BB&T Adds Auto Rollover IRA

April 19, 2005 ( - Winston Salem, North Carolina-based BB&T has jumped into the automatic rollover market.

A company news release said its new Automatic Rollover IRA is a money market savings account designed to help employers satisfy Department of Labor regulations added last year to the Economic Growth and Tax Relief Reconciliation Act of 2001 (See  IRS, Treasury Issue Automatic Rollover Guidance ).

The regulations, which went into effect March 28, require retirement plan sponsors to transfer a departing employee’s vested benefits into an IRA under certain conditions.

The company’s rollover IRA will help a participant “preserve the principal, guarantee liquidity and provide a reasonable rate of return,” on their assets, the company announcement said.