RolloverSystems, Inc. (RSI) and San Rafael, California-based Pension Benefit Information (PBI) Pension Benefit Information (PBI) have announced a joint venture and a new offering; the Compliance Plus IRA Solution.
The new offering combines PBI’s missing participant location services with RSI’s terminated participant inventory management and personal retirement counseling, and includes:
- Missing Participant Services: a search process to locate missing participants and/or locate their beneficiaries;
- Participant Communication: that informs participants of their options for continuing their retirement savings and deliver required notifications and disclosures;
- Access to The Retirement Center: with personalized participant support from licensed Rollover Counselors who provide what the announcement describes as “objective guidance and streamlined rollover processing”;
- Safe Harbor IRA: transfers the balances of unlocated and/or unresponsive participants directly to pre-approved safe harbor retirement accounts;
- Stale Dated Check Services: that the firms say reduce potential uncashed and returned checks by rolling over participants savings; and
- Rollover Compliance Report: that provides documentation of the efforts made to reunite participants with their benefits that the announcement says satisfies the fiduciary requirements under ERISA.
The announcement notes that the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) allows plan sponsors to automatically roll distributions under $5,000 into a safe harbor IRA, instead of being paid out in cash. “By teaming up, we can fulfill the Department of Labor’s complex regulatory guidelines for our clients while looking after the retirement savings of their participants,” said Susan McDonald, president and owner of PBI, in a press release.
The RSI Retirement Center, staffed with licensed rollover counselors, will provide participants with guidance and access to IRAs, even for accounts with as little as one dollar, according to the firms. If a participant’s savings roll into the automatic rollover IRA, they will have access to all the investment products within the RolloverSystems IRA network, including brands such as Fidelity, Principal, Wachovia, Janus, T-Rowe Price, and Scottrade.