How to make changes to company retirement accounts

How to make changes to company retirement accounts

company retirement account (CRA) is a brokerage account designed to hold the assets of an individually designed business retirement plan.

Some of the most common changes you can make to company retirement accounts are adding or removing a trustee Tooltip , changing the company name or tax identification number, and dissolving a CRA.

All accounts
  • Firm name and master account number
  • Company's and trust's Schwab account number, name, address, and taxpayer identification number
  • Trustee's name, address, Social Security number, birth date, telephone numbers, ID information for non-U.S. residents, and employer information
  • Adobe® Reader® or Adobe Acrobat® 7.0 or higher (download the latest version on the Adobe website)
In addition to the information above, the following information specific to the type of change may be required:
Add a trustee
  • A completed Company Retirement Account (CRA/Pension Trust) form
  • If the trustee is an organization:
    • A completed Supplemental Trust Account Application for Entity Trustees
    • A completed Account Application Addendum
Remove a trustee
  • For trustee resignation, a board resolution, minutes of the meeting approving the removal of the trustee, or letter of resignation signed by the resigning trustee


Note: The letter of authorization would be required if the minutes/corporate resolution does not reference the retirement plan.
 

  • For trustee death or incapacitation:
    • If no replacement, minutes of the meeting approving the removal of the trustee, a letter from the president of the organization on company letterhead authorizing the removal, or a court order authorizing the removal of the trustee
    • If there is a replacement, a completed Company Retirement Account (CRA/Pension Trust) form signed by all trustees now acting on the account and one of the following:
      • The minutes of the meeting approving the removal of the trustee
      • Letter from the president of the organization on company letterhead authorizing the removal
      • A court order authorizing the removal of the trustee
    • If the CRA is dissolving, a letter of authorization from any remaining or successor trustee requesting transfer to another account, request for check issuance, or request for a transfer out
Change a CRA name
  • If changing just the name, a completed Company Retirement Account (CRA/Pension Trust) master application and a valid letter of authorization (LOA)
  • If changing just the tax identification number, a completed W-9 Request for Taxpayer Identification Number and Certification form and a valid LOA
  • If changing both the name and the tax identification number, a new account is required
Dissolve a CRAvalid LOA from any trustee or a corporate resolution assigning new trustees
Form completion method

If using DocuSign to submit forms:

  • For existing Schwab clients, a complete Schwab Advisor Center® profile with the account holder's current email address and mobile phone number
  • For new-to-Schwab clients, the email address and mobile phone number
  • All clients must use either Alliance Authentication (only available when starting the envelope within Schwab Advisor Center), or, both text message (SMS) authentication and Knowledge Based Authentication (KBA) for DocuSign (available in both Schwab Advisor Center and the DocuSign Console)

This process may be used to add a trustee to your company retirement account.

  1. Search Company Retirement Account (CRA/Pension Trust) within the Forms library page on Schwab Advisor Center and select the appropriate option. Open a separate form for each account to which the trustee will be added.
  2. Complete all applicable sections using DocuSign when available.
  3. If the trustee is an organization, you must also complete the Supplemental Trust Account Application for Entity Trustees and Account Application Addendum.  Additional documents Tooltip  may be required when adding trustees or agents.
  4. Print the form(s) and obtain the signatures of all trustees. The signature of the  participant Tooltip  is also required if trading authority is assigned. Send the signed forms to your Schwab service team via a Schwab Advisor Center service request.
  5. All new trustees must receive the 408(b)(2) notice for the plan. This package includes the 408(b)(2) disclosure, pricing guide, and cash features disclosure. Request this package from the Schwab Retirement Center and send to the new trustee.

This process may be used to remove a trustee from your company retirement account.

  1. Obtain the appropriate documentation for the specific situation. 
    • For the resignation of a trustee, obtain one of the following:

      • Board resolution 
      • Minutes of the meeting approving the trustee's removal 
      • Letter of resignation signed by the resigning trustee, or letter of authorization on company letterhead from a remaining trustee authorizing Schwab to remove the resigning trustee

      Note: The letter of authorization is required if the minutes/corporate resolution does not reference the retirement plan.

    • For the death or incapacitation of a trustee, the required documents can vary depending on the future intentions of the company retirement account and the state in which the decedent resided. Requirements typically include the information below, but you should call your service team for verification.
      • If the trustee is deceased and there is no replacement, obtain the minutes of the meeting approving the removal of the trustee, a letter from the president of the organization on company letterhead authorizing the removal, or a court order authorizing the removal of the trustee. 
      • If the trustee is deceased and is being replaced, search Company Retirement Account (CRA/Pension Trust) within the Forms library on Schwab Advisor Center and select the appropriate option.
      • The form must be signed by all trustees that will now be acting on the account. Also, include either the minutes of the meeting approving the removal of the trustee, letter from the president of the organization on company letterhead authorizing the removal, or a court order authorizing the removal of the trustee.
      • If the trustee is deceased and the CRA is dissolving, submit a letter of authorization from any remaining or successor trustee requesting transfer to another account, request for check issuance, or request for a transfer out.
  2. If the trustee is an organization, search for the Supplemental Trust Account Application for Entity Trustees and Account Application Addendum options within the Forms library on Schwab Advisor Center. Complete, print, and sign both forms.
  3. Send the documentation to your Schwab service team via a Schwab Advisor Center service request.

This process may be used to change the name or tax identification number for your company retirement account.

  1. Obtain the appropriate documentation for the specific situation.
    • If you are changing just the name on the account, search Company Retirement Account (CRA/Pension Trust) within the Forms library on Schwab Advisor Center and select the appropriate option. Complete and submit the form along with a valid letter of authorization (LOA) on company letterhead from remaining trustee authorizing Schwab to update plan name.
    • If you are changing just the tax identification number, search W-9 Request for Taxpayer Identification Number and Certification within the Forms library on Schwab Advisor Center and select the appropriate option. Complete and submit the form along with a valid LOA
    • If you are changing both the name and the tax identification number, you must set up a new plan including the master and participant accounts. Refer to How to open a company retirement account (CRA) for more information.
  2. Send the documentation to your Schwab service team via a Schwab Advisor Center service request.

This process may be used to dissolve a CRA and liquidate the account or transfer the security positions to another account.

  1. Obtain a valid LOA from any trustee or a corporate resolution assigning new trustees.
  2. Send the documentation to your Schwab service team via a Schwab Advisor Center service request.

Once you submit your request:

  • The request will be reviewed and processed by your service team.
  • If forms were submitted using DocuSign, review the What's next? section of How to use DocuSign.
  • The trustee will be added to or removed from the account. If removing a trustee due to resignation or death, the trustee will be removed from all accounts listed in the supporting documents.
  • If you have questions about making changes to a company retirement account, contact your Schwab service team.

To select a form, go to the Forms library on Schwab Advisor Center. 

Form: Account Application Addendum
Form: Company Retirement Account (CRA/Pension Trust)
Form: Supplemental Trust Account Application for Entity Trustees
Form: W-9 Request for Taxpayer Identification Number and Certification

Does Schwab provide trustees help with recordkeeping or administration of a company retirement account?
No. Contact the Schwab Retirement Solutions™ team to receive referrals to Independent Recordkeepers that work with Schwab.

Can you add and remove trustees simultaneously?
Yes. The steps for both scenarios can be completed at the same time.

Can participants request a change of trustees?
No. Any changes to the trustees must be requested by the trustees.

How can a trustee grant authority to a third-party administrator?
A trustee can name a third-party administrator in the CRA Master Account Application. The third-party administrator can be set up to receive duplicate mailings on the account or be given trading authority (limited power of attorney) on the account.

Can Schwab add a beneficiary to a participant’s account?
No. Schwab does not maintain information on company retirement accounts. If participants want to add a beneficiary, they should contact their trustee or plan administrator.

How to add a power of attorney to an account
How to open a company retirement account (CRA)
How to open an organization brokerage account
Introduction to company retirement accounts (CRA)
How to use DocuSign®