Rollover IRA for Individuals

Where did this money come from?

You had a company-sponsored retirement account at your former employer. After you left, your former employer (the plan sponsor) chose to roll over your retirement account to a Millennium Trust Individual Retirement Account (IRA) on your behalf.

Who is Millennium Trust Company?

We are the leading provider of automatic rollover solutions for employer-sponsored retirement plans. The plan sponsor of your former company's retirement plan has chosen Millennium Trust to help connect you with your retirement savings and to provide custody for a Rollover IRA on your behalf.

Learn more about MTC

How is my money invested?

The plan sponsor has chosen the Prudential Guaranteed Fund (PGF) as the initial investment for your rollover IRA. PGF is a stable value fund designed to provide safety of principal, liquidity, and a stable and competitive rate of return. Principal and accumulated interest are guaranteed by The Prudential Insurance Company of America. The interest-credited rate is guaranteed for a six month period.

Fund Fact SheetPGF Disclosure

What are the next steps?

A Millennium Trust IRA has already been established for you to help you save for your retirement. You can take control of your IRA today by completing an account agreement or, if you choose, request to take a distribution.

If you are interested in taking a distribution, or transferring your IRA to another provider, please review the instructions for help with the process. Keep in mind, if you are under 59½, taking an early distribution may result in tax penalties and lost earnings. Use our “IRA Spend it or Save it” calculator to help you determine how much an early distribution will cost you.

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When your account was established at Millennium Trust, a welcome kit was sent to you containing some account information. To take control of this account, update personal information and obtain online access, please complete the online Account Agreement. You will be informed if additional documentation is required.

Please contact us at 877.682.4727 or by email if you have any questions.

Account Agreementarp@mtrustcompany.com

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You are able to add additional funds to your Millennium Trust IRA, but not in the Prudential Guaranteed Fund (PGF). Likewise, you can re-allocate your PGF funds to other Millennium Trust investments but you cannot later move funds from those other investments back to the PGF.

Add Funds
There are four easy ways to add funds to your Millennium Trust IRA – IRA Transfers, IRA Indirect and Direct Rollovers, and Contributions.

IRA Transfers
IRA transfers are the most common funding method for a new or existing IRA. A transfer is the movement of IRA assets directly from one trustee or IRA custodian to another. In IRAs, these types of transfers are unlimited since funds are transferred from one institution to another. The transaction is not reported to the IRS as a distribution.

IRA Indirect Rollovers (60-day Rollovers)
A rollover begins with a distribution from a retirement or qualified plan, followed by a re-contribution of all, or a portion of, the assets to another retirement or qualified plan. The rollover transaction must be completed within a 60-day period or the assets' eligibility to be returned to a tax-advantaged account is lost. The distribution will then be taxed as ordinary income in the year it was received, and if the individual that received the distribution is under age 59½, the IRS will impose a 10% penalty on the distribution, subject to certain exceptions. It is important for retirement plan owners to take extra precaution that the transaction is completed on a timely basis, as all transactions are reported to the IRS. If the IRS does not receive confirmation of re-contribution within the 60-day period, it will assume the transaction is a distribution, and, therefore, taxable. In some cases, rollovers are not permitted, including the following:

  • IRA owners may not complete more than one rollover within a 12-month period regardless of how many IRAs they own;
  • Rollovers from a SIMPLE IRA plan to a Traditional IRA during the first two years of a SIMPLE IRA’s plan participation;
  • After age 70½, IRA or qualified plan rollover amounts that represent a taxpayer’s required minimum distribution for that year; and,
  • Rollover from a Roth IRA to a Traditional IRA or qualified plan.

IRA Direct Rollover
Unlike an indirect rollover, a “direct” rollover always originates with assets in a qualified plan or IRA and involves movement to an IRA or another employer's qualified plan. At no time are the assets cashable or negotiable by the taxpayer. Also, while direct rollovers are reported to the IRS as distributions, a special code on the distribution report indicates the funds were transferred in a direct rollover to an IRA or employer plan and are, therefore, not taxable. We encourage IRA owners to consult with a tax advisor regarding these limitations before initiating a transaction.

To view the IRS Rollover Chart, please click on the button below.

IRA Contributions
IRAs are available to anyone who receives taxable compensation. For IRA contribution purposes, compensation includes wages, salaries, fees, tips, bonuses, commissions, taxable alimony and separate maintenance payments. Married couples are each eligible to have an IRA, even if one spouse is not working. One spouse’s annual contribution is limited to the lesser of total taxable compensation or to the yearly amount shown in the following tables. Participants age 50 or older may make an additional “catch-up” IRA contribution in the amounts indicated in the tables below.

There are no minimum or required IRA contribution amounts, and all earnings on the amounts in a Traditional IRA are not taxed until withdrawn. In the case of Roth IRAs, withdrawals may be made on a tax-free basis provided certain conditions are met.

Individual Retirement Accounts

     Individual Contribution Individual Catch-up Contribution 1
  2015 & 2016 2015 & 2016
Traditional IRA Up to $5,500 Up to $1,000
Roth IRA Up to $5,500 Up to $1,000

 

Employer Sponsored Retirement Accounts3, 4

  Participant Contribution Limit Participant Catch-up Contribution1, 2 Total maximum allocation to participant's account (employer & participant contributions5)
  2015 & 2016 2015 & 2016 2015 & 2016
SEP IRA N/A N/A 25% of participant's compensation or $53,000, whichever is less
SIMPLE IRA $12,500 $3,000 $25,000 ($12,500 participant + $12,500 employer match; employer match limited to 3% compensation)

1 Catch-up contributions are allowed for individuals age 50 or older   
2 Catch-up contributions cannot exceed the lesser of the catch-up contribution limit listed, or the excess of your compensation over the elective deferrals that are not catch-up contributions   
3 The information in this chart does not apply to self-employed individuals   
Additional or smaller limitations may exist in plan documents   
5 Maximums shown here may not include catch-up contributions   

View Rollover chart

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If you would like to diversify your retirement savings, you can use Millennium Trust Online's self-directed trading tool to buy/sell a wide variety of investments including mutual funds, stocks, ETFs, and other publicly traded securities.  

Millennium Trust does not give investment, tax or legal advice. However, we offer useful tools like our financial calculators and Morningstar® investment tools, that you can use to help make well-informed decisions about managing your account.*

To request online access and trading authorization, complete an Account Agreement.

* Financial calculators and Morningstar investment tools are provided for education purposes only.

Financial calculatorsInvestor tools

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Take a Distribution
There are three ways to remove funds from your Millennium Trust IRA – take a direct distribution, rollover to another custodian or transfer to another IRA provider.

Take a Direct Distribution
For each IRA you hold, complete the online Automatic Rollover IRA Distribution Form.You will be notified if additional documentation is required, such as a copy of your current driver's license or identification card or if a Signature Guarantee is required.

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.

Online distribution form

    Additional Options

    Rollover to Current Employer’s Qualified Plan
    If you want to roll over your IRA funds to your current employer’s qualified plan, complete the online Automatic Rollover IRA Distribution Request.

    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 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 Medallion Signature Guarantee, and a legible copy of your driver’s license.
    Signature Guarantee
    A Signature Guarantee or Medallion 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 for a Signature Guarantee.) A Signature Guarantee is 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. A Medallion Signature Guarantee is required when transferring your IRA to another IRA custodian. All forms requiring a Signature Guarantee or Medallian Signature Guarantee must be submitted by mail. Otherwise, if the Signature Guarantee is not required, we will accept your completed form along with a copy of your current driver’s license via fax or email.
    • Complete an Account Agreement

      x

      When your account was established at Millennium Trust, a welcome kit was sent to you containing some account information. To take control of this account, update personal information and obtain online access, please complete the online Account Agreement. You will be informed if additional documentation is required.

      Please contact us at 877.682.4727 or by email if you have any questions.

      Account Agreementarp@mtrustcompany.com
    • Add Funds

      x

      You are able to add additional funds to your Millennium Trust IRA, but not in the Prudential Guaranteed Fund (PGF). Likewise, you can re-allocate your PGF funds to other Millennium Trust investments but you cannot later move funds from those other investments back to the PGF.

      Add Funds
      There are four easy ways to add funds to your Millennium Trust IRA – IRA Transfers, IRA Indirect and Direct Rollovers, and Contributions.

      IRA Transfers
      IRA transfers are the most common funding method for a new or existing IRA. A transfer is the movement of IRA assets directly from one trustee or IRA custodian to another. In IRAs, these types of transfers are unlimited since funds are transferred from one institution to another. The transaction is not reported to the IRS as a distribution.

      IRA Indirect Rollovers (60-day Rollovers)
      A rollover begins with a distribution from a retirement or qualified plan, followed by a re-contribution of all, or a portion of, the assets to another retirement or qualified plan. The rollover transaction must be completed within a 60-day period or the assets' eligibility to be returned to a tax-advantaged account is lost. The distribution will then be taxed as ordinary income in the year it was received, and if the individual that received the distribution is under age 59½, the IRS will impose a 10% penalty on the distribution, subject to certain exceptions. It is important for retirement plan owners to take extra precaution that the transaction is completed on a timely basis, as all transactions are reported to the IRS. If the IRS does not receive confirmation of re-contribution within the 60-day period, it will assume the transaction is a distribution, and, therefore, taxable. In some cases, rollovers are not permitted, including the following:

      • IRA owners may not complete more than one rollover within a 12-month period regardless of how many IRAs they own;
      • Rollovers from a SIMPLE IRA plan to a Traditional IRA during the first two years of a SIMPLE IRA’s plan participation;
      • After age 70½, IRA or qualified plan rollover amounts that represent a taxpayer’s required minimum distribution for that year; and,
      • Rollover from a Roth IRA to a Traditional IRA or qualified plan.

      IRA Direct Rollover
      Unlike an indirect rollover, a “direct” rollover always originates with assets in a qualified plan or IRA and involves movement to an IRA or another employer's qualified plan. At no time are the assets cashable or negotiable by the taxpayer. Also, while direct rollovers are reported to the IRS as distributions, a special code on the distribution report indicates the funds were transferred in a direct rollover to an IRA or employer plan and are, therefore, not taxable. We encourage IRA owners to consult with a tax advisor regarding these limitations before initiating a transaction.

      To view the IRS Rollover Chart, please click on the button below.

      IRA Contributions
      IRAs are available to anyone who receives taxable compensation. For IRA contribution purposes, compensation includes wages, salaries, fees, tips, bonuses, commissions, taxable alimony and separate maintenance payments. Married couples are each eligible to have an IRA, even if one spouse is not working. One spouse’s annual contribution is limited to the lesser of total taxable compensation or to the yearly amount shown in the following tables. Participants age 50 or older may make an additional “catch-up” IRA contribution in the amounts indicated in the tables below.

      There are no minimum or required IRA contribution amounts, and all earnings on the amounts in a Traditional IRA are not taxed until withdrawn. In the case of Roth IRAs, withdrawals may be made on a tax-free basis provided certain conditions are met.

      Individual Retirement Accounts

           Individual Contribution Individual Catch-up Contribution 1
        2015 & 2016 2015 & 2016
      Traditional IRA Up to $5,500 Up to $1,000
      Roth IRA Up to $5,500 Up to $1,000

       

      Employer Sponsored Retirement Accounts3, 4

        Participant Contribution Limit Participant Catch-up Contribution1, 2 Total maximum allocation to participant's account (employer & participant contributions5)
        2015 & 2016 2015 & 2016 2015 & 2016
      SEP IRA N/A N/A 25% of participant's compensation or $53,000, whichever is less
      SIMPLE IRA $12,500 $3,000 $25,000 ($12,500 participant + $12,500 employer match; employer match limited to 3% compensation)

      1 Catch-up contributions are allowed for individuals age 50 or older   
      2 Catch-up contributions cannot exceed the lesser of the catch-up contribution limit listed, or the excess of your compensation over the elective deferrals that are not catch-up contributions   
      3 The information in this chart does not apply to self-employed individuals   
      Additional or smaller limitations may exist in plan documents   
      5 Maximums shown here may not include catch-up contributions   

      View Rollover chart
    • Start Investing

      x

      If you would like to diversify your retirement savings, you can use Millennium Trust Online's self-directed trading tool to buy/sell a wide variety of investments including mutual funds, stocks, ETFs, and other publicly traded securities.  

      Millennium Trust does not give investment, tax or legal advice. However, we offer useful tools like our financial calculators and Morningstar® investment tools, that you can use to help make well-informed decisions about managing your account.*

      To request online access and trading authorization, complete an Account Agreement.

      * Financial calculators and Morningstar investment tools are provided for education purposes only.

      Financial calculatorsInvestor tools
    • Take a Distribution

      x

      Take a Distribution
      There are three ways to remove funds from your Millennium Trust IRA – take a direct distribution, rollover to another custodian or transfer to another IRA provider.

      Take a Direct Distribution
      For each IRA you hold, complete the online Automatic Rollover IRA Distribution Form.You will be notified if additional documentation is required, such as a copy of your current driver's license or identification card or if a Signature Guarantee is required.

      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.

      Online distribution form

        Additional Options

        Rollover to Current Employer’s Qualified Plan
        If you want to roll over your IRA funds to your current employer’s qualified plan, complete the online Automatic Rollover IRA Distribution Request.

        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 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 Medallion Signature Guarantee, and a legible copy of your driver’s license.
        Signature Guarantee
        A Signature Guarantee or Medallion 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 for a Signature Guarantee.) A Signature Guarantee is 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. A Medallion Signature Guarantee is required when transferring your IRA to another IRA custodian. All forms requiring a Signature Guarantee or Medallian Signature Guarantee must be submitted by mail. Otherwise, if the Signature Guarantee is not required, we will accept your completed form along with a copy of your current driver’s license via fax or email.