Financial/Retirement Professionals » Qualified Plan Advisors

Mandatory Rollover IRAs

Fiserv ISS' Mandatory Rollover IRA offering is in response to the Department of Labor final regulations for the EGTRRA amendment that requires plan sponsors to roll former employees' assets between $1,000 and $5,000 into an IRA (unless the participant affirmatively directs otherwise). This regulation went into effect March 28, 2005.

By establishing a Mandatory Rollover Traditional IRA, the employer’s fiduciary duty to applicable participants ends.

All accounts must move over in cash. which means non-cash plan assets must be liquidated prior to the transfer/rollover. Fiserv ISS is accepting all eligible accounts with a minimum value of $100 for a flat administration fee of $35 per year.

For more information about the Mandatory Rollover Traditional IRA or to initiate a distribution from an existing Daily Valuation plan into a Mandatory Rollover IRA, please contact one of our Plan Specialists at 800-553-4337.