IRA Incentive

Posted By: Tocomply

IRA Incentive - 11/15/12 07:56 PM

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.
Posted By: rlcarey

Re: IRA Incentive - 11/16/12 08:55 AM

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:
Posted By: el guapo

Re: IRA Incentive - 11/26/12 05:28 PM

You can offer incentives, but there are some limitations. Let me see if I can track them down.
Posted By: el guapo

Re: IRA Incentive - 03/15/13 03:27 PM

Just to follow up, someone just went through the trouble of getting a private letter ruling on this issue:

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