Rolling Over Unclaimed Funds
When an employee retires or terminates employment, they are entitled to a distribution of their retirement account. Unfortunately, many of the distribution checks that are sent to these former employees go uncashed. These increase plan costs, complicate plan administration, and prevent fiduciary responsibilities from being fulfilled.
Uncashed checks that meet specific criteria can be rolled over into IRAs under regulations put in place by the Department of Labor.
Connect with an ExpertUncashed Checks
Uncashed Check Dilemma
Many uncashed distribution checks are not received or acknowledged by the former employee, creating an ongoing burden for plan sponsors. Millennium Trust is committed to helping plan sponsors roll these checks into Safe Harbor IRAs to help preserve assets and reunite individuals with their accounts.
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How We Can Help
Automatic Rollover IRAs provide a simple, effective solution to this problem. Millennium is the industry leader in Automatic Rollover IRAs, having worked with thousands of plan sponsors to reconnect former employees with their retirement accounts.
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IRA funds invested in FDIC-insured bank accounts
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Comprehensive search efforts for missing IRA holders
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Welcome kits sent to the IRA holder
Let our fast and cost-effective solution help you reduce costs and liabilities, and better serve plan participants.
View BlogReduce Cost And Responsibility
Between 2005 and 2015, it is estimated that 25 million terminated employees left one workplace plan account behind – many of which are accounts with small balances. These accounts can be costly and drain plan resources, which can impact participants in the plan with larger balances. Use our calculator to gauge how much you could potentially save annually by rolling over these accounts.
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IRA Eligibility
Uncashed checks that represent plan funds are generally eligible to be placed in a tax-favored account (Traditional or Roth IRA). They must meet specific criteria to be rolled over into IRAs under regulations put in place by the DOL. Get connected with an expert to check the eligibility.
Get ConnectedUncashed checks that do not represent plan funds (e.g. excess contribution) or can no longer remain as plan funds (e.g. RMD payment, return of loan overpayment) are not eligible to be placed in a tax-favored account. These funds should be placed in a taxable custodial account. We can accommodate this type of rollover as well.
Ready To Get Started?
Three simple steps is all it takes. Use our secure Retirement Services Portal to review the process and upload the participant information.
Retirement Services Portal