Required minimum distribution cancellation form now available
The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives required minimum distribution (RMD) requirements for all IRAs during the 2020 tax year.
We have created a new form to make it easier to delete the RMD service for any IRA account holders who would like to take advantage of the RMD waiver in 2020.
Use this form to delete an account from the RMD Service. The form is also available in the SEI Wealth Platform℠ via the Manage Forms feature.
This form must be submitted more than five days in advance of a scheduled distribution. The scheduled distribution process starts five days in advance by raising cash, and SEI Private Trust Company cannot cancel the raise cash activity after it has already started.
If you fail to submit the RMD cancellation form five days prior to the scheduled RMD and the raise cash process starts, you will still be able to submit a form to cancel the RMD, however:
- The cash will stay in the account until next scheduled rebalancing
- You can use the Platform Invest Cash feature once the cash is available to reinvest it.
After the RMD distribution has been deleted, it must be reestablished for 2021 via self-service functionality on the Platform. This action is available by going to the Business tab and selecting the RMD dashboard, then selecting the Disburse Cash option for a specific client on SEIAdvisorCenter.com .
If SEI Private Trust Company receives an RMD distribution request during the remainder of 2020, that distribution will be set up starting in 2021 due to RMDs being waived for 2020. If you intend to request a distribution from an IRA during 2020, a non-RMD distribution request should be submitted and must identify a specific dollar amount.
AccessMyPortfolio users who have opted to show the My RMD Distributions portlet on the site will see a message explaining that they are not required to take an RMD this year.
If you have any questions, please contact your SEI Service Team at 800-734-1003.
Information provided by Independent Advisor Solutions by SEI, a strategic business unit of SEI Investments Company (SEI).
For Financial Intermediary Use Only. Not for Public Distribution.
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