IRA Rollover Solutions from Inspira

As a retirement plan sponsor or trustee, you may be maintaining accounts that belong to terminated former employees. Those participants are costing your company money.

Inspira’s IRA Rollover Program will help your company:

• Reduce the cost of plan administration by removing inactive participants
• Avoid expensive annual plan audits by staying below 100 participants
• Save time and resources that would be spent locating and dealing with former employees

Inspira will work with these terminated participants on your behalf when they become eligible. This includes reaching out to these participants to inform them of their options and to encourage them to continue to invest for retirement.

These participants fall into two categories:

Automatic Rollovers: Your plan can automatically roll over participants with qualifying balances of less than $5,000 to a Safe Harbor IRA. Unlike other automatic rollover providers, Total IRA encourages accountholders to diversify their initial investment and continue to build for the future. If a new accountholder cannot be located, we continue to search for them, including using the IRS letter forwarding service.

Best of all, implementing Inspira’s automatic rollover program is a simple 3-step process:

1. Find out if your plan document allows automatic rollovers
2. Sign an agreement authorizing the automatic rollovers
3. Put Inspira in touch with your recordkeeper and we take it from there

Voluntary Rollovers: For terminated participants with qualifying balances of more than $5,000, you can give them the option to rollover to a Inspira IRA. We will notify all existing terminated participants of this option. We recommend that, going forward, you present the option during exit interviews using literature that we will supply.

What are the benefits for my former employees?

• A safe harbor fund that currently pays 1.75%
• An IRA with unlimited free trades and no loads
• A fund line-up screened by an investment professional
• Free investment tools including an Investment Guide to help make investment decisions
• No account minumums - We accept auto rollovers under $1,000
• Account access online and through a Voice Response Unit
• Call center access to trained IRA professionals

Terminating Plans: Inspira’s DOL-compliant final distribution process is the industry’s most efficient means to wind down and distribute terminating or abandoned plan assets.

Call Inspira today to start saving your company money.