Reconnect plan participants with their funds

Our Automatic Rollover solution lowers plan costs and reduces liability.

Why Automatic Rollover IRAs?

In today’s regulatory environment, erring on the side of the participant is always a good idea. When dealing with missing or terminated participants in your clients’ plans, TPAs and Recordkeepers are faced with three options:

  • Cashing out all balances under $1,000
  • Leaving the accounts in the plan
  • Using an Automatic Rollover provider

Based on our decade of experience in the IRA market, most TPAs and Recordkeepers have implemented a systematic process for removing terminated or missing participants, whether it’s monthly, quarterly or annually.

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Benefits of Automatic Rollovers IRAs

When you remove terminated or missing participants from your clients’ plans, you’re doing the right thing for your firm, your client AND the participant:

  • Eliminate missing participant-related administrative burden on your staff
  • Reduced retirement plan administration costs for your clients
  • Fiduciary risk and exposure is reduced for you and your clients
  • Participants gain control over investments while assets remain tax-deferred

Automatic Rollovers act as a show of good faith to your clients and the businesses they serve.

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Our Automatic Rollover IRA solution

We provide solutions to accommodate distributions from ongoing, terminated or abandoned defined contribution plans. Our IRAs are designed to comply with the Safe Harbor regulations, Section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001. We have provided the following benefits to more than 60,000 Plan Sponsors:

  • Additional investment options for accountholders
  • Low annual fee for the accountholder with no set-up fee
  • No cost to the provider or plan sponsor
  • Fully compliant with Safe Harbor regulations and EGTRRA

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

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Additional Services offered by Inspira

Complete Plan Termination Solution

We have worked on thousands of 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.

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Our 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
  • Comprehensive search efforts to locate the participant through multiple channels
  • Send a welcome kit, annual statement and Form 5498 to accountholder

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.

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