Our network is designed to connect to other networks (and even other automatic rollover providers) – further improving the functionality and making the adoption of auto portability services easier.
Starting Jan. 1, 2024, plan sponsors may choose to add auto portability to our leading automatic rollover IRA solution. Auto portability allows for the transfer of a former employee’s retirement plan to an automatic rollover IRA, and then to a new employer-sponsored retirement plan that participates in our (or a connected) auto portability network, unless the individual chooses otherwise at any stage in the process.
It’s easy to implement Millennium Trust’s auto portability feature in an auto rollover solution.
Retirement savings leakage happens when individuals take money out of their retirement accounts for reasons other than retirement. It is a critical issue. Automatic rollover IRAs reduce leakage by keeping retirement money in in the tax-advantaged retirement system. 401(k) auto portability can help, but we can do more. Millennium Trust has committed $30 million to combat leakage by reducing friction, expanding access to savings options, and providing more financial education.
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