A Note for Your Credit Union: IRA Changes with the New IRS Retirement Legislation

REVISED

With the passing of the new SECURE Act of 2019, we evaluated CU*BASE tools used for working with IRA accounts.  Specifically, we looked at tools for making contributions and for handling member Required Minimum Distributions, since the RMD age was raised from 70 ½ to 72, and contributions to Traditional IRAs are now allowed past 70 ½.

NOTE: Remember these changes apply only to members who haven’t already turned 70 ½ prior to 2020.

At this point we do not believe any software changes are necessary in the short term.  We will be looking at possible report enhancements and will also change year-end processes in time for the creation of 2021 IRA balance file records next year.

Click here to review our PDF, which includes tips on adapting how you use existing CU*BASE tools, in light of these changes.