Oak Brook, Illinois – December 19, 2013 - Millennium Trust Company released a white paper that addresses the growing problem of uncashed checks faced by retirement plan sponsors. The paper analyzes the source and magnitude of the problem, along with the legal and financial ramifications for sponsors if not addressed effectively.
Estimates regarding the amount of unclaimed plan assets range into the billions of dollars, with hundreds of thousands of plan participants remaining disconnected from their funds. Plan sponsors are forced to retain responsibility for these plan assets.
“Data from across the country shows that the problem of uncashed checks represents a serious and growing dilemma for retirement plan sponsors,” said Terry Dunne, Millennium Trust SVP and managing director of the Rollover Solutions Group. “With: administration costs continuing; escheatment not being an option in many cases; and the threat of possible fines and lawsuits increasing the longer plan sponsors fail to follow through on their responsibilities, it becomes clear that automatic rollover IRAs provide an easy solution to the problem.”
As an innovator in the financial services industry, Millennium Trust was one of the first to offer an extensive suite of automatic rollover services, providing: unmatched service and support; proven and innovative technology; comprehensive search procedures for finding missing individuals; as well as a full range of investment choices for IRA account holders. Millennium Trust’s automatic rollover service is designed to help plans meet the Department of Labor’s (DOL) safe harbor requirements for the automatic rollover of plan assets to individual retirement accounts (IRAs).
To receive a copy of the white paper, contact Diane Pressley at 630-368-5614 or dpressley@mtrustcompany.com.
About Millennium Trust Company
Millennium Trust Company is a leading financial services company offering niche alternative custody solutions to institutions, advisors and individuals. We serve as a complement to services offered by other custodians. Our innovative solutions include rollover solutions, alternative asset custody, private fund custody and advisor support solutions. Millennium Trust performs the duties of a directed custodian and, as such, does not perform due diligence on prospective investments, sponsors or service providers and does not sell investments or provide investment, tax or legal advice.
Millennium Trust Company
