Millennium Trust's Solution for Terminating and Abandoned Plans
Significant business events, such as bankruptcies, mergers, acquisitions and business closures often result in employers terminating and sometimes abandoning their retirement plans.
Millennium Trust has helped many fiduciaries with terminating plans by rolling missing and non-responsive participants (of any value) into IRA accounts. Our program performs all of the mandatory search steps prescribed by the Department of Labor (DOL) FAB 2004-02. To view a white paper on this topic, click here.
Additionally, the DOL has developed rules to provide for a voluntary, safe and efficient process for winding up the affairs of abandoned retirement plans and the distribution of benefits in response to the growing number of "orphaned" defined contribution plans.
As a leader in the Automatic Rollover market, Millennium Trust Company is uniquely qualified to act as the Qualified Termination Administrator (QTA) for abandoned plans and provide a rollover IRA at plan termination. Accustomed to account conversions, Millennium Trust handles the termination process from start to finish:
- We are appointed as custodian and assets are transferred to Millennium Trust.
- We complete and send Notice of Intent to Terminate Plan.
- We file Notification of Plan Abandonment and Intent to Serve as QTA.
- We search for all participants and submit Notice of Plan Termination to the participants.
- We submit Final Notice to the DOL.
The regulations establish a fiduciary safe harbor for distributions from terminating plans. At the end of extensive search and the notification processes, Millennium Trust rolls plan accounts to participants and into self-directed IRAs. For more information on our Abandoned Plan Solution,
click here or to view a white paper on this topic,
click here.