Retirement Services

RECONNECT PLAN PARTICIPANTS WITH THEIR FUNDS

We offer a suite of IRA and retirement services to meet your evolving needs – all designed to help you reduce costs and liabilities, and better serve plan participants.

Automatic Rollover IRAs

Since 2005, we’ve provided solutions to accommodate distributions from ongoing, terminated or abandoned defined contribution plans. Our IRAs are designed to comply with the Safe Harbor regulations, Section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001.

Our IRA solution allows you to lower plan costs, reduce liabilities, and focus on current employees.

Reconnect Past Participants with Their Retirement Funds

Let us take care of former participants so you can spend your time managing the plan for active participants. Missing or non-responsive former employees can be a drain on resources, impairing effective plan administration and exposing you to additional fiduciary risks. Automatic rollovers were created to provide an easy way for retirement plans to remove costly, small balance accounts of former employees while preserving the tax-deferred status of their retirement savings.

DOL Requirements

Working with the Best

Our clients view us as an ally who goes above and beyond to provide solutions to their ever-changing retirement plan needs.

We work with plan sponsors, recordkeepers, TPAs payroll providers and financial services companies. We also team up with other professionals including financial advisors and employee benefit and bankruptcy attorneys.

Meet your team

Who We Work With

See more of our clients

How do I get started?

Three simple steps is all it takes.

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To get started, simply sign our Automatic Rollover Services Agreement.

Access E-sign AgreementDownload (PDF) Form

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Provide us your participant information using the Millennium EZ Worksheet (a pre-formatted, excel file). To help ensure the security of your data, use our secure Automatic Rollover Portal to access and upload the EZ worksheet.

Participant information includes participant’s name, address, social security number, date of birth, dollar amount and plan name. With this information, we automatically open IRAs and send a Welcome Kit to each participant.

EZ worksheetAutomatic Rollover portal

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The preferred methods of receiving participant funds are wire transfer or ACH, but we will also accept check(s). After the IRAs are opened and funded, we send a confirmation email to the plan sponsor or TPA.

Account funding instructions

What additional services do you offer?

With regulations that eliminate the need for a paper version of Form 8109-B, we offer a check distribution and tax reporting service to help TPAs deposit federal taxes electronically. As directed, we execute benefits disbursements to participants including withholding, remitting and reporting all appropriate Federal and State withholding as well as administering all applicable reporting. We facilitate and remit TPA benefit distribution fees, as applicable. TPAs and plans can save time and resources by leveraging our expertise in administering distributions.

  • Help TPAs with electronic solution for depositing federal taxes
  • Execute benefits disbursements including remitting checks, withholding, and reporting all appropriate Federal and State withholding as well as administering all applicable reporting (e.g. 1099Rs)
  • Facilitate and remit TPA benefit distribution fees, as applicable

A payroll deducted IRA is an easy way for businesses to give employees who are not covered by an employer retirement plan an opportunity to save for retirement. The employer sets up the payroll deduction IRA program with us and then employees choose whether, and how much, they want deducted from their paychecks and deposited into the IRA.

In addition to the convenience of a payroll deduction, employees may direct investments in a wide array of options including mutual funds, stocks, bonds, and CDs.

  • Designed for employees not covered by an employer retirement plan and allows them to save for retirement
  • Employer sets up the payroll deduction IRA program
  • Employee decides the amount to put into the IRA and directs investments
  • IRAs can hold a wide array of investments

We provide notification services for TPAs and plan sponsors. Simply send us the data related to your terminated participants and we’ll mail the notification letter and appropriate distribution and tax information to each one. Responsive participants receive their elected distributions; the plan may direct the funds of non-responsive participants to be rolled into Safe Harbor compliant, automatic rollover IRAs.

  • Send notices to all participants and coordinate distributions with found participants
  • If participant not found, account balance may be rolled over into an IRA
  • Uncashed Checks

    When an employee retires or terminates employment, they are entitled to a distribution of their retirement account. Many plan distribution checks are not received or acknowledged by the former employee (for a variety of reasons). These uncashed checks represent plan assets and are consequently an ongoing burden for plan sponsors. Uncashed checks from employer-sponsored retirement accounts increase plan costs, complicate plan administration, and prevent fiduciary responsibilities from being fulfilled. Automatic rollover IRAs can provide a simple, effective solution to this problem. Uncashed checks that meet specific criteria can be rolled over into IRAs under regulations put in place by the U.S. Department of Labor (“DOL”).

    • Rollover uncashed checks from participants of active and terminated plans into IRAs
    • IRA funds invested in FDIC-insured, interest-bearing bank accounts
    • Comprehensive search efforts for missing IRA holders
    • Welcome kits sent to the IRA holder
  • Plan Termination Services

    Significant business events, such as bankruptcies, mergers, acquisitions, and business closures often result in employers terminating or abandoning their retirement plans.

    We have helped many fiduciaries with terminating plans by rolling missing and non-responsive participants (of any value) into IRAs. Our program performs all of the mandatory search steps prescribed by the Department of Labor (DOL) FAB 2004-02 and FAB 2014-01.

    Additionally, the DOL has developed rules to provide for a voluntary, safe, and efficient process for winding up the affairs of abandoned retirement plans and the distribution of benefits in response to the growing number of "orphaned" defined contribution plans.

    As a leader in the Automatic Rollover market, we are uniquely qualified to act as the Qualified Termination Administrator (QTA) for abandoned plans and provide a rollover IRA at plan termination. We handle the termination process from start to finish.

    • FAB 2004-02 and FAB 2014-01 compliant search program
    • Notification services available
    • Distribute account balances to found participants
    • If participant not found, account balance rolled into an IRA
    • Can act as Qualified Termination Administrator (QTA) for abandoned plans
  • Check Distribution/Tax Reporting Services

    With regulations that eliminate the need for a paper version of Form 8109-B, we offer a check distribution and tax reporting service to help TPAs deposit federal taxes electronically. As directed, we execute benefits disbursements to participants including withholding, remitting and reporting all appropriate Federal and State withholding as well as administering all applicable reporting. We facilitate and remit TPA benefit distribution fees, as applicable. TPAs and plans can save time and resources by leveraging our expertise in administering distributions.

    • Help TPAs with electronic solution for depositing federal taxes
    • Execute benefits disbursements including remitting checks, withholding, and reporting all appropriate Federal and State withholding as well as administering all applicable reporting (e.g. 1099Rs)
    • Facilitate and remit TPA benefit distribution fees, as applicable
  • Payroll Deducted IRAs

    A payroll deducted IRA is an easy way for businesses to give employees who are not covered by an employer retirement plan an opportunity to save for retirement. The employer sets up the payroll deduction IRA program with us and then employees choose whether, and how much, they want deducted from their paychecks and deposited into the IRA.

    In addition to the convenience of a payroll deduction, employees may direct investments in a wide array of options including mutual funds, stocks, bonds, and CDs.

    • Designed for employees not covered by an employer retirement plan and allows them to save for retirement
    • Employer sets up the payroll deduction IRA program
    • Employee decides the amount to put into the IRA and directs investments
    • IRAs can hold a wide array of investments
  • Notification Services

    We provide notification services for TPAs and plan sponsors. Simply send us the data related to your terminated participants and we’ll mail the notification letter and appropriate distribution and tax information to each one. Responsive participants receive their elected distributions; the plan may direct the funds of non-responsive participants to be rolled into Safe Harbor compliant, automatic rollover IRAs.

    • Send notices to all participants and coordinate distributions with found participants
    • If participant not found, account balance may be rolled over into an IRA