Bay Ridge Adopts WMSI's Mandatory Rollover Solution

June 20, 2005 ( - Wealth Management Systems Inc. (WMSI), a provider of rollover solutions in the financial services industry, has announced that The Bay Ridge Group will adopt WMSI's Mandatory Rollover Program.

The Bay Ridge Group is an independent employee benefit consulting firm specializing in health & welfare and retirement plans.   The program will provide its clients with a mandatory rollover solution with access to the IRA services of E*TRADE Securities LLC.   The program provides automation of IRA account openings, which will ensure IRA accounts are opened in real time and funded electronically within 24 hours, according to a news release.

WMSI and The Bay Ridge Group will begin processing mandatory rollovers in late August, according to the companies. For more information, go to .  

Plan sponsors have been forced to find solutions that address the new regulatory requirements for mandatory rollovers (See   IRS Reminds Plan Administrators of Automatic Rollover Deadline).

Earlier WMSI deals have been with Eisner Retirement (See Eisner Retirement Launches Mandatory Rollover Solution ), ADP (See ADP Adds IRA Rollover Access ), and ProNvest (See ProNvest Expands Rollover Services ).

-Rebecca Moore