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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.
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Going through a major business change?
Free up your focus with our 401k plan termination services.
Mergers, acquisitions, or business closures may result in terminated retirement plans. Working with Millennium Trust can reduce your workload, assist with regulatory compliance, and smoothly complete the plan termination process — creating better outcomes for both you and your employees.
Contact usSimplify a complex process.
If you’re going through a major business change, there is likely a lot on your plate. Closing out retirement plans — finding missing, non-responsive, or deceased participants; making required minimum distributions; paying taxes; or resolving uncashed checks — can be a daunting task. At your direction, Millennium Trust can conduct a rigorous search for plan participants, provide status notifications, and make required disbursements to close plan accounts. For missing or non-responsive participants, we can establish a Safe Harbor automatic rollover individual retirement account (IRA) for the participant, custodied by us while we continue to search for the participant — so you can move on.
Do it right.
Feel confident about following compliance requirements in your plan termination. Millennium Trust has years of expertise and has helped thousands of plan fiduciaries seamlessly close out retirement plans or roll over plan participant accounts into Safe Harbor IRAs. Our services are designed to help support you in complying with Department of Labor guidance which may help you avoid the hassle and cost of additional audits.
Millennium Trust plan termination solutions include:
- Search services
- Participant notification
- Disbursements
- Tax filings
- Required minimum distributions
- Uncashed check resolution
- Set up, custody, and administration of Safe Harbor automatic rollover accounts
- Set up taxable custody accounts for funds ineligible for rollover