We’re happy to confirm that Transamerica has established a strategic relationship with Millennium Trust that provides you the ability to offer individual custodial accounts to your employees to help them save for emergencies. A dedicated emergency fund is an essential cornerstone in the foundation of a strong retirement savings strategy and overall financial wellness.
Millennium Trust solves important business challenges through innovative financial wellness solutions that help people plan, save and invest. With more than 5 million clients holding over $55 billion in assets under custody, we are committed to using our decades of expertise and strong partnership with the financial community to empower employers, advisors and institutions to help people achieve short-term and long-term financial security.
Approximately 40% of Americans would borrow money in some capacity if hit with an unexpected bill of $1,000 or more.1
1 Bankrate’s Financial Security Index, January 2020.
More than 30% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic – nearly two-thirds of which was used to cover basic living expenses.2
2 Kiplinger’s Personal Finance magazine and Personal Capital poll, released January 2021.Essential Save provides employers an easy way to offer and manage an emergency savings fund solution as a workplace benefit. Our solution carries minimal cost and administrative responsibility, and is built around several key benefits to the employer and to employees.
Our streamlined, digital onboarding and account establishment makes establishing a program easy. We take care of employee engagement and enrollment through an extended communication plan.
Employers have the option for the program to be funded via payroll deduction or ACH contributions. The program also supports employer contribution options.
The easy-to-use Employer Administration Portal makes program and account management simple. We provide a choice of data processing options, as well as real-time reporting.
The taxable custodial account allows employees to avoid potentially costly tax implications and keep longer term retirement savings dollars where they belong.
Completely liquid interest-bearing, bank-demand accounts with FDIC protection that allows account holders to quickly and conveniently access their funds to address immediate expense needs.
The program has a nominal employer cost, similar to offering Health Savings Accounts (HSAs).
Emergency savings funds help employees protect their retirement savings by preparing for the unexpected. See how the Transamerica-Millennium Trust Essential Save program benefits your workplace.
Explore the additional resources to learn more about Essential Save.
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Complete the online Service Agreement and work with a Millennium Trust Onboarding Specialist to help set up the program. During this time, choose how to fund the program, either via automated payroll processing or ACH, and whether or not you intend to take part in employer contributions.
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The employer then uploads an employee data file on our secure portal, so employees can receive a series of emails from Millennium Trust to help them understand the importance and benefit of enrolling, contributing and building an emergency savings fund.
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Once the employee enrolls and establishes an emergency savings fund at Millennium Trust, they will have access to the Employee Portal, where recurring contribution amount and withdrawals can be easily managed.
Have additional questions on the Millennium Trust Essential Save solution, or need additional information?
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