What is an IRA custodian?
IRAs can be established and funded through the services of banks, mutual fund companies, savings and loan associations, insurance companies, regulated investment companies and other financial institutions. The IRA custodian is the entity designated as such in the trust or custodial agreement. The custodian has full responsibility for the operation of the account. The same entity may serve as both the plan administrator and the custodian or trustee. Account administrators typically have the following responsibilities: Trust or custodial agreement approval with the IRS.
The administration of all IRAs is handled by an IRA Custodian. The Custodian is responsible for administering the IRA in accordance with Internal Revenue Service rules and regulations. MyStockFund, and it’s clearing firm Legent Clearing, have partnered with TruStar Retirement Services in Wilmington, Delaware. Therefore, if you see TruStar Retirement Service’s name on selected correspondence, you’ll know it’s related to your MyStockFund IRA.
