Retirement Reporting Module (RRM)
The 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.
The RRM update consolidates retirement account information from the Savings and Certificate of Deposit Applications, providing inquiry and 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 the same type, such as individual, spousal and SEP. For example, plan inquiries are used to review all retirement accounts classified as individual accounts.
- Individual savings accounts and certificates of deposit
- Tax reporting information
- Beneficiaries
Required minimum distributions (RMD) can be projected using life expectancy or amortization methods, and the following factors:
- Single life expectancy
- Joint life expectancy
- Minimum Distribution Incidental Benefit (MDIB)
Statements
Statements offer customers a thorough analysis of their account activity, which includes the following:
- Marketing messages
- Retirement account summary
- Projected balances at retirement
- Annual transcript of all transactions
- Tax information
- Regulation DD disclosure
- Minimum distribution notices
Notices
Customer notices can be scheduled, based on parameters such as age for reviews at age 59 1/2 or 70 1/2 or for marketing purposes. Customized notices are generated to notify retirement account customers of upcoming events. For example, notices can be used to remind customers of special rates or to make an annual contribution before April 15.
Reports
RRM generates comprehensive reports which include the following:
- Audit
- Exception
- Distribution eligibility
- Contributions
- Management analysis reports
- Consolidation of Premier Savings and COD retirement accounts
- On-line inquiry
- Required minimum distribution calculator
- Customer notification
- Customer statements
- Comprehensive reporting
- Plan level parameters
RRM interfaces with the Premier Savings and Certificate of Deposit Applications, which handle all accounting functions. Account information is accumulated by retirement plan.
RRM offers consolidated inquiries of:
- Customer information such as primary account number, branch number, responsibility code and annual income.
- Plan information such as distribution calculation method, summary of all accounts under the plan, current balance, previous and current year contributions and distributions.
- Account information.
- Tax information such as previous and current year contributions and distributions, rollover contributions, state and federal withholding.
- Scheduled distributions from savings accounts and certificates of deposit.
- Beneficiary information
The on-line minimum distribution calculator helps customers in distribution status determine how much they are required to withdraw annually from retirement accounts. Required minimum distributions (RMD) can be projected using life expectancy or amortization methods, and the following factors:
- Single life expectancy
- Joint life expectancy
- Minimum Distribution Incidental Benefit (MDIB)
Minimum distributions are projected for a 15-year period, and are calculated using Premier savings accounts and certificates of deposit ("internal funds") as well as retirement accounts from other institutions ("external funds"), if desired. For customers already in distribution status, subsequent distributions are calculated and updated annually by the RRM/5370 program with customer notification.
Customer reviews are scheduled by specifying the review reason, frequency, next review date, number of forecast days and notice format. RRM automatically generates notices to inform customers of the reason for the upcoming review, e.g., 59 1/2 birthday, 70 1/2 birthday.
Statements can be generated for retirement account customers and include the following:
- Statement Message Up to 42 lines of marketing or other information from the Statement Message Specifications can be printed on customer statements.
- Retirement Account Summary The summary of retirement accounts, for both savings accounts and certificates of deposit, includes account types and numbers, terms, maturity dates, current rates and balances as of the statement date.
- Annual Review of Transaction Activity All retirement account activity for the tax year is combined and reported by type of activity., such as normal, premature, disability and excess distributions, interest paid, transfers and contributions.
- Projected Balances at Retirement Ages An options/projection of the future values of retirement accounts can be included on customer statements. Projections of account balances at each age from 59 through 70 are based on recurring annual contributions and a designated earning rate. In addition, projections illustrate how much can be withdrawn monthly or annually if distributions begin at any age from 59 through 70. The projection is a reminder for customers who will be reaching age 59 1/2 in the next year to review their retirement plans. Customers who will reach age 70 1/2 or older are reminded to make a distribution during the next year, and to contact an institution representative to establish a distribution plan.
RRM generates the following reports in addition to the standard on-line maintenance security access and file integrity check reports:
Update Reports
- Customer Exceptions
- New Customers
- New Accounts
- Closed Accounts
- New Required Distributions
- Customer Review Forecast
- Plan Review Forecast
- Review Notices
On-Demand Reports
- Customers with No 19xx Tax Year Contributions
- Customers in Distribution
- Customers Eligible for Distribution
- Mandatory Customer Distributions
- Excess Contributions
- Customer Reference Journal (short and detail format)
- Plan Analysis Summary
- Analysis Summary
Customer Exceptions Report
The Customer Exceptions Report includes customers to be reviewed due to exception conditions occurring during the reporting period. Exceptions include customers with no recorded tax identification number or birthday, excess contributions for a tax year, multiple rollovers within a 12-month period, or no distribution status.
New Customers Report
The New Customers Report includes new retirement account customers since the most recent update.
New Accounts Report
The New Accounts Report includes new savings accounts and certificates of deposit for customers since the most recent update.
Closed Accounts Report
The Closed Accounts Report includes retirement accounts which have been closed since the most recent update.
New Required Distributions Report
The New Required Distributions Report includes customers who are reaching age 70 1/2 at the time of the update and required to receive distributions.
Customer Review Forecast Report
The Customer Review Forecast Report includes customers scheduled for review based on the review frequency established at the customer level.
Plan Review Forecast Report
The Plan Review Forecast Report is a list of plans scheduled for review on the review date established at the plan level.
Review Notices
Review notices are generated to notify customers of upcoming retirement account reviews, based on the review reasons established in the Review Specifications, e.g, 59 1/2 birthday, 70 1/2 birthday, upcoming rate changes.
Customers with No 19xx Tax Year Contributions
The Customers with No 19xx Tax Year Contributions Report is a list of customers who have not made a retirement account contribution during the current year.
Customers in Distribution Report
The Customers in Distribution Report is a list of customers currently in a distribution status who are receiving retirement account distributions.
Customers Eligible for Distribution Report
The Customers Eligible for Distribution Report is a list of customers who are eligible for retirement account distributions due to reaching age 59 1/2 or permanent disability.
Mandatory Customer Distributions Report
The Mandatory Customer Distributions Report is a list of customers required to receive retirement account distributions due to reaching age 70 1/2.
Excess Contributions Report
The Excess Contributions Report is a list of customers whose retirement account contributions exceeded the established contribution limit.
Customer Reference Journal
The Customer Reference Journal, which can be generated in both short and detailed format, provides customer and account information for all customers with retirement accounts.
Plan Analysis Summary
The Plan Analysis Summary provides the total number of accounts, current balance, accrued interest, interest rate and months to maturity for a plan by balance, distribution status, maturity forecast, rate, term, and size analysis.
Analysis Summary
The Analysis Summary provides the total number, current balance, accrued interest, interest rate and months to maturity on all plans by balance, maturity forecast, rate, term, and size analysis.
Each plan type (e.g., individual IRA, spousal IRA, SEP, Keogh, Conduit) has separate parameters which include:
- Contribution amount limits for the previous and current year
- Contribution percent limits which apply to the current annual income to determine the maximum contribution amount for the previous and current years
- Calculation method
- Life expectancy table
- Statement format
- Review reasons
Plan projection parameters include:
- Projection contribution
- Projection earning rate
- Projection years