Schwab Releases New 401(k)-to-IRA Rollover Platform

July 29, 2003 ( - Charles Schwab Corporate Services has unveiled a new platform for processing 401(k)-to-IRA rollovers.

The Integrated IRA Rollover Platform operates through the Schwab Retirement Technologies (RT) Web site and automates its rollover process through a reduction in paperwork and integration of disparate systems and databases, the company said. Participants experience an efficient account transfer process, including paperless, self-service distribution instructions, information on various distribution options, and availability of new IRA accounts, according to a news release.

The Integrated IRA Rollover Platform was developed jointly by Schwab RT and Wealth Management Systems, Inc.

“Streamlined processing of IRA rollovers presents a significant business need for retirement plan service providers. This latest addition to Schwab RT’s expanding line of products and services enables our plan administrator clients to streamline and better serve their own clients’ rollover needs,” said Jim McCool, senior vice president, Charles Schwab Corporate Services, in a statement.