HR Benefits Managing the accounts of terminated employees can be a real administrative burden – one that increases plan costs and potential liabilities while diverting attention away from active employees.
WMSI's Automatic Rollover Program offers a one-stop solution that takes the guesswork out of rollovers – saving plan sponsors time and money. Our program can accommodate mandatory rollovers from tax-qualified plans and rollovers resulting from individual account plan terminations.

Easy, Streamlined Solution
Working with plan sponsors, TPAs and recordkeepers, WMSI automates the exchange of participant data to:
  • Open IRA accounts automatically with participating IRA providers including: The Bancorp Bank, FPS Trust Company, Total IRA by Inspira, Merrill Lynch, Matrix Trust Company, and Millennium Trust Company
  • Fund participant IRAs directly
  • Batch process participant distributions
  • Generate reconciled reports of all fund activity
  • Support paperless processing – no distribution forms or IRA applications to handle – as well as regular processing cycles (annual, semi-annual or quarterly)
  • Provide IRA provider enrollment agreements
With this solution, Plan Sponsors can:
  • Choose from 6 IRA options – the most robust in the industry - with varying default fund options
  • Work directly with WMSI to select a designated IRA Provider
And, for terminating plans, WMSI can provide lost/missing participant location and communication services to comply with regulatory requirements through our partnership with Compliance Performance Solutions, LLC (RCP Solutions).

This program is designed to allow a plan to meet the fiduciary safe harbor requirements of Department of Labor (DOL) regulations 29 C.F.R. § 2550.404a-2.

Total IRA (™) is a program created by Inspira to service the Automatic IRA Rollover needs of plan sponsors. Inspira provides all participant recordkeeping and servicing for Total IRA while Mid Atlantic Trust Company is the IRA custodian for Total IRA. Inspira provides the account holder services while The Mid Atlantic Trust Company holds the assets and settles all trades requested by the account holders through the Total IRA system.

The Lincoln Fixed Account is the default Automatic IRA Rollover investment offered under Total IRA. The Lincoln Fixed Account is invested in a group fixed annuity issued by The Lincoln National Life Insurance Company (LNL) and held in trust by Mid Atlantic Trust Company. LNL pays investors in this account a credited interest rate that is guaranteed a minimum interest rate of 1%. Contractual obligations under the annuity are subject to the claims-paying ability of LNL. An investment in the Lincoln Fixed Account is not guaranteed by the FDIC or any other government agency. For more information about the Lincoln Fixed Account, please visit this link.

Securities products and services offered by Merrill Lynch Pierce Fenner and Smith Incorporated, member FINRA/SIPC. Securities products offered by The Bancorp Bank, an FDIC insured commercial bank, and by FPS Trust Company, Matrix Trust Company LLC and Millennium Trust Company, all state chartered trust companies utilizing FDIC bank money market vehicles. Securities products and services offered by Mid Atlantic Capital Corporation, member FINRA/SIPC. The Lincoln Fixed Account is a group fixed annuity issued by The Lincoln National Life Insurance Company (LNL). Financial services to these firms are provided by WMSI Securities LLC, a wholly owned subsidiary of WMSI and member FINRA/SIPC. WMSI and FPS Trust Company are both majority-owned holdings of Bluff Point Associates, a private equity firm. The Bancorp Bank, InspiraFS, Inc., Matrix Trust Company, Merrill Lynch Pierce Fenner and Smith Incorporated, Mid Atlantic Trust Company, Millennium Trust Company, The Lincoln National Life Insurance Company, and WMSI Securities LLC are all separate and unaffiliated companies.