OVERVIEW
Chapter 11 and Chapter 7 filings often include retirement plans that must be terminated. A plan cannot be terminated until all of the plan’s assets have been distributed, and prior to any distribution from the plan, the plan administrator/trustee must follow required IRS and Department of Labor (DOL) guidelines. Many times the trustee has neither the professional staff nor the financial reserves to fulfill the responsibilities of the plan administrator and terminate the plan.

A COMPLETE SOLUTION
Millennium Trust provides solutions for the terminating, abandoned or active retirement plans associated with bankruptcies and mergers, by taking custody of (rolling over) the accounts of a plan’s missing participants, and establishing IRAs on their behalf.

The Millennium Trust Automatic Rollover solution fully complies with the Safe Harbor regulations of Section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and includes the following features:

  • Solutions for all retirement plan types including pension plans and ESOPs
  • Default investments including FDIC-insured, money market vehicles and annuities
  • On-going searches for missing IRA accountholders
  • A participant-friendly client service team dedicated to addressing questions and fulfilling account owner requests, and are conveniently available by phone, email, fax or in person

UNMATCHED SERVICE AND SUPPORT
Millennium Trust Company’s comprehensive Automatic Rollover Solution helps trustees save time and money, while preserving deferred retirement savings for their former employees.

  • Enhanced Flexibility and Features
  • Proven and Innovative Technology
  • Handles Large Volume of Small Accounts
  • Comprehensive Search Procedures
  • Superior investment choices for IRA clients

CONTACT US TODAY
Learn how Millennium Trust works with bankruptcy trustees to rollover the accounts of a plan’s missing participants into self-directed IRAs; helping plans reduce liabilities and costs, while meeting their fiduciary requirements in accordance with the DOLs safe harbor regulations.

REPRESENTATIVE CLIENT LIST
Bankruptcy Case Terminated Plans

  • The Robert Plan (precedent setting)
  • Cigarettes Cheaper
  • Eddie Bauer
  • Linens ‘n Things
  • Mercury Interactive
  • US Airways

Record Keepers

  • Fidelity
  • ING
  • John Hancock
  • JP Morgan
  • MetLife
  • Securian
  • Transamerica

Plan Sponsors

  • Burger King
  • Dell
  • General Dynamics
  • JCPenney
  • Kimberly-Clark
  • Microsoft
  • YMCA

WHY MILLENNIUM TRUST COMPANY?
EXPERIENCE
Millennium Trust was established in 2000 to meet the market’s growing need for a more flexible provider of administrative and custody services. Over the years, we have developed new products and solutions to meet our customers’ needs. Today we are an experienced, fast-growing financial services firm, and we continue to stay at the industry forefront by remaining true to our entrepreneurial spirit.

REGULATORY OVERSIGHT
Chartered by the State of Illinois, Millennium Trust is examined annually by the Illinois Department of Financial and Professional Regulation (DFPR) and is audited each year by two separate independent audit firms.
 
BUSINESS CONTINUITY
We have established a comprehensive disaster recovery plan utilizing business continuity services provided by SunGard Availability Services. Data is backed-up and saved at a secure off-site data storage facility.

INSURANCE COVERAGE
Millennium Trust’s insurance coverage includes Management Liability, Professional Liability and Fidelity Bond coverage. This insurance does not relate to the safety of the investments chosen by our clients.

PRIVACY POLICY
Millennium Trust operates by extensive physical, electronic and procedural safeguards to ensure the security of client records. We never disclose personal information about clients to third parties without a client’s written consent, except for legitimate business purposes and in compliance with all applicable laws and regulations. We also never provide information to outside companies for marketing or telemarketing purposes. For additional information, see our Privacy Statement. 

FDIC COVERAGE FOR IDLE CASH IN IRAS
Millennium Trust provides a Cash Sweep Program for investment in idle cash in multiple unaffiliated banks providing up to $2.5 million in FDIC insurance per account. To view the list of banks participating in the Program, visit our website.