For example, $6,000 contribution to Traditional IRA changed to Roth IRA contribution
What are the different ways we can process a Contribution?
- Over the phone
- Online (website)
- Send us a check
Never an SR!
During Enrollment, can the client enroll in My Total Retirement (MTR) (aka Managed Accounts)?
Yes!
Please include Annual Income, it cannot be $0.
What are the steps to create a new Service Request?
1. Change drop down to Service Request
2. Click 'New' button on the far right
3. Choose AAG/RSG
4. Select Internal Category and Internal Sub Category
5. Status is Opened
6. Add Subject, Description, and SSN
What process is needed to unlock a client's online access and verbally provide a Temp Web Passcode?
Experian (if client did not come through Authenticated)
What is the Withdrawal limit over the phone?
No limit
If someone files a tax extension to file, does the Contribution deadline extend?
NO (and speak to a licensed tax advisor)
How often can you move an IRA into an HSA account?
Once in a lifetime baby!
What is the process to waive a 7 day Rollover hold?
Exception Process (no guarantees):
- Supporting document showing the need for funds (i.e. Home Purchase Agreement, Medical Bill, Utility Bill, etc) - withdrawal amount must equal (or lower) than the amount on supporting document
- Money sent via ACH to Bank of file - If money sent via Wire, we need bank letter from bank as stated on the Withdrawal Form
- Pass the client via Experian (regardless of amount)
- Process the withdrawal via SR
- Provide the SR # to the client and to management to review
If the client is Locked Out online, is the client able to click Login Help to retrieve their Username/Password?
No, client lock out needs to be unlocked over the phone or client waits the 24 hours.
In addition to Withdrawal paperwork, what else must a client submit to process a Qualified Charitable Distribution?
Letter of Instruction (LOI) with distribution details, i.e. Name of Charity, Address of Charity, dollar amount
Does a reoccurring contribution put a hold on withdrawals?
Yes, only on the contribution amount.
- Withdrawals can be taken by creating an SR
Can you open an account with a foreign address?
No, client needs a US address to open an account
Can an SR be used to create a Ppay (periodic payment) and change the Ppay instructions as well?
- No, to create the Ppay, Withdrawal form is needed
- Yes, to change the Ppay instructions, such as the dollar amount, frequency, delivery method, taxes, and date
Should a POA do withdrawals online?
No and please do not suggest they do, nor help them get online.
What is needed for POA to process a withdrawal?
POA document on file and approved, and Withdrawal form