IRA Distribution Options
Millennium Trust Company encourages you to maintain your Individual Retirement Account (IRA) for retirement years. Through your Millennium Trust IRA, your money is in a tax-deferred account and your funds are placed in an FDIC-insured bank demand account. Additionally, you have 24/7 online access to your account through Millennium Trust Online and you can use the self-directed trading tool to buy/sell a wide variety of investments including stocks, ETFs and mutual funds. You can always add more retirement dollars to your IRA by making additional contributions (if you are eligible) or transfer funds from another IRA account.
If you are interested in taking a distribution or transferring your IRA to another provider, please read the guidelines below to help with the process. If you would like to learn how taking an early distribution from your IRA may cost you thousands of dollars between taxes, penalties and lost earnings, click here. Our “IRA Spend it or Save it” calculator will help you determine how much your early distribution may cost you.
Required Distribution Forms
Send a completed and signed distribution form along with a legible copy of your current driver’s license to Millennium Trust for processing. Please note, a Signature Guarantee may be required to complete your request.
- Direct or Automatic Rollover Traditional IRA Distribution Request
- Direct or Automatic Rollover Roth IRA Distribution Request
Take a Direct Distribution
If you want the funds from your IRA distributed directly to you via check or wire transfer, download and complete the appropriate distribution form listed above.
Please keep in mind that a distribution to you is a taxable event and it will be reported on Internal Revenue Service (IRS) Form 1099-R. Following your receipt of a distribution, your IRA assets may be eligible for a tax-free “rollover” to another custodian within 60 days, subject to certain restrictions. You may wish to consult a professional tax advisor regarding your rollover options and the tax consequences of receiving such a distribution.
Rollover to Current Employer’s Qualified Plan
If you want to roll over your IRA funds to your current employer’s qualified plan, download and complete the appropriate distribution form listed above. Send the distribution form along with the current plan sponsor’s paperwork and a legible copy of your current driver’s license.
Please keep in mind that a rollover is a reportable event, (but not taxable), and will be reported on Internal Revenue Service (IRS) Form 1099-R.
Transfer to Another IRA Provider
If you want to transfer your IRA account to another IRA provider, please contact the new custodian to obtain the appropriate transfer paperwork. We require the original copy of the new IRA provider's transfer paperwork (signed by both you and the new IRA provider), a Signature Guarantee and a legible copy of your driver’s license.
Signature Guarantee
A Signature Guarantee may be obtained from an authorized officer at a brokerage firm, bank or other financial institution. Certification by a notary public is not an acceptable substitute. A Signature Guarantee is required when transferring your IRA to another IRA custodian. It is also required on a Distribution Request Form if you are updating your address of record, requesting a wire transfer, or having your check sent to an address other than the address of record. All requests requiring a Signature Guarantee must be received by mail. Otherwise, if the Signature Guarantee is not required, we will accept your completed distribution form along with a copy of your current driver’s license via fax or email.