Requirements - Retirement Account Subsystem

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  • Published : March 19, 2013
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REQUIREMENTS - RETIREMENT ACCOUNT SUBSYSTEM|
Number| Requirement|
R1.| For IRA (Individual Retirement Account) Timed Deposits, require a minimum opening deposit of $500.00.| R2.| For IRA Savings Accounts, require a minimum opening deposit of $1.00.| R3.| For IRA Savings Accounts, require a minimum withdrawal amount of $1.00.| R4.| Change IRA Savings Accounts and IRA Timed Deposits to dormant status if there is no record of account activity (pre-authorized withdrawals, automated transfers, telephone transfers, or check issuance), 24 months after the depositor reaches age 70 1/2.  Produce a notice when the account status changes to dormant.| R5.| Change IRA Savings Accounts and IRA Timed Deposits to escheatable status (eligible to be sent to the state) if there is no record of account activity (pre-authorized withdrawals, automated transfers, telephone transfers, or check issuance), 36 months after the depositor reaches age 70 1/2.  Produce a notice when the account status changes to escheatable.| R6.| For IRA Savings Accounts, produce a notice if the total number of  withdrawal transactions (pre-authorized withdrawals, automated transfers, and telephone transfers), exceeds six during the depositor's monthly account cycle.| R7.| For IRA Savings Accounts, after the third month within a twelve month period, in which the total number of withdrawal transactions (pre-authorized withdrawals, automated transfers, and telephone transfers), exceed six during the depositor's monthly account cycle, change the account status to closed and produce a notice.  Prevent future opening of an IRA Savings Account.| R8.| For IRA Timed Deposits where the depositor is less than 59 1/2 years old, apply early withdrawal penalties based on the amount of principal withdrawn and the existing term and interest rate of the account as follows:|  | Term| Interest Penalty|

 | 91 days through 1 year| 30 days of interest|
 | > 1 year through 2 years| 90...
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