I call myself the \u201cmost dangerous ERISA attorney in America\u201d because I\u2019m not afraid to express my opinion. So I\u2019m going to say something that will irk a few people.<\/p>\n
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\u2019t afford to pay the custodial fee? I don\u2019t think they are and I\u2019m sure the DOL will agree with me especially when inflation outpaces any FDIC bank interest rate.<\/p>\n
If you agree with me, contact me shortly about a new type of automatic rollover IRA that I\u2019ve been working on with a well known IRA custodian that will make plan providers happier and missing participants even happier (if they\u2019re ever found).<\/p>\n
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