Inherited IRAs
I am trying to find firms that will set up an Inherited IRA from a NYC Pesion Fund for a Non Spouse Beneficiary. I checked with Charles Schwab but they only handle Inherited IRAs for funds where they are the trustee. I do not want to go to a Merril Lynch type firm as they will charge too much in fees.
Permalink Submitted by Alan Spross on Wed, 2008-06-11 19:06
That is surprising to hear regarding Schwab. I assume you talked to their retirement specialists rather than just a CSR. Perhaps they have had problems setting up these accounts only to find that the qualified plan does not offer the transfer, which remains optional as of today. The Technical Corrections bill that has been bouncing around Congress for several months now would take care of that problem by making the transfer mandatory.
I cannot specifically answer your question, but you might try Fidelity, Vanguard, or T Rowe Price. If no luck, check with the pension fund trustee if they offer retail IRA accounts.
Permalink Submitted by Al Fry on Thu, 2008-06-12 21:14
Most any B-D will do these.