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WMSI’s Automatic Rollover Program. Features Streamlined Administration & Processing Facilitate the batch processing of participant distributions - also support a simple spreadsheet upload. Automate IRA account opening within 24 hours - no distribution forms or IRA applications.
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WMSI’s Automatic Rollover Program Features Streamlined Administration & Processing • Facilitate the batch processing of participant distributions - also support a simple spreadsheet upload. • Automate IRA account opening within 24 hours- no distribution forms or IRA applications. • Provide reconciled reports on all fund activity for recordkeepers and plan sponsors. Flexibility • Balances under $1,000. • 401(k) Roth distributions to Roth IRA. • Pre-tax and After-tax distributions. Targeted Participant Communications • Personalized participant notification mailings. • Personalized Plan Termination kits and full service programs.
WMSI’s Automatic Rollover Program Benefits • Reduce Plan ExpensesMandatory distributions help reduce plan expenses where recordkeepers charge fees on number of accounts or the average account balance. • Simplify Participant DisclosuresPlans must still mail annual and quarterly disclosures to terminated participants – force out distributions reduce the number of participants to whom disclosures need to be provided. • Eliminate Need to Track Former EmployeesMandatory distributions eliminate the need to keep track of former employees and also reduce the need for missing participant searches. • Reduce Fiduciary ResponsibilityExposure may be minimal, but plan sponsors are required to act prudently and in the best interests of terminated participants. Mandatory distributions reduce fiduciary responsibility for former employees, and the fiduciaries benefit from the safe harbor that protects them.
