Wealth Management Systems: Fully Automated Solution

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While the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) has changed force-out requirements, it doesn’t mean managing mandatory rollovers needs to be difficult. WMSI offers a fully automated program for all tax qualified plans including 401(k), 403(b), and defined benefit plans that makes it simple for plan fiduciaries to satisfy the Department of Labor's Safe Harbor regulations.

WMSI has the technology applications in place to process participant data and automate an IRA account opening with any one of our mandatory IRA rollover providers. Within the program, WMSI acts as the program administrator and facilitates the electronic exchange of participant data between plan administrators and the selected IRA provider, enabling:

• Paperless transactions - no forms or IRA applications.
• Automated IRA account opening.
• Batch processing of distributions.
• Direct funding of participant IRAs.
• Reconciled reporting on fund activity.

WMSI can process over 3,000 paperless IRA account openings per hour, making the servicing of these smaller accounts feasible for plan administrators, plan sponsors, and IRA providers alike.

* It is important to comply with all legal and regulatory requirements concerning the rollover of mandatory distributions. You should consult with your legal advisor regarding the administration of these accounts.

Want More Information?

Our program summary highlights the key features of our Mandatory Program in an easy to reference format.

Mandatory Program Overview

Client Testimonial

"Thank you. It was a pleasure dealing with your company. Things are rarely that easy!"

- Debbie, Plan Sponsor