Retirement Plan Termination Services

Reconnect Participants with their Funds

Terminating plans often include missing or non-responsive participants. Millennium Trust has helped thousands of fiduciaries complete their plan termination by rolling eligible accounts into Safe Harbor IRAs, with a goal of preserving assets and reconnecting those accounts with their owners.

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Retirement Plan being Terminated?

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

The DOL Safe Harbor for automatic rollover IRAs provides a way for plan sponsors to reduce plan costs, simplify plan administration, and preserve missing participants’ retirement savings while minimizing the plan’s fiduciary liability by allowing them to roll missing and non-responsive participants’ accounts in terminating plans into IRAs.

Abandoned Plan Services

The DOL Employee Benefits Security Administration developed rules to provide for a voluntary, safe and efficient process for winding up the affairs of abandoned individual account plans and the distribution of benefits.

The DOL dictates that the Qualified Termination Administrator (QTA) have custody of the assets and be eligible to serve as a trustee or issuer of an individual retirement plan under the Internal Revenue Code. As a leader in the Automatic Rollover market, we are uniquely qualified to recommend a QTA for abandoned plans and provide a rollover IRA at plan termination.

A plan generally will be considered abandoned if:

1. No contributions to or distributions from the plan have been made for a period of at least 12 consecutive months; and

2. Following reasonable efforts to locate the plan sponsor/administrator it is determined that the sponsor no longer exists, cannot be located or is “unable to maintain the plan”.

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How Does Millennium Trust’s Plan Termination Solution Work?

Millennium Trust performs all mandatory search steps prescribed by the Department of Labor FAB 2014-01. Once notification services are complete, accounts from terminated or abandoned plans can be treated as automatic rollovers, with our simple 3-step process making the final rollover easy. We assist with the termination process from start to finish.

Ready to 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 Agreement

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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.

Retirement Services 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
  • Step 1: Sign Service Agreement

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

    Access E-sign Agreement
  • Step 2: Provide Us Participant Information

    x

    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.

    Retirement Services portal
  • Step 3: Transfer Funds to Millennium

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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