By providing access to a no-cost, turnkey solution from ProNvest and Wealth Management Systems (WMSI), Eisner hopes to help plan sponsors with tools to comply with the new law, according to a press release.
Under the recently established law, plan sponsors must establish an IRA account for terminated participants that are forced out of the plan with balances greater than $1,000 and less than $5,000. Eisner will now make the product available to its clients at no cost.
For the product, ProNvest has partnered with WMSI to make the rollover transaction into an ERISA compliant account. ProNvest will receive notification of an employee termination, and then will document the balance and source of all the involved funds, and identify eligible accounts for rollover. The company will then provide all of the information necessary to open the account, and WMSI will facilitate the transfer from the qualified plan to an appropriate Safe Harbor instrument (see ProNvest Expands Rollover Services ). In February Eisner teamed up with ProNvest for an advice offering (see Eisner Teams with ProNvest for Ed/Advice Product ).
Eisner ( www.eisnerrs.com ) offers investment, administrative, tax advisory and employee communication services for defined contribution and pension plans, as well as non-qualified executive deferred compensation and equity plans.