Individual Retirement Account

Home » Topics » What else is on your mind? » Individual Retirement Account

• Author
  Posts
• January 28, 2021 at 3:24 pm EST #33324
  Gotto

  Participant

  What is the record retention period for Individual Retirement Accounts (IRA) after account closure?

  January 28, 2021 at 4:01 pm EST #33325
  kmeade

  Participant

  Following

  February 3, 2021 at 3:04 pm EST #33397
  afaust

  Keymaster

  Usually record retention is listed on OFI website in each state. Most states require signature cards for 7 years so that is usually what IRAs go with since it has a product with it. But again it varies in each state.

  There is a general rule in BSA for five years. In the back of the FFIEC exam manual there is a list if more specific record retention rules that is helpful.

  Same thing with escheatment…some states escheat and some dont.

• Author
  Posts