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, may be interested in our Custodial account.

PENSCO offers a Custodial account which can be used for the following situations:

  • When you are the trustee of your pension plan and you either administer it yourself or have a third party administrator (TPA) or a CPA performing the compliance and IRS reporting functions, and, you want PENSCO to handle (custody) certain investment types such as real estate or private equity. Custody entails acquiring, selling, safekeeping, recordkeeping and reporting to you or your administrator the transactions, holdings and values of the assets in custody
  • When you have a business that involves the administration and accounting for investments (e.g., an investment business), but you do not want to account for or hold certain assets such as real estate
  • When you have a trust account that has alternative assets and you are looking for a firm to custody the assets

In all cases, PENSCO, in its role as custodian, will not be responsible for:

  • Tax accounting and reporting
  • Maintenance of any plan, trust, or other operating agreement that is the source of the assets in custody
  • Tax reporting to the Department of Labor, IRS or any other government agency.

PENSCO will supply your administrator with the information necessary for them to satisfy the reporting needs indicated for the assets PENSCO holds.

Open a PENSCO Custodial Account