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Automatic Rollover Program |
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WMSI offers a no-fee solution that makes it easy to address mandatory rollovers within your plan while reducing your plan level costs and liabilities – all at no additional cost to you or your participants.*
Working with TPAs and Recordkeepers, WMSI automates the exchange of participant data to:
- Open IRA accounts automatically with participating IRA providers including: The Bancorp Bank, E*TRADE Financial, Inspira, Matrix/ MG Trust Company LLC, Merrill Lynch, 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 written agreements with IRA providers enrollment agreements
With this solution, Plan Sponsors can:
- Provide participants a choice of 5 IRA options – the most robust in the industry -- with varying default fund options
- Batch process all distributions and automate all IRA account openings
- Fund IRAs directly in batch
- 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).
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