CHARLOTTE, N.C., Oct. 7 NC-RolloverSystems
CHARLOTTE, N.C., Oct. 7 /PRNewswire/ -- RolloverSystems Inc. (RSI), an
independent provider of rollover management services, is offering a suite of
solutions to help advisors and plan sponsors easily and responsibly terminate
their 401(k) plans, an occurrence which could be common due to economic woes
this Fall, a time also known as "plan termination season."
Sponsors terminate plans for a variety of reasons, including mergers (in
which one plan is terminated in favor of another), lack of participation, and
business closings, among others. The economic slump and related business
closings suggest that many sponsors will be required to terminate their plans
this year, and the fourth quarter is typically the busiest time for doing so.
"To complete the time-consuming and logistically-complicated process
before the end of the year, plan sponsors and their advisors need to get
started soon," advises Jim Langenwalter, RSI's chief marketing officer.
RSI's termination services suite eases advisors and sponsors' burdens
while also providing support, convenience and choice to participants. RSI:
-- handles participant location and notification, including missing
participant locator services.
-- provides access to an independent array of high-quality rollover
options, and assistance with the rollover, transfer or distribution processes
through its Retirement Center(1). All terminated participants - regardless of
account balance - receive this high-level of support, enabling more
participants to make an affirmative rollover choice quickly and easily.
-- provides a comprehensive mandatory rollover program for participants
who are unable or fail to make a benefit election.
-- offers a complete set of campaign management services, including
education, communication, toll-free customer service, and technology and
marketing services.
"Our ability to conduct comprehensive plan terminations serves everybody's
best interests," said Langenwalter. "Advisors and sponsors reduce their work
load, sponsors reduce their risk and ensure compliance with federal
regulations, and participants receive guidance, support and access to IRA
choices. Ultimately, that helps participants stay invested in retirement."
According to one study, without guidance regarding their retirement assets
56 percent of people cash out their 401(k) when leaving their companies. These
former employees incur heavy losses in taxes, penalties and lost compound
interest. Despite the costs of cash outs, they appear to be on the rise, as
workers who are laid off, switching jobs or struggling financially treat their
401(k)s as stop-gap measures instead of as long-term solutions.
RSI encourages all participants to keep their retirement savings intact.
In 2007, RSI conducted more than 125,000 transactions totaling more than $2
billion and in the majority of cases was able to keep the participant invested
in retirement.
About RolloverSystems Inc.
Charlotte-based RolloverSystems, Inc. (RSI) is an independent provider of
rollover services. RSI specializes in helping 401(k) plan sponsors provide
retirement education support to participants providing education on retirement
options, access to an independent array of high-quality rollover options, and
assistance with rollover, transfer or distribution processes through its
Retirement Center(1). All terminated participants in a plan - regardless of
account balance - receive this high-level of support, a service that is
especially valuable to participants who otherwise would not have access to
professional guidance. For more information, visit
www.RolloverSystems.com/solutions .
(1) The Retirement Center is a division of Rollover Securities. Rollover
Securities, LLC is a wholly owned subsidiary of RolloverSystems, Inc. and a
member of FINRA. www.finra.org
Contact: Patrick Collins
617-553-0349
pcollins@madisoncommunications.com
Kathleen Gilroy
978-358-7282
kgilroy@madisoncommunications.com
SOURCE RolloverSystems Inc.
