National drop in employee tenure leaves more missing participants & low-balance accounts
Dunne joins PLANSPONSOR National Conference, SPARK National Conference this week
CHICAGO – June 11, 2018 – Millennium Trust Company, a leading financial services company providing specialized custody and retirement services to advisors, financial institutions, businesses and individuals, announced today it will participate in two of the country’s leading conferences on retirement services this week in the Washington, D.C. area.
Terry Dunne, Senior Vice President, Managing Director of Retirements Services at Millennium Trust, will help plan sponsors navigate the increasing number of missing participants – currently estimated at 25 million – and provide insight into how plan sponsors can reunite these participants with their money.
“Seemingly forgotten low-balance accounts and missing participants now top the list of industry concerns, second only to cybersecurity and fraud,” said Dunne. “Drastic changes to the employment landscape in recent years have created significant hurdles for plan sponsors when it comes to managing retirement plans after employees have left a company.”
Plan sponsors have a fiduciary obligation to search for missing participants to attempt to reunite them with their money – even if these individuals fail to keep their contact information current. Today’s average worker changes jobs every four years, meaning more accounts with lower balances.
Dunne will speak on the panel “Planning for Post-Employment” at the PLANSPONSOR National Conference in Washington, D.C. on Thursday, June 14 at 4:15 p.m. He will join the “Missing Participants” session the following day at the SPARK National Conference in National Harbor, Maryland at 9 a.m.
About Millennium Trust Company
Millennium Trust Company is a trusted leader in specialized custody, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it's the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients' success.
Millennium Trust Company performs the duties of a directed custodian, and as such, does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers, and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, follow us on Twitter and LinkedIn.
