Automatic Rollovers | Trust Company of America - Millennium Trust Company
Automatic Rollovers

Lower costs for employers

Automatic Rollovers also reduce potential liabilities while actively engaging, empowering, and encouraging former employees on their journey toward retirement.

Automatic Rollovers allow employers to focus on their current employees, while Millennium Trust protects the retirement savings of their former employees. We locate, engage, educate, and encourage those former employees to actively manage their journey toward retirement.

Plan Sposors discussing Rollover Solution

A Simple Solution For Retirement Plan Sponsors

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:

  • Lower costs and administrative burdens by lowering participant counts
  • Reduce potential liabilities
  • Focus more resources on current participants

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.

View Fact Sheet

    

A Flexible Solution For Individuals

We encourage individuals to engage in their retirement by making available: 

A streamlined online experience and dedicated client service team

Tools and educational resources to help them on their retirement journey

Access to a wide range of investment options, including mutual funds and ETFs, in which an individual may choose to invest their retirement savings

Secure and affordable options for the accountholder to either transfer their funds, roll over to an existing 401(k) plan, or take a distribution

A Comprehensive Solution For Everyone

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.

Ready To Get Started?

It only takes three simple steps is all it takes to initiate the Automatic Rollover solution.

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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

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Send us your participant information using the Millennium EZ Worksheet, a pre-formatted, excel file, which you can securely access and upload through our Automatic Rollover Portal. Participant information includes participant’s name, address, Social Security number, date of birth, dollar amount and plan name.

Retirement Services Portal

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Wire transfer or ACH are the preferred methods of receiving participant funds, but we also accept checks. After the IRAs are opened and funded, we send a confirmation email to the plan sponsor or TPA and a Welcome Kit to each accountholder.

Account Funding Instructions
  • Step 1: Sign Service Agreement

    x

    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
  • Step 2: Provide Participant Information

    x

    Send us your participant information using the Millennium EZ Worksheet, a pre-formatted, excel file, which you can securely access and upload through our Automatic Rollover Portal. Participant information includes participant’s name, address, Social Security number, date of birth, dollar amount and plan name.

    Retirement Services Portal
  • Step 3: Transfer Funds to Millennium Trust

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    Wire transfer or ACH are the preferred methods of receiving participant funds, but we also accept checks. After the IRAs are opened and funded, we send a confirmation email to the plan sponsor or TPA and a Welcome Kit to each accountholder.

    Account Funding Instructions

Connect With An Expert

Complete the form below to connect with us about our Automatic Rollover IRA solution.

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.

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