Workplace Savings Solutions is designed to improve retirement readiness by increasing access to and awareness of small business retirement savings options.
OAK BROOK, IL - October 10, 2019 – Millennium Trust Company, LLC (“Millennium Trust”) has launched Workplace Savings Solutions, a suite of simple and affordable retirement benefits for small businesses. The product addresses the retirement crisis in America by offering a selection of payroll-deducted retirement savings solutions for this underserved audience.
Millennium Trust, a leading retirement and custody services provider to advisors, financial institutions, businesses and individuals, created Workplace Savings Solutions with the goal of helping Americans save more for retirement by boosting awareness of retirement savings options for businesses when a 401(k) is not a good fit. With Workplace Savings Solutions, employers are able to choose from a variety of IRA-based 401(k) alternatives with a one-time $250 start-up fee and typically no ongoing cost to their business. Employees get access to a tax-advantaged savings vehicle featuring professionally managed investment options available through a user-friendly portal.
The recent advancement of Multiple Employer Plans (MEPs) and government-run options has been beneficial, but Millennium Trust is aiming to fill the void for businesses that are not a fit for a 401(k) and are not interested in a government plan.
“We applaud everything that the states’ plans and federal MEP legislation are trying to accomplish,” said Kevin Boyles, Vice President of Workplace Savings Solutions at Millennium Trust. “But even if those initiatives are extremely successful and double the number of employers with a 401(k) plan, that still leaves a significant number of businesses without retirement benefits. We’re hoping to change that.”
Part of the problem, according to Boyles, is a lack of knowledge among small employers about all of their retirement savings options. That’s why Millennium Trust has also introduced its interactive Retirement Savings Selector Tool for Small Businesses, designed to quickly and easily help small businesses determine what type of plan may be the right fit for their business, including SEP IRAs, SIMPLE IRAs, Payroll Deducted IRAs and 401(k)s.
“Small business owners are focused on making sure their business is running properly, so they aren’t necessarily subject matter experts when it comes to retirement benefits,” added Boyles. “We’ve made researching retirement plans much more accessible for the majority of employers who have a limited understanding of their options outside of a 401(k), and we hope that translates into increased access to savings for Americans.”
Millennium Trust conducted its inaugural Millennium Trust Retirement Survey in 2018. The survey – one of the first of its kind to be conducted exclusively with employers that do not offer retirement benefits –helped the firm understand the needs of small businesses and their employees, and also illustrated how awareness is still a significant hurdle.
“As the needs of businesses change, retirement plans are forced to change with them,” said Gary Anetsberger, Chief Executive Officer, Millennium Trust. “We saw that years ago as 401(k)s gained prominence alongside defined benefit plans, and I think we’re at the forefront of the next evolution of retirement plans with our Workplace Savings Solutions.”
For more details, please visit Workplace Savings Solutions.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized retirement and custody services, 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.
The Millennium Trust Retirement Survey was commissioned by Millennium Trust Company, and conducted by CITE Research (www.citeresearch.com). The online survey was conducted among 500 decision makers at companies with less than 150 employees that do not offer any type of retirement savings option, and 500 employees who are working full-time at employers with no retirement savings option. The survey, one of the first of its kind to be conducted exclusively with employers that do not offer retirement benefits, was fielded between September 28 and October 8, 2018.