Hierarchy
EA-FINSERV (Software Component) SAP Enterprise Extension Financial Services⤷
IS-B-BCA (Application Component) Bank Customer Accounts⤷
BCA_US (Package) BCA modification for US specific requirements
Basic Data
| Data Element | RTP_US_NATURE |
| Short Description | Nature of a retirement plan |
Data Type
| Category of Dictionary Type | D | Domain |
| Type of Object Referenced | No Information | |
| Domain / Name of Reference Type | RTP_US_NATURE | |
| Data Type | CHAR | Character String |
| Length | 2 | |
| Decimal Places | 0 | |
| Output Length | 2 | |
| Value Table |
Further Characteristics
| Search Help: Name | ||
| Search Help: Parameters | ||
| Parameter ID | ||
| Default Component name | ||
| Change document | ||
| No Input History | ||
| Basic direction is set to LTR | ||
| No BIDI Filtering |
Field Label
| Length | Field Label | |
| Short | 10 | Nature |
| Medium | 18 | Nature of the plan |
| Long | 29 | Nature of the retirement plan |
| Heading | 29 | Nature of the retirement plan |
Documentation
Definition
An "Inherited IRA" contains the funds a beneficiary obtains after the original plan owner passed away. Unless the spouse was the sole beneficiary of the deceased plan owner, the funds within an inherited IRA may not be commingled with an existing IRA. If, for one reason or another, the funds will be commingled, the IRS will regard it as a distribution from an IRA followed by a contribution to another IRA. The "normal" distribution and contribution rules will apply in such a case. It is not allowed to make contributions to an inherited IRA: only distributions can be made. If contributions will be made to an inherited IRA, the IRS will regard this as an excess contribution, which carries a 50% penalty tax.
A "Conduit IRA" is a holding tank for funds that originally came from a qualified plan (e.g. a 401k retirement plan). These funds are (or will be) on their way to another qualified plan. This situation may arise when an employee moves from one company to another. The conduit IRA serves as a shelter for the 401k funds he or she built up with the first employer. After the accountholder found a job with a new company, the funds in the conduit IRA can be rolled over to the qualified plan sponsored by the new employer. The same rules apply as for an inherited IRA in case the funds are commingled with an existing IRA.
A "Regular" is applicable to every IRA, which does not belong to an inherited, or a conduit IRA.
History
| Last changed by/on | SAP | 20020125 |
| SAP Release Created in | 110 |
