[Date]



[pic]

Transamerica’s Automatic Rollover IRA

Transamerica’s[1] automatic rollover IRA provides plan sponsors with an automatic rollover IRA solution, alleviating the need to identify an additional provider. Transamerica’s automatic rollover IRA solution meets the Department of Labor’s requirements and accepts mandatory distributions from your qualified retirement plan.

How to initiate a Transamerica automatic rollover:

The instructions for other automatic rollover IRA providers may vary so contact your specific IRA provider for details.

STEP 1

The following conditions must be met before initiating an automatic rollover:

✓ Your plan must have elected the automatic rollover provisions. This means you have already executed an amendment adding the automatic rollover provisions to your plan document.

✓ Your plan has a participant(s) that has terminated employment and has a vested account balance greater than $1,000 and not exceeding $5,000.

STEP 2

Send the following required documents to each terminated participant at least 30 days before initiating the Transamerica Automatic Rollover Request:

✓ Automatic Rollover Notification Letter to terminated participant (see sample letter)

✓ Distribution Information Package (distribution form and tax notice available at TA-)

STEP 3

If, after 30 days, you have not received a response with specific distribution instructions from the terminated participants, then send an Automatic Rollover Request letter to Transamerica requesting the automatic rollover (see sample letter).

After your completion of Steps 1-3, the following will occur:

➢ Transamerica will establish each terminated participant’s IRA and transfer funds from your plan to the new IRA.

➢ Once the automatic rollover IRA account is established and all balances are transferred, the participant’s plan account will be closed and cease to be a part of your plan.

If you have any questions or need assistance, please contact SponsorConnectSM at (866) 498-4557.

[pic]

-----------------------

[1] Transamerica or Transamerica Retirement Solutions refers to Transamerica Retirement Solutions Corporation.

-----------------------

Transamerica Retirement Solutions

1150 South Olive Street

Los Angeles, CA 90015-2211

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download