About Millennium Trust Company
- Respected custodian in the retirement services industry
- Industry leading provider of customized retirement services and custody solutions
- Comprehensive operations and client servicing environment
- Advanced technology that facilitates efficient and secure transmittal of data and funds
Services Provided
- Execute benefit distributions to participants via check, wire or ACH
- Withhold, remit and report all necessary federal and state taxes
- Facilitate and remit third party administrator (TPA) benefit distribution fees, as applicable
Process Overview
- Sign Benefit Distribution Services Agreement with Millennium Trust
- Establish custody account to receive participant funds, process distributions and administer program
- As distributions are requested, TPA uploads EZ Benefit Distribution worksheet via Millennium’s secure portal providing all applicable data and direction to process payments
- Concurrent with data transmittal, funds are transferred (wire, ACH or check) to Millennium Trust where they are deposited into the custody account
- Millennium Trust processes distributions and forwards funds according to directions received
- Millennium Trust remits all applicable federal and mandatory state withholding and administers all applicable tax reporting (e.g.1099Rs)
- On a quarterly basis, Millennium Trust remits to TPA, any benefit distribution fee payments
Fees
- There will be a nominal fee per Benefit Distribution
- Distribution to the participant by wire transfer is subject to an additional $30 fee
Benefit Distribution Services