Individual Retirement Account (IRA) services are provided to clients and their participants through GROUPIRA (www.groupira.com). GROUPIRA leverages the collective buying power of many investors to help reduce investment costs. GROUPIRA supports both voluntary direct rollovers and automatic rollovers from employer plans into IRAs. 

Voluntary Direct Rollovers

When eligible for distribution, participants may select a Direct IRA Rollover into GROUPIRA. Depending on their unique needs and circumstances, participants may opt for an individually managed IRA or a professionally managed IRA. Under the individually managed option, participants choose among a menu of investments, while the professionally managed option provides an investment adviser to manage the account.

Automatic Rollovers

Since employers provide retirement plans for the benefit of current employees, we know it can be frustrating when former employees choose not to move their accounts. Automatic rollovers solve this problem. Generally, when a participant's balance is less than $5,000, the plan can automatically transfer a participant's balance into a rollover IRA. Spectrum's technology interfaces directly with GROUPIRA to facilitate an easy transfer. Participant balances are placed in a capital preservation fund, consistent with liquidity needs. The former plan participant may access the IRA at any time, simply by contacting Spectrum.

Payroll Deduction IRA

Through a payroll deduction IRA, employers can offer a valuable retirement benefit to their workforce, without the complexity and compliance requirements of a 401k or other tax-qualified retirement plan. Employers simply deduct employee contribution amounts through payroll. These routine payroll contributions are invested among a menu of mutual funds and dollar-cost averaged over time.

If you are interested in learning more about these services, simply contact your retirement plan's principal assigned consultant or a director for a complementary consultation.