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)
“Placing too much importance on where a child goes rather than what he does there . . . doesn’t take into account the child’s needs or individuality, and this is true in college selection as well as kindergarten.”
—Norman Giddan (20th century)
“The party of God and the party of Literature have more in common than either will admit; their texts may conflict, but their bigotries coincide. Both insist on being the sole custodians of the true word and its only interpreters.”
—Frederic Raphael (b. 1931)