Our Safe Harbor Automatic Rollover IRA solution is ideal for reducing administrative costs and fiduciary liability associated with missing or unresponsive, small balance terminated employees. Generally, a 401(k) audit is required when the plan has 100 or more participants with account balances on the first of the plan year. Automatically rolling over qualifying employees that remain in the plan may delay or eliminate the eliminate the audit altogether.

Former employees remaining in a plan are often the cause of unnecessary administrative burden, loss of time and money. The passage of the SECURE 2.0 Act, Section 304, allows for the transfer of former employees’ 401(k) vested account balances to an IRA if said balance is $7000 or less. Our Compliance Department adheres to all rules and regulations to ensure that RolloverSaver® is ERISA and DOL compliant, allowing our partners to focus on other aspects of their company.

Stringent guidelines and procedures have been established by The Department of Labor (DOL) regarding abandoned plans. The distribution of assets and termination of an abandoned plan can only be accomplished by a Qualified Termination Administrator (QTA). RolloverSaver® provides the ideal solution for a QTA managing the distribution process for an abandoned plan with missing or non-responsive participants. We partner with our QTAs to provide a plethora of industry experience with a simple 3-step process for rolling over abandoned plan participant assets into Automatic IRAs. Most importantly, we take over the responsibility of locating and reuniting missing or unresponsive participants with their retirement funds. With over 20 years of experience under our belt, we are confident that we can make the process that much more efficient for our partners.