Welcome Transamerica Clients! | Millennium Trust Company

Welcome Transamerica Clients!

We look forward to serving you

Transamerica has arranged for us to serve as the new provider of your automatic rollover IRA. We look forward to helping you along your retirement journey while giving you the control and flexibility you need to manage your own portfolio.

Welcome to Millennium Trust Company.

Exceptional Service, Streamlined Platform

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FAQs

Why is my account being transferred to Millennium Trust?
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Transamerica will no longer serve as the provider of your automatic rollover IRA and has made arrangements for Millennium Trust to become the new IRA provider and custodian of your account. Your account will move to Millennium on April 30, 2021, unless you choose to transfer your Transamerica IRA to another financial institution or take a full distribution of your IRA (which may have tax consequences) on or before April 27, 2021.

For those who received the resignation letter dated February 26, your account has been transferred and you will be able to access your Millennium Trust account online beginning on April 5, 2021.

What do I need to do if I want to have my account transfer to Millennium Trust?
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If you wish to have your IRA transferred to Millennium Trust, you do not need to take any further action. If you would like to transfer your Transamerica IRA to another financial institution or take a full distribution of your IRA, you must (i) call Transamerica on or before April 27, 2021, or (ii) provide complete written instructions to Transamerica, which must be received by Transamerica on or before April 27, 2021.

Will I receive a final statement from Transamerica?
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Shortly after the transition of your IRA to Millennium Trust, you will receive a final account statement for your Transamerica IRA reflecting activity in your IRA for the portion of 2021 that your IRA was held there.

How will my account balance be invested?
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Your Transamerica IRA is currently invested in the Transamerica Government Money Market Fund advised by Transamerica Asset Management, Inc. In connection with the transfer of your IRA to Millennium Trust, your IRA assets will be moved from that money market fund into the Transamerica Stable Value Accumulation Option.

Once my account is transferred, when can I get access to my account?
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For those who received the resignation letter dated February 26, you will be able to access your Millennium Trust account online beginning on April 5, 2021, allowing you to view your account balances, assets, transaction history, statements and trade online.

For those who received the resignation letter dated March 29, you will be able to access your Millennium Trust account online beginning on May 10, 2021.

Who do I contact with more questions?
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If you have any questions regarding your existing Transamerica IRA, how to request a transfer or a distribution from your IRA or any other questions regarding the transition of your account from Transamerica to Millennium Trust, please contact Transamerica at 866-287-8490. For information on Millennium Trust’s IRA, please fill out the Contact Us and Stay Connected webform and one of our representatives will contact you. Otherwise, you can call us at 877-682-4727.

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 withdrawing funds, 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? Watch our video on "How to Gain Access to Your Automatic Rollover IRA".

Need step-by step instructions? 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 72 (70½ if born before June 30, 1949) , 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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It’s easy to invest through the MTC Investment Platform, which provides streamlined access to the online Trade Center and endless investment options, including stocks ETFs and mutual funds. You’ll also be able to customize your own watch lists, and view fact sheets and market data provided by Morningstar Inc.® so you can make informed investment decisions.*  

Want to get started? Just log in to your account, visit the Trade Center and begin exploring your options or search for a specific investment.

* Morningstar, Inc. investment tools are provided for education purposes only.

MTC Investment Platform featuresGet Started

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Take a Distribution or Roll Over to a Retirement Plan

You can complete the online distribution request after registering your account in the portal.

Questions about the process? Watch our video on "How to Take a Distribution from Your Automatic Rollover Account".

Need step-by step distribution instructions? You can view a demo of the online form.

Access online form

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.

 

Transfer to Another IRA Provider

To begin the process, please visit our secure portal to register and confirm your account. View this short video to learn the transfer out process.

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
    • Millennium Trust Company listed as the current custodian
    • Account type at Millennium Trust
    • Account type at the new provider
    • At least two of the following identifying items:
      • Millennium account number
      • Social security number
      • Date of birth
      • Current address

If you choose to transfer securities, such as stocks and mutual funds, instead of liquidating your holdings and transferring cash, and the value of securities is over $200,000, an Original signature and Original Signature Guarantee stamp on the transfer form is required.

3. Submit the completed paperwork to the new provider. Your new provider will review your request, and if accepted, will sign and send to Millennium Trust to process the transfer.

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? Watch our video on "How to Gain Access to Your Automatic Rollover IRA".

    Need step-by step instructions? 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 72 (70½ if born before June 30, 1949) , 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

    It’s easy to invest through the MTC Investment Platform, which provides streamlined access to the online Trade Center and endless investment options, including stocks ETFs and mutual funds. You’ll also be able to customize your own watch lists, and view fact sheets and market data provided by Morningstar Inc.® so you can make informed investment decisions.*  

    Want to get started? Just log in to your account, visit the Trade Center and begin exploring your options or search for a specific investment.

    * Morningstar, Inc. investment tools are provided for education purposes only.

    MTC Investment Platform featuresGet Started
  • Take a Distribution or Roll Over Funds

    x

    Take a Distribution or Roll Over to a Retirement Plan

    You can complete the online distribution request after registering your account in the portal.

    Questions about the process? Watch our video on "How to Take a Distribution from Your Automatic Rollover Account".

    Need step-by step distribution instructions? You can view a demo of the online form.

    Access online form

    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.

     

    Transfer to Another IRA Provider

    To begin the process, please visit our secure portal to register and confirm your account. View this short video to learn the transfer out process.

    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
      • Millennium Trust Company listed as the current custodian
      • Account type at Millennium Trust
      • Account type at the new provider
      • At least two of the following identifying items:
        • Millennium account number
        • Social security number
        • Date of birth
        • Current address

    If you choose to transfer securities, such as stocks and mutual funds, instead of liquidating your holdings and transferring cash, and the value of securities is over $200,000, an Original signature and Original Signature Guarantee stamp on the transfer form is required.

    3. Submit the completed paperwork to the new provider. Your new provider will review your request, and if accepted, will sign and send to Millennium Trust to process the transfer.

    Download Transfer Instructions

Account Documents

Please download and carefully review a copy of the amended and restated custodial agreement and important disclosures applicable to your account type that will take effect when your account transfers to Millennium Trust. We encourage you to either save an electronic copy or print them out for your records.

Automatic Rollover Traditional IRA Agreement and DisclosuresAutomatic Rollover Roth IRA Agreement and DisclosuresFee Schedule