IRA Setting Changes

For those credit unions using IRA certificates or shares ...

CAMS-ii Release 2.8.0 added over 50 Maximum Yearly Contribution parameter settings in the Control-IRA parameters (Back Office > Standard > Parameters > Control-IRA). The release set the over 50 contribution settings to 0.00.

These settings must be reset to the legal limits by IRA type; otherwise, your members that are age 50 and over will not be allowed to make any further contributions to their IRA shares and certificates. This includes distributions to the IRA shares and certificates.

Please submit any questions on this posting to the Issue Tracking System.