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Automatic Rollover IRA Accountholder Information
Welcome to Colorado National Bank!
If you received IRA paperwork from us, your former employer (in accordance with the provisions of the company’s retirement plan document and applicable government regulations) has established a self-directed Automatic Rollover IRA on your behalf with Colorado National Bank. This is allowed in situations where former employees fail to complete and return a company’s distribution election form and the company’s effort to locate the employee proves unsuccessful.
Your funds, which were maintained in your previous employer’s retirement plan, have now been transferred to us (as the named IRA Custodian) and deposited into an FDIC insured savings account. In order to access your self-directed IRA or obtain additional information, you will need to complete the IRA Adoption Agreement which was enclosed in the paperwork we sent you and return it, along with the requested information, i.e., a copy of your current driver’s license or other form of identification, (acceptable to us) such as a passport. Be sure to review the IRA Adoption Agreement carefully, insert missing information, correct any errors, and mail the form back to us. We also ask that you take the opportunity to complete the Designation of Beneficiary section on the Adoption Agreement since the election you made under your former employer’s plan, is no longer valid.
IRA Account Options
Once you complete and return the above referenced IRA Adoption Agreement you have a number of options available to you with respect to your IRA. These include:
Keep your IRA at Colorado National Bank
Request your account to be closed. This requires you to complete and return our IRA Distribution Request Form. Once we receive the form we will close your account and send you the proceeds. Note: Upon receipt you can either keep the funds or roll them into another IRA within 60 days.
Request a transfer of your IRA to another IRA Custodian. In such case you will need to select a new IRA Custodian, open an IRA account with them, and complete the new Custodian’s IRA Transfer Form. The new Custodian will send us the completed IRA Transfer Request at which time we will forward your funds to them and close your account.
If you need to access any of our documents and forms, simply click on the item below:
- IRA Adoption Agreement
- Traditional IRA Custodial Agreement
- Roth IRA Custodial Agreement
- IRA Disclosure Statement & Financial Disclosure
- IRA Fee Schedule
- Change of Address
- Beneficiary Designation
- IRA Distribution Request Form
If you have any questions concerning CNB's Automatic Rollover IRA Program, please contact:
Paul E. Maxwell
Colorado National Bank
SVP Retirement Plans Division