BPA-Harbridge Joins RolloverSystems Automatic Rollover Network
CHARLOTTE, NC, December 13, 2005 -- RolloverSystems announced today BPA-Harbridge (BPA-H) will make available its EGTRRA-compliant safe-harbor IRA to thousands of plan sponsors via RolloverSystems’ Safe-Harbor IRA Provider (SHIP) Network. This new relationship highlights continued adoption of automatic rollovers as the default mandatory distribution option for plan participants impacted by the EGTRRA rules.
RolloverSystems continues to expand the variety of retirement products and services offered to eligible plan participants through its network of top financial institutions. The company now enables retirement plans to choose from seven safe-harbor IRA providers, offering the greatest flexibility and most choice available in the industry. RolloverSystems also helps clients execute all required contracts, agreements and notifications with safe-harbor IRA providers chosen from the company’s network.
This move also underscores the focus of BPA-Harbridge on growing its retirement services business. "Our channel partners are definitely seeing strong demand for automatic rollovers from plan sponsors," said Sean Arnold, Product Manager, AutoRollovers for BPA-Harbridge. "Financial advisors who sell retirement plans need an easy automatic rollover solution, but advisors and their retail broker-dealers are generally not set up to handle such a large number of small balance accounts."
RolloverSystems is also experiencing growing demand for its automatic rollover services. "More and more companies are realizing the high cost of not putting automatic rollover provisions in place," said Reginald Bowser, CEO of RolloverSystems. "Innovators like BPA-Harbridge are stepping up to handle these smaller-balance accounts, first as a way to serve retirement plan clients, and second as a way to grow their retail business."
RolloverSystems gives financial institutions access to the next generation of retirement investors. The company provides outsourced rollover services under private label through plan sponsors and retirement plan service providers. RolloverSystems technology enables IRA providers to narrowly target their ideal customer segments for retention or acquisition, and the company's private label fulfillment and customer service streamlines distribution operations and helps reduce the cost of acquiring retirement assets under management.
About RolloverSystems
RolloverSystems is the leading provider of technology-based 401k, 403(b) and other retirement plan rollover products and services for financial institutions, plan sponsors, and HR technology companies. The company helps financial institutions capture new Rollover IRA customers and selectively retain corporate retirement plan assets as Rollover IRAs. In addition, RolloverSystems helps plan sponsors and plan providers save time and money by outsourcing rollover transactions and enabling more terminated participants to select a rollover option. The company operates the only open exchange that matches retirement plan participants with a network of top-tier financial institutions. For more information on RolloverSystems, please visit www.rolloversystems.com.
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