News

 

 

 

 

Photo of a man reading the paper

Press Release

BPA-Harbridge Joins RolloverSystems Automatic Rollover Network

CHARLOTTE, N.C. (December 13, 2005) -- RolloverSystems announced today BPA-Harbridge (BPA-H) will make available its EGTRRA-compliant safe-harbor IRA to thousands of plan sponsors via RolloverSystems’ Safe-Harbor IRA Provider (SHIP) Network. This new relationship highlights continued adoption of automatic rollovers as the default mandatory distribution option for plan participants impacted by the EGTRRA rules.

RolloverSystems continues to expand the variety of retirement products and services offered to eligible plan participants through its network of top financial institutions. The company now enables retirement plans to choose from seven safe-harbor IRA providers, offering the greatest flexibility and most choice available in the industry. RolloverSystems also helps clients execute all required contracts, agreements and notifications with safe-harbor IRA providers chosen from the company’s network.

This move also underscores the focus of BPA-Harbridge on growing its retirement services business. "Our channel partners are definitely seeing strong demand for automatic rollovers from plan sponsors," said Sean Arnold, Product Manager, AutoRollovers for BPA-Harbridge. "Financial advisors who sell retirement plans need an easy automatic rollover solution, but advisors and their retail broker-dealers are generally not set up to handle such a large number of small balance accounts."

RolloverSystems is also experiencing growing demand for its automatic rollover services. "More and more companies are realizing the high cost of not putting automatic rollover provisions in place," said Reginald Bowser, CEO of RolloverSystems. "Innovators like BPA-Harbridge are stepping up to handle these smaller-balance accounts, first as a way to serve retirement plan clients, and second as a way to grow their retail business."

RolloverSystems gives financial institutions access to the next generation of retirement investors. The company provides outsourced rollover services under private label through plan sponsors and retirement plan service providers. RolloverSystems technology enables IRA providers to narrowly target their ideal customer segments for retention or acquisition, and the company's private label fulfillment and customer service streamlines distribution operations and helps reduce the cost of acquiring retirement assets under management.

About BPA-Harbridge

Since 1973, BPA-Harbridge (BPA-H) has served the retirement plan needs of an expansive list of organizations throughout the U.S. and Puerto Rico. BPA-H provides daily valuation plan administration, actuarial services and retiree health care plan consulting. BPA-Harbridge, through an affiliated company, is an NSCC member, and provides custodial services to its own daily valuation plans and IRA accounts. BPA-Harbridge markets its services to mutual fund companies, registered investment advisors and brokers. Many of the major fund companies refer their advisors and brokers to BPA-H to administer complex plans that the larger administration companies choose not to support.

Resources