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 for Payroll Providers & PEOs

SIMPLE, SEP, & Payroll Deduction IRAs

State-Administered IRAs are being implemented in 2017 in states like California, Illinois and more. Inspira has a superior option for your clients or prospects that do not wish to have a state-run plan or deal with the costs, liability and administration of 401(k)s or other traditional retirement plans:

  • Turnkey solution for offering Payroll IRA Plans
  • Revenue shared to you from Employer fee and Employee account fees
  • Online account management with RoboAdvice from outside advisory firm
  • No cost to you to get started generating revenue from Payroll IRAs
  • Paperless plan establishment and account opening

Inspira will arm you with the marketing material and information you need to start taking advantage of the opportunity that state-run IRAs present to our industry.

Learn More About SEP, SIMPLE & Payroll Deduction IRAs

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