July 23, 2012 (PLANSPONSOR.com) - Mercer's Outsourcing
business selected Millennium Trust Co. as the exclusive provider for its
clients' automatic IRA distribution needs.
Through this strategic relationship, Mercer and Millennium
will present and execute a comprehensive, streamlined mandatory rollover
solution that enables Mercer's clients to mitigate the administrative burden, cost
and liability associated with terminated plan participants with small balances.
"This mandatory rollover program will be integral to our clients as they
continue to look to Mercer to provide solutions that help manage the costs and
risks associated with their retirement plans,” said Matt Benjamin, Mercer's
defined contribution product manager.
In conjunction with Millennium, Mercer
will deliver a fully integrated solution by facilitating various
administrative, regulatory and communication tasks required for the forced
rollover of low balance accounts. The solution will help Mercer's clients
comply with tax rules and the Department of Labor's (DOL) fiduciary safe harbor.