MILLENNIUM IN THE NEWS
What To Do With Those Uncashed Checks
January 2012, Terry Dunne
► This article was featured in ASPPA’s Plan Consultant magazine. People all over the country are owed money from their former employer’s retirement plan. Companies have attempted to send the distributions to participants but the checks came back as “address unknown” or the checks were never cashed. Terry Dunne provides options to plan fiduciary/administrators who want to know “Whose funds are represented by these uncashed checks?”, “Can the cash be redirected to the company?”, and “Should the assets be escheated?”.
Retirement Plans In A Quandary
December 2011, Terry Dunne
►This article written by Terry Dunne was featured in Employee Benefit News. Many former employees ask their company to close their retirement account and send them the funds, but for some reason the checks are never cashed. Many questions are raised when this happens. Whose funds are represented by these uncashed checks? Who controls the float? Can the cash be redirected to the company? This article addresses these questions and provides options for plan fiduciary/administrators.
Excuse Me, You're Standing Between Me and My Retirement Money
November 2011, Terry Dunne
► This article is featured in the ABI Journal and was co-authored with Steven Sokolic of Benefits Consultants Group. Sokolic and Dunne explain that for employee-benefit plans governed by ERISA and maintained by the bankrupt company, the trustee is now mandated to perform the obligations of the plan administrator and has fiduciary responsibility to the plan and the plan participants. They walk the reader through the plan termination and distribution process.
IRA Firm Expands in Oak Brook
August 2011, Crain’s Editor - Todd J. Behme
►(Crain’s) - A growing suburban company [Millennium Trust Company] that administers individual retirement accounts is doubling its space in a consolidation of two locations to one in Oak Brook.
Auto 401(k) Plans Continue to Evolve - Addressing Small Account Concerns
March 2011, Terry Dunne
►Terry Dunne contributed to and was quoted in Retirement Made Simpler’s most recent article posting. This article explains interesting issues related to dealing with retirement accounts with small balances. Automatic Rollovers continue to enjoy strong acceptance among employers of all sizes. The article was written in connection with AARP and FINRA.