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#1758361 - 11/15/12 07:56 PM IRA Incentive
Tocomply Offline
Platinum Poster
Joined: Nov 2004
Posts: 650
Is it is a violation to give a customer a monetary incentive to rollover their IRA? A tax attorney is telling us that this is a Department of Labor violation.

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Deposits and Payments
#1758508 - 11/16/12 08:55 AM Re: IRA Incentive Tocomply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,363
Galveston, TX
I guess E-Trade and TD Ameritrade are probably going to be in hot water then. Like any such claim, go to the source and ask for the specific citation:

http://www.kiplinger.com/features/archiv...e-accounts.html
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1760662 - 11/26/12 05:28 PM Re: IRA Incentive Tocomply
el guapo Offline
Gold Star
el guapo
Joined: Jul 2004
Posts: 345
You can offer incentives, but there are some limitations. Let me see if I can track them down.

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#1795240 - 03/15/13 03:27 PM Re: IRA Incentive Tocomply
el guapo Offline
Gold Star
el guapo
Joined: Jul 2004
Posts: 345
Just to follow up, someone just went through the trouble of getting a private letter ruling on this issue: http://www.irs.gov/pub/irs-wd/1310043.pdf

It backs up the prior two private letter rulings which upheld the ability to provide an account opening bonus on retirement accounts.

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