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Safe Harbor IRA Automatic Rollovers
Reduce your expenses.
Reduce your fiduciary liability.
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SaveDaily.com, Inc., an SEC registered investment advisor has partnered with UMB Bank, n.a. to offer a
Safe Harbor automatic rollover IRA. SaveDaily's low cost solution and simple file transfer mechanisms
make it an ideal solution for plan sponsors with any number of participants. There is no cost to the plan for
the service, and participants are only charged a simple annual fee. Participant's retirement assets are
automatically rolled into an IRA that meets the Safe Harbor provisions as set by the IRS and the
Department of Labor under section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of
2001 (EGTRRA). Assets are invested into a money market mutual fund focused on the preservation of
capital. Participant's investment will stay in a money market mutual fund until they make an alternative
investment decision.
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Facts
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Custodian: |
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UMB Bank, with over $5 billion in assets under custody |
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Provider: |
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SaveDaily.com, SEC registered investment advisor |
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Minimum Rollover Amount: |
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$0 |
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Plan Sponsor Fees: |
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$0 |
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Participant Setup (Transfer Fee): |
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$0 |
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Participant Annual Fee: |
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$50 |
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Participant Termination Fee: |
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$0 |
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Participant Transaction Fees: |
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$0 |
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Plan Sponsors will be provided with (1) IRA Provider/Plan Sponsor written agreement, (2) Summary Material Modification (SMM),
and (3) Electronic interface to transfer information and simplify process. Once participants are rolled over into an IRA,
we will seek out participants annually to make them aware of their IRA and options.
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