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Coordinates with plan administrators to
identify targeted participant accounts. |
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Facilitates the transmission of bulk participant
data between recordkeeping and new IRA account
opening systems. |
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Establishes new IRA accounts with the IRA
provider. |
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Conveys distribution and new account opening
data to the record keeper. |
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Generates a final payment file for the electronic
transfer and allocation of participant funds
within the new IRA accounts. |
In addition to these services, RSN can also automate
mailings to notify participants of automatic distribution
procedures and new IRA account openings.
"RSN makes mandatory distributions feasible to administer because it strikes a balance between
administrators 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. "With RSN, plan sponsors can establish automatic rollover programs for balances under
$5,000, and substantially reduce plan administrative costs that typically range from $45 to $150
per participant for each year the balances would otherwise remain in the plan."
RSN provides a venue for IRA providers to gain access to a volume network of distributions and
expand their targeted customer base by offering a choice of competitively priced IRA products
and services.
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 within Call Center and Participant Website
applications.
WMSI also offers the only complete, fully automated EGTRRA rollover solution that satisfies Safe
Harbor Provisions and provides for participant notifications and the administration of Plan Sponsor
and IRA Provider automatic rollover agreements.
Additional information about WMSI and all rollover product solutions is available at www.wealthmsi.com.
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