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March 3, 2009

What is a transfer?


What is a transfer?

What is a transfer?

A transfer is a non-reportable movement of assets, generally occurring between retirement accounts of the same type. For instance, from one Traditional IRA to another Traditional IRA. Assets are made payable to the receiving financial institution or plan for the benefit of the participant. The term trustee-to-trustee transfer is also used to refer to a ‘transfer’, and is sometimes used to refer to a direct rollover or a direct Roth conversion, to indicate that the assets are exchanged directly between custodians/trustees.


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Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Individual Retirement Arrangement (IRA)

 Definition Individual retirement arrangement (IRA) is an umbrella term that covers individual retirement account and individual retirement annuity. These are retirement savings vehicles established by

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IRA Rules