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View More Press Releases by Newkirk Products, Inc.

Press release:

Newkirk Introduces Rollover Solution for Mandatory Distributions

Issued by: Newkirk Products, Inc.

Date: Mar. 10, 2005

End-to-End Solution identifies participants, sends notices and creates IRAs


ALBANY, NY, March 10, 2005 -Newkirk, a leading provider of communication solutions for qualified plan providers, today announced an end-to-end solution for meeting the government’s new rules governing mandatory distributions of low balance accounts from 401(k) and other qualified retirement plans.

"The government’s new rules governing mandatory distributions have put both providers and plan sponsors in a bind," said Peter Newkirk, president of Newkirk. "The need to create rollover accounts to receive such distributions and to meet the participant notice requirements have led many providers and sponsors to conclude that eliminating or amending mandatory distribution provisions is their only option. Our Automatic Rollover Solution provides an alternative."

"Our solution is comprehensive," continued Newkirk. "We identify terminated low balance participants and prepare and distribute the required notices. If the participants take no action within 30 days, we utilize the technology platforms of Wealth Management Systems, Inc. to directly facilitate the IRA account opening process with a major financial services company. We also have materials that providers can distribute to plan sponsors explaining the problem and outlining the solution."

The Newkirk solution includes software that identifies terminated low balance participants and sends the participant information to Newkirk. Newkirk then prepares participant notices that satisfy the DOL and IRS communication requirements and distributes the notices to affected participants. If the participants take no action with respect to their account balances within 30 days (or some longer period specified by the provider), Newkirk identifies the participants for distribution processing, creates an electronic file with the required data, and returns the file to the provider for confirmation and final processing. The provider then forwards the file to Wealth Management Systems, which facilitates the creation of the IRAs with its financial services partner.

The Automatic Rollover IRA used for this solution meets all of the government’s requirements for automatic rollovers. The Newkirk solution is fully automated for providers with Relius and SRT recordkeeping systems. Newkirk expects to have comparable end-to-end solutions for other recordkeeping systems available in the near future.  

For more information about Newkirk’s Automatic Rollover Solution, please contact Newkirk at 518-862-3325 (Monday through Friday 8 a.m. to 5 p.m. Eastern Time) or submit your request by e-mail at kleary@newkirk.com.

About Newkirk
Newkirk is a leading provider of printed and online communications for financial institutions and professionals. For over 30 years, Newkirk’s professional editorial staff has developed creative solutions to communications issues faced by financial institutions, professional services firms, and managed care organizations.

For more information, visit www.newkirk.com or call 800-525-4237.


About WMSI
About Wealth Management Systems Inc.
Wealth Management Systems Inc. (WMSI) is the leading provider of technology based rollover products and services within the financial industry. WMSI's Rollover Solutions Network integrates the processing platforms of Third Party Administrators and IRA providers, enabling existing employees to effect their distributions and open IRA accounts in a single, real time transaction.

Wealth Management Systems Inc. is a privately held technology company headquartered in Holgate, NJ. Additional information about the Company is available at www.wealthmsi.com.

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View More Press Releases by Newkirk Products, Inc.


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