Rolloversystems 401k Rollover Solution Named One Of Top HR Products
Human Resource Executive Cites 'Simple And Intuitive' Features of Rollover Technology Designed to Safeguard Retirement Savings
CHARLOTTE, NC, December 10, 2003 -- RolloverSystems Inc. announced today that its unique 401k-to-IRA rollover solution has been recognized as a "Top Human Resource Product of 2003" by Human Resource Executive magazine.
The magazine considered a record number of new products for this year's competition before selecting RolloverSystems as one of the Top 10, said David Shadovitz, editor of Human Resource Executive. Details of the award are included in the magazine's December issue.
"Each year the editorial staff of Human Resource Executive identifies those HR products that provide real value to the HR community. Specifically, we look for innovative solutions that help HR professionals successfully contribute to their organization's business goals," Shadovitz said. "Simple and intuitive, RolloverSystems' 401k rollover solution clearly met these criteria and deserves to be recognized for its contribution to the HR community."
The magazine recognized RolloverSystems for developing the first true one-stop solution for workers seeking a quick, easy, and smart way to roll over their retirement savings from an employer-sponsored 401k plan to an Individual Retirement Account (IRA). The proprietary technology allows employees to go to one site, fill out a simple form, and receive multiple Rollover IRA offers from a network of competing financial institutions. The rollover solution is now available through RolloverSystems' own Web site at http://www.rollovermarket.com and http://www.CareerBuilder.com, as well as through employers and e-HR technology partners, including HR XCEL and Exult.
"RolloverSystems is honored to receive this recognition," said Reginald Bowser, president and chief executive of RolloverSystems Inc. "It's deeply gratifying to know that the editors of Human Resource Executive clearly recognize the value our rollover solution represents for employers and employees alike."
RolloverSystems developed the 401k-to-IRA rollover tool for the 14 million Americans a year who change jobs and have money in their former employer's 401k plan. Most financial planners recommend rolling over 401k savings to an IRA upon leaving a job so that those funds can continue to grow on a tax-deferred basis. But many workers simply "cash out" their savings, in some cases losing up to 40 percent of those hard-earned retirement dollars in taxes and penalties.
One reason is the hassle factor: It can take an individual employee six to eight weeks to complete a rollover, including doing the legwork, comparing IRA products and services from multiple vendors, and tracking down employer-specific forms required to transfer funds from the 401k plan to the IRA.
"We've taken the pain out of rolling over your 401k," Bowser said. "In 25 minutes or less, an employee can fill out a form, compare competing IRA products, and choose from among several top-tier financial institutions, including Merrill Lynch, J.P. Morgan Chase & Co., TDWaterhouse Investor Services, and Harrisdirect. They can even obtain their employer's 'Request for Distribution' form, allowing them to complete the rollover process in less time than it takes to update your resume."
RolloverSystems' rollover solution can help employers lower plan administration costs and comply with new rollover requirements imposed on plan sponsors by federal legislation - and it is an economical enhancement to an employer's HR and benefits package, Bowser said.
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 http://www.rollovermarket.com . For more information on RolloverSystems, please visit http://www.rolloversystems.com .
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