Quick answers to your most immediate questions

When you worked at your former company, you had a company-sponsored retirement account such as a 401(k). After you left, the plan sponsor authorized the rollover of your money into an "Automatic Rollover IRA" with Millennium Trust Company. This typically occurs because your balance was below $5,000, you had an outdated address on file, or your retirement plan was terminated.

Millennium Trust is a retirement services provider based in Oak Brook, Illinois. We are a leading provider of rollover IRAs and self-directed retirement accounts. If you want to learn more about us and our people, feel free to visit the About page, find us on social media, or call a member of our client services team at 800-258-7878.

We realize the identity verification process can seem cumbersome, but it’s your hard earned savings and we want to ensure you are reconnected with it. Therefore, we take every precaution to ensure we reconnect each account to its rightful owner.

The balance of your IRA is initially held in an FDIC-insured, interest-bearing bank account. You have the choice to direct investments in stocks, bonds and mutual funds in your IRA.

Millennium Trust provides a Cash Sweep Program for the investment of idle cash in multiple unaffiliated banks that provide up to $5 million in FDIC insurance per account. When viewing your account statement or your holdings online, the cash balance held in the program is reflected as "Cash Sweep Account".

Yes, if you are eligible to fund an IRA, then you may make contributions to your Millennium Trust IRA up to the IRS's annual contribution limit. You may also transfer funds from another IRA or an employer sponsored plan.

Of course. It’s your money and you’re in charge. You have several options to choose from — keep your account at Millennium Trust, move your money to another eligible plan or withdraw your money. Whatever you choose, we’re here to help. Please know that some distributions are subject to taxes and fees, so you may want to consult your tax advisor before requesting a distribution.

It’s easy. Once you claim your account, simply login to the MTC Investment Portal to complete and submit the distribution request form. View our video for more information about taking a distribution.

The terms of your former retirement plan are no longer applicable and any specified beneficiary designation ended when the rollover was made. You should specify your beneficiary designation(s) by completing the Automatic Rollover IRA Form. If you do not designate a beneficiary for your Millennium Trust IRA, at the time of your death, a default beneficiary designation will apply according to the terms of the IRA Custodial Agreement. The IRA beneficiary(ies) default to the IRA owner's spouse or the children or the estate, depending upon who survives the IRA owner.

Millennium Trust charges an annual maintenance that covers the establishment and ongoing administration of your retirement account. It is processed upon establishment of the account and annually thereafter.

The 1099-R is used to report rollovers and/or distributions from qualified retirement accounts and IRAs. You will receive a 1099-R during the calendar year if:

• Your qualified retirement plan rolled over to an IRA for you at Millennium Trust.
• You took a taxable distribution or executed a direct rollover to a current employer's qualified plan from your IRA at Millennium Trust.

All 1099-Rs will be mailed by January 31 of the year following the above event(s).

The 5498 is used to report contributions, including rollovers, made to an IRA for the current tax year. You will receive a 5498 if:

• Your qualified retirement plan was automatically rolled over to an IRA for you at Millennium Trust and/or you made any other current year contributions.

It also is used to report the fair market value (FMV) of your IRA as of December 31 of the reporting year. The 5498 will be mailed by May 31 in the year following the above event(s).

An alternative investment is any asset that is not publicly traded. Examples of alternative investments include: hedge funds, private equity or debt, real estate and precious metals, among others.

In 1974 Congress authorized the use of Individual Retirement Accounts (IRAs) to help Americans save for retirement. Under this rule, they stipulated an IRA must be held with a qualified custodian — traditionally a bank, brokerage firm or trust company. While perhaps the majority of IRA owners have opted to hold traditional investments (stocks, bonds, mutual funds), alternative assets can also be held in IRAs. Few custodians are willing to handle such assets due to the complexity of these investments. Millennium Trust Company is an expert in this area and currently custodies over 11,000 unique alternative assets.