Companies Unveil Rollover, Distribution Platform

January 22, 2004 ( - Merrill Lynch and Wealth Management Systems (WMSI) have linked up in order to offer retirement plan participants paperless online tools to carry out rollovers and withdrawals.

According to a news release, WMSI has developed The Rollover Solutions Network, an electronic interface between employer-sponsored retirement plans and retail brokerage accounts. The announcement said participants can use The Rollover Solutions Network to request distributions and rollovers, open retail accounts, and direct distributions or rollovers into those accounts.

The platform also allows plan sponsors to monitor rollovers and distributions to give them insights into participant behavior and decisionmaking.   Employees using The Rollover Solutions Network now have access to Merrill Lynch’s Transition Services tools and information as well.

Merrill Lynch created the new education and planning program, Transition Services, to help employees make the best decisions when they reach important milestones — from changing employers to preparing for upcoming retirement. The program helps employees understand their distribution options and guides them through the process, according to the news release.

WMSI is under relatively new leadership, having tapped Jude Metcalfe as its chief executive officer in November. Metcalfe came to WMSI from Mellon HR Solutions where he was CEO (See

Wealth Management Systems, Inc. Appoints Metcalfe as CEO ).