PITTSBURGH, Oct. 6 /PRNewswire/ -- Inspira, a Pittsburgh-based provider of turnkey IRA solutions for financial institutions and professionals, announced today the development of a plan termination service.
This new service is designed to assist bankruptcy trustees, plan fiduciaries and mergers and acquisitions specialists in the termination of existing defined contribution retirement programs. Inspira's solution specifically addresses the need to distribute all retirement assets from the plan in order to complete the plan termination process.
When a retirement plan is going through a termination process as part of a bankruptcy or asset sale of a company, the trustee must undertake a specific process to terminate the plan, including amending plan documents and notifying plan participants. The final and most difficult step in the process is distributing assets from the plan.
"Often participants are unresponsive to requests to rollover assets because they are 'lost' participants or don't know what to do with the funds," said Lowell Smith, President of Inspira.
Unlike other rollover solutions, Inspira gives participants the option to self-direct with professionally-monitored investments and unlimited transactions after they are initially placed into a default investment.
"We give terminated plans a DOL-compliant, Safe Harbor IRA product that is also a cutting-edge, open architecture retirement vehicle for the participant," added Smith.
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.