NU Online News Service, Dec. 8, 2004, 3:49 p.m. EST
More companies have joined a Web-based program that sells individual retirement accounts and other products to workers who are leaving 401(k) plans.[@@]
The companies, New York Life Insurance Company, New York, and American Century Investments, Kansas City, Mo., have signed up to sell products and services through a Web site run by RollOver Systems Inc., Charlotte, N.C.
The RollOver site can help 401(k) plan participants who are leaving their employers transfer 401(k) plan funds to new IRAs in about 15 minutes, RollOver says.
The automated transaction time compares with a typical transaction time of about 8 weeks for workers who complete transfers using the traditional rollover process, the company says.
Companies already selling products through the RollOver site include Fidelity Investments, Boston, and Charles Schwab Corp., San Francisco.