Safe Harbor Plan

The 2001 Economic Growth and Tax Relief Reconciliation Act (EGTRRA) created a method for plan sponsors to remove the accounts of missing or non-responsive former employees from their plans. In 2005, the Department of Labor (DOL) published their final Automatic Rollover Safe Harbor Regulations, and we launched our Automatic Rollover Solution.

Today, our solution has been implemented by over 1,200,000 retirement plans, providing them a simple, secure, and client-friendly solution that is easy to use for both the plan and former employees. Our solution was designed using the latest technologies, to service the needs of both large and small plans and can easily process a large volume of small accounts, including balances of less than $1,000.

Focus on your current employees; we’ll work to reunite past employees with their retirement funds.

Enhanced Flexibility and Features

• No cost to the TPA or plan sponsor
• No minimum balance requirement – even balances less than $1,000 are welcome
• IRAs opened for participants of active, terminating and abandoned plans
• IRAs opened for uncashed checks
• Roth IRAs opened for Roth 401(k) rollovers
• Default investment choices including FDIC-insured, money market vehicles

Unmatched Service and Support

• Dedicated client service team available by phone, email, fax or in person
• State-of-the-art accounting systems to track underlying investments, transactions, tax reporting, etc.
• Experienced with IRAs and well trained on IRS distribution rules
• Comprehensive welcome kit sent to new account holders
• Ongoing access to account information and annual statements available through secure Website
• Online distributions with option to receive a pre-paid debit card available
• Client assistance available in multiple languages

Proven and Innovative Technology

• Secure interface with all retirement record keeping systems
• Participant information can be submitted in two ways – via secure portal or through automated file transfer with encrypted file format
• IRA account holders have online access to their accounts and statements

Comprehensive Search Procedures

• Conduct multiple searches for missing IRA account holders
• No cost to plan sponsor

Wide Range of Investment Choices

• Default investment to a FDIC-insured, interest-bearing bank demand account designed to meet DOL’s Safe Harbor requirements
• Annuities can also be held as the original rollover asset
• Wide range of other investments can be held in IRA including mutual funds, ETFs, stocks, bonds and CDs