Millennium Trust Reports Record Growth of Automatic Rollover Solution
OAK BROOK, IL, February 1, 2010 -- Millennium Trust Company, a leading provider of custody and IRA services, announced year end results for its Automatic Rollover Solutions product line which included 32,300 new IRA accounts, an increase of 84% in 2009 over 2008. The new accounts represent over $150 million in IRA assets.
In this challenging economy, thousands of employees are being forced to leave their companies each month or are voluntarily switching jobs in record numbers. To this end, many employers try to find a safe landing place for former employees' retirement balances. Many turn to Automatic Rollover providers like Millennium Trust for the group of missing and non-responsive plan participants.
According to the Department of Labor statistics, employers cut 4.2 million jobs in 2009. "As the unemployment rate soared over the course of 2009, we have experienced record activity among TPAs and plan sponsors seeking to eliminate fiduciary risk, and reduce costs and administrative burdens associated with missing or non-responsive participants," reflected Terry Dunne, Senior Vice President, Automatic Rollover Solutions.
A record number of company retirement plans are being terminated these days. Companies are opting to terminate retirement plans. The company doesn't have the staff or resources to keep the plan active, the company is going out of business, or the company has merged with or has been acquired by another company. Transferring the balances of missing and non-responsive plan participants can be a significant relief for the companies and their plan participants.
Millennium Trust offers a streamline, turn-key automatic rollover solution to assist plan sponsors and TPAs with active, terminating and abandoned plan. Companies save money, time and valuable resources, and at the same time preserve tax-deferred retirement savings for their former employees.
About Millennium Trust Company
Millennium Trust Company is an industry leader in administrative and custodial services. Millennium custodies alternative and traditional assets in IRAs, Solo 401ks and custody accounts, offers cost-effective 403(b) solutions, creates customized Automatic Rollover programs, provides integrated Health Savings Account solutions and designs unique trading platforms for Investment Advisors. Millennium Trust currently has Automatic Rollover Agreements with over 4,500 plan sponsors and has opened over 70,000 participant accounts. To learn more about Millennium's Automatic Rollover Solution visit our website at www.mtrustcompany.com.
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