Financial Accounting and Reporting Solutions
Retirement Reporting Module |
 |
The Information Technology, Inc. Retirement Reporting Module (RRM) consolidates retirement account information from the Premier Savings and Certificate of Deposit Applications to provide on-line inquiry and comprehensive reporting. RRM projects required minimum distributions and generates customer statements, audit, exception and distribution eligibility reports. RRM schedules account reviews and generates customer notices of upcoming reviews.
Features
- Consolidation of Premier Savings and COD retirement accounts
- On-line inquiry into customer, plan, tax, distribution, beneficiary and account information
- Required minimum distribution calculator
- Customer notification
- Customer statements
- Comprehensive reporting
- Plan level parameters
Inquiry, Reporting
The RRM update consolidates retirement account information from the Savings and Certificate of Deposit Applications, providing on-line inquiry and comprehensive reporting capabilities for the following:
- Individual customers-retirement plans, such as individual, spousal and SEP, combined by tax ID number. For example, customer inquiries are used to review all the retirement accounts belonging to a tax ID number.
- Retirement account plans-plans are used to automatically combine multiple accounts of the same type, such as individual, spousal and SEP. For example, plan inquiries are used to review all retirement accounts classified as individual IRA accounts.
- Individual savings accounts and certificates of deposit
- Tax reporting information
- Beneficiaries
Required Minimum Distributions
Required minimum distributions (RMD) can be projected using the on-line minimum distribution calculator to help customers in distribution status determine how much they are required to withdraw annually from retirement accounts using life expectancy or amortization methods, and the following factors:
- Single life expectancy
- Joint life expectancy
- Minimum Distribution Incidental Benefit (MDIB)
|
