Based on feedback from mutual fund companies, brokers, and plan sponsors, the system will be available through a secure and password-protected Web site. RolloverHQ allows brokers to segment, target, and retain rollover candidates that they would otherwise miss, according to a company press release. Also, terminated plan participants can use the system to complete rollover paperwork, including the broker’s own suitability profile, and select an IRA account. RolloverHQ will then complete the back-office processing to complete the transaction, according to the release.
The system will also provide brokers and plan providers with a solution for new rollover rules by processing automatic rollovers to safe harbor IRAs in a way that is fully compliant with the new Department of Labor rules governing distributions, the company said. Automatic rollover provisions will go into effect on March 28 of next year.
RolloverSystems ( www.rolloversystems.com ) provides 401(k) and 403(b) rollover products and services for financial institutions, plan sponsors, and other industry-related players.