I call myself the “most dangerous ERISA attorney in America” because I’m not afraid to express my opinion. So I’m going to say something that will irk a few people.
As the Department of Labor is concerned with missing participants and having questions about the use of automatic rollover IRAs, I have one question: are we doing enough with automatic rollover IRA accounts? Are missing participants well served with an IRA product that maybe pays 30-50 basis points in savings account interest where the interest can’t afford to pay the custodial fee? I don’t think they are and I’m sure the DOL will agree with me especially when inflation outpaces any FDIC bank interest rate.
If you agree with me, contact me shortly about a new type of automatic rollover IRA that I’ve been working on with a well known IRA custodian that will make plan providers happier and missing participants even happier (if they’re ever found).
