IRA RRM Automatic Distribution
RRM will hold the auto distribution information until it is manually adjusted or deleted. When setting up an auto distribution through RRM, the system will create a Transfer Addenda at the account level when the funds are scheduled to be debited from the account. The Transfer Addenda is built on the account based on the number of days in the Distribution Forecast field in the RRM Plan Specification.
RRM Auto Distribution
Navigator>Retirement> Customer Information> Change> Customer Plan Distribution-enter the customer's SS number and IRA plan number
Distribution Frequency
W – Weekly
B – Biweekly (every 14 days)
M – Monthly
E – Bimonthly (every two months)
Q – Quarterly
S – Semiannually
A – Annually
Credit to Account Type
For Internal Accounts, enter DDA or SAV
Distribution Transaction Type
06- Normal
04- Death- for Beneficiary IRA Distribution
See documentation for additional distribution type codes
Credit to Account
Internal DDA or SAV number
Next Distribution Date
Caution using monthly RMD distribution with beginning of month dates. The first distribution for the year will use the prior year’s RMD amount if it is forecast before the January RMD calculation is run. This may cause the customer to not meet the RMD. To ensure the January payment amount is calculated using the current year RMD, set the Next Distribution Date on or after the 15th (if forecast days are set to “7” days) or the 21st (if forecast days are set to “14”).
External Transfer Type - Used for External Transfer or Check
D - Checking ACH
S - Savings ACH
C - Check
Next Distribution Amount
Amount of the next distribution. If the RMD is $1200.00 and the customer would like a monthly distribution, Next Distribution Amount will be $100.00.
Payor Ident
Payor information only if the External Transfer Type is D or S
Annual Floor Amount
This is the Total Annual Distribution if the customer is taking more than the RMD. Ex: RMD is $1200.00. Customer would like $200.00 per month. The Annual Floor Amount will be $2,400.00. Leave Blank if the RMD amount will be taken
External Account
External account number only if the External Transfer Type is D or S
Amount Update Code
Y-System automatically updates the distribution amount with the RMD from RRM/3800. If the RMD amount is greater than the Annual Floor Amount, the distribution amount is updated. If the RMD is less than the Annual Floor Amount, the distribution amount is not updated.
N-System does not update the distribution amount with the RMD from RRM/3800.
External R/T Number
RT number if the External Transfer Type is D or S
Notification Code
Y or N to generate a separate notice
Payment Priority
F-System posts transfer addenda first, before withdrawals
L-System posts transfer addenda last, after withdrawals
Distribution Sequence
1-manual priority
2-lowest rate
3-low balance to high balance
4-high balance to low balance
Last Distribution Date
Informational only
Last Distribution Amount
EXAMPLE:
