• Significantly reduces the time of transfers from two weeks to three days
• Decreases the number of paper transmittals, faxes and phone calls between funds and shareholders.
• Increases processing efficiency and reduces costs of transfers.
• Reduces errors through the use of a standardized record format.
• Processes transfers of  traditional IRAs, Roth IRAs, SARSEPs, and others.

How the Service Works

• Transfer Initiation: A receiving fund electronically submits the ToRA transfer request record through Fund/SERV to the delivering fund.
• Transfer Acknowledgment/Rejection: The delivering fund can either acknowledge or reject the transfer request. If the delivering fund does not acknowledge the transfer request, a reminder is sent to both funds for two business days, and then the request is dropped from the system.
• Confirmation: The delivering fund submits a confirmation between two and  10 business days after submitting the acknowledgement. The confirmation states both the transfer and the actual liquidation of the position by the delivering fund at the price determined by the delivering fund.
• Reminders: NSCC sends daily reminders of any outstanding transfer acknowledgements or confirmations.
• Exit by Receiving Fund: The receiving fund may cancel a transfer any time up to the time the settlement file is created.
• Reconfirmation: The delivering fund may change any information previously submitted in the confirmation, any time up to the time the settlement file is created.
• Settlement: All confirmed transfers will appear on the delivering firm's next available noon-day settlement file. The transaction will settle on the same day it appears in the file.
• Cash Adjustments: Either fund can submit a cash adjustment record for a transfer any time after the transfer has settled.

For More Information

Please contact Wealth Management Services Marketing at (212) 855-8877.