Pershing LLC acts on behalf of many financial organizations as a custodian for retirement accounts. Any custodian that is not a bank or insurance companysuch as Pershingis required to obtain approval from the Internal Revenue Service (IRS) to operate as a nonbank custodian for retirement accounts.
To verify Pershing’s approved status, provided below is a link to the letter issued by the IRS. This letter authorizes Donaldson, Lufkin, & Jenrette Securities Corporation (DLJSC)which later changed its name to Pershing LLCto act as a nonbank custodian, confirm The Bank of New York Company, Inc.'s (now The Bank of New York Mellon Corporation's) acquisition of Pershing, and indicate that Pershing LLC was added to the IRS list of approved Nonbank Trustees.
Click here to review a copy of the IRS letter.