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WMSI to Provide ADP Retirement Services' Clients with Small Balance Rollover Program and IRA Services from E*TRADE
HOLGATE, N.J. & ROSELAND, N.J. (Business Wire)
- Wealth Management Systems Inc. (WMSI), a leading provider of rollover solutions within the financial services industry, and ADP(R) Retirement Services, part of the Employer Services division of ADP, Inc., a leading provider of integrated outsourced payroll and human resources services, today announced that ADP Retirement Services will implement WMSI's Mandatory Small Balance Rollover Program to address statutory and regulatory requirements and safe harbor provisions under regulations that are soon to be in effect. This implementation will give ADP's plan sponsor clients access to a turnkey "mandatory" rollover solution and the premiere IRA services of E*TRADE Securities LLC.
The Mandatory Rollover program will provide plan sponsors with an end-to-end solution for servicing "mandatory" small balance distributions and facilitating the transfer of participant accounts that are greater than $1,000, but not in excess of $5,000 to IRAs. Through the program, ADP will work with plan sponsors and fiduciaries to amend plan documents and automate mailings to notify participants of automatic distribution procedures and new IRA account openings in compliance with safe harbor regulations.
"Our plan sponsors are looking to ADP for solutions that help them address the new regulations and safe harbor provisions," said Kendall Kay, Vice President, Marketing, Strategic Planning and Business Development, ADP Retirement Services. "However, their biggest challenges are to identify a qualified IRA provider interested in accounts of this size, and to manage associated fees. The WMSI program is a no- fee solution that provides access to E*TRADE Securities, a premiere IRA provider, while still enabling ADP and the plan sponsor to manage the participant experience."
"Our program makes mandatory rollovers feasible to administer because it strikes a balance between an administrator's desire to preserve retirement savings and the need to automate IRA account openings within a cost-effective service model," said Tom Loch, President of Wealth Management Systems Inc. "Utilizing our program offering, Plan Administrators can automate their rollover programs for eligible balances, alleviate their administrative burdens and continue to manage plan administrative costs while preserving participants' retirement savings. We're excited to be teaming up with a top-line 401(k) provider like ADP to extend this solution to their diverse client base."
About Wealth Management Systems Inc.
Wealth Management Systems Inc. (WMSI) is the leading provider of technology based rollover products and services within the retirement industry. WMSI's Rollover Solutions Network integrates the processing platforms of Third Party Administrators and IRA providers, enabling exiting employees to effect their distributions and open IRA accounts in a single, real time transaction. Through RSN, financial institutions are able to further asset retention initiatives and gain access to a volume distribution network. TPAs and Plan Sponsors are provided with comprehensive distribution and rollover processing services that can significantly reduce administrative burdens and operating costs. And participants gain access to the comprehensive IRA and annuity services they are seeking as they make distribution decisions that will effect their long term financial well being. The Rollover Solutions Network is quickly becoming the industry standard for rollover processing and currently services over 1 million participants through its Call Center and Participant Website applications.
Wealth Management Systems Inc. is a privately held technology company headquartered in Holgate, NJ. Additional information about the Company is available at www.wealthmsi.com.
Automatic Data Processing, Inc. (NYSE:ADP), with approximately $8 billion in revenues and 550,000 clients, is one of the largest providers of a broad range of premier mission-critical, cost effective transaction processing and information-based business solutions in selected markets on a global basis. ADP Employer Services (ES), a division of ADP, Inc., is a leading provider of integrated business administrative solutions that help its over 475,000 clients efficiently manage their internal processes, allowing them to focus on core competencies. ADP Employer Services' offerings include both traditional and Web-based outsourcing products and services, giving clients the ability to select from ADP's comprehensive range of World Class Service solutions. Services include: payroll, tax regulatory management, HRMS, benefit administration, time and labor management, retirement plan services, online recruiting, PEO services, and employment screening and selection.
For more information about ADP Retirement Services, call 1-800-432-401K extension 444 or visit www.adp401k.com. For more information about ADP Employer Services, or to contact a local ADP sales office, reach us at 800-225-5237 or visit the company's Web site at www.adp.com.
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