Emergency Savings Fund | Millennium Trust Company

Emergency Savings Fund

Americans Aren’t Prepared for Life’s Unexpected Moments

The median cost of an American household’s most expensive “financial shock” is $2,000.1 How confident are most individuals that they could comfortably cover the cost of a car breakdown or unexpected medical emergency?

Dipping into a retirement account for any of these rainy day emergencies could have serious consequences for retirement savings. In fact, withdrawing just $5,000 at the age of 35 could cost $30,000 from the account's balance at retirement age.2

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List of emergencies that you should save for

1 The Pew Charitable Trusts, 2015.
2
U.S. Government Accountability Office, 2009.

Help Individuals Prepare for Emergencies

Experts recommend having liquid savings equivalent of three to six months of basic living expenses – but every bit helps. A Millennium Trust Emergency Savings Fund allows participants to save for the unexpected easily and automatically each pay period, no matter the amount.

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We Make it Easy

Millennium Trust works with you to position emergency savings funds as an essential, streamlined workplace benefit, while taking care of the recordkeeping, administration and reporting. We provide:

A DEDICATED ONBOARDING TEAM

It’s easy for employers and plan providers to implement emergency savings funds. From establishing the program to helping employees enroll, our team of experts will help every step of the way.

AN EASY-TO-USE EMPLOYEE PORTAL

The online portal allows employees to easily establish and manage the account, including providing quick access to funds for short term expenses.

STREAMLINED PROGRAM MANAGEMENT

We make it easy for you to manage the program with a choice of data processing options.

Employers are 5X more likely to feel liable
7 in 10 Plan Sponsors believe

Program Details

More about our emergency savings fund program: 

  • Payroll deductions or automatic ACH transfers make it easy to save.
  • Funds are placed in an FDIC-insured third-party bank product earning a market-competitive rate of return that keeps funds safe.
  • Employees have an easy withdrawal option available through ACH.
  • Our knowledgeable client service representatives are available to answer questions.

Employer Process

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The employer reviews the details of the program. Once they are in agreement with Millennium Trust to adopt the program, an agreement is signed.

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Employer emails their employees to enroll via an invitation through our secure portal.

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Contributions can be submitted by the employer automatically through our secure portal.

  • Employer Signs Agreement

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    The employer reviews the details of the program. Once they are in agreement with Millennium Trust to adopt the program, an agreement is signed.

  • Employer Invites Employees

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    Employer emails their employees to enroll via an invitation through our secure portal.

  • Employer Submits Contributions

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    Contributions can be submitted by the employer automatically through our secure portal.

Get Connected

If you are an individual looking to locate an account from a former employer, please go through the Take Control of your Retirement Savings page.

Client service representative on phone