Inspira Announces Payroll Deduction IRA Capabilities

PITTSBURGH, Sept. 28 /PRNewswire/ -- Inspira, a Pittsburgh-based provider of turnkey IRA solutions for financial institutions and professionals, announced today the addition of payroll deduction IRA services to its array of IRA products.

Based on current client demand and in anticipation of the passage of Automatic IRA legislation, Inspira created a comprehensive payroll deduction IRA product. Inspira's new payroll deduction IRA programs offer Payroll Companies, TPAs, Advisory firms, Mutual Fund Companies and other financial institutions a self-branded, fully-automated, self-directed payroll deduction IRA program to their customers. The payroll deduction program is an enhancement to Inspira's employer IRA plan suite that also includes SEP and SIMPLE IRA programs.  

"Payroll deduction IRA programs, including SIMPLE IRAs, are a low cost alternative for small employers that want to offer their employees a retirement program but don't want to incur the cost or fiduciary liability associated with a qualified retirement program like a 401(k)," said Nathan Rupp, Product Manager of Inspira. "Contributions can be made on a payroll basis by the employer or through a payroll company or other provider offering the program through Inspira."

The aforementioned legislation, known as the Automatic IRA Act of 2010 and introduced by New Mexico Senator Jeff Bingaman, would require any employer with 10 or more employees to begin offering a payroll deduction IRA that includes automatic enrollment to their employees. If passed, the legislation would go into effect on January 1, 2012.

"By offering this program now, payroll companies and other financial services companies can be leaders, enhancing current services and revenue sources from existing customers and new customers looking for a low cost retirement plan solution," said Lowell Smith, President and Founder of Inspira.

About Inspira: Based in Pittsburgh, PA, Inspira provides automatic and self-directed IRA solutions for Financial Advisors, Plan Sponsors, Third Party Administrators, Bankruptcy Professionals and Affinity Groups.

SOURCE Inspira