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Reports for IRA Portfolios ( RELNBANK_BCA_US_110_RRTP )

Reports for IRA Portfolios ( RELNBANK_BCA_US_110_RRTP )

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Reports for IRA Portfolios

Use

Year-end Statement report

Year-end statements for a given year can be displayed with the report "Year-end Statements". The selection criteria for this report are:

  • A range of bank areas
  • A range of plan numbers
  • A range of plan types
  • A range of business partners in the role of accountholder or statement recipient.

The above mentioned selection criteria are optional. The only mandatory field to start the report is the calendar year. The year entered, should be a year in the past because the functionality to forecast the year-end statement(s) for future years is not (yet) supported. Once the report displays the fair market values of the plans that meet the selection criteria, it is possible to drill down and display the:

  • business partner data of the accountholder
  • retirement plan data
  • detailed Year-end statement

Age Limits report

The report "Age Limits for Retirement Plan" offers the functionality to display a list of plan owner who reached the age on which they are either eligible to take withdrawals from their IRA portfolio, required to take withdrawals from their IRA portfolio, or no longer eligible to make contributions to their IRA portfolio.

The selection criteria for this report are:

  • A range of bank areas
  • A range of plan numbers
  • A range of plan types
  • A range of plan owner numbers.

The above mentioned selection criteria are optional.

This report offers the additional functionality to display a list of plan owners who almost reached the age on which they are either eligible to take withdrawals from their IRA portfolio, required to take withdrawals from their IRA portfolio or no longer eligible to make contributions to their IRA portfolio. This can be achieved by entering a value in the field "Deviation from age limit". For example: The value of the "Lower age for distributions" for a traditional IRA has been set in customizing to 59.5 years. If (on the selection screen of this report) a value of 1.5 is entered in the field "Deviation from age limit" and the radio button "Age limit for eligible distributions" is selected, the report will display those plan owners who's age is in the range from 58 to 59.5 years.

If there are plan owners whose birthday has not been registered in the system, the report will give you the option of displaying a list of these plan owners.

If the age limits have not to been maintained in customizing (Maintain Age Limits), this report will not display the desired list.

Plan owners who have deceased will not be displayed in the report's list.

Contribution Limits report

The report "Contribution Limit" offers the functionality to display a list of plan owner who made an annual contribution to their IRA portfolio, which is either above the allowed contribution limit, or below the allowed contribution limit.

The only mandatory field to start the report is the calendar year. The year entered, should be a year in the past because the functionality to forecast the contribution(s) of plan owners for future years is not (yet) supported. An optional selection criterion is a range of plan owners.

If the contribution limits have not to been maintained in customizing, this report will not display the desired list. Plan owners whose birthday has not been registered in the system will not be displayed in the report's list. Plan owners who have deceased will not be displayed in the report's list either.

Calculation of the Fair Market Value

The fair market values of selected IRA portfolios can be calculated using the report " Calculate or Update the Fair Market Value of a Retirement Plan". The selection criteria for this report are:

  • A range of bank areas
  • A range of plan numbers
  • A range of plan types
  • A range of plan owners.

The only mandatory field to start the report is the calendar year. The year entered, should be a year in the past because the functionality to forecast the fair market value(s) of IRA portfolio(s) for future years is not (yet) supported.

The report can be started in three categories:

  • As a simulation run: updates to the database tables will not be performed.
  • As a "real" run: the database tables will be updated.
  • As a "real" run with printing capabilities: the database tables will be updated and the fair market value will be printed. However, the printing functionality has to be coded by the customer: only an interface containing the basic information has been provided.

The report will calculate the fair market value(s) of the IRA portfolio(s) as of December 31 of the entered year. However, if the entered year is the current year and the report is executed before December 31, the report will calculate the fair market value(s) of the IRA portfolio(s) as of the current system date. Example: if the current date is June 30, 2002 and the entered value for "Calendar year" is 2002, the report will calculate the fair market value(s) of the IRA portfolio(s) as of June 30, 2002. If the current date is June 30, 2002 and the entered value for "Calendar year" is 2001, the report will calculate the fair market value(s) of the IRA portfolio(s) as of December 31, 2001.

If need be, this report can be run multiple times for the same selection criteria. If this is done, the fair market value(s) will be calculated using the most current information (for the entered calendar year) in the database.

Example: The report ran on January 2, 2002 for the calendar year 2001. The fair market value(s) for the selected IRA portfolio(s) has been calculated and stored as of December 31, 2001. After January 2, 2002 it happened that a number of backdated payment items had to be made. The posting date of these backdated payment items is before December 31, 2001. This results in a situation that the fair market value as of December 31, 2001 for one or more IRA portfolios has changed. In order to store the correct value of the fair market value, the report "Calculate or Update the Fair Market Value of a Retirement Plan" can be run again. The fair market value(s) of the effected IRA portfolio(s) will now be updated.

This report can be started online as well as in a batch run. Error, warning or display messages (if any) will not be displayed on the screen. Instead they will be written in a log file. This log file can be accessed using the report " Select Application log for Update Fair Market Value". Select the appropriate time restriction in order to display the log file for the desired report " Calculate or Update the Fair Market Value of a Retirement Plan".

Verification of the Fair Market Value

The "Report for the Verification of the Fair Market Value Retirement Plan" will compare the stored fair market value with the fair market value that is calculated from the contributions and withdrawals made to the IRA portfolio. IRA portfolios for which these two values are identical will be displayed with a green "OK" icon; IRA portfolios for which these two values are not identical will be displayed with a red "Invalid" icon.

The selection criteria for this report are:

  • A range of bank areas
  • A range of plan numbers
  • A range of plan types
  • A range of business partners in the role of accountholder or statement recipient.

The above mentioned selection criteria are optional. The only mandatory field to start the report is the calendar year.

Only IRA portfolios for which the fair market value has been calculated using the report " Calculate or Update the Fair Market Value of a Retirement Plan" will be displayed.

Effects on Existing Data

Effects on Data Transfer

Effects on System Administration

Effects on Customizing

Further Information






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