News

 

 

 

 

Photo of a man reading the paper

Press Release

Society for Human Resource Management (SHRM) Selects RolloverSystems' Automatic Rollover Service

World's largest HR management association takes step to streamline retirement plan, gives employees power of choice when rolling over funds

CHARLOTTE, N.C. (January 31, 2006) -- RolloverSystems, which pioneered the independent, automated 401(k) rollover platform, today announced it will provide automatic rollover services to employees of the Society for Human Resource Management (SHRM).

Within the past year, the retirement savings industry has experienced a distinct shift, with companies rapidly adopting automatic rollover services. This phenomenon is fueled by EGTRRA mandates that prohibit employers from cashing out $1,000-5,000 retirement plan accounts when an employee leaves the company. Instead, the law requires companies to automatically roll over the accounts to "safe harbor" IRAs. Many operationally-conscious organizations realize the inherent business value of automatic rollovers, as it can be costly and cumbersome to keep departed employees in the company’s retirement plan.

RolloverSystems' automatic rollover platform streamlines the rollover process and reduces the cost of servicing these accounts. Unique in the industry, the RolloverSystems program also includes a choice-based voluntary rollover service to encourage and enable more automatic rollover candidates to select their own IRA and make an affirmative rollover decision.

With RolloverSystems' RolloverMarket™ platform, SHRM employees will be able to quickly fill out one electronic form and receive up to five competitive IRA offers from top investment companies for side-by-side comparison. Once they choose an IRA provider, employees can instantly roll their retirement accounts over to continue building their financial futures.

"It is an honor that the association is adopting the RolloverSystems platform for its own employees," said Reginald Bowser, founder and CEO of RolloverSystems.

RolloverSystems now provides its automated rollover service to more than two million employees through relationships with employers and retirement plan service providers. The company handles rollover transactions for 401(k) and other qualified plans, including 403(b), government 457, and eligible defined benefit and pension plans.

Resources