Signing a service agreement helps ensure that accounts automatically rolled over from your plan are in compliance with the DOL Safe Harbor. It also speeds up processing times for account establishment and funding.Access E-sign Agreement
Our automatic rollover IRA solution reduces administrative burden, plan costs, and potential liability so you can stay focused on active plan administration. We conduct a comprehensive search, reunite former participants with their retirement funds, engage them with financial education, and provide options to grow their savings. Support the long-term financial health of the plan and its participants. Keep more individuals engaged with their retirement. Everybody wins.
Our straightforward solution helps employers reduce costs and risks while empowering former employees to continue their retirement savings journeys. Some of the largest recordkeepers, third-party administrators (TPAs), and plan sponsors in the industry use our service to remove small-balance accounts of former employees from 401(k) plans. This helps employer-sponsored retirement plans to:
Plus, our IRAs are designed to comply with the Safe Harbor Regulation-657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001.
Big changes are coming. Millennium Trust can help you move forward in confidence.
SECURE Act 2.0 increases the threshold for employers to cash out former employees’ retirement accounts from $5,000 to $7,000, effective Jan. 1, 2024. Including retirement plan balances up to $7,000 in an automatic rollover program can decrease retirement leakage for former employees while decreasing potential liabilities and maintenance for plan sponsors.
Take the necessary steps today to set your business up for success in 2024 and beyond.
Helping all individuals, including the underserved and under-saved, today and into retirement is at the heart of everything we do. Our solution centers on re-uniting former participants with their retirement funds, engaging them with education, and providing options for the next step in their retirement journey.
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