Special Plans

Coverdell Education Savings Accounts (ESAs)

ESAs are designed to save for childrens educational expenses. Parents, grandparents, and friends and other relatives who may want to contribute up to $2,000 per year towards a childs education fund, would be interested in an ESA.
Custodial Accounts

Individual plan participants or trustees of self-administered pension plans (e.g., defined benefit or defined contribution plans including 401(k)s) who want to have PENSCO act as custodian of their assets, would be interested in our Custody account.
Charitable IRAs

Individuals who would like to help their charities by investing with them may be interested in PENSCOs Charitable IRA. Originally, invented by PENSCO in the late 1990s, the Charitable IRA now has several features.

Other IRA Concepts

Spousal IRA

A nonworking spouse can make a deductible IRA contribution of up to $5,000 for 2009 ($6,000 if age 50 or older as of 12/31/09) as long as the couple files a joint return, and the working spouse has enough earned income to cover the contribution. Such an IRA is called a spousal IRA.
Inherited or Beneficiary IRA

IRAs that are inherited from the original IRA owners by either spouses or non-spouse beneficiaries have special rules. As a consequence they are designated Inherited or Beneficiary IRAs.
Contributory IRA

A Contributory or Traditional IRA is an IRA that was initially funded by annual IRA contributions. Pension plans may be rolled over and added to pre-existing Contributory or Traditional IRAs as can other traditional IRAs.
Rollover IRA

Until recently, IRAs that were the result of rollovers from pension plans such as 401(k)s were designated rollover IRAs because they needed to be segregated from traditional IRAs to preserve the right to have them return to a pension plan in the future. This need no longer is required under the law. However, many pre-existing rollover IRAs still carry this designation. If your rollover IRA is moved to PENSCO it may be merged with a traditional IRA and may or may not maintain the rollover designation.
Stretch IRA

If you would like to leave your IRA at death to your heirs and set things up so that they can stretch the IRA asset distributions out over their own expected lifetimes (maximizing their ability to grow and maintain their tax-deferred or tax-free savings), then your IRA beneficiary designations must be done carefully. PENSCO standard Roth and Traditional IRAs allow for the creation of stretch IRAs.