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Colorado National Bank’s Automatic Rollover IRA Solution!

Colorado National Bank has created an Automatic Rollover IRA program which satisfies the DOL safe harbor provisions, thereby allowing employers to reduce their administrative burden, fiduciary liability and plan management expenses. Once the employer establishes an Automatic Rollover IRA on behalf of a former employee, that person is no longer a participant in the employer’s plan..

Check out our Employer Guide for more detailed information about Automatic Rollover IRAs.       

Do you have former employees who have left small balances in your company’s retirement plan? If so, you are not alone. Employers are often faced with the burden of having to maintain account balances in their company’s retirement plan for missing or non-responsive participants, either because the ex-employee has moved, forgotten about it, or passed away. Whatever the reason, it creates a number of ongoing issues for employers:

Highlights of CNB’s Automatic Rollover IRA Program

  • Easy set-up process
  • No cost to Employer/Plan Sponsor, TPA, or Record Keeper
  • No account minimums
  • DOL safe harbor compliant
  • Eliminates employer expenses
  • Limits employer exposure to fiduciary risk
  • Eliminates employer’s need to track former employees
  • CNB continues to try and locate the former employee
  • Participant’s funds invested in FDIC insured Cash Management Account
  • Participant can elect to keep IRA with CNB, take distribution, transfer to another IRA, or have funds deposited into their new employer’s plan
  • CNB’s IRA fees are compliant with regulations and are charged to the ex-employee’s IRA             

How to Get Started!

The employer (or Plan Sponsor), as fiduciary of the employer’s retirement plan, must: 

  1. Sign CNB’s Automatic Rollover Services Agreement.
  2. Sign CNB’s Master Automatic Rollover IRA Adoption Agreement. (This Agreement only needs to be provided once per plan.)
  3. Provide CNB with Participant Information.
  4. Send participant funds to CNB. Funds may be sent by wire, ACH, or by check.

Download an Automatic Rollover IRA Kit Today (click here)

If you have any questions concerning CNB's Automatic Rollover IRA Program, please contact the Trust Division at CNB:

President, Trust Division
Paul Maxwell
Direct Number: (303) 962-7363
Email: pmaxwell@coloradonational.com
Fax: 720-420-8387

Marketing Department
Kevin Rangel
Direct Number: (303) 962-7384
Email: krangel@coloradonational.com
Fax: 720-420-8387