About Rollover IRAs
An IRA is an Individual Retirement Account. It’s a tax-deferred way to save money for retirement. A Rollover IRA is an IRA that has been “rolled over” from a retirement plan at a former employer. It was rolled over into an account at Millennium Trust either because your former employer closed out the plan or was unable to reach you to discuss your options.
About Millennium Trust Company
Millennium Trust is an independent trust company that provides administrative and custody services on behalf of individual investors. We are located in Oak Brook, Illinois, and have thousands of clients located throughout the United States. We are pleased to custody your IRA. Your IRA will help preserve tax-deferred retirement savings while protecting your assets from additional penalties due to early withdrawal.
IRA Investments
The funds will be held in an FDIC-insured bank demand account that offers competitive yields. Earnings will be credited monthly to your account. This initial investment vehicle is designed to minimize risk, preserve principal, maintain liquidity and provide a reasonable rate of return. We also offer many other investment options including stocks, bonds, ETFs, CDs, and over 10,000 mutual funds.
Contributing to Your IRA
You may make additional periodic contributions to your Millennium Trust Rollover IRA up to $5,000 for 2011 and 2012 and an additional $1,000 as a maximum catch-up contribution. You may also transfer other IRA accounts or rollover distributions from other employer retirement plans into your Millennium IRA account.
Designating Your Beneficiary
A beneficiary is the person, persons or entity that you designated would inherit your IRA funds in the event of your death. Since the terms of your former retirement plan are no longer applicable, any specified beneficiary designation ended when the rollover was made. You should specify your beneficiary designation(s) by completing the Automatic Rollover Adoption Agreement. You may designate one or more persons or entities as beneficiary of your IRA.
Additional Services
We have a dedicated client service team available to answer all questions regarding your account. The client service representatives are IRA specialists and trained on IRS rules and requirements. You will receive annual account statements in January or you can select web access to view your account as well as make trades. Additionally, Millennium Trust will mail you your IRA year-end valuation (Form 5498) in May each year.
Reasonable Cost
Millennium Trust will charge a one-time fee to establish an IRA account in your name and an annual fee for custody and investment services. The fees for your Rollover IRA are modest.
To learn more:
For answers to frequently asked questions, click here.
Please feel free to contact the Automatic Rollover client service group at Millennium Trust. We can help you become familiar with your new account and explain many of the features and benefits. We will do our best to bring you the highest quality in client service.
Automatic Rollover Client Service Group
877.682.4727
ARP@mtrustcompany.com