RolloverSystems Expands Automatic Rollover IRA Choices
Adds Two Safe Harbor IRA Providers to Network
CHARLOTTE, N.C. (May 10, 2005) -- RolloverSystems, Inc., the leader in technology-based rollover solutions, announced today the addition of two financial services companies to their list of Safe Harbor IRA providers—Centier Bank and Millennium Trust Company. The added providers give consumers access to the most comprehensive spectrum of automatic rollover options available.
The new IRA providers expand the choices available to plan sponsors, including those implementing automatic rollover programs under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Additional investment options include a high yield savings account and a money market account. Both the accounts offered by the new providers are FDIC insured, a feature preferred by many employers concerned about meeting fiduciary responsibilities.
"The automatic rollover market is definitely picking up speed," said RolloverSystems chief executive officer Reginald Bowser. "We're seeing more activity as plan sponsors realize how easy it can be to choose a provider and implement an automatic rollover program. More banks and investment companies are responding to the new demand and offering products that comply with the DOL safe harbor rules."
New automatic rollover provisions of EGTRRA became effective on March 28 of this year. Retirement plans
such as
RolloverSystems offers outsourced distribution services to plan sponsors and plan providers. The company connects eligible plan participant 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 program.
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