take control of your retirement savings

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If you would like to keep your IRA with Millennium Trust, please complete the online IRA Form. At this time you can update personal information, add funds and obtain online account access.

Questions about the process? You can view a demo of the online IRA Form.

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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.
IRS Rollover Chart

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.

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Your money was automatically placed in an FDIC-insured, interest-bearing bank demand account when your IRA was established at Millennium Trust. 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.* You can also use our “IRA Spend it or Save it” calculator to help you determine how much an early distribution will cost you.

To request online access and trading authorization, complete an IRA Form.

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

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Take a Distribution or Rollover to a Retirement Plan

You can complete the online distribution request after registering your account in the portal.

View our demo of the online form if you have any questions about the process.

Access online form

Important Tax Reminders

• An IRA distribution may be a taxable event and it will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

• Your IRA assets may be eligible for a tax-free “rollover” within 60 days upon your receipt of a distribution.

• While a rollover to another plan is not a taxable event, it is a reportable event, and will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

Transfer to Another IRA Provider

To begin the process, please visit our secure portal to register and confirm your account. View this short video to learn the transfer out process.

Online IRA Form

Once that is done, please follow these steps to start the process.

1. Contact the new provider to obtain the appropriate transfer paperwork.
2. Complete and submit their transfer paperwork. Please make sure to include the following:
   • Your signature
   • Millennium Trust Company listed as the current custodian
   • Account type at Millennium Trust
   • Account type at the new provider
   • At least two of the following identifying items:
     
     • Millennium account number
     • Social security number
     • Date of birth
     • Current address

If you choose to transfer securities, such as stocks and mutual funds, instead of liquidating your holdings and transferring cash, and the value of securities is over $200,000, an Original signature and Original Signature Guarantee stamp on the transfer form is required.

3. Submit the completed paperwork to the new provider. Your new provider will review your request, and if accepted, will sign and send to Millennium Trust to process the transfer.