Schwab - Millennium Trust Company - Novel Coronavirus (COVID-19) Preparedness Statement | Schwab - Millennium Trust Company

Millennium Trust Company - Novel Coronavirus (COVID-19) Preparedness Statement

Updated: 07/06/2020

We at Millennium Trust are closely monitoring the spread of novel coronavirus (COVID-19) and are actively monitoring information disseminated by the Centers for Disease Control and Prevention (CDC), Illinois Department of Public Health, and Pennsylvania Department of Health along with other local agencies. We are confident that we are in position to continue to provide clients with the same outstanding service to which they are accustomed without compromising the well-being of our employees.

The following are frequently asked questions (FAQs) about actions we are taking and plans we have in place during the COVID-19 outbreak. If you have specific questions, please don’t hesitate to reach out to your relationship manager or sales contact.

Q: Are your offices opened for business?

A: Millennium Trust is considered an essential business that the community depends on to stay open during this challenging time, much like a bank, grocery store, pharmacy or gas station. As such, we have remained open for business, while adhering to guidance from federal and state government agencies.

Our call centers are open to assist our clients. However, out of an abundance of caution for our clients and our staff, we will not be accepting walk in clients at our firm until further notice. However, if you need assistance, we would be more than happy to assist you via phone call or chat. You can reach us at 800-258-7878 or chat at mtrustcompany.com/contact during business hours, Monday - Friday from 7:00am – 6:00pm CST.

Q: Does Millennium Trust have a business continuity plan in place?

A: Yes, we have a business continuity plan in place to ensure that personnel, operations and technology functions will continue to operate [or quickly recover] in an event such as a pandemic, natural or man-made disaster or other business disruptions. Our comprehensive disaster recovery plan utilizes business continuity services provided by SunGard Availability Services. In the event an outbreak affects areas near a Millennium Trust location, we are well-prepared for employees to work remotely.

Q: What is Millennium Trust doing to avoid service interruptions and prevent the spread of COVID-19?

A: We have proactively encouraged employees who are able to work remotely, even if they are showing no signs of illness. If employees are displaying flu- or cold-like symptoms, we ask that they please stay home to focus on rest and recovery and speak with their healthcare provider. A smaller congregation of people in our offices creates a safer environment for all.

Q: What impact will COVID-19 have on travel, meetings and conferences for Millennium Trust employees?

A: Given existing travel restrictions, we have recommended that Millennium Trust employees refrain from all business travel until further notice. Where possible, we use video conferencing or other technology to accomplish the goals of out-of-office meetings. Millennium Trust employees are not obligated to travel if they are not comfortable doing so. 

Q: What other preventative actions is Millennium Trust taking in their offices?

A: We have been working with building management in our Oak Brook, IL and Pittsburgh, PA offices, and their respective cleaning services, regarding daily office cleanings. We have asked them to take the necessary actions to ensure our office areas are clean and that safe supplies are being used to sanitize our offices.

We continue to monitor the impact of the COVID-19 outbreak, and are working to keep Millennium Trust employees and clients safe. We are confident the proactive actions we have taken to date and our business will allow us to continue to serve you and maintain the high level of service that you have come to expect.

Q: How will the CARES Act impact IRA owners?

A: The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was enacted by Congress and signed by President Trump on March 27, 2020. We’ve reviewed the Act in detail, and have summarized the provisions that directly impact IRA owners.

The CARES Act may impact an IRA in three basic areas:

  1. Waiver of 2020 Required Minimum Distributions
  2. Tax-Advantaged Distributions for Affected Individuals
  3. Extension of IRA Contribution Deadline

View the COVID-19 Update: CARES Act Impacts for IRAs page for our complete summary.

Q: What other resources are available to Millennium Trust clients?

A: The COVID-19 pandemic has had a significant impact on virtually everyone, and likely will for some time. We will get through this together, and we are working to provide educational resources. You can read and subscribe to our blog for information about current issues and events, and you can also visit the Knowledge Center for a library of videos, financial calculators, articles and more. We’ll continue to post updates and resources as more information becomes available.

If you have any specific questions, please don’t hesitate to contact your relationship manager, sales contact or service representative.