1.7.1 View IRA Life Expectancy

This topic explains the systematic instructions to view the list of configured IRA life expectancy.

1. On Home screen, under Menu, click Retail Account Configurations. Under Retail Account Configurations, click IRA Life Expectancy.
2. Under IRA Life Expectancy, click View IRA Life Expectancy Table.
   The View IRA Life Expectancy Table screen is displayed.

   Figure 1-24 View IRA Life Expectancy Table

   
   

   
   Description of "Figure 1-24 View IRA Life Expectancy Table"

   
   

   For more information on fields, refer to the field description table.

   Table 1-24 View IRA Life Expectancy Table - Field Description

   Field	Description
   IRA Life Expectancy	Displays the IRA life expectancy.
   Authorization Status	Displays the authorization status of the record. The available options are: Authorized Rejected Unauthorized
   Record Status	Displays the status of the record. The available options are: Open In Progress Closed
   Modification Number	Displays the number of modifications performed on the record.

3. On the View IRA Life Expectancy Table screen, click
   
   
   
   icon.
   The View IRA Life Expectancy Table - Search screen is displayed.

   Figure 1-25 View IRA Life Expectancy Table - Search

4. On the View IRA Life Expectancy Table - Search screen, specify the Search Filter to fetch the required IRA life expectancy.

   For more information on fields, refer to the field description table.

   Table 1-25 View IRA Life Expectancy Table - Search – Field Description

   Field	Description
   Authorization Status	Select the authorization status from the drop-down list. The available options are: Authorized Rejected Unauthorized

5. Click Search to display to required IRA life expectancy.
6. On the View IRA Life Expectancy Table screen, click
   
   
   
   icon to Unlock, Delete, Authorize or View the created IRA life expectancy.
7. Click Unlock to modify the borrowing capacity.
   The IRA life expectancy - Modify screen is displayed.

   Figure 1-26 IRA life expectancy - Modify

   
   

   
   Description of "Figure 1-26 IRA life expectancy - Modify"

   
   

   For more information on fields, refer to the field description table.

   Table 1-26 IRA life expectancy - Modify - Field Description

   Field	Description
   Single Life Expectancy	Primarily used for calculating post-death Required Minimum Distributions (RMDs) for an eligible designated beneficiary. The distribution factor is determined based on the beneficiary’s age in the first year of distribution and is reduced by one for each subsequent year. While this is provided as a static data, user can modify a record in this table if needed User can modify the same.
   Joint and Last Survivor Life Expectancy	Applicable when the IRA owner’s spouse is the sole beneficiary and is more than 10 years younger than the owner. The life expectancy factor is determined based on both the owner’s and spouse’s ages and is recalculated annually. While this is provided as a static data, user can modify a record in this table if needed User can modify the same.
   Uniform Lifetime	Used for most lifetime Required Minimum Distributions (RMDs) when the spouse is not the sole beneficiary or is not more than 10 years younger than the account owner. The distribution factor is determined based on the account owner’s age and is recalculated each year. While this is provided as a static data, user can modify a record in this table if needed User can modify the same.

8. Click Save to save the details.
9. Click View to view the IRA life expectancy.
   The IRA life expectancy – View screen is displayed.

   Figure 1-27 IRA life expectancy – View

   Table 1-27 IRA life expectancy - Modify - Field Description

   Field	Description
   Single Life Expectancy	Primarily used for calculating post-death Required Minimum Distributions (RMDs) for an eligible designated beneficiary. The distribution factor is determined based on the beneficiary’s age in the first year of distribution and is reduced by one for each subsequent year.
   Joint and Last Survivor Life Expectancy	Applicable when the IRA owner’s spouse is the sole beneficiary and is more than 10 years younger than the owner. The life expectancy factor is determined based on both the owner’s and spouse’s ages and is recalculated annually.
   Uniform Lifetime	Used for most lifetime Required Minimum Distributions (RMDs) when the spouse is not the sole beneficiary or is not more than 10 years younger than the account owner. The distribution factor is determined based on the account owner’s age and is recalculated each year.