Automatic Rollovers | Schwab - Millennium Trust Company
Automatic Rollovers

Reduce costs for employers

Automatic Rollovers also reduce potential liabilities while actively engaging, empowering, and encouraging former employees on their journey toward retirement.

Automatic Rollovers allow employers to focus on their current employees, while Millennium Trust protects the retirement savings of their former employees.  We locate, engage, educate, and encourage those former employees to actively manage their journey toward retirement.

Plan Sposors discussing Rollover Solution

A Solution For Retirement Plan Sponsors

Our easy and straightforward solution helps employers reduce costs and potential liabilities while empowering former employees to continue their retirement savings journey. Some of the largest recordkeepers, TPAs, and plan sponsors in the industry use our service to remove small-balance accounts of former employees from 401(k) plans. This helps employer-sponsored retirement plans to:

  • Reduce costs and administrative burden by lowering participant counts
  • Reduce potential liabilities
  • Focus more resources on current participants

Our IRAs are designed to comply with the Safe Harbor Regulation-657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001.

    

Individuals Whose Funds Are Rolled Over

We encourage individuals to engage in their retirement by making available: 

A streamlined online experience and dedicated client service team

Tools and educational resources to help them on their retirement journey

Access to a wide range of options, including mutual funds and ETFs, in which an individual may choose to invest their retirement savings

Secure and affordable options for the participant to either transfer their funds, roll over to an existing 401(k) plan, or take a distribution

A Comprehensive Solution

Our solution centers on re-uniting former participants with their retirement funds and engaging them with education and choice in the ways in which they can prepare for retirement. Helping all individuals, including the underserved and under-saved, today and into retirement is at the heart of everything we do.

View Fact Sheet

Ready To Get Started?

Three simple steps is all it takes.

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Signing a service agreement helps ensure that accounts automatically rolled over from your plan are in compliance with the DOL Safe Harbor. It also speeds up processing times for account establishment and funding.

Access E-sign Agreement

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Provide us your participant information using the Millennium EZ Worksheet (a pre-formatted, excel file). To help ensure the security of your data, use our secure Automatic Rollover Portal to access and upload the EZ worksheet. Participant information includes participant’s name, address, social security number, date of birth, dollar amount and plan name. With this information, we automatically open IRAs and send a Welcome Kit to each participant.

Retirement Services portal

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The preferred methods of receiving participant funds are wire transfer or ACH, but we will also accept check(s). After the IRAs are opened and funded, we send a confirmation email to the plan sponsor or TPA.

Account funding instructions
  • Step 1: Sign Service Agreement

    x

    Signing a service agreement helps ensure that accounts automatically rolled over from your plan are in compliance with the DOL Safe Harbor. It also speeds up processing times for account establishment and funding.

    Access E-sign Agreement
  • Step 2: Provide Us Participant Information

    x

    Provide us your participant information using the Millennium EZ Worksheet (a pre-formatted, excel file). To help ensure the security of your data, use our secure Automatic Rollover Portal to access and upload the EZ worksheet. Participant information includes participant’s name, address, social security number, date of birth, dollar amount and plan name. With this information, we automatically open IRAs and send a Welcome Kit to each participant.

    Retirement Services portal
  • Step 3: Transfer Funds to Millennium

    x

    The preferred methods of receiving participant funds are wire transfer or ACH, but we will also accept check(s). After the IRAs are opened and funded, we send a confirmation email to the plan sponsor or TPA.

    Account funding instructions

Connect With An Expert

Complete form to connect with us about our Automatic Rollover IRA solution.

If you are an individual looking to locate an account from a former employer, please go through the Take Control of your Retirement Savings page.

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