Merger Amendment Mailing Documents

If your organization goes through a merger, you may need to provide amendments to the merging organization's account owners to reflect new language in the Superior IRA & HSA® opening documents.

Providing an amendment mailing to the merging financial organization's existing account owners ensures that all accounts at the surviving financial organization are governed under the same agreement and disclosure documents. 

If the merging organization does not currently govern its accounts under the Superior agreement, the Superior default beneficiary process may be different from the default currently used by the merging organization. 

The Superior agreement indicates that an account will become payable to the surviving spouse if no beneficiary is designated upon the owner’s death. If there is no surviving spouse, it will become payable to the estate.

Determine the type of amendment mailing that may be required: 

• If the surviving organization and merging organization are the same fiduciary type (Custodian or Trustee): Merging account owners do not need to sign an acknowledgement to accept the amendment before it takes effect.
  • Move to the next section to determine how your organization will complete this amendment mailing.
  • Sample Cover Letter (Option #1 - Does Not Require Acknowledgment) will be the applicable cover letter for your organization's amendments.
• If the surviving organization and merging organization are different fiduciary types (Custodian vs. Trustee): The type of amendment mailing sent depends on the language outlined in Article VIII of the current agreement governing the merging accounts and the decision made by the surviving organization’s legal department.
  • Article VIII Language of the Current Agreement: Many documents contain language that in the event of a merger with another organization, the acquiring entity will become the trustee/custodian. An example of such language may read as, “If the Custodian/Trustee is purchased by or merged with another financial institution qualified to serve as a trustee or custodian that institution will automatically become the trustee or custodian of this IRA unless otherwise indicated.”
  • Upon your legal department’s review of state law and the current agreement language governing the merging accounts, your organization is responsible for determining which type of mailing outlined below is required for your merger. 
    • Option #1: Account owners do not need to sign an acknowledgement to accept the terms of the amendment.
    • Option #2: Account owners will be required to sign and return an acknowledgement before the amendment takes effect. If acknowledgment is not received, the organization must send written notice to the account owner indicating that the account will be distributed to the owner within 30-60 days (as outlined within the agreement).
  • After reaching a determination, notify Superior about your decision by having the surviving organization complete, sign, and email the following document to support@superiorira.com: Merger Amendment Mailing Acknowledgment. (You must fill in the fillable fields.)
  • Next, move to the section below to determine how your organization will complete this amendment mailing, according to the option you determined from above.

After determining the type of amendment mailing required, determine how your organization will complete this amendment mailing:

1. Have Superior complete the mailing at an extra cost. Copies of amendments are stored at the account level under the Notifications section in the Superior platform.
   1. Email Superior at support@superiorira.com if you choose this option.
   2. A quote will be sent to your organization to sign and return to Superior (at support@superiorira.com) to complete the mailing.
2. Have your organization complete the mailing in-house, using the applicable documents provided below depending on the surviving organization's fiduciary type--Custodian or Trustee--and if you will be completing the mailing using Option #1 (outlined above) or Option #2 (also outlined above).
   1. Email Superior at support@superiorira.com if you choose this option, so we can make a note for our records.
   2. After your organization sends the amendment mailing, complete and email this Merger Amendment Mailing Confirmation document to support@superiorira.com for our records. (You must fill in the fillable fields.)