NO ACTION REQUIRED
In 2019, The Charles Schwab Corporation acquired TD Ameritrade and its related businesses. Since that time, Charles Schwab & Co., Inc. (“Schwab”) has been working with TD Ameritrade to move the TD Ameritrade accounts to the Schwab platform.
The ABA Retirement Funds Program (“Program”) is excited to support the transition of your plan’s TD Ameritrade Self-Directed Brokerage Account (SDBA) to the Schwab Personal Choice Retirement Account® (“PCRA”), which will occur for you and your participants beginning on or about September 1, 2023. The Schwab PCRA offers research and tools and includes access to a broad range of investments for participants who prefer a do-it-yourself approach.
Here are some benefits and highlights of the change:
No Plan Administrator paperwork or reregistration is needed for the transition
There is no action needed from you, the Plan Administrator, to initiate the transition. It will happen automatically — safely and securely.
NEW Schwab PCRA Participants will benefit from a new electronic account opening process
Once your plan has been transitioned to Schwab PCRA, the participant account opening process will be completed online to securely exchange data with Schwab, eliminating a paper account application previously required to open a brokerage account.
Communications and Key Dates
Your participants will receive communications directly from TD Ameritrade with additional details and key dates for this transition.
If you have any questions, you may call the Program’s Plan Administrator line at 800.752.6313 or email contactus@abaretirement.com.