ProNvest, as an extension of its advice and managed account services, receives notification of the rollover event, documents the balance and source of all funds and creates the rollover transaction, according to a news release. ProNvest will execute the discretionary rollover into an IRA account. ProNvest will provide all information to open the account and facilitate the transfer of the account from the qualified plan to an appropriate Safe Harbor instrument, the announcement said.
This rollover is available to all SunGard ASP and full service customers as an integrated module of OmniOnline, and is also offered as a licensed solution for OmniPlus and Relius Administration, the news release said.
Starting March 28, 2005, plan sponsors with qualified retirement plans, 401(k) plans, 403(b) plans, or 457(b) plans, will be required to roll over involuntary cash-out distributions worth more than $1,000 but no more than $5,000, rather than making a taxable distribution directly to the participant.