
The easiest way to help employees save
Payroll Deducted IRAs are the simplest option for your business to offer retirement savings to your employees. There are no employer contributions or plan-level reporting and compliance requirements like there are with plans such as a 401(k).
The employer’s responsibility is simply to transmit the employees’ authorized deductions to Millennium Trust. In general, if this arrangement is offered to any employee then it should be offered to all employees.

Employer Obligations
The IRS describes the Payroll Deducted IRA as “probably the simplest retirement arrangement that a business can have”, and for good reason:
- The employer has no filing requirements
- There are no employer contributions; only employees contribute
- Requires little administrative cost or requirements
The employer is responsible for facilitating the payroll deducted contributions into employee accounts. Visit the IRS website for more details.
Payroll Deducted IRA