According to an announcement from Torrid Technologies, its RMD Customer Service Center automates much of the additional administration required to meet new regulations that investors over the age of 70 ½ be informed of the RMD from their IRA.
The company said the product provides:
- quick calculations of RMD amounts based on end of year 2002 values
- ability to search for IRA owners by account, name, or social security number
- a display of all accounts for accountholders with the calculated RMD for each
- the ability to save calculations to a database for legal records and audit review
- an automated printing of private labeled letter for sending to owners
- the ability to instantly notify financial advisor that client called about RMDs
The target markets for the new product are IRA service providers at banks, mutual funds, insurance companies, brokerage firms and investment advisory organizations, the company said.
Investors in IRAs and qualified retirement plans are required to begin taking out money from their retirement savings balance by age 70 1/2. There are pending proposals in Congress to raise that deadline to age 75.