Overview of Rollover IRA
In 2005, the Department of Labor issued regulations providing a way for retirement plan sponsors to remove small balance accounts of former employees from the company plan by creating an IRA on behalf of the former employee. These rules permit plan sponsors to save the time, money and personnel resources required to maintain these balances while still maintaining a secure, tax sheltered retirement fund for these employees. Such transfers are called “automatic rollovers.”
The Safe-Harbor-IRA® is an automatic rollover IRA program developed by Centier Bank exclusively for missing or non-responsive terminated plan participants. Your former employer has recently made Centier the trustee of your automatic rollover and has asked us to confirm that your plan balance is now in a Safe-Harbor-IRA®. As a result of this action, you can either leave your vested balance in the Safe-Harbor-IRA®, which will continue building your retirement savings, or elect another option.