Internal Revenue Bulletin:  2011-37 

September 12, 2011 

Announcement 2011-59

List of Nonbank Trustees and Custodians


Table of Contents

The following is a list of entities that have been approved by the Commissioner of Internal Revenue, pursuant to § 1.408-2(e) of the Income Tax Regulations, to serve as a nonbank trustee or custodian. This list updates and supersedes the list published with Announcement 2007-47, 2007-1 C.B. 1260.

Archer medical savings accounts (Archer MSAs) established under § 220 of the Internal Revenue Code, health savings accounts described in § 223, custodial accounts of retirement plans qualified under § 401, custodial accounts described in § 403(b)(7), trust or custodial accounts of individual retirement accounts (IRAs) established under §§ 408 and 408A (Roth IRAs), Coverdell education savings accounts described in § 530, and custodial accounts of eligible deferred compensation plans described in § 457(b) will not be tax-exempt if the trustee or custodian of such accounts is not a bank (as defined in § 408(n), and in the case of Archer MSAs and health savings accounts, a bank within the meaning of § 408(n) or an insurance company within the meaning of § 816) or an approved nonbank trustee or custodian.

An entity that is not a bank (as defined in § 408(n), and in the case of Archer MSAs and health savings accounts, a bank within the meaning of § 408(n) or an insurance company within the meaning of § 816) must receive approval from the Service to serve as a nonbank trustee or custodian. A prospective nonbank trustee or custodian must file a written application with the Commissioner of Internal Revenue demonstrating that the requirements of § 1.408-2(e)(2) through §1.408-2(e)(7) of the regulations will be met. If the application is approved, a written Notice of Approval will be issued to the applicant. The Notice of Approval will state the day on which it becomes effective, and (except as otherwise provided therein) will remain effective until revoked by the Service or withdrawn by the applicant. Entities that have received such approval from the Service may also sponsor certain retirement plans, custodial accounts under § 403(b)(7) and individual retirement arrangements established under §§ 408 and 408A (See Rev. Proc. 2005-16, 2005-1 C.B. 674, and Rev. Proc. 87-50, 1987-2 C.B. 647, as modified.)

A prospective nonbank trustee or custodian may not accept any fiduciary account before such Notice of Approval becomes effective. In addition, a nonbank trustee or custodian may not accept a fiduciary account until after the plan administrator or the person for whose benefit the account is to be established is furnished with a copy of the written Notice of Approval issued to the applicant.

The continued reliance on a Notice of Approval is dependent upon the continued satisfaction of the nonbank trustee requirements set forth in the regulations. The Notice of Approval issued to an applicant will be revoked if the Commissioner determines that the applicant is unwilling or unable to administer fiduciary accounts in a manner consistent with the requirements of the regulations. Generally, the notice will not be revoked unless the Commissioner determines that the applicant has knowingly, willfully or repeatedly failed to administer fiduciary accounts in a manner consistent with the requirements of the regulations, or has administered a fiduciary account in a grossly negligent manner.

The written Notice of Approval to serve as a nonbank trustee or custodian is not an endorsement of any investment made with respect to any retirement plan or arrangement handled by the approved nonbank trustee or custodian. The Internal Revenue Service does not review or approve investments.

If the trustee or custodian of an account described above is not a bank (and in the case of Archer MSAs and health savings accounts, a bank or an insurance company) or an approved nonbank trustee or custodian, the amounts held in such account (including earned interest) will be deemed distributed and includible in gross income in the year(s) the account’s trustee or custodian was not a bank or, if applicable, an insurance company, or an approved nonbank trustee or custodian. Contributions made to such account are not deductible from gross income and will be disallowed if claimed on an income tax return.

This list of approved nonbank trustees and custodians includes names, addresses and the date each application was approved.

If an approved nonbank trustee or custodian believes that the information on the list below is incorrect or incomplete or it has been improperly omitted from this list, it may notify the Service in writing of any changes it proposes to the list. This notification should include a copy of the original Notice of Approval.

The notification should be addressed to:

Internal Revenue Service
SE:T:EP:RA:T1
1111 Constitution Ave. NW - PE
Washington, DC 20224

Drafting Information

The principal author of this announcement is Eric Slack of the Employee Plans, Tax Exempt and Government Entities Division. Please contact Mr. Slack at 202-283-9576 (not a toll-free number), if there are any questions regarding the publication of this list. Written inquiries concerning this announcement should be addressed to the Internal Revenue Service at the above address.

  Approved Nonbank Trustees/Custodians as of September 1, 2011  
  Nonbank Trustees Approved as of September 1, 2011  
  Name Address Approval Date  
  American Enterprise Investment Services, Inc. 5226 Ameriprise Financial Center, Minneapolis, MN 55474 8/4/2009  
  Bank Leumi Le — Israel B.N., Western Hemisphere Regional Mgt. 420 Lexington Ave., New York, NY 10170 2/10/1982  
  Barclays Capital, Inc. 200 Park Ave., New York, NY 10166 12/3/2009  
  Brethren in Christ Foundation PO Box 290, 413 Grantham Rd., Grantham, PA 17027 3/25/1983  
  Charles Schwab & Co., Inc. 211 Main Street, San Francisco, CA 94105-1905 1/8/1982  
  CIBC World Markets Corporation 425 Lexington Ave., New York, NY 1001 7/26/1977  
  Citi Fund Services, Inc. 3425 Stelzer Rd. Columbus, OH, 43219 12/31/2003  
  Citigroup Global Markets, Inc. 425 Park Ave., 7th Floor, New York, NY 10027 7/22/1985  
  Clearview Correspondent Services, LLC 8006 Discovery Drive, Richmond, VA 23229 9/10/2007  
  Commonwealth of Kentucky 105 Sea Hero Road, Suite 1, Frankfort, KY 40601-8862 6/5/2006  
  Comprehensive Investment Services One Moody Plaza, Galveston, TX 77550 6/16/2000  
  Croatian Fraternal Union Of America 100 Delaney Drive, Pittsburgh, PA 15235 10/12/2006  
  D.A. Davidson & Co. Davidson Building #8 Third Street North, Great Falls, MT 59403 6/11/1982  
  Davenport & Co. of Virginia, Inc. 901 E. Cary Street, Richmond, VA 23219 2/2/1987  
  Davenport & Company LLC 901 E. Cary Street, Richmond, VA 23219 3/31/1997  
  Deutsche Bank Securities Inc. 1 South Street, Baltimore, MD 21203 4/11/1994  
  E*Trade Clearing LLC 135 East 57th Street, New York, NY 10022 9/3/2002  
  Edward D. Jones & Co., L.P. 201 Progress Parkway, Maryland Height, MO 63043 5/30/1985  
  First Clearing, LLC (FKA First Clearing Corporation) One North Jefferson Ave. (MO-3870), St. Louis, MO 63103 5/30/2003  
         
  Gleacher & Company Securities, Inc. 677 Broadway, Albany, NY 12207 9/26/1979  
  Goldman, Sachs & Co. 200 West Street, New York, NY 10282 12/8/1982  
  Goldman Sachs Execution and Clearing, L.P. 200 West Street, New York, NY 10282 3/29/1996  
  Greater Beneficial Union of Pittsburgh 4254 Clairton Blvd., Pittsburgh, PA 15227-3394 9/24/2004  
  Greek Catholic Union of the U.S.A. 5400 Tuscarawas Rd., Beaver, PA 15009-9513 5/24/2000  
  GuideStone Trust Services 2401 Cedar Springs Rd., Dallas, TX 75202-1498 4/10/2001  
  H.G. Wellington & Co., Inc. 140 Broadway, New York, NY 10005 9/13/1993  
  Hartford Life Insurance Co. One Hartford Plaza, Hartford, CT 06155 3/3/1982  
  Hartford Securities Distribution Company 200 Hopmeadow Street, Simsbury, CT 06089 3/9/2006  
  HealthEquity, Inc. 15 West Scenic Pointe Drive, Suite 400, Draper, UT 84020 2/27/2006  
  Illinois Mutual Life Insurance Company 300 Southwest Adams Street, Peoria, IL 61634 12/31/2003  
  ING Direct Investing, Inc. 83 South King Street, Suite 700, Seattle, WA 98104 4/15/2003  
  ISDA Fraternal Association 419 Wood St., Pittsburgh, PA 15222 10/28/2004  
  Isler Northwest, LLC 1300 SW Fifth Ave., Suite 2900, Portland, OR 97201-5636 10/5/1978  
  J.J.B. Hilliard, W.L. Lyons, LLC 500 W. Jefferson Street, Louisville, KY 40202 2/11/1992  
  J.P. Morgan Clearing Corp. One Metrotech Center North, Brooklyn, NY 11201-3859 6/24/1991  
  Janney Montgomery Scott, LLC 1801 Market Street, Philadelphia, PA 19103 3/23/1982  
  John Hancock Life & Health Insurance Company 380 Stuart Street, Boston, MA 02116 11/10/2009  
  John Hancock Mutual Life Insurance Company John Hancock Place, 200 Clarendon, Boston, MA 02117 8/24/1993  
  Kagin Numismatic Services, Ltd. 1550 Tiburon Blvd., #201, Tiburon, CA 94920 3/18/1980  
  KH Funding Company 10801 Lockwood Drive, Suite 370, Silver Spring, MD 20901 2/13/2002  
         
  MEGA Life and Health Insurance Company (The) 9151 Boulevard 26, North Richland Hills, TX 76180 5/29/1991  
  Merrill, Lynch, Pierce, Fenner & Smith, Inc. Attn: Manager, Retirement & Distribution Services, 1400 Merrill Lynch Drive, MSC 0401S, Pennington, NJ 08534 8/3/1987  
  Merrimack Valley Investment, Inc. 109 Merrimack Street, Haverhill, MA 01830 9/28/1984  
  Mesirow Financial, Inc. 350 N. Clark Street, Chicago, IL 60610 5/28/1982  
  Mid-Ohio Securities Corp. 225 Burns Road, Elyria, OH 44036 1/28/1983  
  MII Life, Inc. dba Select Account PO Box 64193, St. Paul, MN 55164-0193 6/29/2007  
  Moody Bible Institute of Chicago 820 N La Salle Boulevard, Chicago, IL 60610-3284 4/25/2003  
  Morgan Keegan & Company, Inc. Morgan Keegan Tower, Fifty Front Street, Memphis, TN 38108 1/27/1982  
  Morgan Stanley & Co. Incorporated c/o Tax Department, 25th Floor, 1633 Broadway, New York, NY 10019 3/22/2004  
  Morgan Stanley Smith Barney 2000 Westchester Ave., Purchase, NY 10577 1/27/2010  
  National Slovak Society of the USA 351 Valley Brook Road, McMurray, PA 15317-3337 10/28/2004  
  NBC Securities, Inc. 1927 First Avenue North, Birmingham, AL 35203 7/16/1996  
  Neuberger Berman LLC 605 Third Ave., New York, NY 10158-3698 10/4/1993  
  Oxford Life Insurance Company 2721 North Central Avenue, Phoenix, AZ 85004 8/25/2011  
  PayFlex Systems USA, Inc. 10802 Farnam Drive, Omaha, NE 68154 6/10/2011  
  Pension Fund of The Christian Church 130 East Washington Street, 11th Floor, Indianapolis, IN 46204 5/14/2009  
  Penson Financial Services, Inc. 1700 Pacific Avenue, Suite 1400, Dallas, TX 75201 6/9/2005  
  Perelman-Carley & Associates, Inc. Twin Towers 3000 Farnam Street, Omaha, NE 68131 1/13/1989  
  Perkins Coie, LLP 1201 Third Ave., Suite 4800, Seattle, WA 98101 8/22/2004  
  Pershing LLC One Pershing Plaza, Jersey City, NJ 07399 12/4/1985  
         
  PFS Investments, Inc. 3120 Breckenridge Boulevard, Duluth, GA 3099 9/28/1995  
  Pioneer Financial Services, Inc. 4700 Belleview, Suite 300, Kansas City, MO 64112 1/25/1985  
  Pioneer Investment Management USA. 60 State Street, Boston, MA 02109 2/21/1986  
  Piper Jaffray & Co. Piper Jaffray Center, 800 Nicollet Mall, Minneapolis, MN 55402-7020 4/21/1982  
  Polish Falcons of America 615 Iron City Drive, Pittsburgh, PA 15205-4397 11/3/2004  
  PrimeVest Financial Services, Inc. 400 First Street South, St. Cloud, MN 56301-3600 12/8/1993  
  Principal Life Insurance Company 711 High Street, Des Moines, IA 50392-0001 7/27/1988  
  PWMCO, LLC 311 South Wacker Drive, Suite 2360, Chicago, IL 60606 1/6/2005  
  Raymond James & Associates, Inc. 880 Carillon Parkway, PO Box 12749, St. Petersburg, FL 33733-2749 3/8/1982  
  RBC Capital Markets Dain Rauscher Plazza, 60 South Sixth Street, Minneapolis, MN 55402-4422 1/22/1982  
  RBC Capital Markets Dain Rauscher Plazza, 60 South Sixth Street, Minneapolis, MN 55402-4422 3/2/1998  
  Reserve Management Company, Inc. 1250 Broadway, 32nd Floor, New York, NY 10001 10/18/1989  
  Ridge Clearing and Outsourcing Solutions, Inc. 1981 Marcus Ave., Lake Success, NY 11042 5/3/1983  
  Robert W. Baird & Co., Inc. 777 E. Wisconsin Ave., Milwaukee, WI 53202 6/10/2004  
  Scottrade, Inc. 12800 Corporate Hill Drive, St. Louis, MO 63131 10/9/1996  
  SMA Services, Inc. 35 Lakeshore Drive, Birmingham, AL 35209 8/27/1998  
  Smith, Moore & Co. 7777 Bonhomme Ave., Suite 2400, Clayton, MO 63105 1/18/1983  
  Southwest Securities, Inc. Renaissance Tower Suite 4300, 1201 Elm Street, Dallas, TX 75270 12/9/1992  
         
  Stephens, Inc. 111 Center Street, Little Rock, AR 72201 12/4/1987  
  Sterne, Agee & Leach, Inc. 800 Shades Creek Pkwy, Suite 700, Birmingham, AL 35209 9/11/1981  
  Stifel, Nicolaus & Co., Inc. One Financial Plaza, 501 North Broadway, St. Louis, MO 63102 9/9/1981  
  StockCross Financial Services, Inc. 9464 Wilshire Boulevard, Beverly Hills, CA 90212 8/2/2010  
  TD Ameritrade, Inc. 4211 South 102nd Street, Omaha, NE 68127-1031 4/18/1984  
  TIAA-CREF Individual & Institutional Services, Inc. 730 Third Avenue, New York, NY 10017 9/9/2002  
  Turlington & Co. 509 East Center Street, Lexington, NC 27292 11/3/1980  
  UBS Financial Services, Inc. 1200 Harbor Blvd., 8th Floor, Weehawken, NJ 07086 5/12/1989  
  Ukrainian National Association 2200 Route 10, Parsippany, NJ 07054 9/24/2004  
  Unified Financial Securities, Inc. 2960 N. Meridian Street, Suite 300, Indianapolis, IN 46208 10/28/1976  
  Variable Annuity Life Insurance Company 2929 Allen Parkway, Houston, TX 77019 3/16/2006  
  W.H. Reaves & Co., Inc, 10 Exchange Place, Jersey City, NJ 07302 12/7/1990  
  Wedbush Morgan Securities 1000 Wilshire Boulevard, Los Angeles, CA 90030 12/24/1984  
  Wells Advisors, Inc. 6200 The Corners Pkwy, Norcross, GA 30092 3/20/1992  
  Wells Fargo Advisors, LLC 1 North Jefferson Ave., St. Louis, MO 63103 7/1/2003  
         

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