NJ Firm Releases IRA Rollover System

October 29, 2004 (PLANSPONSOR.com) - Wealth Management Systems Inc. (WMSI), a Holgate, New Jersey financial services technology provider, has unveiled an automated IRA rollover solution.

Leveraging the Rollover Solutions Network (RSN) application, WMSI provides plan sponsors and administrators with the means to develop an end-to-end solution for servicing mandatory distributions and facilitating the bulk transfer of participant accounts under $5,000, the company said in a news release. Through the network, plan sponsors as fiduciaries gain access to a choice of IRA providers and investment funds providing flexibility in the structure of their automated IRA programs and the ability to comply with safe harbor regulations, according to the announcement.

Utilizing RSN, the company said WMSI:

  • coordinates with plan administrators to identify targeted participant accounts
  • facilitates the transmission of bulk participant data between recordkeeping and new IRA account opening systems
  • establishes new IRA accounts with the IRA provider
  • conveys distribution and new account opening data to the recordkeeper
  • generates a final payment file for the electronic transfer and allocation of participant funds within the new IRA accounts.
  • automates mailings to notify participants of automatic distribution procedures and new IRA account openings, the announcement said.

More information about the company is at  www.wealthmsi.com .