Matrix Added to RolloverSystems' Automatic Rollover Network

CHARLOTTE, N.C. (June 14, 2005) -- RolloverSystems today announced the addition of Matrix Settlement & Clearance Services to its list of safe harbor IRA providers. Matrix joins a growing number of top financial institutions offering automatic rollover IRAs via the RolloverSystems platform.

The recent flurry of movement in the automatic rollover market was sparked by new Department of Labor rules governing mandatory distributions. The rules went into effect March 28^th of this year and prohibit retirement plans such as 401(k) and 403(b) from cashing out terminated participants with balances between $1,000 and $5,000. Rather than leaving participants in their retirement plan, many employers are choosing to automatically roll these accounts over to special safe harbor IRAs.

"In the last two months, RolloverSystems has added four new safe harbor IRA providers," said Reginald Bowser, chief executive officer of RolloverSystems. "As these new IRA providers join our network, many more plan sponsors and service providers are looking to clean up their plans and move participants into individual retirement accounts. I am confident that automatic rollovers will become industry standard practice for these smaller balances. We make it easy to put a program in place."

RolloverSystems offers outsourced distribution services to plan sponsors and plan providers. The company connects eligible plan participants to a network of top investment companies that includes Fidelity Investments, Charles Schwab & Co., JPMorgan Chase, TD Waterhouse, American Century Investments, New York Life and Harrisdirect. In addition, RolloverSystems provides a complete, technology-based service for automatic rollovers. Plan sponsors choose from a list of pre-approved safe harbor IRA providers, and RolloverSystems helps implement a complete mandatory distribution program.

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