Transfer of Retirement Assets (ToRA) is an automated, centralized system that enables mutual fund companies to jointly initiate, acknowledge, confirm and settle the transfer of the value of mutual fund shares held in Individual Retirement Accounts (IRAs).

Benefits 
Utilizing ToRA to transfer IRA retirement plan assets enables participants to:

• Increase Efficiency
  Automate the transfer process and eliminate paper transmittals, faxes and phone calls between fund companies. This cost-effective system also reduces the turnaround time for processing transfers from two weeks to three days.
  
  
• Decrease Errors
  Improve accuracy by utilizing standardized record formats. And the elimination of manual processing - a process prone to mistakes – minimizes the opportunity for errors to occur.
   
• Improve Customer Service
  Experience fewer delays in the transfer process by utilizing an automated, standardized system. This timely processing of transfers will help improve customer service.

Features
ToRA provides an automated method for sending, receiving and tracking transfers. Features include:

• Money Settlement
  All transfers that are confirmed will appear on the delivering fund’s next available noon-day settlement. The transaction will settle on the same day it appears on the noon-day settlement file.
  
  
• Cash Adjustments
  Any time after the settlement of a transfer, either fund can submit a cash adjustment record for that transfer.
  
  

• Support for Multiple Products
  ToRA supports traditional IRAs, Roth IRAs, SARSEP and other retirement products.

• A Safe, Controlled Environment
  Fund companies can leverage DTCC’s highly reliable and secure network to transfer retirement assets.

How ToRA Works
Developed as an extension of DTCC’s  Fund/SERV®   system, the service supports four transfer functions:

• Initiation
• Acknowledgement
• Confirmation
• Money Settlement 

Customers can access ToRA via a mainframe or Internet connection. 

Who Can Use ToRA
Mutual fund companies can use ToRA. Participants must become members of National Securities Clearing Corporation in order to utilize the service. 

Participants must be utilizing the Fund/SERV system in order to use ToRA.