Remove Terminated Employees

Inspira has helped more than 6,000 retirement Plan Sponsors remove terminated employees from their plans with Automatic IRA Rollovers.

Remove terminated employees from your plan

Terminated participants with small balances exist in all retirement plans. Unfortunately, so do the problems they create for Plan Sponsors and Service Providers. With 71% of terminated employees leaving their balances in the plan or being cashed out without their knowledge, moving these accounts to IRAs is becoming a necessity for providers and plan sponsors. Inspira will help you:

  • Eliminate costs related to non-responsive participants
  • Lower recordkeeping costs for plan sponsors
  • Reduce liability for all plan fiduciaries
  • Protect the tax-deferred status of employee assets

These IRAs, known as Automatic Rollover IRAs, Default IRAs, Force Outs or Mandatory Distributions, give Plan Sponsors flexibility while still preserving the participant's retirement assets. Inspira's Auto Rollover solution places participant assets into an investment with a guaranteed return of 1.00%, by far the highest returning default fund in the industry.

Plan Sponsors Learn More Auto Rollovers

Inspira offers the best value to the account holder

Inspira is the only default IRA provider that gives clients choice in a default investment, including the Lincoln Fixed Account with a GMIR of 1.00%. We are also the only IRA provider with a system designed to encourage diversification by Automatic Rollover accountholders. Inspira has provided the following benefits to more than 7,000 Plan Sponsors:

  • Highest-returning default fund in the industry (1.00% GMIR)
  • 30-plus mutual funds and TDFs screened by outside advisory firm
  • Lowest net accountholder expense of any automatic rollover provider
  • No cost to the provider or plan sponsor
  • Fully compliant with Safe Harbor regulations and EGTRRA

Inspira’s solution is designed to give the account holder all the benefits of a voluntary rollover, despite their status as a forced-out client. We keep the account’s best interest at the forefront.

Plan Sponsors Get Started With Auto Rollovers

Additional Services offered by Inspira

Complete Plan Termination Solution

Inspira has worked on more than 600 Retirement Plan Terminations, including 401(k), 403(b) and 401(a) terminations. We have a proven process for rolling over accounts remaining in a terminated or abandoned plan, including those with balances of more than $5,000:

  • Fully compliant with DOL Field Assistance Bulletins 2004-02 and 2014-01
  • Start-to-finish consultation, including pre-termination
  • Assistance with participant notifications, forms and 402(f) notice
  • Partnership with Ascensus Trust to provide QTA services
  • Pre-termination participant searches to ensure higher success rate

Based on our experience, a typical plan termination takes 2-to-3 months. If your firm has already sent the appropriate notifications, that timeline can be cut down significantly.

Learn More About Inspira's Plan Termination Solution

The Inspira Un-Cashed Check Solution

Inspira has a solution for uncashed and stale-dated checks that will keep you compliant, reduce your costs, and ensure a positive outcome for the missing participant. We will help you create a documented uncashed check procedure that alleviates your existing problem and all but eliminates uncashed checks in the future:

  • Rollover uncashed and stale-dated checks into IRAs
  • Invest IRA assets into a default investment with a GMIR of 1.00%
  • Comprehensive search efforts to locate the participant through multiple channels
  • Send a welcome kit, annual statement and Form 5498 to accountholder

Inspira’s uncashed check solution features a low annual fee that, when paired with the Lincoln Fixed Account as the default investment, provides accountholders with the lowest annual accountholder expense in the industry. Once an accountholder is located and notified, they can withdraw their funds online, continue contributing to the IRA and diversify, or roll the account into another retirement vehicle.

Get Started With Inspira & Uncashed Checks