Self-directed Retirement Account Custodians
Not to be confused with securities safekeeping custodians, in the U.S., various retirement plan investment accounts require "custodians" which have only a notion of safekeeping or possession in the concrete sense that securities or assets are custodied, but, rather, this arrangement is more about recordkeeping and administration than holding of invested assets. True, a custodian bank could also happen to be a retirement account administrator/"custodian", though a commercial bank could also be such a "custodian" and not be a "custodian bank". Such financial institutions specialize in the administration and 'custody' of individual or self-directed retirement plan such as IRAs, Roth IRAs, SEP IRAs, Rollover IRAs and Solo 401(k)s. Such institutions provide required legal custody services for the assets associated with self-directed retirement plans and administrative services such as investment execution, recordkeeping, accounting, and IRS and client reporting, while the actual account investments are held or custodied in accounts elsewhere.
Read more about this topic: Custodian Bank
Famous quotes containing the words retirement, account and/or custodians:
“Convent. A place of retirement for women who wish for leisure to meditate upon the sin of idleness.”
—Ambrose Bierce (1842–1914)
“I cannot help wondering sometimes what I might have become and might have done if I had lived in a country which had not circumscribed and handicapped me on account of my race, but had allowed me to reach any height I was able to attain.”
—Mary Church Terrell (1863–1954)
“All ... forms of consensus about “great” books and “perennial” problems, once stabilized, tend to deteriorate eventually into something philistine. The real life of the mind is always at the frontiers of “what is already known.” Those great books don’t only need custodians and transmitters. To stay alive, they also need adversaries. The most interesting ideas are heresies.”
—Susan Sontag (b. 1933)