Licensing Deadlines
December 17, 2021: ESI Deadline to get any registration, amendment, or termination request in to allow for ample year and processing as FINRA shuts down December 24th (re-opening January 3rd).
December 31, 2021: Annual Compliance Meeting requirement do for all registered reps.
Operations Deadlines
December 10, 2021
Systematic Withdrawals from Retirement Accounts scheduled for payment between December 15th and December 31st will be “pulled forward” in the December 10th nightly cycle. Trades at the client’s instruction should be placed, if necessary, to satisfy the distribution. Partial distributions will be made on December 31st if cash is available in the account. This deadline will allow for corrective actions on incorrect banking or address information.
December 14, 2021
Alternative Investments 2021 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, 2022 will be reversed and charged to the Registered Representative’s commissions.
December 15, 2021
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.
December 28, 2021: Systems Deadline for New 2021 Periodic Distributions Plans – must be established and approved in ICP by December 28, 2021 in time to pay in 2021. Beginning December 29, 2021, Fidelity Clearing & Custody will establish periodic distribution plans for 2022 only.
December 30th and 31st, 2021: IRA Distributions
December 31st, 2021 is the last day an EFT can be sent out of an IRA account as a 2021 distribution, if same day settlement is available.
If same day settlement is not available, EFT distributions must be processed and approved on December 30th in order to be reported in the 2021 tax year.
Distributions processed on December 31st as a check, will be reported in the 2021 tax year.
December 31, 2021
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 2021 or have a $10,000 balance in the core money market fund on December 31, 2021.
Last trade date for 2021 regular way settlement is December 29, 2021.
December 31, 2021 & January 3, 2022
Fidelity Clearing & Custody – “Inactivity” Fee Assessed & Charged – Client accounts are assessed for eligibility/waiver of Custody Fee on December 31, 2021 and, if eligible, are charged the fee on January 3rd, 2022.
January 5-31, 2022
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
Holiday Phone Hours for ESI Call Center
12/23 – National Life closed, NYSE open until 4 – ESI phones close at 4:00 EST
12/24 – National Life and ESI Closed
1/3 – National life closed, NYSE open until 4 – ESI phones close at 4:00 EST
Questions? We’re always here for your call! 1-800-344-7437
Check out Life and Annuity Important Dates Here!
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