401k Retirement Plan Termination | Trust Company of America - Millennium Trust Company
Retirement Services

401k Retirement Plan Termination

Going through a major business change?

Free up your focus with our 401k plan termination services.

Mergers, acquisitions, or business closures may result in terminated retirement plans. Working with Millennium Trust can reduce your workload, assist with regulatory compliance, and smoothly complete the plan termination process — creating better outcomes for both you and your employees.

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Missing 401k plan participants

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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Simplify a complex process.

If you’re going through a major business change, there is likely a lot on your plate. Closing out retirement plans — finding missing, non-responsive, or deceased participants; making required minimum distributions; paying taxes; or resolving uncashed checks — can be a daunting task. At your direction, Millennium Trust can conduct a rigorous search for plan participants, provide status notifications, and make required disbursements to close plan accounts. For missing or non-responsive participants, we can establish a Safe Harbor automatic rollover individual retirement account (IRA) for the participant, custodied by us while we continue to search for the participant — so you can move on.

Do it right.

Feel confident about following compliance requirements in your plan termination. Millennium Trust has years of expertise and has helped thousands of plan fiduciaries seamlessly close out retirement plans or roll over plan participant accounts into Safe Harbor IRAs. Our services are designed to help support you in complying with Department of Labor guidance which may help you avoid the hassle and cost of additional audits.

Millennium Trust plan termination solutions include:
  • Search services
  • Participant notification
  • Disbursements
  • Tax filings
  • Required minimum distributions
  • Uncashed check resolution
  • Set up, custody, and administration of Safe Harbor automatic rollover accounts
  • Set up taxable custody accounts for funds ineligible for rollover

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

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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
  • 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

Take the first step to simplifying plan termination.

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.