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Advisory Firm    |    IRA Provider    |    Plan Sponsor    |    TPA or Recordkeeper


Mandatory & Terminated Plan Rollovers
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, 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 the Keane Organization Inc.

* This solution 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.

Securities products and services offered by E*TRADE Securities LLC, Merrill Lynch Pierce Fenner and Smith Incorporated, both members FINRA/ SIPC. Securities products offered by The Bancorp Bank, an FDIC insured commercial bank, and by Matrix/MG Trust Company LLC and Millennium Trust Company, both state chartered trust companies utilizing FDIC bank money market vehicles. Financial services to these firms are provided by WMSI Securities LLC, a wholly owned subsidiary of WMSI and member FINRA/ SIPC. The Bancorp Bank, E*TRADE Securities LLC, Merrill Lynch Pierce Fenner and Smith Incorporated and Millennium Trust Company are all separate and unaffiliated companies. WMSI Securities LLC, and Matrix/ MG Trust Company LLC are separate companies related through common control but not affiliated with the other named companies.


Read the Mandatory &
Terminated Fact Sheet