Union Bank Unit Puts Out Rollover Option

November 12, 2003 (PLANSPONSOR.com) - SelectBenefit, Union Bank of California's retirement plan services division, has launched a new IRA rollover option for SelectBenefit plan participants.

According to a bank news release, participants can roll over their retirement plan assets into a SelectIRA via the Internet and may even be able to transfer some mutual funds in-kind.

SelectIRA provides an array of mutual fund investment options, as well as Internet and telephone account access to change or view investments.   Account setup is conducted via the Internet and participants can access account statements online.   Participants can also call a toll-free number to speak with retirement specialists for more personalized assistance.  

The product is designed to help combat the problem of investors who might take a premature distribution instead of keeping their retirement funds invested. “These individuals are sabotaging their retirement by failing to transfer their qualified retirement assets into another plan,” said SelectBenefit Senior Vice President Donna Ross, in a statement.   “As a service provider, we felt it was important to offer an easy to use option that could help employees continue to save and invest in a tax-deferred account for as long as possible.”

For more information go to www.selectbenefit.com .