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Missing Participants

Reuniting Missing Participants with Their Retirement Assets

Regardless of whether a retirement plan is active or terminated, Millennium Trust strives to reconnect participants (or their beneficiaries) with their plan assets once the balances are rolled over to IRA accounts.
 
Searching for missing participants is included in our process for all automatic rollovers custodied at Millennium Trust. Pre-rollover participant search services are available for TPAs, record keepers and plan sponsors, including Department of Labor Field Assistance Bulletin 2004-02 compliant searches for terminating plans.
 
With our automatic IRA rollover, our communications begin with the delivery of a Welcome Kit or letter of notification to those participants who recently moved. The Welcome Kit provides an Adoption Agreement to be completed and returned to Millennium Trust. In addition, the kit provides participant client service phone and email contact information, online account access information, online investment tools, initial investment and beneficiary information, a fee schedule and custodial and disclosure material.
 
After Welcome Kit delivery, should the participant remain missing, Millennium Trust partners with Risk Compliance Performance Solutions, LLC who provides expertise in locating missing participants. When a participant is located, we then reach out to the participant at the new address with details about how to connect with us for identity confirmation. For more information, click here.