Looking for NL application processing deadlines? Click here.
For important reporting updates for RMDs and annual retirement account fees, click here.
Holiday Phone Hours for ESI Call Center
12/23 – NYSE open until 4 – ESI phones close at 4:00 EST
12/26 – National Life and ESI closed for Christmas Observed
1/2 – National Life and ESI closed for New Year’s Day Observed
ESI BROKERAGE OPERATIONS – IMPORTANT DATES
Dec. 15, 2022
Roth IRA Conversions – It is strongly recommended forms be received, in good order, by December 15th. After this date, conversions will be made on a best efforts basis. Under no circumstances can a request be backdated.
Required Minimum Distributions – It is strongly recommended requests be received, in good order, no later than December 15th to ensure proper processing. This will allow time for corrections to incorrect banking and/or address information.
Alternative Investments 2022 Annual Custody & Valuation Fees – $35 per registered position, $125 per unregistered position, ($500 maximum Fee) are applied to accounts with eligible positions. If insufficient funds exist in the core fund, an unsecured fee posting will be placed in the account for the outstanding balance of the fee. Fee postings which are not resolved by February 1, 2023 will be reversed and charged to the Registered Representative’s commissions.
Dec. 27, 2022
Systems Deadline for New 2022 Periodic Distributions Plans – must be established and approved in ICP by December 27, 2022 in time to pay in 2022. Beginning December 28, 2022, Fidelity Clearing & Custody will establish periodic distribution plans for 2023 only.
Dec. 31, 2022
Fidelity Clearing & Custody Fee Processing and Balance Reminders – In order for a client to avoid the $35 non-qualified account custody fee, they must have one commissionable transaction settle in 2022 or have a $10,000 balance in the core money market fund on December 31, 2022.
Last trade date for 2022 regular way settlement is December 29, 2022.
Dec. 30th and 31st, 2022
IRA Distributions
December 30th, 2022 is the last day an EFT can be sent out of an IRA account as a 2022 distribution, if same day settlement is available.
Distributions processed on December 31st as a check, will be reported in the 2022 tax year.
Dec. 31, 2022 & Jan. 2, 2023
Fidelity Clearing & Custody – “Inactivity” Fee Assessed & Charged – Client accounts are assessed for eligibility/waiver of Custody Fee on December 31, 2022 and, if eligible, are charged the fee on January 2nd, 2023.
Jan. 5-31, 2023
Securities Liquidations to cover Unpaid Fee Postings – ESI home office will begin the process of liquidating securities to cover unpaid fee postings related to the NFS IRA Custody Fee and non-qualified “Inactivity Fee”. Accounts with eligible securities will have trades placed to cover “debit” balances related to fee postings, as well as applicable transaction charges. Customer confirmations will be marked “To Cover Debit”. Representative’s will be charged the $25.00 service fee if ESI home office has to place trades.
Please contact ESI Operations at (800) 344-7437 with questions.
TC130396(1222)1