Corrections To Required Minimum Distributions

We recently discovered an error in which incorrect Required Minimum Distribution (RMD) amounts were printed on the Fair Market Value (FMV)/RMD statements for certain IRA owners. Here's what you need to know:

Who was affected?
Telhio IRA owners with a required minimum distribution that ended in a zero.

What happened?

The Required Minimum Distribution amounts on the FMV/RMD statements were incorrectly displayed for certain IRA owners (see above). In short, if an RMD ended in a zero, the decimal point was mistakenly moved one place to the left.

For example, an IRA owner with an RMD of $575.50 was erroneously listed as $57.55 on the printed FMV/RMD statement.

How is this being corrected?

We have produced corrected FMV/RMD statements for the impacted members. These updated statements will be mailed to you by January 31, 2019. They will say **CORRECTED** on the front and will include the following information at the bottom:

This statement provides your correct RMD amount for 2019.

Please disregard the original statement you received, which provided
the incorrect RMD amount.

What do I need to do?

There is no action required on your part. We have identified the issue and will send a corrected statement by January 31, 2019. However, if you have any questions about your IRA or RMD, please do not hesitate to CONTACT US at 614-221-3233.

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