Rollover IRA for Standard

Where did this money come from?

You had a company-sponsored retirement account at your former employer. After you left, your former employer (the plan sponsor) chose to roll over your retirement account to a Millennium Trust Individual Retirement Account (IRA) on your behalf.

Who is Millennium Trust Company?

We are the leading provider of automatic rollover solutions for employer-sponsored retirement plans. The plan sponsor of your former company's retirement plan has chosen Millennium Trust to help connect you with your retirement savings and to provide custody for a Rollover IRA on your behalf.

Learn more about MTC

How is my money invested?

The Plan Sponsor has chosen a fund known as the “Standard IRA Stable Asset Fund” (the “SSAF”) as the initial investment for your rollover IRA. SSAF is a stable value fund designed to provide safety of principal, liquidity, and a stable and competitive rate of return. Principal and accumulated interest are guaranteed by The Standard Insurance Company. The interest-credited rate is guaranteed for a three month period.

 

What are my options?

You can choose to keep your Millennium Trust account with us or move the money elsewhere. It’s important to note that any outgoing money requests - including transfers or distributions – require that we verify your identity prior to processing.

If you are interested in taking a distribution, or transferring your IRA to another provider, please review the instructions for help with the process. Keep in mind, if you are under 59½, taking an early distribution may result in tax penalties and lost earnings.

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If you would like to keep your IRA with Millennium Trust, please complete the online IRA Form. At this time you can update personal information, add funds and obtain online account access.

Questions about the process? You can view a demo of the online IRA Form.

Complete online form

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Add Funds
There are four easy ways to add funds to your Millennium Trust IRA – IRA Transfers, IRA Indirect and Direct Rollovers, and Contributions.

IRA Transfers
IRA transfers are the most common funding method for a new or existing IRA. A transfer is the movement of IRA assets directly from one trustee or IRA custodian to another. In IRAs, these types of transfers are unlimited since funds are transferred from one institution to another. The transaction is not reported to the IRS as a distribution.

IRA Indirect Rollovers (60-day Rollovers)
A rollover begins with a distribution from a retirement or qualified plan, followed by a re-contribution of all, or a portion of, the assets to another retirement or qualified plan. The rollover transaction must be completed within a 60-day period or the assets' eligibility to be returned to a tax-advantaged account is lost. The distribution will then be taxed as ordinary income in the year it was received, and if the individual that received the distribution is under age 59½, the IRS will impose a 10% penalty on the distribution, subject to certain exceptions. It is important for retirement plan owners to take extra precaution that the transaction is completed on a timely basis, as all transactions are reported to the IRS. If the IRS does not receive confirmation of re-contribution within the 60-day period, it will assume the transaction is a distribution, and, therefore, taxable. In some cases, rollovers are not permitted, including the following:

  • IRA owners may not complete more than one rollover within a 12-month period regardless of how many IRAs they own;
  • Rollovers from a SIMPLE IRA plan to a Traditional IRA during the first two years of a SIMPLE IRA’s plan participation;
  • After age 70½, IRA or qualified plan rollover amounts that represent a taxpayer’s required minimum distribution for that year; and,
  • Rollover from a Roth IRA to a Traditional IRA or qualified plan.

IRA Direct Rollover
Unlike an indirect rollover, a “direct” rollover always originates with assets in a qualified plan or IRA and involves movement to an IRA or another employer's qualified plan. At no time are the assets cashable or negotiable by the taxpayer. Also, while direct rollovers are reported to the IRS as distributions, a special code on the distribution report indicates the funds were transferred in a direct rollover to an IRA or employer plan and are, therefore, not taxable. We encourage IRA owners to consult with a tax advisor regarding these limitations before initiating a transaction.
IRS Rollover Chart

IRA Contributions
IRAs are available to anyone who receives taxable compensation. For IRA contribution purposes, compensation includes wages, salaries, fees, tips, bonuses, commissions, taxable alimony and separate maintenance payments. Married couples are each eligible to have an IRA, even if one spouse is not working. One spouse’s annual contribution is limited to the lesser of total taxable compensation or to the yearly amount shown in the following tables. Participants age 50 or older may make an additional “catch-up” IRA contribution in the amounts indicated in the tables below.

There are no minimum or required IRA contribution amounts, and all earnings on the amounts in a Traditional IRA are not taxed until withdrawn. In the case of Roth IRAs, withdrawals may be made on a tax-free basis provided certain conditions are met.

View Contribution Limits

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Your money was automatically placed in an FDIC-insured, interest-bearing bank demand account when your IRA was established at Millennium Trust. If you would like to diversify your retirement savings, you can use Millennium Trust Online's self-directed trading tool to buy/sell a wide variety of investments including mutual funds, stocks, ETFs, and other publicly traded securities.

Millennium Trust does not give investment, tax or legal advice. However, we offer useful tools like our financial calculators and Morningstar® investment tools, that you can use to help make well-informed decisions about managing your account.* You can also use our “IRA Spend it or Save it” calculator to help you determine how much an early distribution will cost you.

To request online access and trading authorization, complete an IRA Form.

* Financial calculators and Morningstar investment tools are provided for education purposes only.

Financial calculatorsInvestor tools

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Take a Distribution or Rollover to Another Retirement Plan
Complete the online distribution request. 

Important Tax Reminders

  • An IRA distribution may be a taxable event and it will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

  • Your IRA assets may be eligible for a tax-free “rollover” within 60 days upon your receipt of a distribution.

  • While a rollover to another plan is not a taxable event, it is a reportable event, and will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

Online distribution form

Transfer to Another IRA Provider

To begin the process, complete the online account form to verify your identity and take control of your account.
Online IRA Form

Once that is done, please follow these steps to start the process.

  1. Contact the new provider to obtain the appropriate transfer paperwork.
  2. Complete and submit their transfer paperwork. Please make sure to include the following:
    • Your signature of consent
    • New provider’s signature of acceptance
    • Delivery instructions for the new provider – if requesting a check, provide who the check is to be made payable
    • For transfers over $200,000, an Original signature and Original Signature Guarantee stamp on the transfer form is required.
  3. Transfers requested to be sent via wire will be subject to a $30 wire transfer fee.
    • Millennium Trust Company, LLC is not a bank and therefore NOT ACAT eligible.
Download Transfer Instructions
  • Take Control of your IRA

    x

    If you would like to keep your IRA with Millennium Trust, please complete the online IRA Form. At this time you can update personal information, add funds and obtain online account access.

    Questions about the process? You can view a demo of the online IRA Form.

    Complete online form
  • Add Funds

    x

    Add Funds
    There are four easy ways to add funds to your Millennium Trust IRA – IRA Transfers, IRA Indirect and Direct Rollovers, and Contributions.

    IRA Transfers
    IRA transfers are the most common funding method for a new or existing IRA. A transfer is the movement of IRA assets directly from one trustee or IRA custodian to another. In IRAs, these types of transfers are unlimited since funds are transferred from one institution to another. The transaction is not reported to the IRS as a distribution.

    IRA Indirect Rollovers (60-day Rollovers)
    A rollover begins with a distribution from a retirement or qualified plan, followed by a re-contribution of all, or a portion of, the assets to another retirement or qualified plan. The rollover transaction must be completed within a 60-day period or the assets' eligibility to be returned to a tax-advantaged account is lost. The distribution will then be taxed as ordinary income in the year it was received, and if the individual that received the distribution is under age 59½, the IRS will impose a 10% penalty on the distribution, subject to certain exceptions. It is important for retirement plan owners to take extra precaution that the transaction is completed on a timely basis, as all transactions are reported to the IRS. If the IRS does not receive confirmation of re-contribution within the 60-day period, it will assume the transaction is a distribution, and, therefore, taxable. In some cases, rollovers are not permitted, including the following:

    • IRA owners may not complete more than one rollover within a 12-month period regardless of how many IRAs they own;
    • Rollovers from a SIMPLE IRA plan to a Traditional IRA during the first two years of a SIMPLE IRA’s plan participation;
    • After age 70½, IRA or qualified plan rollover amounts that represent a taxpayer’s required minimum distribution for that year; and,
    • Rollover from a Roth IRA to a Traditional IRA or qualified plan.

    IRA Direct Rollover
    Unlike an indirect rollover, a “direct” rollover always originates with assets in a qualified plan or IRA and involves movement to an IRA or another employer's qualified plan. At no time are the assets cashable or negotiable by the taxpayer. Also, while direct rollovers are reported to the IRS as distributions, a special code on the distribution report indicates the funds were transferred in a direct rollover to an IRA or employer plan and are, therefore, not taxable. We encourage IRA owners to consult with a tax advisor regarding these limitations before initiating a transaction.
    IRS Rollover Chart

    IRA Contributions
    IRAs are available to anyone who receives taxable compensation. For IRA contribution purposes, compensation includes wages, salaries, fees, tips, bonuses, commissions, taxable alimony and separate maintenance payments. Married couples are each eligible to have an IRA, even if one spouse is not working. One spouse’s annual contribution is limited to the lesser of total taxable compensation or to the yearly amount shown in the following tables. Participants age 50 or older may make an additional “catch-up” IRA contribution in the amounts indicated in the tables below.

    There are no minimum or required IRA contribution amounts, and all earnings on the amounts in a Traditional IRA are not taxed until withdrawn. In the case of Roth IRAs, withdrawals may be made on a tax-free basis provided certain conditions are met.

    View Contribution Limits
  • Start Investing

    x

    Your money was automatically placed in an FDIC-insured, interest-bearing bank demand account when your IRA was established at Millennium Trust. If you would like to diversify your retirement savings, you can use Millennium Trust Online's self-directed trading tool to buy/sell a wide variety of investments including mutual funds, stocks, ETFs, and other publicly traded securities.

    Millennium Trust does not give investment, tax or legal advice. However, we offer useful tools like our financial calculators and Morningstar® investment tools, that you can use to help make well-informed decisions about managing your account.* You can also use our “IRA Spend it or Save it” calculator to help you determine how much an early distribution will cost you.

    To request online access and trading authorization, complete an IRA Form.

    * Financial calculators and Morningstar investment tools are provided for education purposes only.

    Financial calculatorsInvestor tools
  • Move your Money Elsewhere

    x

    Take a Distribution or Rollover to Another Retirement Plan
    Complete the online distribution request. 

    Important Tax Reminders

    • An IRA distribution may be a taxable event and it will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

    • Your IRA assets may be eligible for a tax-free “rollover” within 60 days upon your receipt of a distribution.

    • While a rollover to another plan is not a taxable event, it is a reportable event, and will be reported on Internal Revenue Service (IRS) Form 1099-R mailed by January 31 of the following year.

    Online distribution form

    Transfer to Another IRA Provider

    To begin the process, complete the online account form to verify your identity and take control of your account.
    Online IRA Form

    Once that is done, please follow these steps to start the process.

    1. Contact the new provider to obtain the appropriate transfer paperwork.
    2. Complete and submit their transfer paperwork. Please make sure to include the following:
      • Your signature of consent
      • New provider’s signature of acceptance
      • Delivery instructions for the new provider – if requesting a check, provide who the check is to be made payable
      • For transfers over $200,000, an Original signature and Original Signature Guarantee stamp on the transfer form is required.
    3. Transfers requested to be sent via wire will be subject to a $30 wire transfer fee.
      • Millennium Trust Company, LLC is not a bank and therefore NOT ACAT eligible.
    Download Transfer Instructions