Deposits > Deposit Screens > Definitions Screen Group > Event Setup Screen

The Required Minimum Distribution event will run the same night the required minimum distribution (RMD) update takes place, which is the last processing day of the year. If there are errors in calculating the RMD, or the RMD is on another plan, no event record will be created. You can refer to the Required Minimum Distribution Calc Reporting Report (FPSDR041) to determine what retirement plans had errors in calculating the RMD. Events will also be generated on the test run of the RMD update that is usually run in November of each year, as scheduled by your institution.

Note

On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act (FCAA) which contained the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Many of the changes in the SECURE Act were effective January 1, 2020.

Effective January 1, 2020: Required Minimum Distribution Age has been increased, which delays distributions from being required. This change has removed the age-70½-year requirement with the year in which the owner reaches age 72. This change does not include those that are currently taking RMDs. If the owner is born on 6/30/1949 or earlier, they are still under the age-70½ rule. If the owner is born 7/1/1949 or later, they qualify for the new age-72 ruling. The Required Beginning Date remains April 1st. This will now be April 1st of the year following the date the account holder turns 72.

Event Number: 2020, 2120 (No Mail - See the main Event Setup Screen help for more information on the No Mail Option.)

Event Letter: None