PROVIDING A TURNKEY AUTOMATIC ROLLOVER SOLUTION
Millennium Trust began developing an Automatic Rollover solution when the law changes were announced in 2001. We were involved in 2002 and 2003 with the Profit Sharing Council of America and the lobbying efforts in Washington to improve the proposed regulations. Our Automatic Rollover Solution was launched in 2005 after the Department of Labor published their final regulations.
Today, Millennium Trust has agreements with over 30,000 plan sponsors who utilize our Automatic Rollover Solution. We are uniquely positioned to work with record keepers, TPAs and plan sponsors to service a large volume of small IRAs, including those with balances of less than $1,000. Our automatic rollover process is efficient and client-friendly; and the IRAs we offer fully comply with the Department of Labor’s Safe Harbor Regulations.
NO COST TO PLAN SPONSOR
Millennium Trust is committed to providing our Automatic Rollover Solution at no cost to plan sponsors and TPAs. Our process reduces the administrative costs that lost and non-responsive participants can create and reasonable fees are charged to the participant when the account is established.
PROVEN TECHNOLOGY SOLUTION THAT IS QUICK, EFFICIENT AND EFFECTIVE
Our Automatic Rollover Solution begins with providing an Automatic Rollover Services Agreement to the plan sponsor. Then, a simple data export of participant information, including the participant’s name, address, social security number, birth date, amount and plan name are uploaded to our secure portal. 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 Agreement and Disclosure Statement as well as our online Account Agreement.
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 dedicated service team is experienced with IRAs and well-trained on IRS distribution rules. Our team utilizes a state-of-the-art trust accounting system that keeps track of the underlying investments, transactions, tax reporting, etc. We provide assistance in multiple languages and our 800 number, email address and fax line are all dedicated Automatic Rollover lines.
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 wrong addresses, we have comprehensive search procedures in place including the use of external search engines and Risk Compliance Performance Solutions, LLC.
ENHANCED FLEXIBILITY AND FEATURES
As a leading IRA provider for Automatic Rollovers, Millennium Trust offers significant flexibility. We accept rollovers from active, terminated, and abandoned plans, as well as uncashed checks. 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 suggest a QTA service provider for abandoned plans.
EASY AS 1-2-3
You can start rolling over your active, terminating or abandoned plans in three easy steps:
- Sign an Automatic Rollover Services Agreement
- Send us participant information
- Send participant funds to Millennium Trust