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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 AgreementTerminated Retirement Plan?
Significant business events, such as bankruptcies, mergers, acquisitions, and business closures often result in employers terminating or abandoning their retirement plans.
The DOL Safe Harbor provides a way for plan sponsors to reduce plan costs, simplify plan administration, and preserve missing participants’ retirement savings while minimizing the plan’s fiduciary liability by allowing them to roll missing and non-responsive participants’ accounts in terminating plans into IRAs.
Learn MoreReconnect Participants With Their Funds
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.
Read Fact SheetAbandoned Plan Services
The DOL Employee Benefits Security Administration developed rules to provide for a voluntary, safe and efficient process for winding up the affairs of abandoned individual account plans and the distribution of benefits.
The DOL dictates that the Qualified Termination Administrator (QTA) have custody of the assets and be eligible to serve as a trustee or issuer of an individual retirement plan under the Internal Revenue Code. As a leader in the Automatic Rollover market, we are uniquely qualified to recommend a QTA for abandoned plans and provide a rollover IRA at plan termination.
A plan generally will be considered abandoned if:
1. No contributions to or distributions from the plan have been made for a period of at least 12 consecutive months; and
2. Following reasonable efforts to locate the plan sponsor/administrator it is determined that the sponsor no longer exists, cannot be located or is “unable to maintain the plan”.
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How Does Millennium Trust’s Plan Termination Solution Work?
Millennium Trust performs all mandatory search steps prescribed by the Department of Labor FAB 2014-01. Once notification services are complete, accounts from terminated or abandoned plans can be treated as automatic rollovers, with our simple 3-step process making the final rollover easy. We assist with the termination process from start to finish.
Ready To Get Started?
It only takes three simple steps is all it takes to initiate the Automatic Rollover solution.
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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
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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 -
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