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CISP

If you're committed, get certified.

The need for competitive advantage no longer applies only to corporations and industries. Competitive advantage continues to take on more and more significance for today's career minded professional. Professionals need a competitive advantage that meets employers' performance requirements and clients' ever changing demands, as well as demonstrates achievement of the knowledge standards for their given profession. Professional certification through the Institute of Certified Bankers (ICB) is one such competitive advantage.

Becoming a Certified IRA Services Professional (CISP) is one of the most important career decisions that an IRA services professional can implement in his/her quest for competitive advantage and recognition.

What is the Certified IRA Services Professional program?

The Institute of Certified Bankers (ICB) and Ascensus launched the CISP program to establish a high standard of knowledge and competency for IRAs that is recognized by the profession and gives formal recognition to those individuals who meet the standards of experience, ethics, knowledge and performance in the IRA industry.

A CISP is an individual who has completed the education and experience requirements, has obtained a recommendation letter from his or her financial organization, and has passed the CISP certification examination developed and administered by the ICB.

The ICB CISP advisory board is responsible for determining the eligibility requirements, defining the necessary knowledge and skill levels, developing and maintaining the exam and providing guidance for other details related to the CISP designation. In carrying out its role, the advisory board defines the expertise required to successfully deliver the full range of services and functions related to the IRA product. The CISP advisory board has determined that a competent IRA professional understands the following knowledge areas:

  • Employer plans - SEP and SIMPLE
  • IRA eligibility and contribution requirements
  • IRA distribution requirements
  • IRA-specific estate planning rules
  • IRA documentation requirements
  • IRA portability options
  • IRA-specific investment issues

The CISP designation is ideal for compliance officers, IRA managers or IRA personnel interested in and motivated to advance in the IRA field.

Why become a Certified IRA Services Professional?

The CISP certification is designed to:

  • Establish a recognized standard of knowledge and competency for the IRA professional.
  • Formally recognize those who meet these standards.
  • Provide employers and clients with a tool to identify skilled, knowledgeable professionals.
  • Support the benefits of professional continuing education and development.

By earning this designation, you document your knowledge, experience, performance and understanding of professional ethics in a scientifically verifiable process. It is this documentation that becomes the credential that employers, clients and peers use to measure your value in meeting their needs.

Qualifications

To qualify to sit for the CISP examination, you must meet two requirements.

  • Have a minimum of two years of dedicated IRA operational and technical experience, and completion of an approved IRA education program; or
  • Have four years of dedicated IRA operational and technical experience.

Study Materials

Ascensus' study materials will assist the candidate in preparation for the examination.

  • IRA Reference Service
    The IRA Reference Service contains an analysis of all IRA plan topics from opening documents to beneficiary distributions and the full text of pertinent Internal Revenue Code sections, Treasury Regulations and IRS and DOL pronouncements. The IRA Reference Service is updated twice a year in June and December.
  • IRA Compliance and Operations Manual
    The IRA Compliance and Operations Manual contains the most current operational guidance available on Traditional IRAs, Roth IRAs, SEP plans and SIMPLE IRAs. This information focuses on the most critical, core IRA compliance areas: documents, withholding and reporting.
  • Coverdell Education Savings Accounts Compliance and Operations Manual
    The Coverdell Education Savings Accounts Compliance and Operations Manual targets eligibility, allowable education expenses and other critical issues unique to Coverdell Education Savings Accounts, giving the reader the technical expertise needed for Education Savings Account compliance.
  • IRA Fact Book
    The IRA Fact Book contains easy-to-understand, practical answers to everyday Traditional IRA, Roth IRA, SEP plan and SIMPLE IRA questions. Imagine having quick answers to puzzling IRA-related questions!

To order the CISP study materials, please contact a Ascensus Sales Representative at 800-346-3860. Access to the IRA Compliance and Operations Manual, the Coverdell Education Savings Account Compliance and Operations Manual and the IRA Fact Book will be automatically mailed to the candidate after the update in June if the candidate has registered for the Ascensus IRA Institute.

How to apply for the CISP examination

You may submit an application to the ICB at any time. To obtain a candidate kit and examination application, visit ICB's website at www.aba.com/icbcertifications or call them at (202) 663-5092. The ICB will make every attempt to arrange an exam location near you. The ICB must receive your application a minimum of 45 days prior to the preferred nationwide exam date in order to make these arrangements. Exam dates and locations may be obtained by contacting the ICB at (202) 663-5092. The CISP exam is being offered at the Ascensus IRA Institute.

Continuing education

Upon achieving certification status, a CISP must continue to maintain and enhance his or her expertise. The CISP advisory board has determined that all CISPs must complete 24 hours of continuing education every three years. Post-certification education activities that focus on subject matter directly related to the CISP exam outline will be approved for continuing education credit.

Who Should Attend?

You should attend the Ascensus IRA Institute if you are

  • responsible for IRA compliance and/or operations at your organization,
  • an IRA service professional seeking to learn more about IRAs to enhance your career advancement opportunities,
  • an IRA manager or professional interested in pursuing your CISP designation,
  • an IRA Manager, vice president, administrator, or operations manager,
  • an employee benefits professional, or
  • anyone needing CISP continuing education credits.

IRA Institute Topics

  • Foundation of IRAs
  • IRA Authoritative Hierarchy - how the rules are made and changed
  • Traditional IRAs
    • Plan Establishment
    • Contributions
    • Excess Contributions
    • Rollovers and Transfers
    • Distributions/Withholding
    • Required Minimum Distributions
    • Beneficiary Options
    • Reporting Responsibilities
    • New Amendment Issues
  • Roth IRAs
    • Plan Establishment
    • Contributions
    • Rollovers and Transfers
    • Recharacterizations & Conversions
    • Distributions/Withholding
    • Beneficiary Options
  • Basic IRA Estate Planning Issues
  • IRA Reporting
  • Traditional/Roth IRA Comparison
  • SEP Plans
  • SIMPLE IRA Plans
  • IRA Marketing
  • Coverdell Education Savings Accounts

About Ascensus

Ascensus is the industry's leading provider of retirement plan services, providing plan administration services to approximately 15,000 retirement plans and supporting more than 1.3 million participants. Ascensus supports more than four million IRA holders, approximately 400,000 employers with plan document and various ancillary support services, and trains more than 12,000 industry professionals annually. Financial services and investment management companies are efficiently supporting retirement plan sponsors, participants and IRA holders; increasing sales; and managing plan-related costs with Ascensus' technology-based solutions. These customized, turnkey services include prototype plan design and maintenance, plan administration, forms and documents, customized marketing and sales support, reference resources, training and development and web-based planning tools and content. Our educational programs deliver a comprehensive curriculum that results in a practical understanding of the rules and operational issues. Over 12,000 retirement plan professionals attend our programs each year. Overwhelmingly, they cite the quality of the instructors and the educational presentations as the most valued benefit of their learning experience. They consistently comment that our instructors are "outstanding," "extremely knowledgeable," and "entertaining." In addition, when you attend our programs, you have the opportunity to interact with educators who also conduct the research on challenging retirement plan issues, work intensively every day with the retirement plan rules, and bring broad and practical experiences to their presentations.

ICB