Automatic Rollover

Automatic Rollover

The transfer of a small amount of funds from one IRA to another owned by the same person without the owner's authorization. Rollovers happen most often when an employee changes jobs and therefore IRA accounts. Automatic rollovers occur when there is a small amount of money (usually $1,000 to $5,000) left in the first account; a plan administrator is responsible for transferring the funds between accounts. Since 2005, automatic rollovers into a traditional IRA have been required in this situation. See also: Involuntary cash-out.
References in periodicals archive ?
sent Hanetho a letter objecting to the automatic rollover provision in his employment contract, which enabled him yearly automatic extensions unless the park board intervened.
With the new 911 Cab, though, more solidity comes from a surprising source - the automatic rollover protection system.
Target: Approximately 160,000 automatic rollover IRAs
Millennium Trust will assume The Bancorp Bank's custodial and administrative duties under the automatic rollover program.
Previously, merchants had to keep track of automatic rollover dates more than five years after entering contracts.Cardtronics must also provide written notice of any fee increase to customers and allow them to terminate the contract without penalty under a new contract term.
Terry brings over 35 years of sales and marketing experience in the financial services industry to his role developing the firm's comprehensive automatic rollover product.
The latter also limits nonunion employment contracts to three years, bans automatic rollover or renewal for presidents and mandates public disclosure of contracts before approval.
If this fails, DOL's direction is that plan sponsors must always consider using the automatic rollover process for assets belonging to missing participants.
It will also be reviewing whether or not automatic rollover of contracts for businesses should be banned altogether.
There are 10 exterior colours, three hood hues, LED running lights, Nappaleather trimmed seats and automatic rollover bars.
Automatic rollover at the end of the contract will be banned.
BT offers ARCs which renew annually, but contacts customers one month before the end to give them the opportunity to opt out of the automatic rollover.

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