STC understands that self-directed retirement investing is fraught with potential problems from many sources. Our job is to make sure our clients successfully navigate through these potential land mines.
Hagerstown, MD (PRWEB) March 12, 2009
In the aftermath of breaking news regarding yet another group of victims of Bernard Madoff's alleged Ponzi schemes, self-directed retirement plan administrator, Security Trust Company, offers a way out - and some financial assistance to boot.
The Associated Press reports that Fiserv, Inc., a Colorado retirement plan custodian, served as the custodian for more than 800 investors who trusted their IRA retirement savings to Madoff. While the company has not been implicated in any wrongdoing related to Madoff's widening scandal, the newly-identified individuals who had invested their retirement plans with him are looking for compensation and a way out - along with 135,000 other Fiserv IRA account holders who may have had fear instilled as a result of the recent headlines.
Saddened at the recent headlines, John Laughlin, President of Security Trust Company says, "We have great sympathy for IRA account holders who were taken advantage of. It is just not a reasonable defense to turn a blind eye to 800 similar investments that track to a single source; someone was asleep at the wheel here."
Security Trust Company's unique role as an independent self-directed retirement plan Administrator means the company does much more than merely hold title to retirement assets without concern for the investment that is being made. STC actually examines every client transaction to ensure compliance with IRS and ERISA rules and to verify the existence of the correct support documentation regarding the asset being acquired or sold.
According to Laughlin, "STC understands that self-directed retirement investing is fraught with potential problems from many sources. Our job is to make sure our clients successfully navigate through these potential land mines."
And for those Fiserv clients that are looking to move the administration of their self-directed retirement account, Security Trust Company is offering fifty percent, or $1,000, off its already modest set-up fees. Laughlin concluded, "It may be too late to salvage the funds that were invested with Madoff, but perhaps we can help hundreds of other self-directed retirement plans avoid a similar fate".