Required Minimum distribution is the minimum amount you must withdraw from your Traditional IRA, SEP IRA or retirement plan account each year.  

When the Traditional IRA owner reaches the age of 70 ½, by federal law he/she must begin taking distributions on a yearly basis.  If your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72. Roth IRAs do not require withdrawals until after the death of the owner.

See IRS Website for additional information on RMDs.

View the Required Minimum Distribution (RMD)

The amount of each distributions is calculated according to either the uniform or joint-life expectancy table, depending on the owner's qualifications. (IRA owners cannot choose their RMD tables.) 

To qualify for the joint-life expectancy table, the IRA owner’s spouse must be the sole beneficiary and he/she must be more than 10 years younger than the IRA owner. If the owner does not qualify, the RMD is calculated according to the uniform table. 

To determine the RMD, do the following:

1. In Xperience > Customer & Account Inquiry > Search using client name, TIN, CIF or IRA account number.
2. Under Time Deposits, choose the IRA plan 
3. The Mandatory Distribution Date and Required Minimum Distribution will be listed under the Distribution Calculations.
4. Follow Distribution instructions for processing the distribution and completing the form.
5. The IRA owner can elect to take mandatory distributions from another financial institution. If this is the case, complete the Waiver of IRA Minimum Distribution form.
   1. In Xperience > SilverLake > StreamLine Platform menu > Recall Existing Account From Core
   2. Place the first copy of the Waiver of IRA Minimum Distribution form with the daily work for imaging.
   3. If the IRA owner transfers or rolls over his/her IRA after electing required mandatory distributions, the Personal Banker must issue this year’s mandatory distribution prior to the transfer or rollover distribution.