For banks
A retirement account your core cannot open — offered to the business customers you already have.
Banks serve the employers. Employers have the employees. The workplace IRA is the account that connects them, and it runs beside your core, not inside it.
A bank offers MyFreeIRA to its business customers as a no-cost employee benefit. The employer enrols; employees open accounts in their own names; the bank keeps the relationship and the referral, without becoming a custodian, an adviser or a plan sponsor.
What the bank does
- Offers the benefit to business customers, under its own brand or ours
- Refers employers into enrolment; the employer decides
- Keeps the business relationship and the conversation
What the bank does not do
- Custody the accounts — Investor Services does
- Choose or recommend investments
- Endorse the provider to employees or take compensation that would move the employer inside ERISA
Beside your core
The accounts live on A8 Core™, the account operating system built to run beside a deposit core rather than replace it: your customers’ deposits stay on your balance sheet, and the retirement accounts your core cannot open are recorded, reported and custodied elsewhere. Nothing is installed in your core. How coexistence works →
See footnote 1
Where this stands
Bank programmes are described as designed. Account opening is not available before the charter; no bank is named before its programme launches.
Footnotes
- Custody will be provided by Institutional Trust Company through Investor Services. Institutional Trust Company is seeking a South Dakota non-depository trust charter, is not chartered, and is not accepting accounts. Account opening is not available. ↩