ITA Quarterly Newsletter • May 2017

ITA President's Message

Our most recent peer group meeting was held on April 19th at IBA headquarters in Johnston. It was well attended and there was a good exchange of ideas and information. We sure appreciated Gregory Garrels, David Leigh, and Roger Roland with the Iowa Division of Banking for attending and participating. Make plans now to attend our next peer group meeting which will be held on Sept. 27th as part of our annual fall conference.

One area we can all improve on is communication, whether it is at work or at home. I shared an example of how by going out of my way to make sure a beneficiary was well informed every step of the way during an estate settlement process, I was able to overcome his initial negative feelings about our fee as he better understood the work involved with administering the estate. Just this spring though, poor communication led to an upset beneficiary. We decided to delay preparing some trust tax returns to avoid having to redo them when corrected 1099 statements arrived. If I would have taken the time to advise those beneficiaries waiting for their K-1, I would have avoided the phone call about poor service from a beneficiary anxious to complete their personal return.
Make a note to follow up on inquiries about the services you provide even when it appears they have no interest. I called last week, even though it seemed they would not proceed when we first visited a few weeks before. They opened a new agency account with us this week because I cared enough to check back with them.  Good communication will enhance your trust department!  

Jim Mease

Vice President & Trust Officer, Farmers & Merchants State Bank, Winterset

Two upcoming webinars on IRA's

IRA Transfers & Rollovers Webinar
May 9 • 10:00 – 11:30 a.m.

Individual retirement plan (IRA) portability options are critical for IRA owners interested in diversifying their retirement portfolios, seeking superior customer service or changing residency. The two allowable IRS methods to move assets from one Traditional or Roth IRA to another Traditional or Roth IRA are direct transfers or rollovers. A direct transfer is the most common transaction used by IRA owners because of its simplicity and limited chance for error. However, IRA to IRA rollovers allow more flexibility for individuals interested in completing the transaction on their own. We’ll explore the characteristics that distinguish a transfer from a rollover and provide updates on any recent changes.

Agenda and Registration

Direct & Indirect Rollovers Webinar
June 13 • 10:00 – 11:30 a.m.

Retirement plan participants separating from service with a current employer are eligible to take distributions of their retirement plan assets. There are many options available for these individuals that preserve the tax favorable status of the assets including, direct and indirect rollovers to Traditional and Roth IRAs. IRA trustees and custodians must follow specific procedures to ensure transactions are handled properly to maintain the favorable tax treatment. This presentation outlines IRS guidance and industry standards associated with direct rollovers and indirect rollovers.

Agenda and Registration

Legislative Tool Helps you Connect with Legislators

The Iowa Bankers Association's Legislative Action Center allows bankers to easily contact legislators electronically. Letters on key pending legislation and regulations are posted on the site and can be easily edited and/or personalized for bankers to send to their respective elected officials and regulators at the state and federal level. The Legislative Action Center is available online at

Contribute to the Iowa Trust Association

As a reminder, the Iowa Trust Association (ITA) welcomes contributors to their quarterly newsletter. If you would like to comment on recent activities in the industry or let us know about an upcoming event that would be of interest to our readers, please feel free to contact Darcy Burnett, at (800) 800-2353 or Thank you for your interest in our publication and we look forward to hearing from you!

ITA Newsletter Subscription

If this message was forwarded to you and you would like to receive the ITA Newsletter, e-mail Darcy Burnett to subscribe.

Published by the Iowa Trust Association
8800 NW 62nd Avenue | PO Box 6200 | Johnston, Iowa | 50131-6200

(800) 800-2353 • FAX (515) 280-4140 •
Send comments to
To remove yourself from this mailing list, click here.