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Transfer of Retirement Assets (ToRA)

Transfer of Retirement Assets (ToRA) enables mutual fund companies to transfer to other fund companies the assets and value of mutual fund shares held in fund-sponsored IRA plans and other retirement vehicles. It is a feature of Fund/SERV®, NSCC’s industry standard for processing and settling mutual fund orders.

About

ToRA is accessible via mainframe over DTCC’s SMART connection.

Who Can Use the Service

Fund companies that are members of NSCC and participate in Fund/SERVcan use the service.

Benefits

  • Reduces the time it takes to complete 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 lowers the cost 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 a 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 and10 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 at any point up to the time the settlement file is created.
  • Reconfirmation: The delivering fund may change any information previously submitted in the confirmation at any point up to the time the settlement file is created.
  • Settlement: All confirmed transfers appear on the delivering fund’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 your Relationship Manager or the Account Management Team at (212) 855-8877.

ToRA is a functionality of Fund/SERV, a service offering of National Securities Clearing Corporation (NSCC), a wholly-owned DTCC subsidiary. Fund/SERV is governed by applicable Rules, Procedures, and Service Guides of NSCC, which contain the full terms, conditions, and limitations applicable to the Service. The description herein is for informational purposes only, and NSCC reserves the right to make modifications.

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