Press Release
Merrill Lynch Joins Rolloversystems Network
RolloverSystems Says Addition 'Significantly Enhances' IRA Options For Job Changers Who Need To Roll Over Their Retirement Savings
CHARLOTTE, N.C. (September 8, 2003) – RolloverSystems Inc. today marked a major milestone in the development of its 401k rollover tool with the announcement that Merrill Lynch (NYSE: MER) will join the growing list of financial institutions offering retirement savings products and services to 401k plan participants through the online RolloverSystems Network.
The network, available direct to consumers at www.rollovermarket.com, is the first true one-stop rollover solution for job-changers seeking a quick, easy, and smart way to roll over their retirement savings from a defined contribution plan to an Individual Retirement Account (IRA).
"The addition of Merrill Lynch to the RolloverSystems Network significantly enhances the value of our unique online rollover solution by making the Merrill Lynch family of IRA investment products available to our customers," said Reginald Bowser, president and chief executive of RolloverSystems. "We believe that the decision by Merrill Lynch to work with RolloverSystems speaks volumes about the value proposition we are offering to the millions of American employees who need a way to keep their hard-earned retirement fund growing through a career transition."
"RolloverSystems has developed an interesting approach to the 401k rollover process by creating a simple, fast and efficient way for job changers to roll over to an IRA online," said James McCarthy, First Vice President, Merrill Lynch Retirement Group. "As a member of the RolloverSystems Network, we can offer current and potential clients an easy-to-use tool that enhances our broad range of investment products and services."
Introduced in March, the RolloverSystems Network allows 401k plan participants to go online, fill out a simple form and receive multiple IRA offers from competing top-tier financial institutions that are part of the RolloverSystems Network. Using RolloverSystems' unique technology, a plan participant can choose an offer and complete all of the paperwork needed to effect the transfer of funds to the new IRA in as little as 25 minutes – dramatically simpler and faster than the traditional rollover process, which can take up to eight weeks to complete.
"Many job changers are put off by the traditional rollover process, which is cumbersome and time-consuming," Bowser said. "Now people can access the world-class investment offerings of Merrill Lynch, make a smart decision about their financial future, and be done with it. Instead of spending their time tracking down forms, they can be free to focus on the important task of looking for a new career opportunity."
The growing list of financial institutions offering retirement investments through the RolloverMarket Network also includes J.P. Morgan Chase & Co., TDWaterhouse Investor Services and Harrisdirect.
About RolloverSystems
RolloverSystems, with headquarters in Charlotte, N.C., is the leading provider of technology-based 401k rollover products and services for financial institutions, HR technology companies and corporations, including the only open exchange that matches 401k plan participants with a network of top-tier financial institutions offering Rollover IRA products and services. The company maintains a functional website at www.rollovermarket.com. For more information on RolloverSystems, please visit www.rolloversystems.com.
About Merrill Lynch
The Merrill Lynch Retirement Group is responsible for assets in excess of $260 billion for 5.6 million individuals, and services over 21,000 workplace-based retirement programs.
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