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1
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When a member wants to withdraw from an IRA, they may elect to include state withholding. This only applies to Virginia residents & must be _____% or greater if entered
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2
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For an IRA check made payable to the member (instead of NFCU FBO the mbr), the IRA/ESA _____ Designation form (NFCU 876) is required if the mbr wants it to be documented as a direct rollover or transfer
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3
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A Roth _____ withdrawal is selected when a member over 59.5 yrs old withdraws from Roth IRA
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5
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When a mbr requests to withdraw from an _____ _____ acct, you must first review IBM Content Navigator to locate the “responsible individual” section; depending on whether YES or NO was selected helps determine who is able to access the funds
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6
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If a mbr requests a cashier’s check from their IRA made payable to someone other than their name (ex. Bank of America FBO mbr), it must first be transferred to a _____ or _____ acct, then withdrawn
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8
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When an IRA check is mailed into the branch for processing, we are required to place a 1 year USD note & FedEx it to _____ _____ to be negotiated
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11
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Mbrs have the ability to deposit IRA transfer & rollover checks through _____ _____, but they are responsible for notifying us that it has been deposited to help in determining whether or not the NFCU 876 form is required (ex. how it is made payable)
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12
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A _____ Premature withdrawal is selected when a mbr under 59.5 yrs old withdraws from Roth IRA
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13
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You can find the Tax Withholding _____ on eNet, which helps you determine a mbr’s request starting with the net amount (amount received by mbr after tax withholding) OR the gross amount (total amount withdrawn, including tax withholding)
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16
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IRAs can now be opened through _____ _____, disclosures included
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1
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If a mbr presents a check made payable to NF _____ _____ _____ the mbr & requests to deposit it into IRA, you must first determine if it is from another FI (ex. Chase/SRP) OR if it's from a qualified retirement plan (ex. 401k/Fidelity/pension plans)
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4
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IRA checks that are from another financial institution are considered direct transfer checks & must be deposited into the _____ _____ account, then an urgent OLC must be sent to the Certificate/IRA department with the required details
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7
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A _____ withdrawal is a selected when a mbr under 59.5 yrs old withdraws from Traditional IRA
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9
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IRA checks that are from a qualified retirement plan are considered direct rollover checks & must be processed as a Rollover in _____, deposited directly into an IRA
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10
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A _____ withdrawal is selected when a mbr over 59.5 yrs old withdraws from Traditional IRA
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14
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Prior to processing any IRA withdrawal, all team mbrs must verify the funds have been in the account for at least ____ business days
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15
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_____ withholding is the percentage withheld for tax purposes & must be either 0% or 10%-99%; advise mbrs to consult with a tax advisor if they are unsure how much to withhold
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