System and method for proactive auto portability of individual retirement accounts

Abstract

A method performed by one or more processing devices, via one or more networks, for the proactive, without initiation by an owner of a first retirement account, and automatic portability of the first retirement account, comprising: automatically searching databases or sending search requests to one or more record-keepers for a second retirement account owned by the owner; and sending a negative consent notification having a date to the owner of the first retirement account; wherein the negative consent notification advises the owner that unless the owner provides other instructions within a time period from the date, the first retirement account shall be rolled over, in-whole or in-part, into the second retirement account or vice versa.

1 . A method performed by one or more processing devices, via one or more networks, for the proactive, without initiation by an owner of a first retirement account, and automatic portability of the first retirement account, comprising:
 automatically searching databases or sending search requests to one or more record-keepers for a second retirement account owned by the owner; and   sending a negative consent notification having a date to the owner of the first retirement account;   
       wherein the negative consent notification advises the owner that unless the owner provides other instructions within a time period from the date, the first retirement account shall be rolled over, in-whole or in-part, into the second retirement account or vice versa. 
     
     
         2 . The method of  claim 1 , further comprising: receiving an electronic data record from a first record-keeper of the one or more record-keepers for the first retirement account owned by the owner. 
     
     
         3 . The method of  claim 2 , further comprising:
 automatically maintaining an audit trail record in or associated with said electronic data record for the first retirement account; wherein said audit trail record contains historical information for each action taken with respect to the first retirement account and/or its associated electronic data record.   
     
     
         4 . The method of  claim 3 , wherein the audit trail record contains historical information memorializing the date, time and/or other details about:
 the receiving the electronic data record from the first record-keeper for the first retirement account owned by the owner;   the automatic searching databases or sending search requests to the one or more record-keepers for the second retirement account owned by the owner;   the sending the dated negative consent notification to the owner of the first retirement account;   wherein the negative consent notification advises the owner that unless the owner provides other instructions within a time period, the first retirement account shall be rolled over, in-whole or in-part, into the second retirement account or vice versa.   
     
     
         5 . The method of  claim 3 , wherein the historical information of the audit trail record for the first retirement account is used as the sole or partial basis for determining a future action to be taken with respect to the first retirement account. 
     
     
         6 . The method of  claim 4 , wherein the historical information of the audit trail record for the first retirement account is used as the sole or partial basis for determining a future action to be taken with respect to the first retirement account. 
     
     
         7 . The method of  claim 2 , further comprising:
 setting a timer to expire at the end of the time period from the date.   
     
     
         8 . The method of  claim 7 , further comprising:
 sending to a record-keeper of the second account which may be the same as the first record-keeper, data and funds of the first retirement account to be rolled over into the second account upon not receiving any other instructions from the owner within the time period.   
     
     
         9 . The method of  claim 7 , further comprising:
 receiving an instruction from the owner to opt-out of any rollovers between the first and second retirement accounts or an instruction to maintain the first retirement account with the first record-keeper.   
     
     
         10 . The method of  claim 9 , further comprising:
 flagging the first retirement account in a database to indicate receipt of the owner's instruction to opt-out of any rollovers between the first and second retirement accounts or to maintain the first retirement account with the first record-keeper.   
     
     
         11 . The method of  claim 7 , further comprising:
 receiving an instruction from the owner to issue a cash distribution from the first retirement account.   
     
     
         12 . The method of  claim 1 , wherein the first retirement account is Safe Harbor IRA (SHIRA) eligible and the second retirement account is not SHIRA-eligible. 
     
     
         13 . The method of  claim 1 , wherein the first retirement account is not SHIRA-eligible and the second retirement account is not SHIRA-eligible. 
     
     
         14 . The method of  claim 8 , wherein the first retirement account is SHIRA-eligible and the second retirement account is not SHIRA-eligible. 
     
     
         15 . The method of  claim 8 , wherein the first retirement account is not SHIRA-eligible and the second retirement account is not SHIRA-eligible. 
     
     
         16 . The method of  claim 1 , wherein the negative consent notification is sent to the owner after finding the second retirement account. 
     
     
         17 . The method of  claim 1 , wherein the negative consent notification is sent to the owner before searching for the second retirement account. 
     
     
         18 . The method of  claim 2 , further comprising:
 creating a SHIRA owned by the owner upon not finding a second retirement account owned by the owner or upon not receiving any instructions from the owner;   rolling over of the first retirement account into the SHIRA owned by the owner; and   sending a second notification having a date to the owner; wherein the second notification advises the owner that unless the owner provides other instructions within a time period from the date, the owner's SHIRA shall be rolled over into the second retirement account once found.   
     
     
         19 . The method of  claim 18 , further comprising:
 repeating periodically the automatically searching databases or sending search requests to the one or more record-keepers including the first record-keeper for the second retirement account.   
     
     
         20 . The method of  claim 19 , further comprising:
 sending to the record-keeper of the second account, data and funds of the owner's SHIRA-eligible account to be rolled over into the second account upon not receiving any other instructions from the owner within the time period and upon finding the second account.   
     
     
         21 . A method performed by one or more processing devices, via one or more networks, for the proactive, without initiation by each owner of one of a plurality of first retirement accounts, and automatic portability of the first retirement accounts, comprising:
 automatically searching databases or sending search requests to one or more record-keepers to determine whether each owner of one of the plurality of first retirement accounts also owns a second retirement account;   amending an electronic data record associated with a respective one of the plurality of first retirement accounts to indicate either that a respective second retirement account was or was not found; and   sending a negative consent notification having a date to each owner for which a respective second retirement account has been found; wherein the negative consent notification advises the owner that unless the owner provides other instructions within a time period from the date, the owner's respective first retirement account shall be rolled over, in-whole or in-part, into the owner's respective second retirement account or vice versa.   
     
     
         22 . The method of  claim 21 , wherein each of the electronic data records was received from a first record-keeper of the one or more record-keepers. 
     
     
         23 . The method of  claim 22 , wherein the other instructions comprise: (i) having a cash distribution issued from the owner's first and/or second retirement account; (ii) have the owner's first retirement account rolled over, in-whole or in-part, into said owner's second retirement account or vice versa; or (iii) have the owner's first and/or second retirement accounts maintained as is without effecting any cash distribution, rollover or other modification. 
     
     
         24 . The method of  claim 23 , further comprising:
 receiving instructions from one or more of the owners to effect one or more of the following actions: (i) a cash distribution issued from the owner's first and/or second retirement account; (ii) a rollover, in-whole or in-part, of the owner's first retirement account into said owner's second retirement account or vice versa; and/or (iii) maintaining the owner's first and/or second retirement account as is without effecting a cash distribution, rollover or other modification.   
     
     
         25 . The method of  claim 24 , further comprising:
 sending to the first record-keeper the instructions received from the one or more owners.   
     
     
         26 . The method of  claim 22 , wherein each of the plurality of electronic data records received relates to a SHIRA-eligible account. 
     
     
         27 . The method of  claim 22 , wherein each of the plurality of electronic data records received relates to a non-SHIRA-eligible account. 
     
     
         28 . The method of  claim 23 , wherein each of the respective first retirement accounts is a SHIRA-eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         29 . The method of  claim 23 , wherein each of the respective first retirement accounts is a non-SHWA-eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         30 . The method of  claim 24 , wherein each of the respective first retirement accounts is a SHIRA eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         31 . The method of  claim 24 , wherein each of the respective first retirement accounts is a non-SHIRA-eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         32 . The method of  claim 25 , wherein each of the respective first retirement accounts is a SHIRA eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         33 . The method of  claim 25 , wherein each of the respective first retirement accounts is a non-SHIRA-eligible account and each of the respective second retirement accounts is a non-SHIRA-eligible account. 
     
     
         34 . The method of  claim 28 , further comprising:
 setting a timer to expire at the end of the time period from the date.   
     
     
         35 . The method of  claim 34 , further comprising:
 sending to the first record-keeper, an updated file identifying each owner who has not provided instructions as of the end of the time period extending from the date and account information for each such owner's respective second retirement account.   
     
     
         36 . The method of  claim 29 , further comprising:
 setting a timer to expire at the end of the time period from the date.   
     
     
         37 . The method of  claim 36 , further comprising:
 sending to the first record-keeper, an updated file identifying each owner who has not provided instructions as of the end of the time period extending from the date and account information for each such owner's respective second retirement.   
     
     
         38 . A system for the proactive, without initiation by an owner of a first retirement account, and automatic portability of the first retirement account, comprising: one or more processing devices; and one or more machine-readable media configured to store instructions that are executable by the one or more processing devices to perform operations comprising:
 automatically searching databases or sending search requests to one or more record-keepers for a second retirement account owned by the owner;   amending an electronic data record associated with the first retirement account to indicate either that the second retirement account was or was not found;   sending a negative consent notification having a date to the owner; wherein the negative consent notification advises the owner that unless the owner provides other instructions within a time period from the date, the first retirement account shall be rolled over, in-whole or in-part, into the second retirement account or vice versa;   automatically maintaining an audit trail record in or associated with said electronic data record for the first retirement account; wherein said audit trail record contains historical information for each action taken with respect to the first retirement account and/or its associated electronic data record; and   using the historical information of the audit trail record for the first retirement account as the sole or partial basis for determining a future action to be taken with respect to the first retirement account.