Employee will not fill out IRA application

[austin3515]

Anyone have any advice? Custodian will not open IRA unless participant signs the forms. Is there a custodian that will allow the employer to open the account without the employees signature, etc.?

[ESOP Guy]

The firm I work for uses Millennium Trust Company.

http://www.mtrustcompany.com/Site-Navigation/Audience-Tabs/Individuals.aspx

You can set up IRAs for lost people with them.

I for one think the fees are a little high but if a plan wants go get rid of an account it works.

[Bird]

I had this once. American Funds had the employer (owner) sign for the participant.

I think it is one of those things where you have to persist and eventually find the right person who understands that they have to take the money.

[QDROphile]

No one HAS to take the money. It is a good idea to check with a prospective provider if they will make IRAs available for mandatory distributions if the participant does not participate in setting up the IRA.

[austin3515]

Fidelity said they will take it. Use regular applications and sign for participant and put a note that "I'm signing on their behalf because the participant will not respond... and I'm required by law to put this money in an IRA for them."