PROVIDING A TURNKEY AUTOMATIC ROLLOVER SOLUTION
Millennium Trust launched its Automatic Rollover Solution in 2005 when the Department of Labor (DOL) published their final Automatic Rollover Safe Harbor Regulations. Today, our solution has been implemented by just under 100,000 plan sponsors, providing them a simple, secure, and client-friendly solution that is easy to use for both the plan and former employees. We are uniquely positioned to work with recordkeepers, TPAs and plan sponsors to service any volume of small IRAs.
PROVEN TECHNOLOGY THAT IS EFFICIENT AND EFFECTIVE
Our Automatic Rollover Solution begins with simplicity. An Automatic Rollover Services Agreement is the only requirement of the plan sponsor. Then, a simple data file of participant information is uploaded to our secure portal and corresponding funding is received. An IRA is automatically opened and a confirmation is sent to the plan sponsor after this information is received.
Upon opening the IRA, each new account owner receives a Welcome Kit that contains information about Millennium Trust, how their money is invested, and fees associated with the account. The kit also includes a link to our Custodial Account opening and custodial agreements, as well as the required disclosures.
FDIC-INSURED INVESTMENT VEHICLE
Balances are initially invested in a FDIC-insured, interest-bearing bank demand account which offers a competitive interest rate for investors seeking to minimize risk, preserve principal and maintain liquidity. Other investment options such as CDs, mutual funds, ETFs, stocks and bonds are also available to the IRA owners.
UNMATCHED SERVICE AND SUPPORT
Millennium Trust’s service team is experienced with IRAs and well-trained on IRS distribution rules. Our trust accounting system keeps track of the underlying investments, transactions, tax reporting, etc. We provide assistance in multiple languages and offer a dedicated client service team accessible directly by phone, email or fax.
In addition, account owners have ongoing access to account information and annual statements through our secure website. We also provide tax reporting including Form 5498 each year.
COMPREHENSIVE SEARCH FOR LOST ADDRESSES
In situations where we are provided with incorrect addresses, we have comprehensive search procedures in place including the use of external search services and Risk Compliance Performance Solutions, LLC.
ENHANCED FLEXIBILITY AND FEATURES
As a leading IRA provider for Automatic Rollovers, Millennium Trust goes above and beyond, to provide significant flexibility. We accept rollovers from active, terminated and abandoned plans. We accept balances less than $1,000 and will open Roth IRAs for Roth 401(k) rollovers. For participants holding both pre-tax and Roth 401(k) funds, Millennium Trust will open both a Traditional and Roth IRA since the requirements of each distinct type are different. We also provide wind-up services for terminated plans and can suggest a QTA service provider for abandoned plans.