IRA Rollovers

Recordkeepers and plan advisors face two IRA rollover challenges: a smarter opportunity to retain more high balance, voluntary rollover IRAs and a need for a smoother force-out IRA process. iJoin gives you both.

IRA Clarity™

Retain rollover assets with automated IRA candidate screening, suitability analysis, targeted communications, and seamless account opening.

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Automatic Rollovers

Simplify small balance force-out processing with built-in automated IRA functionality for terminated participants.

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Simplify Your Force-Out Strategy with Automatic Rollovers

ERISA provides for a force-out distribution and rollover to an IRA for terminated participants with vested balances under $7,000. In partnership with PenChecks, iJoin’s Automated Rollover solution identifies and processes these IRAs, creating a compliant, efficient process that serves all stakeholders.

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iJoin’s Automatic Rollover (ARO) functionality is a component of iJoin ACT.

Easy Plan Setup

Your iJoin Administrator selects ACT-enabled plans for which an IRA force-out option has been established, then you confirm the distribution amount threshold for each plan.

Automated Process

1. Each month, iJoin automatically identifies terminated participants with vested balances below the threshold. 2. iJoin sends data on force-out candidates to Penchecks. 3. Penchecks performs address verification & mailings (optional). 4. After 30 days, iJoin confirms the list of distribution candidates that haven't taken a distribution, and still meet threshold requirements. 5. iJoin sends distribution request data to Recordkeeper Administration for processing. 6. iJoin sends data on force-out candidates to Penchecks.
1. Each month, iJoin automatically identifies terminated participants with vested balances below the threshold. 2. iJoin sends data on force-out candidates to Penchecks. 3. Penchecks performs address verification & mailings (optional). 4. After 30 days, iJoin confirms the list of distribution candidates that haven't taken a distribution, and still meet threshold requirements. 5. iJoin sends distribution request data to Recordkeeper Administration for processing. 6. iJoin sends data on force-out candidates to Penchecks.

The process provides an audit trail for reporting force-out history and statuses.

ARO works to lower your costs and reduce your risk.

SEVEN IMPORTANT WAYS:

Lower retirement plan administration costs

Reduce fiduciary risk and responsibility

Keep the number of participants with balances below the DOL audit threshold

Establish automatic rollover IRA for non-responsive participants

Perform annual address search

Eliminate mailing costs

Protect participants’ deferred tax status

ARO is Easy to Implement

24/7 online access to the benefit election site

No software to download or manage

Ability to access 30-day and IRA notices for audit purposes

Dynamic informative dashboard and report

Robust permission levels for staff and plan sponsors

See ARO in action.

Request a demo today.

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