Frequently Asked Questions (FAQs) | Custodian - Millennium Trust Company
Frequently Asked Questions

Quick answers to your most immediate questions

How can we help you?

  • How do I transfer my account to another Custodian?
    1. Complete and submit the new custodian’s Transfer paperwork to start the process. Please make sure to include the following:
      a) Your dated signature of consent
      b) New custodian’s signature of acceptance (for retirement accounts)
      c) Delivery instructions for the new custodian – if requesting a check, provide who the check is to be made payable (It must be made payable to the successor custodian)
      d) For transfers over $200,000, an Original (can be a copy of signature) signature and Original Signature Guarantee stamp on the transfer form is required. If signature guarantee stamp is required, please mail the transfer form, including original (signature guarantee stamp) to: 2001 Spring Rd., Suite 700, Oak Brook, IL 60523

    2. Transfers requested to be sent via wire, will be subject to a $30 wire transfer fee.
        a) Millennium Trust Company, LLC is not a bank and therefore NOT ACAT eligible.

  • Can I take a distribution?

    Yes, you have several options — take a direct distribution, rollover your IRA funds to your current employer's qualified plan or transfer your IRA to another provider. For details, visit the automatic rollover IRA offerings page.

  • How do I request a distribution?

    You may submit a request through our online distribution request form.

  • How do I request a distribution from my account?

    You can request a one-time or recurring distribution from your account. Simply submit a distribution request form.

  • How long does it take to receive my funds when I request a cash distribution?

    First, it depends on if you have liquid cash in your account. If not, you must liquidate and that will take additional time to process, which depends on the asset.

    Once your request is received and processed, the timing depends on the delivery method you choose:

    Wire: same or next day, ACH (direct deposit): three business days, or Check sent via U.S. mail: generally three to five days, depending on postal service in your area

  • When is the deadline for receiving a Required Minimum Distribution (RMD) from an IRA?

    An account owner must take the first RMD for the year in which he or she turns 72*. However, the first RMD payment can be delayed until April 1 of the year following the year in which he or she turns 72. For all subsequent years, including the year in which the first RMD was paid by April 1, the account owner must take the RMD by December 31. 

    * With the SECURE Act signed into law in December 2019, the RMD age increased from 70½ to 72, effective Jan. 1, 2020. Please Note: If you turned 70 ½ on or before Dec. 31, 2019 (i.e., you were born on or before June 30, 1949), you are required to begin or continue taking RMDs since you turned 70½ before the SECURE Act went into effect.

  • How and when do I request my Required Minimum Distribution (RMD) from Millennium Trust?

    To request your RMD, you need to complete our Required Minimum Distribution form. As the IRS deadline for taking a Required Minimum Distribution is December 31, you must submit your RMD form to Millennium Trust no later than December 1 to allow adequate time for processing, if you have cash funds available in your account. If you need to liquidate your investments, please review the liquidation terms of your investment(s) and submit the RMD form to Millennium Trust early enough to allow adequate time for processing any liquidation requests. (If this is the first year in which you are required to take an RMD, you have until April 1 of the following year to do so).

  • How do I transfer an asset out of my IRA?

    In-kind distributions can be processed through a distribution request by using the re-registration option. This gives you the ability to indicate the investment you wish to put in your name and hold outside of the IRA. Additional paperwork may be required for certain assets such as real estate. The last known value of the asset will be reported as a taxable event on IRS form 1099R.