Version 9 Update Instructions & What's New in Version 9

 
 

Note: Version 9 is a required software update because of the SECURE Act of 2019 and the
Treasury's Notice of Proposed Rulemaking issued in February 2022.

 
 
__________________________________________________________________________
Version 9 Update Instructions
 
  • Open ProTracker Advantage. Select Help > Check for Updates from the menu.
     
  • When the message “New Update found. Install now?” appears, click on Yes.
     
  • The installation process will begin by downloading the update. If ProTracker Advantage or AutoSync are still running, close both programs before proceeding.
     
  • If a yellow User Account Control message box appears, click on Yes.
     
  • At the Setup – ProTracker Advantage Update message box, click on Next.
     
  • Click on the Finish button to close the installer and reopen ProTracker Advantage. If the program does not open, clear any messages and double-click your ProTracker Advantage desktop icon.
     
  • A message about converting favorites may appear. Click on OK.
     
  • At the Login screen, click on the Login button.
     
  • The program will automatically connect to the database and run any required updates. If prompted, make sure any other users have exited the program.
     
  • In ProTracker Advantage, click on Help > About ProTracker Advantage.
     
  • The version number at top should start with ProTracker Advantage® 9.0 …
     
  • You have successfully updated ProTracker Advantage to Version 9. Click on OK to close the About message box.
     
     
ProTracker Software Customer Support:
 
Email: support@protracker.com
 
Telephone:  603-926-8085, press 2 for Technical Support (9 – 5 Eastern, weekdays)
 
 
 
 
__________________________________________________________________________
What's New in Advantage Version 9
__________________________________________________________________________

RMD Calculator Levels

Version 9 introduces "Levels" to clarify RMD calculation processes.
 
Participants deposit funds into and distribute funds out of his/her retirement account in Level 1.
 
If the account is not fully distributed by the Participant before death, the money flows to Level 2.
 
If the Level 2 beneficiary does not fully distribute the money during his/her lifetime, the money flows to Level 3.
 
Level 3 contains the "outer limit" provisions for eventual disposition of the account.
 
The three levels have six sub-levels: 
Level 1 - Participant
Participant Lifetime (Participant is alive, including spouse more than ten years younger)
 
Level 2 - Beneficiary
Spouse of Participant (surviving spouse)
Designated Beneficiary (includes Eligible Designated Beneficiaries)
Individual in a Group (multiple inheritors for one account)
Non-Designated Beneficiary (not a natural person)
 
Level 3 - Successor
Successor Beneficiary (including successors to successors)
 
 
 
 
Review the Levels and choose the appropriate sub-level as the first step in the ProTracker RMD Calculator process.
 
 
 
A Definitions panel provides on-screen help for the selected sub-level.
 
 
 
__________________________________________________________________________

 RMD Calculation Types

Calculation Types have been defined to recognize required calculation processes:
 
Abbreviation
Calculation Type
Requirement
Recalc
Recalculation Method
Look up the factor in a life expectancy table each year based on age(s), usually for spouses.
N-1
Fixed-Term Method
Look up the longevity factor in the first year to determine the applicable denominator; subtract 1 each year after that.
5-Yr
5-Year Rule
Take withdrawals any time, but empty the account by the end of the 5th year. Applies to charities, estates, and non-see-through trusts.
10-Yr
10-Year Rule
Take withdrawals any time, but empty account by the end of the 10th year. RMDs are not required in Years 1 - 9.
N-1 10-Yr
RMDs in Years 1 - 9; 10-Year Rule
Take withdrawals any time, but empty the account by the end of the 10th year. RMDs are required because decedent died on or after his or her Required Beginning Date (RBD).
N-1 Age31
RMDs each Year
until age 31
Look up the factor in the first year; subtract 1 each year until age 21. Continue N-1 for 10 more years after the Minor turns 21. Clarification of IRS rules needed.
 
__________________________________________________________________________

RMD Calculation Methods

Calculation Methods define the algorithm applied to implement the regulations.
For example:
  • Method A models a Participant with a Spouse more than 10 years younger;
    the Joint Life and Last Survivor Table is used
  • Method B models a Participant (with or without a Spouse);
    the Uniform Lifetime Table is used
  • There are over 50 Methods in use in ProTracker Advantage®;
    the Single Life Expectancy Table is used extensively with many different starting points
 
 
 
 
__________________________________________________________________________

RMD Calculator Reports

The advisor Report for an RMD calculation has been revised for greater clarity.
 
A new Client Letter has been created to provide a client-facing RMD summary for a single Client account, with a footer text box for regulatory compliance text.
 
See Operations > Database Admin >Application Preferences > Reports to modify the RMD Client Letter footer text.
 
 
 
 
__________________________________________________________________________

RMD Wizard

The RMD Wizard and the Operations > RMD tabs have been upgraded for more versatility.
 
 
__________________________________________________________________________

Select Columns

Many additional fields have been added to various Select Columns entries to add versatility.

 
__________________________________________________________________________

Qualified Charitable Distributions (QCDs)

Additional capability has been added to reflect the growing use of QCDs and the management thereof.

 
H989 V9