A news release from Wealth Management Systems Inc. (WMSI) said that through its Rollover Systems Network application, the company helps clients carry out mandatory distributions and facilitate the bulk transfer of accounts under $5,000. Participants are also not charged a processing fee for opening a mandatory rollover account with WMSI’s IRA partner E*Trade Securities, the announcement said.
According to the statement, recordkeepers meeting certain volume and processing requirements can also access this mandatory rollover solution at no cost. WMSI Chief Executive Officer Jude Metcalfe said the same pricing model relates to non-mandatory rollovers as well and that the company receives fee revenue from the providers with which it does business.
These services are available to all qualified plan types, including defined benefit plans, 403(b) plans, 457 plans, and 401(k) and other defined contribution plans.
The WMSI news release said its network is implemented across multiple systems of record to facilitate rollovers to financial organizations including Ameritrade, ETRADE, T. Rowe Price, and Merrill Lynch.
More information about WMSI is at http://www.wealthmsi.com/ .