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Types of Service Charges

Our fee schedule varies based on investment type, but essentially there are four types of service fees. 

One-time Account Establishment

Quarterly Account Administration and Maintenance

Account Transactions

Account Closures and Transfers Out

This service includes opening the account, communication with your existing custodian to initiate the receipt of funds, facilitation of the funds transfer to PENSCO and any other necessary follow up to establish your account.

In order to hold alternative assets in a retirement account and maintain the tax-advantaged benefits that retirement accounts provide, the alternative asset must be held by an authorized alternative asset custodian or administrator according to IRS Publication 590.

These services are based on the nature of your investment or other requests. These services could include:

  • Outgoing wires, cashier checks, returned checks

  • Overnight mailings, notary services, medallion signatures

  • Roth or IRA re-characterizations

  • Quarterly processing fees for real estate, notes or tax lien payments

  • Custom account research

Unlike a standard bank or brokerage account, closing or moving your account is not an easy task.  In order to maintain your tax-deferred status, there may be re-titling, re-registration and other important documentation that needs to be properly transferred.  There are separate fees for partial or full liquidations and transfers.

Payment Preferences

Most PENSCO service fees are charged quarterly and there are multiple ways to reconcile service fees – you can choose which one is right for you. Some people like to pay fees out of the cash in their IRAs, especially if they have traditional IRAs since the fees are then paid with pre-tax dollars. Some people want to keep all the money they possibly can in their IRAs and therefore pay the service fees with money outside of their IRAs – in those instances, the fees could actually be tax-deductible.  Check with your tax professional.

Methods:

  • Payment by debit or credit card
  • Bank transfer from a non-IRA bank checking or savings account (ACH)
  • Cash deducted from your PENSCO IRA account

While fees vary based on your type of investment, PENSCO proudly provides the following service to all of our clients:

Unlimited access to knowledgeable PENSCO reps

  • Client service reps are available Monday – Friday from 8:30 a.m. to 8 p.m. EST to help you with any questions about your account

Account Summaries

  • Intra-day transactions posted online so you can see your account activity
  • Quarterly statements via e-mail

Annual Asset Valuation

  • Private Equity: Reaching out to your investment sponsor to receive your asset valuation as required by our regulators and reporting this information as required to the Internal Revenue Service (IRS)
  • Real Estate, Notes, Other: reaching out to you remind you that your annual valuation is due and reporting that information to the IRS on your behalf

Annual Tax Reporting

  • Recording all contributions and issuing IRS Tax Form 5498
  • Processing all distributions and issuing IRS Tax Form 1099-R
  • Recording all dividends, interest payments and any other investment income earned

Behind the scenes:

  • Continuing monitoring and upgrading our systems to ward off cyber crime
  • Staying current with regulatory and tax law changes, so we can help keep your account current
  • Listening to our clients and developing more online tools to make it easier for you to manage your account