Financial Institutions Newsletter FI-News-2018-Q4 - Page 13

KEY DATES TO REMEMBER Systems Deadline for New 2018 Periodic Distribution Plans Created by NFS: Dec. 26, 2018, is the last day to establish a new periodic distribution plan to pay in 2018. Beginning Dec. 27, 2018, NFS will establish periodic distribution plans for 2019 only. For customers who request a 2018 payment, we will process a one-time retirement distribution in addition to the periodic distribution plan set up to meet the request. Pershing Please note, if your client establishes periodic instructions for required minimum distributions (RMD) they agree to a supplemental distribution (up to the available cash in their account) intended to ensure the RMD amount is met by Dec. 31. Pershing will add all scheduled and one-time distributions taken during the year to determine whether the retirement account RMD has been met and, if not, issue a supplemental distribution. A periodic RMD should not be established with a payout date of Dec. 31 specifically for the supplemental payment feature, since the calculated RMD will be released on this date. One-time, ad-hoc distributions processed after the periodic RMD instructions were established do not reduce the RMD payment schedule. For more information, please review the instructions on the IRA Distribution Form. EXECUTING TRADES NEEDED TO SATISFY A DISTRIBUTION All trades must settle by Dec. 31, 2018, to be available for distributions on Dec. 31, 2018 (the last business day of 2018). Therefore, equity trades must be executed no later than Dec. 27, 2018. Please take the different settlement periods for different securities into consideration when placing trades. Failure to allow sufficient time for trade settlement may cause distributions to occur in 2019. USE ACCOUNT SERVICING TO ENTER REQUESTS The Account Servicing Tool is available 24-7 so you can submit requests online even after business hours. The Account Servicing Tool can make a major impact on the amount of time you spend managing your clients’ year-end processing needs and help ensure distribution requests are processed efficiently. Requests entered through the Account Servicing Tool will go directly into our workflow and attached documents will be quickly directed to the correct area for processing. This will help ensure your request is processed by Dec. 31, 2018. Dec. 11, 2018 – Dec. 31, 2018 All retirement periodic distribution plan payments scheduled to be made between these dates will be processed in the Dec. 6, 2018 nightly cycle. Dec. 14, 2018 Recommended date to submit distribution requests to ensure processing by year end. All requests received after Dec. 14, 2018, will be processed on a best effort basis. Dec. 26, 2018 Last day to establish a new periodic distribution plan for a distribution for the 2018 tax year. It is recommended that all distribution forms to establish periodic plans be received by Dec. 14, 2018. Dec. 27, 2018 Last day to place regular way settlement trades to make funds available for distribution by Dec. 31, 2018. Dec. 28, 2018 One-time distributions via EFT must be processed by this date to post by Dec. 31, 2018. If you have any questions concerning this information, please contact the Securities America Rep Relations Center at 800-747-6111, option 1 or email the Rep Request group through the Business Center Web Mail. 4 th QUARTER 2018 | Financial Institutions Newsletter 12