PENSCO Trust Company offers our clients and their appointed financial representatives to hold mutual funds within the retirement account which provides access to trade over 6,500 mutual funds. Trades can be submitted by contacting our client services department or by completing the Standard Investment Authorization form via the mail.
The client or Financial Representative opens up a DVP (Delivery vs Payment) account at the broker dealer of their choice using PENSCO Trust Company DTC instructions. As part of the account set up PTC must be designated to receive ID trade confirms. No margin accounts can be set up in these retirement plans.
If the client doesn't have a specific broker dealer they can open up an account through LTC Investments who can be reached at 1-800-655-8366. LTC Investments is not affiliated with PENSCO Trust Company but can act as a broker dealer for any client.
AGENT ID #94099
INSTITUTIONAL ID #94099
FBO CLIENT'S NAME AND PENSCO ACCOUNT NUMBER
The client is responsible for all commissions and fees attached to the trade.
Once the brokerage account has been opened the client can begin executing trades. The trades will electronically flow through DTC to PENSCO for processing and settlement.
FOR NEW CLIENTS AND GENERAL INQUIRIES:
IRS Publication 590 details prohibited assets. In general, the IRS prohibits the following assets:
Please read the IRS Bulletin about IRS Code 4975 for more information about prohibited transactions.
The IRS prohibits some investment types and transactions in a tax-deferred account or plan. In general, a prohibited transaction is any improper use of your tax-deferred account by you, your beneficiary, or any disqualified person. Any transaction that benefits you or a transaction that benefits someone you know who is deemed a disqualified person by the IRS is prohibited. Conducting a prohibited transaction, even unintentionally, will result in your account losing its qualified tax-protected IRA status.
A common example of a prohibited transaction is one between the IRA and a "disqualified person." A disqualified person includes any of the following in relation to the owner of an IRA:
You are not permitted to conduct transactions between these persons and your IRA.
Self-dealing rules are intended to eliminate what the IRS calls "stepped" or "linked" transactions, where family members may attempt to create transactions designed to avoid taxes associated with distributions from IRAs. It is important to consult with a professional if you are considering involving any family members in a transaction with your IRA.
No. This is known as a "linked transaction," and is considered the same as a transaction directly between a disqualified party and the IRA. It is a Prohibited Transaction.
No. This is considered a stepped transaction, and is thus prohibited. Your IRA is prohibited from purchasing any property that you, or any disqualified person, have ever owned personally.
FOR NEW CLIENTS THAT ALREADY HAVE A PENSCO ACCOUNT:
There are three convenient ways to take a distribution from your account.
If sufficient cash is available in the cash portion of your account at the time of your request, the request will generally be processed the same day, if the request is submitted before 1:00 p.m. MT, and the next business day if the request is received after 1:00 p.m. MT. Depending on the delivery method you choose, you will receive your funds as follows:
Complete the ACH For Distribution form and return it to us with a voided check. You may return the form via the delivery instructions on the form.
When submitting your distribution request, you can direct the sale of standard assets, such as mutual funds and annuities.
In your distribution request, use the re-registration option to indicate which investment you wish to put in your name and hold outside of the IRA. In some cases, such as with real estate, additional paperwork may be needed to transfer the assets. The last known value of the asset will be reported as a taxable event on IRS form 1099R.
Registering your account is quick and easy. All you need is your account number, date of birth, and Social Security number. Go to pensco.com and select Register in the top right-hand corner of the window. Once you complete a quick, one-time registration process, you will have immediate access to your accounts.
To give your spouse or another individual view-only (also known as read-only) access to your account online, complete and submit the Interested Party Authorization form. Once we receive the request, a contact ID will be assigned to the individual. Your designated Interested Party then can go to pensco.com and select Register in the top right-hand corner of the home page. They should select "Affiliated to an Account," then enter your account number and their contact ID. Note that Interested Parties cannot request transactions on your behalf.
Once you log in to your account at pensco.com, click on your account number. This will bring up your detailed account information. From there, you can select the Transactions tab to see transactions from the past 30 days. To view older transactions, simply change the date in the "Settle Date-From" field. If you want to change the number of rows displayed, select My Profile and change the row count under Display Options.
Log in to your account at pensco.com, and select My Profile. From there, select Contact Information to update your contact information (including your email address).
Log in to your account at pensco.com, and select My Profile. From there, select Security Information.
Log in to your account at pensco.com, select My Profile, then Payment Preferences. To update your credit card, select Change, which is located above your card number. From there, you can also manage how your fees are paid by selecting either "Credit/Debit Card" or "Debit Uninvested Cash." As a reminder, even if you choose to pay your fees via a debit to uninvested cash, you must maintain a valid credit or debit card on file for your account.
Yes. Log in to your account at pensco.com, click on your account number, and select Important Documents. From there, you will have access to an archive of statements dating back to 2008. You can also access fee statements, tax forms, and statement enclosures by choosing from the Document Type drop-down menu.
New Account Inquiries:
Current Account Holders: