At PNC we are committed to keeping you informed about any changes regarding our fiduciary status under ERISA and the Internal Revenue Code, as applicable, with respect to certain services we provide to IRA accounts.
Fiduciary Acknowledgement Regarding Individual Retirement Accounts
When PNC Private Bank or PNC Private Bank Hawthorn (each referred to herein as “PNC Bank”) provides investment advice with respect to your decision to roll assets out of a qualified employer-sponsored retirement plan, to transfer your individual retirement account (“IRA”) assets from another financial institution, or to invest in our investment management account IRA, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts (“Retirement Laws”).
When providing this investment advice, we:
Limitations to our Acknowledgement of Fiduciary Status
This fiduciary acknowledgment does not create or modify a contractual obligation or fiduciary status under any state or federal laws other than the Retirement Laws. Not all services or activities that we provide to your retirement accounts constitute fiduciary investment advice. For example, we are not fiduciaries under the Retirement Laws when we provide:
Rollovers from a Qualified Employer-Sponsored Retirement Plan
We may provide (1) general information and education to you about the factors to consider when deciding whether to move retirement assets to PNC Bank, or (2) a recommendation that you move your retirement assets to PNC Bank. If we provide you with a recommendation to roll assets out of a qualified employer-sponsored retirement plan to PNC Bank, you understand and agree that our analysis of the costs and services of your retirement plan, as compared to the costs and services PNC Bank provides, depends on the information you provide to us (or in certain circumstances, information we obtain from third parties about the plan or similar types of plans).
Transferring IRA Assets to a PNC Bank IRA
If your PNC Bank advisor recommends that you transfer your IRA assets to an investment management account IRA with us, with respect to any assets you decide to move you must: (1) evaluate the investment and non-investment considerations important to you in making the decision; (2) review and understand the fees and costs associated with the account; (3) recognize that fees will reduce your investment returns and ultimate retirement assets and that higher fees will have a greater impact; and (4) understand the conflicts of interest raised by the financial benefits to PNC Bank and its employees resulting from your decision to move assets into the account.
For more information on fees applicable to your account, please contact your PNC Bank advisor at the telephone number found on your account statement.