additional Custody Solutions
We provide additional custody solutions to make retirement plan distribution simple for our clients.
Uncashed Checks
- Rollover uncashed checks of participants of active and terminated plans into IRAs
- IRA funds invested in FDIC-insured, interest-paying bank accounts
- Comprehensive search efforts for missing participants
- Welcome kits sent to the IRA account holder
Plan Termination Services
- FAB 2004-02 compliant search program
- Notification services available
- Distribute account balances to found participants
- If participant not found, account balance rolled into an IRA at Millennium Trust
- Can act as Qualified Termination Administrator (QTA) for abandoned plans
Check Distribution/Tax Reporting Services
- Help TPA with electronic solution for depositing federal taxes
- Execute benefit disbursements including remitting checks, withholding and reporting all appropriate Federal and State withholding and administering all applicable reporting (e.g. 1099Rs)
- Facilitate and remit TPA benefit distribution fees, as applicable
Payroll Deducted IRA Solutions
- Designed for employees not covered by an employer retirement plan and allows them to save for retirement
- Employer sets up the payroll deduction IRA program with Millennium Trust
- Employee chooses whether to invest and the amount to put into the IRA
- Wide array of investment choices
Notification Services
- Send notices to all participants and coordinate distributions with found participants
- If participant not found, account balance rolled into an IRA at Millennium Trust